CAIRO: Local businesspeople and experts gathered for the first day of the Global Trade Matters conference on trade and investment agreements and protocols Tuesday.
The annual conference, held under the auspices of the Ministry of Trade and Industry, aims to bring together local players in the international trade area to exchange ideas on how to further Egypt’s goal of expanding trade with diverse international partners.
Yesterday’s sessions focused on Egypt’s trade partnerships with Europe. Participants shared opinions on challenges facing the market and gave policy recommendations during a series of panel discussions.
The first panel focused on the opportunities and challenges presented by the Egypt-EU association agreement. Headlining the panel was Ambassador Gamal Bayoumi of the Ministry of International Cooperation, who offered a spirited discussion of Egypt’s historical economic engagement with Europe and called for improvements in quality and efficiency into the future.
“If you ask me, I say we can compete with the United States and with countries like China and India. We have the capacity; we have the preferential trade agreements with Europe that other countries that don’t have that can help us accomplish this. We have obstacles to overcome, but we’ve been successful so far in trade with Europe and I think this can continue, he said.
Panelist Karim Helal, CEO of CI Capital, pointed out that the current recession has improved opportunities for Egyptian manufacturers in the European market.
“The current crisis is, and should be viewed, as an opportunity. The recession has hurt retailers in Europe and this has allowed Egyptian exporters to move up the value chain, he stated.
Janset Kasht, project manager of Al Tajamouat Industrial City, a new business park being developed by Jordanian company Al Tajamouat Investment, cited Egypt’s vast potential and favorable relations with Europe as factors in her company’s decision to begin a project here.
“Egypt has excellent industrial infrastructure and good sources of raw materials; these factors help businesses in the country make the most of trade agreements with Europe, she said.
Panelists Ahmed Nassar of the Social Fund for Development and Mohamed Reda, chairman of Allied Soft, both emphasized the need for greater expansion in the ICT sector.
“We need to expand ecommerce to overcome bureaucratic delays and increase Egypt’s competitiveness. This has to be an integral aspect of our trade development, along with the empowerment of small and medium enterprises, said Nassar.
Reda emphasized the potential for working in partnership with Europe to develop the country’s ICT sector.
“Our programmers are more efficient than those in India and we have reached a point where we are capable of cooperating with Europe on a level playing field to promote growth in our ICT sector, he explained.
The second panel featured commentary by Ahmed Sultan of Pyramid Industrial Parks, Bank of Alexandria chairman Mahmoud Abdel Latif, chairman of Cairo Chamber of Commerce Ali Moussa and Ambassador Gamal Bayoumi.
The panelists spoke about the benefits of the Agadir and Union of the Mediterranean agreements for Egyptian companies.
The Union of the Mediterranean, formerly known as the Barcelona Process, was re-launched in July 2008 at the Paris summit for the Mediterranean. The 27 member states of the EU and 16 other countries in the Middle East and southern Mediterranean are participating in this initiative to promote cooperation in the Mediterranean region.
Bayoumi spoke of the success already achieved through expanded pan-Arab trade under the Agadir agreement.
“Agadir has had a tangible effect on Egyptian trade; we’ve seen our exports triple since 2004, and we’ve been able to export at lower cost and higher quality, explained Bayoumi.
Abdel Latif expressed hope for expanded cooperation under the Union of the Mediterranean.
“A successful Mediterranean agreement will open the door wide for surrounding countries to join in. We are already working with Morocco and Tunisia to address common issues in the banking sector, and I think the union will help promote further cooperation along these lines, said Abdel Latif.
The day’s final panel dealt with the proposal of a free trade agreement between the European Free Trade Association states and Egypt and featured the comments of Swiss ambassador to Egypt Charles-Edouard Held along with other officials from the embassy of Switzerland.
The conference continues today, with panel discussions set to tackle issues relating to other current and proposed trade agreements between Egypt and international partners.
