Egypt and South Korea are set to sign a memorandum of understanding (MoU) by the end of April to boost trade movement between the two countries. According to an online news source, the MoU will aim to enhance trade relations between the two nations and reduce trade barriers.
The MoU is expected to be signed between Egypt’s Minister of Trade and Industry, Nevine Gamea, and her South Korean counterpart, Yoo Myung-hee. The agreement will facilitate the exchange of expertise, knowledge, and technology in various fields, including industry, agriculture, energy, and telecommunications.
The deal will also provide support for Egyptian businesses looking to export to South Korea and will help facilitate the movement of goods between the two countries. This will be achieved by streamlining customs procedures and implementing new trade facilitation measures.
The signing of the MoU is expected to strengthen the economic ties between Egypt and South Korea, as both countries look to expand their trade and investment partnerships. South Korea is currently one of Egypt’s top trading partners, with bilateral trade between the two countries reaching $1.6 billion in 2020.
In recent years, Egypt has been implementing a series of economic reforms aimed at attracting foreign investment and boosting economic growth. This latest MoU with South Korea is expected to contribute significantly to these efforts, creating new opportunities for Egyptian businesses and helping to diversify the country’s economy.
Overall, the signing of the MoU between Egypt and South Korea is a positive step towards increasing trade and investment between the two countries, which is expected to have significant economic benefits for both nations.
TECH’S IMPACT: E-COMMERCE, AI, BLOCKCHAIN TRANSFORMING TRADE
