Egypt, Switzerland sign agreement for establishing joint economic committee

Ahram Online , Wednesday 22 Jan 2025

Egypt and Switzerland signed an agreement to establish a joint economic committee to enhance bilateral economic relations.

Guy Parmelin Swiss Federal Councillor and head of the Department of Economic Affairs with  Prime Min
Part of the signing ceremony. Photo courtesy of Egyptian cabinet.

 

The agreement was signed by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and State Secretary for Economic Affairs Helene Budliger Artieda during the World Economic Forum (WEF) Annual Meeting in Davos.

The forum took place from 20 to 24 January in the presence of Prime Minister Mostafa Madbouly.

The new agreement establishes a strategic economic partnership that spans multiple sectors.

It covers economic, investmenttrade, and commercial fields to strengthen Egypt's and Switzerland's long-standing ties.

The joint committee will focus on boosting trade exchanges, promoting bilateral investments, exploring new market access opportunities, and addressing challenges hindering economic growth between the two countries.

Moreover, the committee will assess and update existing economic agreements to ensure their implementation aligns with both nations' evolving needs and interests.

It will also emphasize collaboration in key sectors of mutual interest, encourage the exchange of expertise, and address trade issues raised by private sector representatives from both countries.

Furthermore, it will foster cooperation on global economic issues of shared importance.

 

 

In her remarks, Al-Mashat described the signing of the agreement as a "milestone" in the Egypt-Switzerland partnership, marking a concrete step toward reinforcing economic ties and advancing sustainable development across various sectors.

She said the agreement would strengthen bilateral relations by providing a platform for exchanging information on trade and investment matters.

Al-Mashat noted that the two countries have cooperated in development fields for nearly 45 years. Switzerland has been Egypt's strategic partner since 1979.

She added that trade relations between the two nations span more than 115 years.

She also emphasized Egypt's economic diplomacy efforts, which sought to strengthen partnerships and secure development financing, including cooperation programmes with Switzerland.

These initiatives have focused on areas such as private sector development, infrastructure, and strengthening economic institutions.

Both countries are working to expand their cooperation portfolio. They are currently discussing developing a new cooperation programme for 2025-2028.

This programme will focus on key strategic objectives, including supporting economic reforms, improving the business environment, increasing employment opportunities, and promoting sustainable urban development.

It will also address climate change adaptation, poverty reduction, social inclusion, refugee issues, and institutional capacity-building.

Additionally, Al-Mashat highlighted potential areas of future collaboration, particularly in green climate projects, developing technical skills, advancing sustainable development goals, and strengthening Egypt’s green economy.

She also discussed the possibility of joint efforts to implement the Carbon Border Adjustment Mechanism (CBAM), stressing cooperation in areas such as climate change, women’s empowerment, the role of the private sector, and supporting Africa’s developmental projects.

Al-Mashat pointed out that the Ministry of Planning, Economic Development, and International Cooperation has engaged in numerous meetings with Swiss officials in 2024 to discuss the future of economic relations.

Egypt and Switzerland are working within a development cooperation portfolio that includes $71.6 million in grants to finance nine projects in various developmental areas.

The World Economic Forum (WEF), founded in 1971, is a non-governmental organization based in Switzerland.

It brings together business, politics, and academia leaders to discuss global issues such as economic growth and climate change while promoting collaboration to address challenges and foster sustainable development.

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