Egypt Endorses FTA Agreement with Mercosur

Egypt has endorsed the Free Trade Area agreement signed with the Mercosur (Southern American Common Market) on August 2, 2010, said Deputy Spokesman for the Foreign Ministry Nazieh el-Nagari. In statements on 21/1/2013, Nagari said Egypt's Ambassador to Uruguay Sami Salem, during his meeting with the director of the permanent office's secretariat in Montevideo city, has given a copy of the endorsement instrument to the economic bloc's secretariat. In spite of the political upheavals in Egypt since the January 25 Revolution; Egypt has been keen on beefing up trade exchange with Mercosur member states, amb. Salem underlined.

Mercosur is composed of five sovereign member states: Argentina, Brazil, Paraguay, Uruguay and Venezuela. Bolivia is an accessing member since December 7, 2012. It was established in 1991 by the Treaty of Asuncion, which was later amended and updated by the 1994 Treaty of Ouro Preto. Its purpose is to promote free trade and the fluid movement of goods, people, and currency.