Wednesday 9 December 2020
Last update on Wednesday, December 9, 2020 At 9:27 AM
Leaving the European Union, the United Kingdom must establish new bilateral trade links with all the countries of the planet. Egypt is the 55th country to redefine its relationship with Great Britain. In 2019, the volume of trade between the two countries weighed $ 5 billion.
The UK and Egypt struck an agreement on December 5 to strengthen trade relations between the two countries after Brexit came into effect on January 1, 2021.
The deal, announced by International Trade Secretary Liz Truss, is to allow UK businesses and consumers to enjoy continued preferential access to North Africa’s largest economy after the end of the Brexit transition period. Which “will help to offer British and Egyptian companies new opportunities and give them the certainty they need to continue doing business,” the official said.
The agreement also provides a framework for political, economic and socio-cultural cooperation. For both countries, it is above all about securing and further developing a fruitful relationship: in 2019, trade in goods and services between the UK and Egypt was valued at nearly $ 5 billion.
55 countries now
It is also the 55th country with which London has signed an agreement in less than two years since the start of the EU withdrawal process. The UK’s total trade with these countries was £ 166 billion in 2019, according to the UK government.
This Sunday, talks resume with Brussels to reach a post-Brexit agreement before December 31.
Source Ecofin Agency
