LONDON: Britain’s ambassador to Egypt signed an agreement with the country’s assistant foreign minister for Europe, Badr Abdelatty, on Saturday.
The deal is aimed at strengthening political and trade ties between the two countries, a British government statement said.
The agreement will allow British businesses and consumers to benefit from continued preferential access to the Egyptian market after the end of the Brexit transition period.
After Dec. 31, and Britain’s exit from the European Union, the EU-Egypt Association Agreement will cease to apply to the UK.
In addition to securing trade, the agreement provides a framework for cooperation and further development of political, economic, social and cultural links, the statement said.
The UK said it was committed to strengthening its relationship with Egypt and cooperating on issues including education, the environment and human rights.
“This agreement highlights the strength of the UK-Egypt partnership, and reflects our shared ambition to build our cooperation on a range of important issues,” the UK’s Foreign Secretary Dominic Raab said.
“Stronger trade links and more investment will grow our economies and help both our countries build back better from the impact of the coronavirus pandemic,” he added.
British International Trade Secretary, Liz Truss said: “This agreement is a clear signal of the UK’s enduring commitment to our close bilateral relationship with Egypt and will help strengthen trade and investment ties in the future.
“It will help provide both British and Egyptian businesses with new opportunities and provide them with the certainty they need to keep trading.
“The UK remains committed to securing deals that support British jobs, deliver significant savings and help drive the post COVID-19 recovery,” she said.
The agreement will provide tariff-free trade on industrial products, liberalization of trade in agriculture, agri-foods and fisheries making trade easier, as well as delivering significant savings to businesses in both the UK and Egypt.
Total trade on goods and services between the UK and Egypt was worth £3.5 billion ($4.7 billion) in 2019.