Egypt, Algeria sign MoU to increase trade exchange

The Federation of Egyptian Chambers of Commerce (FEDCOC) on Thursday signed a memorandum of understanding (MoU) with the Algerian Chamber of Commerce and Industry (CACI) to activate the Egyptian-Algerian Business Council, with a view to increasing the volume of trade exchange and exploring available trade and investment opportunities.

Delivering a speech at the Egyptian-Algerian business forum, FEDCOC chairman Ahmed El-Wakil said the agreement includes establishing an annual work program covering different activities.

Also, El-Wakil urged the maritime transport Sector and the international transport services department to accelerate the building of a direct navigation route linking the two countries.

The move is expected to contribute to lowering freight costs and enhancing Algerian exports through the Suez Canal development axis.

The FEDCOC called on Algeria to join the Greater Arab Free Trade Area (GAFTA), Agadir Agreement, with the aim of attaining industrial integration and raising the exchange of the production components and inputs to boost exports.