Egypt has officially ratified the free trade agreement (FTA) with Mercosur gathering which was signed in August 2010, the Deptuy Spokesman for the country’s Foreign Ministry said on Monday.
Counselor Nazih El-Nagari, the Deputy Spokesman for Egypt’s Foreign Ministry, stated that Egyptian Ambassador to Uruguay Sami Salem has deposited the original document of Egypt’s ratification on the free trade agreement with Mercosur gathering.
El-Nagari added that Egypt has become the first country to complete the ratification procedures among the rest of signatories to the FTA.
As pursuant to the agreement, the FTA shall come into force after the completion of the relevant legal procedures by all the signatories to the pact.
Egyptian Ambassador to Uruguay Sami Salem has asserted that despites the current political turmoil the country witnessing since the outbreak of January revolution, Egypt was eager to complete the ratification procedures.
Egypt is willing to develop the cooperation relations and trade exchange with Mercosur member countries, the Egyptian Ambassador said during meeting with the Director of the Administrative Secretariat in Montevideo.
Mercosur is composed of 5 sovereign member states: Argentina, Brazil, Paraguay, Uruguay and Venezuela. Bolivia is an accessing member since December 7, 2012.
Bolivia, Chile, Colombia, Ecuador, and Peru currently have associate member status.
