Global Arab Network | Mercosur - Egypt establishing free trade area with Latin American

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Mercosur - Egypt establishing free trade area with Latin American

Saturday, 24 July 2010 20:43

Egypt will sign next week a free trade agreement with the Latin American Grouping Mercosur, according to Minister of Trade & Industry Rasheed Mohamed Rasheed. The Minister will sign the agreement during his forthcoming visit to Argentina and Brazil next week.

"This is the first time Mercosur approves the accession of a state outside Latin America,” said Rasheed.

Mercosur, (Spanish: Mercado Comun del Sur) or the Southern Common Market, is a regional trade agreement (RTA) between Argentina, Brazil, Paraguay and Uruguay founded in 1991 by the Treaty of Asuncion, which was later amended and updated by the 1994 Treaty of Ouro Preto.

Its purpose is to promote free trade and the fluid movement of goods, people, and currency. The official languages are Portuguese and Spanish.

On the other hand, Rasheed said that his Ministry is working on an integrated plan to establish 13 industrial complexes that live up to international standards.

The complexes will be implemented in partnership with the private sector seeking to have industrial lands to establish new projects, Rasheed said in statements after his tour in the 6th of October City where he inaugurated new factories.(SIS)

Global Arab Network

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