Libya and Egypt’s trade exchange expected to exceed two billion dollars

Libya and Egypt’s trade exchange expected to exceed two billion dollars

April 03, 2022 - 19:00
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Written By: AbdulkaderAssad

The Head of the Joint Egyptian-Libyan Economic Chamber, Ibrahim Al-Jarari, expected that the volume of trade exchange between Egypt and Libya would exceed “the two billion dollars barrier” in the second half 2022, despite the trade being affected by the Egyptian decision to prevent food exports and the Coronavirus pandemic.

Al-Jarari said that the Chamber submitted requests to the Egyptian Prime Minister and the Ministry of Industry regarding the exclusion of Libya from the decision to ban the export of Egyptian goods and foods during the month of Ramadan, adding that the Libyan market may take in about two million Egyptian workers with the expansion of economic partnerships between the two countries.

He also indicated that there is an agreement of the Customs Authority in Libya and Egypt to open bank credits for businessmen to supply a number of basic commodities through the land borders after the approval of the Central Bank of Libya, pointing out that Egyptian products have the advantage for the low cost of transportation.

"Food prices rose by 30% after the decision to stop the export of Egyptian goods was issued and Egyptian authorities at the joint borders with Libya stopped transfer of goods that were on their way to the country despite the fact that they were paid for by Libyan traders.” Al-Jarari added.

The Egyptian Ministry of Trade and Industry issued a decision last March to stop the export of foods abroad for a period of three months, coinciding with the repercussions of the Russian-Ukrainian war on the global prices of raw materials.