Brazil’s exports to Egypt increased 41 percent in 2017, recording $2.4 million, compared to $1.7 billion in 2016, Brazil’s Ambassador to Cairo Roy Amarell said Monday.
During a seminar about the Mercosur agreement at the Business Association, Amarell added that Egypt’s exports to Brazil jumped 65 percent in 2017.
The Brazilian ambassador affirmed that entering the Mercosur agreement into force will enhance trade and investment with Egypt, noting that Egypt is the main importer of Brazilian products in Africa.
The Mercosur agreement is a free trade agreement signed by Egypt and Mercosur countries in 2010, including immediate customs clearance for 63 percent of the exports of Brazil, Argentina, Uruguay and Paraguay to Egypt.
Mercosur is an economic and political bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela.
Amarell said that Egypt is witnessing a stable economy nowadays, as foreign monetary reserves recorded $42 billion in accordance with the inflation’s decline.
Amarell expected the inflation to decrease to 10 percent by the end of the year, in addition to the increase of foreign investments in Egypt and the decline of the unemployment rate.