WTO completes review of Egypt’s trading practices
The World Trade Organization hascompleted its review on Egypt’s trade policies and had very nice things to say about them apparently, according to statements attributed to the WTO delegation by Al Shorouk. The delegation was apparently impressed by the government’s efforts to revamp its trade policies and its “2020 export strategy.” They noted the level of cooperation which they said had facilitated future policy reviews. The platitudes-ridden statement does not provide concrete opinions on specific policy which have been brought to the WTO, including the exporters registry and (possibly) the automotive directive which has upset European manufacturers.
This comes as six major export councils have formulates their collective strategy for boosting Egypt’s non-oil exports to USD 34 bn by 2020, Al Borsa reports. Targets set by the strategy include raising construction materials exports 145% from their 2015 levels to USD 7.7 bn, increasing petrochemicals exports to USD 6.6 bn, up 124%, and food industries to USD 4.6 bn, a jump of 76%. Among the challenges they name to reach these targets are high electricity and gas prices for industry, weak logistical capabilities, especially when exporting to west Africa. Financing was also named as a challenge, stating that EGP 20 bn in funding are needed and should be offered at 10% interest to factories that are exporting. The councils will discuss their strategy with Kabil soon.