Egypt's Minister of Foreign Trade Youssef Boutros Ghali said his country is keen on boosting trade ties with the Latin American states as a free trade agreement with MERCOSUR will be signed.
MERCOSUR is an economic grouping that includes Brazil, Argentina, Uruguay and Paraguay and is expected to be enlarged following the future admission of Chile, Bolivia, Peru and Venezuela
According to Ghali, the draft agreement currently under preparation will be submitted to the ministerial meeting due in Argentina on July 6-7.
Ghali conveyed boosting economic and trade relations with Latin America stems from the fact that there is a huge Arab community living there whose number hits 30 million and they are looking forward to enhancing their relations with the Arab countries.
Besides, the Latin American market is promising that can absorb Egyptian products like cotton, petrochemicals, drugs and carpets. All in all, Egyptian exports to Latin America amounted to $28 million last year. (menareport.com)
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