The Islamic Corporation for Investment Insurance and Export Credit (ICIEC) (https://ICIEC.IsDB.org) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other Arab Trade Agreement partners -African Bridges (AATB), have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.
The two-year Framework Agreement will focus efforts on trade promotion, specifically in sectors where significant added value is created. Additionally, industries that rely on a more skilled workforce and industries that can promote more investment will receive an additional boost as a result of this work program.
Egypt has been one of the active member states under the AATB since its accession in 2019 in a bid to improve the movement of Egyptian exports in African markets, raising the total level of exports to $100 billion over the next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.
Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Commerce and Industry of the Arab Republic of Egypt, to design a work program for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the various sectors to improve their capacities.
The agreed activities, to be implemented between 2022 and 2023, include a trade mission: To Tunisia: at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart (concluding initial contracts of more than $5 million dollars in 20 companies) ; and to Nigeria: At least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts for more than 4 million dollars in 15 companies).
The conclusion of agreements and contracts with trading partners throughout Africa will also be carried out, in participation with the African Export-Import Bank (Afreximbank), the International Islamic Trade Finance Corporation (ITFC), including financing and guarantees for various African countries, and participation in an annual seminar to finance trade in Africa.
“Under this Framework Agreement between Egypt and ICIEC’s AATB partners, ITFC and Afreximbank, we will foster greater trade flows between the two regions,” said ICIEC Executive Director Oussama Kaissi. “Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this enduring partnership.”