Free Trade Agreement Between Egypt And Eu

One study showed that eu trade agreements implemented during the 1993-2013 period “reduced quality-adjusted prices by almost 7%.” [83] The agreement also contains provisions for the elimination of other trade-related barriers and disciplines, including competition rules, state monopolies and subsidies. In addition, the agreement contains provisions relating to intellectual property protection, investment, services, current payments and capital flows, public procurement, economic cooperation and institutional and procedural issues. The agreement establishes a joint committee to oversee the implementation of the agreement and provide for a binding arbitration procedure. The provisions relating to the protection of intellectual property rights (Article 23 and Appendix V) concern, among other things, patents, trademarks, copyrights and geographical indications. They are based on the WTO agreement on trade-related aspects of intellectual property rights (TRIPS) and provide a high level of protection, taking into account the principles of the most favoured nation and national treatment. The parties are working to gradually liberalize and open their markets to trade in services in accordance with the provisions of the General Agreement on Trade in Services (GATS) (Articles 26 and 27). The main objective of the agreement (Article 1) is the liberalisation of trade in goods, in accordance with Article XXIV of the GATT of 1994. By 1 January 2020, tariffs on almost all industrial products will be abolished. The European Court of Justice has ruled that the provisions relating to arbitration between the investor state (including a special tribunal under some free trade agreements) fall within the shared jurisdiction between the European Union and its Member States and that, for this reason, their ratification should be authorised by both the EU and each of the 28 Member States. [82] Another agreement on agricultural products, processed agricultural products and fisheries products came into force on 1 June 2010.

The agreement provides unlimited payments for “current operations” and ensures that capital can flow freely through direct investments, including repatriation and liquidation of benefits (Articles 28-30). It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. The Association Agreement between the EU and Egypt has been in force since 2004. It creates a free trade area between the EU and Egypt by removing tariffs on industrial products and facilitating trade in agricultural products. In June 2013, the EU and Egypt began discussions on how to deepen their trade and investment relations through a comprehensive and comprehensive free trade agreement (FTA). Egypt is a signatory to several multilateral trade agreements: the Joint Committee ensures that from the fifth year after this agreement enters into force, no measures are adopted or maintained to distort trade between parties that are contrary to their interests with regard to state-owned enterprises and companies to which special or exclusive rights have been granted (Article 32). The agreement covers trade in industrial products, including fish and other seafood, and processed agricultural products. In addition, some EFTA states and Egypt have bilateral agreements on basic agricultural products, which are part of the free trade area`s creation instruments.

Agreements between the economic operators of the contracting parties and the abuse of dominant position by the contracting parties are incompatible with the agreement if they affect trade between the EFTA states and Egypt (Article 31). It would include, beyond the Association Agreement, trade in services, public procurement, competition, intellectual property rights and investment protection. A joint committee, made up of representatives from EFTA states and Egypt, oversees and manages the implementation of the agreement (Articles 37 and 38).