Eliminating customs duties on Serbian imports is a step towards achieving sustainable development
Abolishing customs duties on Serbian imports is a step towards achieving sustainable development
Strong international relations and effective economic partnerships are an essential pillar for achieving sustainable development and comprehensive prosperity for countries, especially in light of the current economic and environmental challenges. In this context, the Egyptian-Serbian Business Forum, which was held on Tuesday, June 17, in the New Administrative Capital, represents an important step towards strengthening these ties, affirming the common will to advance development in the two countries.
In this article,Earth Guards discusses the highlights of the Egyptian-Serbian Business Forum, highlighting the expected positive effects of this partnership at all levels. It also explores how this partnership can contribute to achieving the Sustainable Development Goals (SDGs) of the two countries, and overcoming obstacles related to customs duties; Which opens broad horizons for new partnerships and investments. So keep reading.
Egyptian-Serbian Relations
Over the course of more than a century, Egypt and Serbia have built strong relations that reflect a common history and include bilateral and multilateral dimensions. These relations witnessed a strong and noticeable boost after the visit of President Abdel Fattah El-Sisi to Belgrade in 2022. This strategic visit, which was a turning point, resulted in very important agreements, the most prominent of which was the establishment of the Joint Supreme Committee for Economic, Scientific and Technical Cooperation, in addition to the signing of a free trade agreement and memorandums. Understanding in different vital sectors.
In the context of these positive developments, the pace of growth in relations between the two countries increased remarkably with the visit of Serbian President Aleksandar Vucic to Cairo last July, which coincided with the opening of the joint business forum. Dr. Mostafa Madbouly, Prime Minister, indicated during his speech at the Egyptian-Serbian Business Forum that these mutual visits resulted in the volume of trade exchange between the two countries more than tripling from $94 million in the year. 2022; To reach about $300 million in 2024, and this growth confirms the commitment of both parties to achieving Sustainable Development Goals (SDGs) through economic cooperation.
Cancellation of customs duties
This expansion in the volume of trade exchange paves the way for deeper economic cooperation, especially with the imminent activation of the free trade agreement, which is the cornerstone of this new phase of the partnership, as the Egyptian House of Representatives approved last May 26 the free trade agreement between Egypt and Serbia, which is a new starting point for economic relations between the two countries.
This ambitious agreement aims to gradually abolish customs duties and quantitative restrictions on imports and exports of goods, which will open broad horizons for trade movement and stimulate economic growth in both countries. This gradual abolition of customs duties has an impact not only on increasing the volume of trade exchange, but also to encourage economic integration, reduce production costs, and increase the competitiveness of Egyptian and Serbian products in global markets. Which contributes directly to achieving Goal (8) of the Sustainable Development Goals (SDGs), related to decent work and economic growth, by providing job opportunities and improving living standards for citizens.
Moreover, in his speech, the Prime Minister noted that the agreement includes provisions to enhance cooperation in the areas of services and investment, including the encouragement of joint ventures, technology transfer, and the resolution of trade disputes; This will provide a favorable environment to attract joint investments and enhance economic partnership, and greatly support the sustainable development agenda.
These laws will simplify procedures and provide legal protection for investors. Which reduces the risks and increases the attractiveness of the two countries as investment destinations. The Prime Minister explained that this matter will be integrated with the growing size of the Egyptian market through free trade agreements with the European Union, Arab countries, the African continent, the United Kingdom, Turkey, the United States of America, and a number of other groups, reaching more than 3 billion consumers, without customs. This wide network of agreements places Egypt in a pivotal position as a gateway to global markets, and provides Serbia with a unique opportunity to reach these large markets efficiently. And effectiveness.
Infrastructure is a pillar to support development
In order for this ambitious vision of economic partnership to be achieved, there must be an advanced logistical infrastructure that supports this expansion and facilitates the movement of trade and investment, and this is what Egypt provides today in a distinctive way, as Egypt enjoys a modern and advanced logistical infrastructure, including pivotal ports, the Suez Canal axis, and advanced road and railway networks, which enable it to effectively reach these vast markets.
Through this integrated infrastructure, Egyptian and Serbian companies can cooperate in joint manufacturing, whether in existing factories or through new investments, and then export these products to target markets without customs duties and with lower transportation costs. Which enhances the competitiveness of products, contributes to achieving common economic goals, and supports Sustainable Development Goals (SDGs).
Joint cooperation between Egypt and Serbia extends to services,logisticsand tourism, in addition to concluding alliances in various fields of infrastructure, especially in Africa and the reconstruction of neighboring countries. In his speech, the Prime Minister pointed out the importance of transferring Egypt’s experience in urgent plans for infrastructure and the establishment of fourth-generation cities, to assist Serbia in preparations to receive the Expo in Belgrade in 2027. This transfer of expertise and knowledge is a living example of how to achieve Goal (17) of the Sustainable Development Goals (SDGs), related to partnerships in order to achieve the goals, where knowledge and technologies are exchanged to support sustainable development in the two countries.
Egypt seeks to provide an investment environment
The Egyptian state has striven to create an attractive and stimulating investment environment to receive more international investments, including Serbian investments. This effort has been evident in the implementation of a package of legislative and procedural reforms aimed at facilitating the business climate. The most prominent of these reforms is the launch of the golden license, which aims to simplify procedures for investors and reduce bureaucratic burdens, and the state ownership policy document, which seeks to increase the participation of the private sector in economic activities.
These initiatives, and other reforms supporting the private sector, reflect the Egyptian government’s commitment to strengthening the role of the private sector as an essential partner in the development process. Egypt has also provided dozens of attached industrial, commercial and logistical zones throughout the country, which are equipped with all the facilities and infrastructure necessary to accommodate major investment projects. Which reduces the initial costs for investors and makes it easier for them to start their business.
In light of these developments, the Egyptian economy today is witnessing an increasing reception of new investments, in addition to the influx of tourist delegations, and a noticeable growth in exports. These positive indicators reflect the success of the economic and procedural reforms that have been implemented, and confirm that Egypt is on the right path towards achieving sustainable growth.
In this context,Earth Guards believes that the private sector on both the Egyptian and Serbian sides has a major responsibility in building new partnerships and investments, and that this call aims to exploit the enormous opportunities in various sectors, with the support of the strong political will and the strategic location of Egypt; Which makes this partnership an invaluable opportunity to achieve mutual prosperity.
