A new Association Agreement between Egypt and the European Union came into force yesterday, setting in motion the process of increased liberalisation of trade, services, and capital between the the EU and Egypt.
The Agreement replaces the 1977 Cooperation Agreement, and was signed in Luxembourg last June. A protocol adapting the agreement to the enlarged EU will be signed once various internal procedures have been concluded.
Trade between the two sides has risen by more than 5% between 1998 and 2003 to reach around EUR10 billion. However, it is hoped that the new agreement will boost trade levels still further.
The signing of the Association Agreement represents part of a wider initiative, known as the Euro-Mediterranean partnership, which has the aim of creating a free trade area encompassing the EU member states and the 12 nations around the Mediterranean, by 2010.
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