A free trade agreement between Egypt and Malaysia is in progress

Published 2024년 10월 9일

Tridge summary

Egypt and Malaysia are working on a free trade agreement (FTA), with a focus on palm oil, as Egypt is a major importer of Malaysian palm oil. The Malaysian Palm Oil Forum in Kuala Lumpur provided a platform for business connections and discussions on the latest trends and ESG issues in the oils and fats sector. Egypt, due to its preferential access to multiple free trade agreements, is becoming a potential business hub for palm oil trade, with palm oil playing a crucial role in the Egyptian market, especially in food production and cosmetics. Imports of palm oil have surged in the last five years, reaching 1.15 million tons in 2022, and it is the leading component in Egypt's oils and fats imports, accounting for 67 percent of the total imports.

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Original content

Egypt’s Minister of Investment and Foreign Trade Hassan Elkhatib and his Malaysian counterpart are currently engaged in designing a free trade agreement (FTA) between the two countries, where palm oil will be a key pillar of this imminent action, the Malaysian Minister of Plantation and Commodities Datuk Seri Johari Abdul Ghani told Ahram Online. Abdul Ghani said this in his reply to Ahram Online’s question on the extent of the cooperation between Malaysia and Egypt, during a press conference held on the sidelines of the two-day Malaysian Palm Oil Forum (MPOF KL 2024) kicked off in the Malaysian capital Kuala Lumpur on Tuesday. This forum was launched under the theme “Navigating Trading Challenges with Sustainable Solutions,” with the participation of a group of Egyptian companies. Egypt is a main importer of Malaysian palm oil; moreover, the Malaysian Palm Oil Council (MPOC) has a trade office in Cairo among other seven global offices, including three in the Middle East region ...

Source: WTOCenter