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China Egypt Trade Agreement

Genel
05.12.2020
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The Mediterranean is an essential path in Beijing`s foreign policy. In 2015, the Prime Minister of the State Council of the People`s Republic of China, Li Keqiang, announced the need to revitalize China in the Baltic Sea, the Black Sea and the Adriatic Sea. In early 2013, the Silk Roads initiative was launched, a Chinese concept that aims to improve existing trade routes and create new communication routes and economic routes connecting more than 60 countries in Central Asia, Europe and Africa. The project contributes to the development of trade relations between the PRC and other countries. As part of its One Belt, One Road Global Economic Expansion Program, China is trying to increase trade through the Suez Canal. The Belt and Road Initiative runs not only through Egypt, but also through other Mediterranean countries such as Italy and Greece. But China faces strong opposition from EU countries, whose leaders see the One Belt, One Road initiative as a threat to European economies. In this context, Egypt is becoming a comfortable partner for China. In particular, given its difficult socio-economic situation, the Arab Republic is forced to establish commercial and economic relations with the PRC, voluntarily ceding its market to Chinese entrepreneurs. [22] Mohamed Farag, “The Egyptian-Chinese Alliance proposes to sell solar electricity to BMIC,” Daily News Egypt, February 27, 2019, dailynewsegypt.com/2019/02/27/egyptian-chinese-alliance-offers-to-sell-solar-power-to-bmic/. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. China is Egypt`s largest trading partner with a bilateral trade volume of $10.58 billion in the first ten months of 2019, mainly in Chinese exports to Egypt.

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Egyptian exports to China are mainly agricultural crops such as oranges, grapes and dates. [40] At the end of 2018, China invested $7.2 billion in 1,736 projects, but finished 20th among the largest investment countries. See, for example: “Bilateral trade between China and Egypt reaches $5.2 billion in seven months,” Mubasher, August 26, 2020. Lexisnexis. “The investment and trade potential between Egypt and China is so promising, especially within the framework of the BIS,” Sharaf told the Xinhua news agency, adding that major Chinese groups are carrying out mega-infrastructure projects in Egypt and that mutual cooperation will continue over the next period. Egypt is a strong supporter of China`s 2013 Belt and Road Initiative (BIS), which aims to establish a trade and infrastructure network linking Asia to Europe and Africa along the old trade routes to achieve joint development and prosperity among BIS countries. The president of the state-running bank Misr Mohammed al-Etriby said the Bank had already signed a Memorandum of Understanding with the CCPIT to improve international trade cooperation. In November 2020, Egypt and China signed a cooperation protocol for the use and marketing of land owned by the author of the Suez Canal Authority in Ain Sokhna.

[39] [43] With regard to preferential financial assistance to Chinese producers in Egypt, the EC imposed countervailing duties on China`s subsidy programme. See “China “deeply concerned” about the EU`s new trade tariffs,” CGTN, 17 June 2020, newseu.cgtn.com/news/2020-06-17/EU-targets-Chinese-overseas-businesses-with-anti-subsidy-tariffs-RnhelraaGI/index.html. There are currently 18 representations of Chinese companies in Egypt. In June 1998, the China (Egypt) Investment Development and Trade Promotion Center was established to provide diversified services to Chinese companies coming to Egypt for trade and investment.

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