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Starting in 2021, Egypt and the UK are exchanging goods according to a new Association Agreement; this was signed in early December 2020. The agreement replaces the Egypt-EU Association Agreement that previously governed relations between the two countries, but had to be discarded with the exit of the UK from the EU.
In the absence of such an agreement, both parties would have reverted to Most Favoured Nation (MFN) terms of trade, she said, explaining that this would have meant that Egypt would have imposed an average of 19 per cent tariffs on goods imported from the UK while the UK would have imposed an average 5.7 per cent tariffs. The UK is one of Egypt’s major trading partners, with total bilateral trade in 2019 reaching 3.6 billion pounds sterling. UK exports to Egypt accounted for 2.3 billion pounds sterling.
Egypt and UK work to continue stable trade relations
The UK-Egypt Association Agreement was signed in early December 2020, taking effect in January 2021. One of the trade agreement’s main objectives is to ensure stable and predictable continuation of trade relations between both countries.
Last Tuesday, A virtual press conference was held by the British Egyptian Business Association (BEBA), titled ‘Egypt-UK Trade agreement: Unleash New Opportunities for UK and Egyptian businesses’.
During the event, Paul Mullard, senior advisor at the UK Department for International Trade (DIT), said that the Egypt-UK agreement provides confidence to business and trade between the two countries.
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