MercoPress. South Atlantic News Agency

Egypt to sign free trade agreement at Mercosur summit in Argentina

Trade minister Rachid Mohamed Rachid on a Latinamerican tour

Egypt will be signing a free trade agreement with Mercosur during the group’s presidential summit scheduled for next August 3 in Argentina, announced Friday the Egyptian trade minister on Friday.

Egypt is the world's biggest importer of wheat and other food produce and Mercosur is a leading producer and exporter or grains, beef and oilseeds.

“We've analyzed and covered about 99% of what we were planning to include, therefore I'm sure we'll be able to go through what's left in the next few days” Egyptian Trade Minister Rachid Mohamed Rachid told reporters in Argentina.

Egypt's exports to Brazil, the largest economy in Latin America totalled 87.7 million US dollars in 2009, while Brazilian sales reached 1.53 billion USD, the Egyptian Trade Ministry reported.

The Egyptian minister began on Friday a visit to Latinamerica which includes Argentina and Brazil and will therefore be present at the Mercosur summit to be held in the Argentine province of San Juan.

Mercosur full-member countries presidents from Argentina, Brazil, Paraguay and Uruguay have confirmed their participation as has Hugo Chavez from Venezuela that is in the process of incorporation to the South American trade block.

Rashid said his visit is mainly to promote trade and investment cooperation with Mercosur full and associate members within the framework of the Trade ministry’s strategic plan do double Egyptian exports by 2013.