Brazil is Egypt’s largest trading partner in Latin America, trade exchange of $2.5bn in 2021: Trade Minister

Daily News Egypt
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Minister of Trade and Industry Nevine Gamea stressed the depth and history of the bilateral relations between Egypt and Brazil, claiming that it is largest trading partner for Egypt in Latin America, noting that trade exchange between the two countries reached about $2.5bn in 2021.

She also affirmed that there are distinguished investment opportunities for the Brazilian business community in the Egyptian market in the areas of the manufacture of means of transportation, spare parts, pharmaceuticals, engineering, textile, along with new and renewable energy.

This came during the minister’s speech during her virtual participation in the activities of the Arab-Brazilian Economic Forum, which was held in the presence of President of the Federal Republic of Brazil Jair Bolsonaro on Monday.

The minister conveyed the greetings of Egyptian President Abdel Fattah Al-Sisi to the Federal Republic of Brazil, its leadership, and people, wishing it more stability and progress.

Gamea also invited all partners in Brazil to visit Egypt in order to see the progress and achievements of the Egyptian economy over the past eight years and identify opportunities for cooperation in all fields and benefit from free trade agreements signed with more than 80 countries that enable companies to produce in Egypt.

Furthermore, the minister said that the free trade agreement between Egypt and the Mercosur countries — which entered into force in 2017 — plays a pivotal role in promoting trade between Egypt and Brazil.

She also noted that the agreement contributed to increasing the competitiveness of Egyptian exports and enhancing its access not only to Brazil but to all Mercosur countries, given that the Brazilian market represents a pivotal focal point in the penetration and marketing of goods to neighbouring countries.

She added that Egyptian exports to Brazil increased after the agreement entered into force from $155m in 2017 to $541m in 2021, pointing out that the agreement provided access to many strategic goods at competitive prices.

Additionally, Gamea stressed the importance of moving economic relations between Arab countries and Brazil from the stage of import and export to the stage of actual partnership.

She also said that the current global situation requires the crystallisation of an integrated vision to deal with urgent challenges, including fluctuations in food and fuel prices and the challenges of dealing with climate change.

Additionally, the minister noted that the current period is witnessing an unprecedented momentum with regard to visits by officials and business delegations between Egypt and Brazil.

Finally, Gamea congratulated the Arab-Brazilian Chamber of Commerce on the occasion of the 60th anniversary of its establishment, praising its efforts in supporting economic relations between Arab countries and Brazil.

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