Egypt and Libya have announced the launch of a joint free trade zone, aimed at bolstering economic ties between the two countries.
The initiative is still under study by the Egyptian-Libyan Joint Economic Chambers.
The free trade zone is located in the Al-Jufrah region, southeast of Libya. It is intended to facilitate the provision of all Egyptian products needed by Libya.
A high-level Egyptian economic delegation is scheduled to visit Libya in June to hold bilateral sessions between companies from both countries.
Discussions will focus on granting customs benefits and significant facilitations for Egyptian companies, exploring opportunities for trade and investment cooperation, and engaging Egyptian companies in reconstruction efforts.
The visit aims to explore numerous export opportunities in the Libyan market. Any contracts or partnerships between Egyptian and Libyan entities will be under the auspices of the Joint Trade Chamber.
The goal is to increase and facilitate the entry of Egyptian exports into Libya and subsequently into African countries. Libya aims to become a hub for transit trade, serving both the local market and landlocked countries in Africa.
Facilitating the flow of Egyptian goods into the Libyan market is contingent upon adhering to the required quality standards.
The move is expected to strengthen economic ties between Egypt and Libya while enhancing trade opportunities for both nations.
