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ACFTA to benefit Egyptian RMG exports: trade body official
24 Apr '18
2 min read
Egypt’s readymade garment (RMG) sector’s exports to African countries do not exceed 2 per cent of its total RMG exports, but activating trade agreements, especially the African Continental Free Trade Area (ACFTA) signed in March, will raise that figure, according to Sherin Hosny, executive director of the Ready Made Garments Export Council.
Not having specific trade agreements with countries like South Africa and high tariffs are some of the obstacles that will be possibly done away with by the ACFTA, an Egyptian newspaper quoted Hosny as saying.
Egypt’s exports of readymade clothes increased by 16 per cent in the first quarter of 2018, recording $382 million, compared to $330 million during the same period in 2017.
ACFTA will allow Egypt to import accessories from African countries for RMG manufacturing, Hosny said.
The council aims to increase RMG exports by 20 per cent by the end of this year, she said.
The Qualified Industrial Zone (QIZ) agreement, which Egypt signed with Israel and the United States in December 2004, has had a significant role in the rise of Egypt’s RMG exports, she said.
The original agreement allowed Egyptian products to enter US markets with no tariffs, provided Israeli components represent 11.7 per cent of these products. In October last year, the deal was modified reducing the percentage of Israeli components in Egyptian products to 10.5. (DS)
Not having specific trade agreements with countries like South Africa and high tariffs are some of the obstacles that will be possibly done away with by the ACFTA, an Egyptian newspaper quoted Hosny as saying.
Egypt’s exports of readymade clothes increased by 16 per cent in the first quarter of 2018, recording $382 million, compared to $330 million during the same period in 2017.
ACFTA will allow Egypt to import accessories from African countries for RMG manufacturing, Hosny said.
The council aims to increase RMG exports by 20 per cent by the end of this year, she said.
The Qualified Industrial Zone (QIZ) agreement, which Egypt signed with Israel and the United States in December 2004, has had a significant role in the rise of Egypt’s RMG exports, she said.
The original agreement allowed Egyptian products to enter US markets with no tariffs, provided Israeli components represent 11.7 per cent of these products. In October last year, the deal was modified reducing the percentage of Israeli components in Egyptian products to 10.5. (DS)
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