Seven sessions of the Egyptian Austrian joint Committee have been held within the framework of the Economic and Technical Cooperation Agreement signed in 1975. The last of these sessions was held in 1985, which promoted cooperation in several fields, most importantly the fields of industry, electricity, agriculture and land reclamation, housing and urbanization, transport and trade.
Upon Austria’s joining of the European Union in 1995, a new Economic and Technical Agreement was signed on 12/9/1996 to replace the Agreement signed in 1975 and rescind the Trade Agreement signed between both countries in 1960. Two sessions of the Egyptian Austrian Joint Committee were held within the framework of this new Agreement.
Two sessions of the Egyptian Austrian Joint Committee have been held since the conclusion of the Economic and Technical Agreement in 1996, the first was held on 12/4/2001 and the second on 18/6/2005.
Important Recommendations /Agreements Signed at the Last Session:
At the Second Session of the Egyptian Austrian Joint Committee, both sides displayed economic and trade relations between both countries and proposed improving trade relations through increased cooperation. It was agreed that a study of the Egyptian market be conducted to explore new opportunities of trade, investment and cooperation in the field of marketing and to start discussing the Financial Cooperation Draft Agreement between both governments.
- A Financial Cooperation Agreement worth EUR 50 million was signed between both countries on 22/10/2007, and was extended for 2 years until 23/4/2014.
- A Financial Cooperation Agreement worth EUR 75 million is expected to be signed between the Austrian government and the Egyptian Government.