Decision

18 July 2023: First meeting of the UK-Egypt Subcommittee of the Association Committee on Trade and Investment

Published 9 November 2023

The UK hosted the first Subcommittee on Trade and Investment, under the UK-Egypt Association Agreement, in London on 18 July 2023.

The UK welcomed an in-person and virtual Egyptian delegation from across the Ministries of Foreign Affairs, Trade and Industry, General Authority for Investment (GAFI), Financial Regulatory Authority (FRA), Egyptian Drug Authority (EDA), Egyptian Electricity Regulatory Authority (ERA), Small and Medium Sized Enterprises Authority (MSMEDA), Central Administration for Veterinary Services, Customs Authority and the Suez Canal Economic Zone.

The UK’s participants were from the Department for Business and Trade (DBT), Foreign, Commonwealth and Development Office (FCDO), Department for Environment, Food and Rural Affairs (DEFRA), Ofgem, National Institute for Health and Care Excellence (NICE), and Intellectual Property Office (IPO).

Opening remarks

The committee chairs shared opening remarks, setting out the depth and breadth of the bilateral relationship.

The chairs acknowledged the importance of the UK-Egypt trade relationship and agreed that the subcommittee presented an excellent opportunity to reflect on and strengthen the relationship, driving increased market access for both countries.

Both chairs celebrated the rapidly increasing trade volume between the 2 countries and that the UK is Egypt’s largest foreign investor. 

Adoption of the agenda

The meeting agenda was adopted.

Agriculture Tariff Review

The UK and Egypt held the second working group of the Agriculture Tariff Review, stipulated under the UK-Egypt Association Agreement.

Both sides reflected on the positive progress since the launch of the review and noted the importance of maintaining momentum on the discussions.

Facilitating trade and investment

The discussion focused on a few areas of shared priority and interest between the UK and Egypt where there is significant trade and investment potential.

On intellectual property, parties shared information on their respective regimes and Egypt outlined the principles of their domestic intellectual property rights strategy.

In sectors of interest including renewable energy, pharmaceuticals, financial services, and manufacturing, parties reaffirmed their commitment to enhance trade and mobilise investment including on how market access issues can be resolved.

The UK presented on ongoing collaboration with Egypt through extended government-to-government initiatives in the renewable energy and pharmaceutical sectors.

Egypt’s Financial Regulatory Authority updated the UK on resolutions due to be issued and affirmed Egypt’s commitments to the financial services sector.

Egypt presented on initiatives to support small and medium sized enterprises, their range of Economic Zones, and also on industrial sector opportunities. In addition, Egypt previously presented a concept paper regarding “The National Initiative to Establish a Monitoring System to Measure and Improve Productivity and Quality of Industrial Small Enterprises” to the UK.

The UK welcomed the discussion, outlined existing programmes that the UK funds to further support micro, small and medium sized enterprises in Egypt, shared experiences from UK Freeports, and outlined current UK investment in the industrial sector in Egypt.

Conclusion

The co-chairs brought the meeting to a close and parties reaffirmed their ambitions and commitment to deepen trade and investment.