Customs exemption for 47% of exports after the trade agreement with the "Mercosur"

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.

Decline in all indicators of the sectors except sector index household products and personal

Dropped all the indicators of sectors in the Egyptian Stock Exchange trading session on Monday, August 2, 2010 with the exception of sector index household products and personal recorded the only rise.

The Index of the banking sector by 3.05% to close at 1,732.25 points, down basic resources sector by 0.69% to close at 770.50 points and index the chemicals sector rose 0.71% to close at 767.93 points and dropped the construction sector and building materials, rose 0.21% to close at 1,431.65 points.

On the side of the financial services sector, excluding banks, has dropped by 0.89% to close at 675.15 points, and record food and drink sector down 0.38% to close at 920.39 points and the health care sector and medicines down 0.06% to close at 1,341.51 points, down the service sector and industrial products, automobiles, or 0.23 % to close at 1,645.00 points, went up household products and personal, or 0.08% to close at 549.28 points.

On the other hand the real estate sector down 0.94% to close at 1,112.51 points and communications sector fell by 0.01% to close at 463.65 points and on the side of tourism and leisure sector was down 1.27% to close at 567.87 points.

The indicators follow the performance of the sectors of banks, basic resources, chemicals, construction and building materials, food and beverages, financial services non-banking, healthcare, medicine, services and industrial products, vehicles, household products and personal, housing and real estate, telecommunications, tourism and recreation, so as to contribute to the assist investors in making investment decisions, the better.