Djibouti, Egypt to establish free trade zone
Necessary procedures for the establishment of a new free trade zone between Djibouti and Egypt are soon expected to be completed, stated Ambassador of Djibouti in Cairo, Mahmud Ali Yusuf.
The free trade zone lies on the international coastal road which links Djibouti with Ethiopia and Somalia. Its 20,000-square-meter area will be used to store Egyptian merchandise, according to Al Sharq Al-Awsat daily.
The establishment of a free trade zone aims to provide opportunity for African businesspeople to increase trade with their Egyptian counterparts. Egyptian trade chambers union views the free zone as an attempt to open new markets in East Africa for Egyptian products and goods.
Yusuf stated the Egyptian merchandize would be exempt from customs duties and would be directed for sale in Djibouti as well as neighboring COMESA (Common Market for Eastern and Southern Africa) member markets. — (Mena Report)
© 2001 Mena Report (www.menareport.com)