European Union is funding developmental projects in Egypt worth €1.1 billion annually, while Egypt's trade volume with the EU forms about 30 percent of its global merchandise trade, Egypt's Trade Minister Amr Nassar said on Sunday. Addressing the closing ceremony of the EU-funded Trade and Domestic Market Enhancement Programme (TDMEP) Sunday, Nassar said the TDEMP had contributed to enhancing essential reforms in the Ministry of Trade, which included launching the trade and industry strategy 2016/2020, supporting the industrial licenses law, and determining the priority production sectors in accordance to the Protocol on Conformity Assessment and Acceptance of Industrial Products. "The programme also paves the way for improving structural strategies in cooperation with the private sector and drafting the national quality strategy for Egypt's industry," Nassar stated. Meanwhile, head of the cooperation sector of the delegation of the European Union to Egypt, Ibrahim Al Afia, asserted that the EU is the main trade partner and investor in most Mediterranean countries. "TDMEP, which is funded by the EU with €20 million, has achieved tangible outcomes for Egypt's economy. It is committed to offering technical support for Egypt's trade ministry, and has contributed in developing an integrated strategy boosting key industrial sectors in Egypt, at the international and regional levels." He added that the TDMEP has played a vital role in inaugurating a number of new entities in Egypt's ministry of trade, like the Export Development Authority (EDA), in addition to improving the Industrial Development Authority (IDA) in the area of enhancing industrial investment. Head of the Developmental Projects Council in the Ministry of Trade, Sherin Khalaf, said the ministry will start the second phase of TDEMP by 2021. In addition, Egypt has reached an agreement with the EU to provide funds to help prepare for the second phase. Source: Ahram online
