The signing of the UK-Egypt Association Agreement in Cairo on Saturday (photo courtesy of Egyptian ministry of foreign affairs)
Egypt and the United Kingdom have signed an association agreement to strengthen political and trade ties between the two countries.
The Egyptian foreign ministry said in a statement on Saturday that the Egypt-UK Association Agreement is set to come into effect as of 1 January 2021 after the UK leaves the European Union.
By signing the UK-Egypt Association Agreement, Egypt and the UK have ensured certainty for Egyptian and British consumers, businesses and investors. Besides, the two countries have emphasised the strong bilateral and trading relationships that exist between them and their willingness to enhance their partnership in a framework of mutual respect and trust.
The agreement provides a platform from which to deepen the trade and investment relationship between the British and Egyptian complementary economies, paving the way for greater partnerships in key sectors, from agriculture to energy, and technology to services.
The UK government said in a statement that both countries reiterated that the aim of cooperation regarding investments and the promotion of investments under the agreement is to increase the flow of capital, expertise and technology to Egypt.
The two countries reaffirmed their ambition to develop their growing trading relationship further, the note said, detailing that there are multiple mechanisms contained in the agreement which will allow the UK and Egypt to enhance their overall trading relationship, as well as commitments to consider further liberalisation and provision for ministerial meetings.
Both sides seek to enhance cooperation between the customs authorities to eliminate practices harmful to legitimate trade, especially about exchanging proof of origin submitted for granting preferential treatment.
Egypt and the UK recognise that the agreement covers energy cooperation, which can be discussed by the relevant subcommittee, and that Egypt holds important opportunities for British investors and firms, especially in the energy sector where UK leadership and expertise will be particularly valuable.
The agreement constitutes an important framework for ensuring continuous preferential access to both markets.
Both Egypt and the UK recognise that facilitating further market access, including via a separate agreement on air services, will support their joint commitment to a strengthened UK-Egypt partnership, the note added.