Egyptian commercial head: Arab free trade zone will not harm customs

Ahmed Khaled Hamdy, the head of the Egyptian commercial representation system, confirmed yesterday in Cairo that the establishment of an Arab free trade zone will not significantly effect Egyptian revenues from customs' duties.

Egypt is entering with several Arab states into bilateral trade agreements, allowing exemptions from customs on goods exchanged between Egypt and these Arab states.

Hamdy also said that the volume of trade in Egypt with the Arab states is 3.4 billion Egyptian pound, 1.8 billion of Egyptian exports and 1.6 billion pound of Egyptian imports from the Arab states.

Hamdy added that the free trade zone would contribute to opening new markets for Egyptian exports, calling for increasing focus on these Arab markets during the coming period, especially Yemen and Iraq.

Yemen imports goods worth $2 billion US, of which Egypt's share is $6.47 million.