Egypt's exports to COMESA countries up to $372 million

"The balance of trade between Egypt and the Common Market for Eastern and Southern Africa (COMESA) countries is finally tilting in Egypt's favor.

This happens for the first time since Egypt had joined the market in 2000," according to the Chairman of the Africa and COMESA section at the Egyptian Trade Representation Authority, Mohamed El-Sadek.

El-Sadek said that Egypt's exports to COMESA countries totalled US$372 million in 2004 compared to only US$95 million in 2000. At the same time, Egypt's imports from COMESA countries in 2004 totalled US$238 million.

Addressing the attendees at a conference on the future of economic relations between Egypt and Africa, which was organized by the Egyptian Businessmen Association, El-Sadek said that Egypt is fast becoming the second largest country exporting products to COMESA countries after Kenya.

He added that the Trade Representation Authority has already devised plans to increase Egyptian exports to the African countries in general and COMESA countries in particular.

He pointed out that Egypt has a competitive edge in pharmaceuticals, agricultural products, textiles, leather products and ceramics.

COMESA was established in December 1994 to replace the former Preferential Trade Area (PTA) which had existed since 1981.

It was established as an organization of free independent sovereign states which agreed to cooperate in developing their natural and human resources for the good of all their peoples.