Movement of shipments between China and Europe through the Egyptian Suez Canal is expected to grow significantly, according to Galal Al-Deeb, chairman’s advisor at the Suez Canal Authority.
“A tripartite agreement between Egypt, China and Italy will allow shipments passing through the Suez Canal and Egyptian ports to land on the Southern Italian port of Gioia Tauro, he said.
“The agreement will increase ship movement through the Canal as the port receives nearly 60 percent of total Chinese shipments to Europe.
The Minister of Trade and Industry Rachid Mohamed Rachid told the {**ITALICS**} Financial Times {**ITALICS**} on Tuesday that Egypt is close to reach an agreement with China and Italy on facilitating Chinese exports to Europe through the Suez Canal.
Al-Deeb claimed that the Suez Canal Authority would not provide discounts for Chinese ships, but stressed that the Ministry of Finance may provide tariff incentives to encourage trade movement. Cargos of Chinese ships, which passed the Canal in the past fiscal year accounted for 14.2 percent of the total.
The Suez Canal plans to increase the number of ships passing through the waterway by deepening the canal to increase ship movements.
