Egyptian European partnership contributes to modernizing economy's structures

"The Egyptian-EU partnership will help in modernizing the country's economic structures and securing a higher rate of growth under the economic reform program," said Assistant Foreign Minister Gamal Bayoumi who is in charge of the Egyptian-EU File.

Addressing members of the --businessmen association in Alexandria, Bayoumi said the partnership agreement with Europe stipulates the creation of a free trade zone which exempts from customs tariffs Egyptian industrial products and exports to the European market and opens the way for doubling by manifolds agricultural exports.

The European side is also committed to consolidate Egypt's economic capabilities, modernize production infrastructure and introduce state of the art technology.

He said that the 19-year agreement, initialed in Brussels in January, gives Egypt the opportunity to reform its policies in the field of economy.

Bayoumi said Egypt obtains in the form of assistance from European countries, the International Monetary Fund (IMF) and the World Bank (WB) jointly up to 1.250 billion euros annually.