Egypt, Iraq sign free trade zone agreement
Egypt-Iraq, Economics, 1/20/2001

Egypt and Iraq on Thursday signed a protocol that would establish a joint trade zone between them and cancel all tariff and taxes on all goods and products exchanged.

The free trade agreement was signed by Prime Minister Dr.Atef Ebeid and Iraqi vice president Taha Yasseen Ramadan during his three-day visit to Egypt.

Ramadan is leading a high-ranking delegation of Iraqi Minister of trade Muhammad Mahdi Saleh, Minister of Transportation Mortada Khalil and Minister of Agriculture Abdelelah Hammoud.

Egyptian-Iraqi economic cooperation will benefit the two nations and allow greater trade exchange and more joint projects, Ebeid said after the signing.

The Egypt-Iraq free trade agreement is a first step on the road of the Arab common market, he said, urging all Arab countries to join the market to face the challenges of the century, globalization and the major economic blocks.

Ebeid expressed Egypt's satisfaction over the short visit by the Iraqi delegation to Egypt, during which the two sides realized many achievements for the benefit of their peoples.

Egypt will devote main efforts to establish the Arab common market, being the best approach to enhance the Arab nation's potentials in the face of outside challenges, he said.

The Iraqi Vice President, on his part, said the Egypt-Iraq agreement is the first of its kind for Iraq on the Arab level and opens the door to other parties to join it.

To Iraq, Egypt has a special standing, he added.

The dialogue with the Egyptian side was positive and was marked by a genuine interest in achieving cooperation, Ramadan said.

He expressed total satisfaction with meetings he held since his arrival, foremost his meeting with president Mubarak.

He also referred to the importance of his talks with the president and the genuine desire he personally felt that culminated in the signing.

Ramadan invited Ebeid to visit Iraq to realize new steps on the road to Egyptian-Iraqi cooperation.

Saleh said that lifting international sanctions imposed on Iraq will provide Egypt with an opportunity to export further goods and products to the Iraqi markets, a matter that would lead to increasing the volume of trade between the two countries.

In an exclusive interview with MENA, the Iraqi Minister said that lifting the "unfair" embargo imposed on Baghdad will enable it to establish further joint projects with Egypt.

Describing the embargo as "inadmissible at Arab and international levels", he underlined that it has started to wear out due to the Iraqi people's steadfastness and Arab brethren support.

The Iraqi Minister said that in case of lifting the embargo, the volume of the Iraqi revenues would annually reach around $ 30 billion, a matter that would open the door for a real upsurge in trade between Egypt and Iraq.

Egypt ranks first among Arab countries that have trade relations with Iraq, he said adding that the volume of trade exchange between Egypt and Iraq stands at $ one billion.

Egypt also ranks fourth in the list of Iraq's trade partners, he said.

He underlined that the agreement on free trade between the two countries would help step up trade exchange between Baghdad and Cairo.

Previous Stories:
  Egyptian industry credit to all Arabs   (1/18/2001)
  Iraq abrogates custom fees with Egypt   (1/16/2001)
  Economic group discuss Egypt - Iraq free trade area   (1/3/2001)

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