First free trade zone to be established between Egypt, Gulf countries

An informed source from the Trade and Industry Ministry said that an important meeting for ministers of the Economic Group (trade, finance, planning and investment) will be held before the end of the year to plan establishing the first free trade zone between Egypt and Gulf countries.

Actual implementation will start in 2015 seeking to increase investments and trade exchange between Egypt and the Gulf.

After the meeting, there will be a series of Egyptian-Gulf meetings to end any disputes that would come to surface through experts from Egypt and the Gulf, the source told Saudi Okaz newspaper.

The new zone, according to the source, will reduce fees on Egyptian-Gulf products, which would enhance trade . It will also lead to the establishment of several land roads and maritime harbors, as well as increasing the air carriers that transfer perishables, especially foodstuffs, in order to increase exports.

The zone will end bureaucracy, activate the role of trade chambers and deepen bilateral cooperation.

Edited translation from MENA

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