Egypt and Djibouti have signed a framework agreement protocol aimed at enhancing bilateral trade and opening new avenues for companies from both nations. The Egyptian Ministry of Investment and Foreign Trade announced the signing on Wednesday. The agreement was signed by Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, and Djibouti’s Minister of Trade and Tourism, Orbis Hiilaf Orbis.
The signing ceremony took place at the ministry’s headquarters in the New Administrative Capital. Farid stated that Egypt is committed to supporting economic integration and encouraging bilateral investments in shared priority sectors. He noted that Egypt’s diverse manufacturing and export base is capable of supplying the Djiboutian market with various products.
Egypt’s Minister of Investment and Foreign Trade highlighted the importance of further activating the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Area (AfCFTA) agreements. This aims to maximise available commercial advantages for both countries. Orbis said the protocol represents a significant step in strengthening economic ties between Egypt and Djibouti.
Djibouti’s Minister of Trade and Tourism noted that his country’s strategic location at the entrance to the Red Sea offers Egyptian products and investments promising access to markets in the Horn of Africa. Orbis affirmed Djibouti’s commitment to removing trade and investment barriers, facilitating market access, and expanding cooperation across various sectors.
The sectors Djibouti is willing to expand cooperation in include trade, industry, agriculture, food security, and tourism. This aims to build sustainable economic partnerships between Egypt and Djibouti. The signing ceremony was attended by several high-ranking officials from both countries.
Attendees included Djibouti’s Ambassador to Egypt, Ahmed Ali Bari; Essam El-Naggar, Chairman of the General Organization for Export and Import Control; Abdulaziz El Sherif, Head of the Egyptian Commercial Service; and Amani El-Wassal, Head of the Trade Agreements Sector at the ministry. The protocol is expected to boost trade and investment between the two nations.
The agreement is a significant step towards enhancing economic cooperation between Egypt and Djibouti. Both countries are looking forward to maximising the benefits of the protocol and expanding their economic ties. The protocol will help increase market access and create new opportunities for businesses in both countries.
Key points
- Egypt and Djibouti have signed a framework agreement protocol to enhance bilateral trade and open new avenues for companies from both nations.
- The protocol aims to maximise available commercial advantages for both countries by activating COMESA and AfCFTA agreements.
- Djibouti’s strategic location offers Egyptian products and investments access to markets in the Horn of Africa.
