Business meeting held in São Paulo seeks to strengthen trade relations between Brazil and Egypt
Director of Investe SP, Sérgio Costa, showed that there are many possibilities to be explored between São Paulo and EgyptInveste São Paulo
With the entry into force of the Mercosur-Egypt Free Trade Agreement, several sectors of the economy of São Paulo will be able to strengthen their relationship with the African country. On Friday, December 8, to inform Brazilian and Egyptian business executives about the agreement, the Arab-Brazilian Chamber of Commerce held the Brazil-Egypt Business Meeting, in São Paulo.
Investe São Paulo represented the state government and the agency’s director, Sérgio Costa, made it clear that the state’s interest is to take advantage of the opportunity provided by the agreement to increase the exchange between people from São Paulo and Egypt.
“The state of São Paulo is the platform of foreign companies in South America. We want the Egyptian companies to consider Investe São Paulo as a partner to do business here. We work to help companies from São Paulo to internationalize and Egypt is a great platform for doing business both in Africa and in Arabic-speaking countries,” said Costa.
The deputy minister of Industry and Commerce and head of the Egyptian Commercial Service Office, Ahmed Antar, said that this moment could be a milestone in the trade relations between the two countries.
“The Egyptian government has made several efforts to modernize business in the country. The agreement comes in good time. Egypt and Brazil have always had a good relationship. We believe it will be a major breakthrough for the trade relations between the two countries,” said Ahmed Antar.
The Mercosur-Egypt Free Trade Agreement (FTA) was the first agreement of this modality to be signed by the South American bloc with a country of the African continent. It was signed in August 2010 and entered into force this year.
The agreement encompasses approximately 9,800 products, is intended for the opening to the bilateral market of goods, and contains an evolutionary clause on the possibility of agreements, in the future, for the provision of access to services and investments.
According to projections from the Foreign Trade Department (Secex) of the Ministry of Industry, Foreign Trade and Services (MDIC), approximately 63% of Brazilian exports to Egypt will immediately benefit from the entry into force of the FTA.