Egypt-EU partnership agreement basis for strong relations

Egypt's Ambassador to Belgium Raouf Saad said that the anticipated agreement between Egypt and the European Union is a basis for long-term and strong relations between the two sides.

In statements to Egyptian pressmen in Brussels, Saad said that Egypt started an economic reform program, during which the Egyptian economy was rehabilitated and developed.

Saad said that part of the success of the new stage depends on the performance of the Egyptian economy.

He pointed out that the European Union, according to the agreement, agreed to help Egypt continue with its economic reform program

"Singing the Egypt-EU partnership represents a strategic step towards developing joint relations between Egypt and the EU's 15 member countries," Egyptian Ambassador to Belgium Rauf Saad said.

He stressed that the agreement would benefit both Egypt and the EU, noting that it would send a clear message to foreign investors that Egypt should be dealt with as a new legal partner.

An EU Spokesman indicated that the industrial modernization program was a sticking point.

Saad, however, said late yesterday that he expected the initialing to take place "within hours".

The Egyptian envoy said that by virtue of the accord, the EU would offer Egypt some $240 million to modernize industry ahead of removing customs barriers.

"This is the largest amount to be offered by the EU to any economic partner," he noted.

Saad added that under the accord, Egypt's market would have 10 to 12 years to adjust before providing unlimited access to European products.

"The grace period should be used to modernize industry and increase the competitiveness of Egyptian products to meet the challenges posed by European imports," he added.