In a grand gathering witnessed by the heads and representatives of 7 countries of Latin America "Brazil, Argentina, Uruguay and Paraguay, and Chile, Bolivia, Colombia," Egypt signed yesterday evening, the first free trade agreement with MERCOSUR which includes Brazil, Argentina, Uruguay and Paraguay as core members in addition to Chile, Bolivia, Colombia, Peru and Ecuador as observers.
The agreement was signed on the Egyptian side Rashid Mohamed Rashid, Minister of Trade and Industry, who said that the agreement will provide greater opportunities for the Egyptian exports to COMESA countries will be free trade between the parties during the period of 10 years. He added that about 47% of Egyptian exports to the current assembly will be granted exemption from customs duties immediately upon entry into force of the agreement include the sectors of chemicals, engineering goods and textiles. 
He said the agreement would provide agricultural commodities that are currently imported at a better price for the consumer to the Egyptian side to attract more investment by the countries of Egypt, where assembly to ensure the agreement to strengthen cooperation in investment and technology transfer between the two sides.
The summit of Mercosur began its work yesterday under the chairmanship of Mrs. Cristina Kirchner, Argentine President preparatory meeting of Foreign Ministers and the participation of the presidents of Brazil, Argentina, Uruguay and Paraguay, Chile, Bolivia and Colombia.
