Egypt has approved a free trade agreement with Serbia that will gradually eliminate customs duties, Prime Minister Mostafa Madbouly announced, noting that bilateral trade has more than tripled to around $300m since 2022. Speaking at the Egyptian-Serbian Business Forum on Tuesday, Madbouly confirmed the trade volume between the two nations rose from $94m in 2022 to approximately $300m in 2024. He stated that this figure is expected to grow further following the Egyptian parliament's ratification of the free trade agreement on 26 May. The agreement will gradually eliminate customs duties and quantitative restrictions on imports and exports of goods between the two countries. In his welcoming remarks to Serbian Prime Minister Guro Macut and the accompanying delegation, Madbouly said the agreement also includes provisions to enhance cooperation in services and investment, encourage joint ventures, facilitate technology transfer, and resolve commercial disputes. He stated this would "provide a favourable environment for attracting joint investments and strengthening the economic partnership." Madbouly highlighted that this complements Egypt's existing network of free trade agreements with the European Union, Arab nations, the African continent, the United Kingdom, Turkey, and the United States, providing tariff-free access to a market of over three billion consumers. Mostafa Madbouly "We have the modern logistics to reach those markets, which will open the doors for trilateral cooperation, to manufacture together and export to all those markets without customs and with lower transport costs, whether through joint manufacturing in existing factories or through new investments," Madbouly said. The Prime Minister emphasised that bilateral ties, which date back over a century, were strengthened by President Abdel Fattah al-Sisi's visit to Belgrade in 2022 and Serbian President Aleksandar Vučić's visit to Cairo last July. These visits led to the establishment of a Joint High Committee for Economic, Scientific, and Technical Cooperation and the signing of memoranda of understanding in higher education, culture, trade, agriculture, and investment. Madbouly added that joint cooperation extends beyond goods to include services, logistics, and tourism. He also pointed to opportunities for alliances in infrastructure, particularly in Africa and the reconstruction of neighbouring countries. He noted that Egypt could share its experience in rapid infrastructure development and the construction of fourth-generation cities to assist Serbia's preparations for hosting Expo 2027 in Belgrade. To facilitate such cooperation, Madbouly said Egypt has undertaken a series of legislative and procedural reforms to improve the business climate. These include launching the "Golden Licence" to simplify processes for investors and issuing the "State Ownership Policy Document" to increase private sector participation in the economy. He added that the government has developed dozens of serviced industrial, commercial, and logistical zones across the country, supported by a rapid national infrastructure development programme. "All of this is supported by the development of multimodal transport to connect Egypt with the world through modern hub ports… and advanced road and rail networks, so we can transport what we produce together easily and efficiently to global markets," Madbouly stated. He called on private sector representatives from both countries to create new partnerships and investments to leverage the opportunities offered. "The Egyptian state today offers investors from Serbia outstanding opportunities," Madbouly concluded. "We have the political will to support economic relations and joint cooperation, we have promising opportunities in industry, agriculture, services, gas and oil, infrastructure and major projects, we have a distinguished strategic location, and we have an effective and active business community, a group of whom you met today."
