Saudi Press

Saudi Arabia and the world
Thursday, Dec 12, 2024

Indonesia steps up trade engagement with Egypt to access larger African market

Indonesia steps up trade engagement with Egypt to access larger African market

Indonesia is increasing its trade engagement with Egypt as a gateway for exports to other African countries, its trade minister said on Thursday, following an official trip to Cairo.
Zulkifli Hasan led a trade delegation to the North African country this week as Jakarta seeks to explore export potential in non-traditional markets on the continent.

“(Egypt) is a gateway country to access other African countries,” Hasan told Arab News. “The trip to Egypt was smooth and successful as it strengthened relations between the two countries.”

During his trip Hasan held talks with Egyptian Minister of Trade and Industry Ahmed Samir with whom he signed a memorandum of understanding to form a joint trade committee with the aim of boosting commercial relations.

Hasan said Indonesia wanted meetings under the committee to take place soon so the two countries could “start identifying and discussing bilateral issues.”

“We both agreed that bilateral trade is not yet optimal and there is a need to find breakthroughs,” he said.

“We also agreed that the JTC will be the first step to discuss an Indonesia-Egypt PTA, which we hope will further boost trade relations between our two countries.”

A preferential trade agreement would stimulate trade by reducing or eliminating tax duties on certain goods.

Two-way trade between the countries totaled $1.57 billion last year, with palm oil, coffee beans and coconut oil being Indonesia’s main exports to Egypt.

Coffee beans were in high demand in the North African nation, Hasan said, making the sector a potential growth market for Indonesian exporters.

Indonesia is the world’s fourth-largest coffee producer, accounting for about 7 percent, and the second largest in Asia, after Vietnam.

Also during Hasan’s visit, Indonesian and Egyptian businesses signed preliminary agreements with a potential value of more than $865 million.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Global Trials and Tensions: The Stories Reshaping International Dynamics
South Korea's Presidential Office Raided Amid Allegations of Martial Law Plan
Navigating Uncertainty: Israel's Calculated Engagement with a Changing Syria
The Illusion of Innocence: How Bashar and Asma al-Assad Deceived the Media
Polarization: The Word That Unites a Divided Era
The Obsession That Could Divide: GB News and Its Singular Focus on UK Muslims
Anatomy of Regime Change: The Key Players in Syria's Tumultuous Fall
Syria After Assad: A Pyrrhic Victory with Uncertain Horizons
The Day After Assad: Can Syria Steer Clear of Libya's Pitfalls?
Iranian Embassy in Damascus Attacked Amidst Rising Tensions
Geopolitical Chess: Trump's Reflections on Russia's Waned Syrian Influence
Syria's New Chapter: A Historic Shift and the Hopes for Peace
A New Dawn in Damascus: Challenges of a Post-Assad Transition
A New Dawn in Syria: The Flag That Signals Change
Lone Wolf or Symptom? Unpacking the Insider Attack in Yemen
Keir Starmer's Gulf Gambit: Balancing Diplomacy and Principles
Dubai Hosts Largest Middle East AI Summit with Innovative Challenges
UAE’s Quantum Leap: Pioneering the Future of Computing
Balancing the Final Frontier: The New Asteroid Discovery and Our Global Priorities
New Asteroid Discovery Highlights International Collaboration in Space Exploration
UAE's Ambitious Leap into Space Research
Benralizumab: A Breakthrough in Asthma Treatment After 50 Years
Benralizumab: A Breakthrough Decades in the Making
From Desert Dromedaries to Cutting-Edge Medicine: The Advent of Nanobodies
Cosmic Wonders and Earthly Breakthroughs: A Week of Celestial and Scientific Marvels
Dark Energy's Dance: Revisiting Cosmic Constants
A Temporary Release: The Fragile Freedom of Iran's Narges Mohammadi
OpenAI and Anduril: Charting AI's Path in Modern Warfare
Seoul in Turmoil: Yoon Suk Yeol’s Martial Law Blunder Ignites Political Upheaval
Taliban Bans Afghan Women from Medical Training Amid Health Crisis
Syrian Rebels Make Major Gains in Aleppo
World Court to Assess Global Legal Responsibilities on Climate Change
UK Intelligence Chief Cautions: Iran's Nuclear Aspirations Present Worldwide Danger
Hezbollah Chief Declares 'Great Victory' Against Israel
Hamas Delegation Engages in Gaza Ceasefire Talks in Egypt
Rebel Advances Lead to Aleppo Airport Closure
UK Intelligence Chief Alerts: Iran's Nuclear Intentions Represent a Worldwide Danger
Putin Warns Trump Isn’t Safe—And Here’s Why That Might Be True
Can Donald Trump Bring Peace to the Middle East—or Is It Beyond His Reach?
COP29's Carbon Trading Deal Faces Major Criticisms
Global Erosion of Women’s Basic Rights
Putin Warns Trump of Ongoing Safety Concerns
From Islamophobia Concerns to Global Alliances: A Snapshot of Key Developments
Global Unrest: From Fragile Ceasefires to Free Speech Battles and Defense Shifts
Global Developments: Israel's ICC Critique, Saudi Infrastructure Upgrades, and Middle Eastern Economic and Educational Advancements
Trump Nominates Kellogg for Ukraine-Russia Envoy Amid Global Tensions; Israel Appeals ICC Arrest Warrants
UAE Consumer Spending Soars; Saudi Arabia Drives GCC Unity Amid Global Oil and Policy Shifts
China's Military Shake-Up: Anti-Corruption Clampdown Rivals Middle East Innovation Drive and Rising Tensions
Operation Orion: Global Drug Bust Shakes Cartels as Nations Tackle Emerging Challenges and Crises
Global Turmoil: From UK Investigations to U.S. Sanctions, Trade Tensions, and Corporate Challenges
×