Egypt's Prime Minister Moustafa Madbouly on Tuesday said a newly ratified free trade agreement with Serbia will help accelerate trade and investment, as bilateral commerce has already more than tripled since 2022. Speaking at the Egypt-Serbia Business Forum in Cairo, the prime minister said the deal, approved by Egypt's parliament on May 26, will gradually eliminate customs duties and trade restrictions between the two countries. The agreement also includes provisions to boost services and investment ties, encourage joint ventures and technology transfer, and provide mechanisms for resolving trade disputes. "Together we can manufacture and export to over three billion consumers tariff-free and at lower transport costs, whether through existing factories or new investments," Prime Minister Madbouly said, citing Egypt's network of free trade agreements with the EU, Arab countries, Africa, the UK, Turkey, the United States and others. He highlighted that Egypt-Serbia relations date back more than a century and have deepened since President Abdel Fattah al-Sisi's 2022 visit to Belgrade, which led to the formation of a Joint High Committee for economic, scientific and technical cooperation. That visit also paved the way for the free trade pact and several memorandums of understanding in higher education, culture, trade, agriculture and investment. Ties were further strengthened by Serbian President Aleksandar Vučić's visit to Cairo in July last year, where he inaugurated the joint business forum. Trade between the two countries has since grown from $94 million in 2022 to about $300 million in 2024, with more gains expected as the trade deal takes effect. Prime Minister Madbouly said Egypt offers Serbian investors opportunities across sectors such as industry, agriculture, energy, infrastructure and services, supported by modern logistics, free zones like the Suez Canal corridor, and upgraded road, rail and port networks. He added that Egypt's reforms — including golden licenses for investors and new policies to boost private sector participation — are aimed at making the country a regional hub for joint manufacturing and exports. Attribution: Amwal Al Ghad English
