Media release

Australian Minister for Trade, Mark Vaile

22 October 2000

Great New Opportunities in Egypt

The Federal Minister for Trade, Mark Vaile, has welcomed the new Agreement between Australia and Egypt on Investment Promotion and Protection.

This new Agreement provides a solid foundation for businesses trading and investing between Australia and Egypt.

Mr Vaile was accompanied on his visit to Egypt by an Australian business delegation from industries such as grains and pulses, meat and livestock and information technology.

"Egypt is now ten years into its economic liberalisation program and opportunities are emerging for Australian business. We are looking for alliances in a number of areas, including the fast-growing agribusiness sector. Our trade now totals five hundred million dollars per year and has been growing at around ten per cent per year," Mr Vaile said.

Mr Vaile initialled the new bilateral Investment Promotion and Protection Agreement between Australia and Egypt which offers investors in both countries improved legal protection. "This agreement is a symbol of our deepening economic partnership, which we are confident will continue to prosper," Mr Vaile said.

Mr Vaile discussed a range of new trade and investment opportunities with a number of ministers including Economy and Foreign Trade, Supply and Home Trade, Deputy Prime Minister and Minister for Agriculture and Planning and International Cooperation.

Mr Vaile also discussed the WTO negotiations on agriculture with Dr Boutros-Ghali, Minister for Economy and Foreign Trade. "Egypt is emerging as a significant player at the WTO and we will continue to work closely together in the fight for fair market access for agriculture. By building a stronger coalition with countries like Egypt, Australia and the Cairns Group will keep the pressure on for genuine agricultural trade reform", Mr Vaile said.

During his speech to Egypt's International Economic Forum, Mr Vaile announced that the Australian Competition and Consumer Commission would be assisting Egypt in developing and implementing competition policy. "I am particularly pleased that this training, to be provided by the Australian Government, is being funded by an Australian business that has been prominent in Egypt for some time. I want to congratulate MLA for this important initiative", Mr Vaile said.

Local Date: Friday, 21-Nov-2008 03:58:16 EST