Egypt signed a bilateral free trade agreement with Turkey in 2005, and this agreement entered into force in 2007 to establish a free trade area between the two countries over a period not exceeding twelve (12) years from the date of ratification.
Commercial benefits of the agreement:
Removal of restrictions on trade in goods, including agricultural products.
Create an enabling environment to attract more investment.
Ensure fair trade competition between the two countries.
Facilitate access to EU markets and free trade agreements between Egypt and Africa, such as the Comesa agreement, facilitate access to Turkish investors.
Therefore, Egyptian industrial exports to Turkey are immediately exempt from customs duties and other duties and taxes of similar effect as soon as this agreement enters into force, however, discount rates are applied to a certain list of products that vary over the years of operation until they reach full exemption, the Free trade Agreement for Egyptian industrial exports not only provides full and immediate access to the large Turkish market, but also facilitates access to the EU market, Egyptian exporters face serious challenges to access the European market even with the liberalized association agreement between Egypt and the EU, the trade agreement should help By integrating Turkish and Turkish industries and allowing Egyptian exporters to benefit from Turkey’s experience in the European Union, and just as important, the Free trade Agreement should strengthen confidence in the Egyptian economy and make it a hub for other African, European and Arab countries.
