The International Trade Council is pleased to announce the recent meeting between Egypt's Minister of Trade and Industry, Ahmed Samir, and Serbia's Minister of Domestic and Foreign Trade, Tomislav Momirovic. The meeting focused on the development of commercial, industrial, and investment cooperation relations between the two nations and discussed the current global economic situation.
Negotiations are underway at the expert level to finalize a free trade agreement between Egypt and Serbia, a proposal initially announced during President Abdel Fattah El-Sisi's visit to Serbia last year. The anticipated agreement aims to increase the trade exchange rate and encourage joint investments between the two nations.
During the meeting, both sides explored the possibility of forming a working group to study the potential needs of the Egyptian and Serbian markets and ensure equal trade deals. Emphasizing the importance of joint efforts at official and private levels, Minister Samir highlighted potential collaboration in food and drug integration, particularly considering the global economic impact of successive crises.
According to Minister Samir, joint Egyptian-Serbian projects offer significant potential across various fields to meet market needs and expand into regional markets, including those under the African Continental Free Trade Agreement. The trade exchange between Egypt and Serbia reached $113.59 million last year, reflecting a 42.5% increase from 2021.
Serbian Minister Momirovic affirmed his country's dedication to strengthening economic cooperation with Egypt, recognizing its pivotal role in the Middle East and Africa. He also noted the current momentum in official visits between the nations and the opportunities available for Egyptian companies to engage in Serbia's infrastructure development.
This ongoing collaboration reflects both nations' commitment to deepening bilateral relations and fostering economic growth. For more information, please contact the International Trade Council.
