Free trade between Kuwait and Egypt

Egyptian minister of commerce and finance, Ahmed El Goweili, will visit Kuwait next month to sign an agreement running through 2002 freeing trade between the two countries.

Talks were held in Kuwait at the beginning of this month, concerning reducing customs by 50% on some goods previously included in the economic and commercial cooperation protocol signed in August, 1989 and which has now expired. The agreement included the establishment of a free commercial zone to facilitate trade between the two countries.

Kuwaiti investment represents the second-largest foreign investment in Egypt after Saudi Arabia and totals 19% of investments in projects that cost LE 6.35 billion.

Goweili will open a special Egyptian products exhibition on April 20 under the Kuwaiti Ministry of Commerce, Agriculture and Industry. The exhibition will be organized by the Kuwaiti Exhibition Corporation under the sponsorship of the prime minister.