• Egypt enjoys close relations with Latin American countries, especially those with high growth rates. Egypt has constantly sought to promote mutual investments with these countries, recognizing how they have had great weight and impact worldwide in the past few years. Cooperation has thus developed greatly on political and economic levels, particularly in light of Egypt’s active role in reinforcing South-South cooperation.
• The common market among Latin American countries (Mercosur) is deemed the fifth greatest economic power in the world. Egypt signed the Free Trade Agreement with the Mercosur to be the first Arab and African state to have signed it. This reflects Egypt’s strong belief in the importance of reinforcing South South relations, especially that this Agreement opens up new horizons of cooperation between Africa and Latin America since Egypt has signed a free trade agreement with most African member states of the COMESA and with most Arab States as well. Therefore, the Free Trade Agreement with the Mercusor market serves as a bridge between the Middle East and Africa on one hand and Latin America on the other hand. It is worth noting that signing this Agreement came as a development of the framework agreement signed between Egypt and the Mercosur in July 2004 and it crowns the six sessions of intensive negotiations between both sides for reaching a satisfactory agreement on strengthening and developing economic ties between Egypt and the Mercosur to include new fields. The Agreement generally opens up new promising markets for Egyptian exports, especially that Argentina and Brazil are considered as the strongest growing economies worldwide, besides securing Egypt’s long term requirements of food products and attracting investments from the Mercosur area to Egypt in the sectors of industry, tourism and other sectors.
• Economic, financial and technical cooperation is witnessing great developments and Egypt is certainly benefiting from the Latin American experience in various fields via the economic, technical, scientific and financial agreements signed between Egypt and each of Cuba, Mexico, Venezuela, Brazil, Peru, Chili, Argentina, Colombia, Guatemala, Panama and Uruguay.
On the other hand, bilateral cooperation is boosted through the convention of joint committees. MOIC is in charge of coordinating and preparing for the joint committee meetings with Cuba