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The European Union (EU) and Egypt have signed a free trade agreement (FTA) that aims to deepen economic cooperation and enhance the flow of trade between the two regions. The agreement was signed in June 2021 and is expected to boost bilateral trade by removing tariffs and non-tariff barriers in many sectors.

Under the agreement, EU businesses will enjoy greater access to the Egyptian market, which is the largest in the Middle East and North Africa (MENA) region. Egyptian exporters, in turn, will benefit from lower duties on their products when selling to the EU. The agreement covers a wide range of goods, including agricultural and processed food products, fisheries, industrial and consumer goods, and services.

The FTA is expected to strengthen the relationship between the EU and Egypt, which has been a key partner for Europe in the MENA region for many years. Egypt is also a member of the Union for the Mediterranean, an intergovernmental forum that supports regional cooperation and integration in the Mediterranean region.

The EU has been Egypt`s largest trading partner for many years, with two-way trade reaching over €27 billion in 2019. The FTA is expected to further boost trade and investment between the two regions, particularly in sectors such as energy, transport, and infrastructure.

The agreement is also expected to have a positive impact on job creation and economic growth in both regions. With the removal of tariffs and non-tariff barriers, businesses in both regions will have greater opportunities to expand their operations and create new jobs.

The FTA has been praised by both the EU and Egyptian officials as a significant step towards greater economic cooperation and integration between the two regions. It is also an example of the EU`s commitment to open and fair trade with its partners around the world.

In conclusion, the EU-Egypt FTA is a significant milestone in the economic relationship between the two regions. It is expected to boost trade, investment, and job creation, and deepen cooperation and integration between the EU and Egypt. The agreement is a testament to the benefits of open and fair trade for businesses, workers, and consumers in both regions, and shows the EU`s commitment to strengthening its partnerships with key partners around the world.