Egypt anticipates trade boom with Serbia after signing free trade agreement: FM Abdelatty

Ahram Online , Wednesday 22 Jan 2025

Egypt expects a boom in trade exchange and economic collaboration with Serbia in the coming years, particularly after the signing of a free trade agreement between Cairo and Belgrade in July 2024, Minister of Foreign Affairs Badr Abdelatty said Wednesday.

Abdelatty

 

In a meeting with Serbian Prime Minister Miloš Vučević, the top Egyptian diplomat voiced Cairo’s eagerness to host the upcoming 19th session of the Joint Economic Committee in the latter half of 2025.

He stressed the importance of regular meetings of the Joint Business Council, according to a statement by the Egyptian Ministry of Foreign Affairs.

According to official data, Trade exchange between Egypt and Serbia increased by 15 percent to reach $120.4 million in 2023, compared to $104.7 million in 2022.

Serbian investments in Egypt increased from $126,0000 during FY2021/2022 to $173,000 during FY2022/2023, a 37.3 percent increase.

Abdelatty and Vučević also explored prospects of mutual investments and the potential for tripartite cooperation in Africa.

The two sides identified key sectors for collaboration, including information technology, artificial intelligence, agriculture and food industries, energy — especially given Serbia's growing renewable energy market — and tourism, given the increasing tourist exchanges between the two nations.

Abdelatty commended the outcomes of the two landmark visits that have strengthened ties between Egypt and Serbia: the Egyptian president's trip to Serbia in July 2022 and the Serbian president's visit to Cairo in July 2024.

He noted that these visits established a framework for cooperation across various sectors, focusing on economic and trade relations.

Furthermore, he asserted the necessity of maintaining high-level exchanges to sustain the current momentum, referencing the Serbian First Lady's November 2024 visit to the Arab-African Investment Summit in Aswan.

Abdelatty arrived in Belgrade earlier today, meeting several Serbian officials and discussing several bilateral issues and the latest developments at the regional and international levels. 

 

Serbian FM

In a separate meeting, Abdelatty met with his Serbian counterpart, Marko Đurić, discussing several issues, especially recent developments in Gaza.

The Serbian minister highly praised Egypt's pivotal role in reaching a ceasefire in Gaza, expressing his country's readiness to coordinate with Egypt regarding the provision of aid to Palestinians, read a statement by the Egyptian foreign ministry.

Đurić also emphasized that both countries adhere to the same principles, which are grounded in respect for international law, the United Nations Charter, and national sovereignty.

Regarding Syria, the ministers underscored the urgent need for the international community to work together towards fostering stability throughout the country.

Their discussions also touched upon the latest developments in Libya, Sudan, Lebanon, and the Western Balkans region, according to the statement.

 
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