Egypt will host African economic blocs to create free trade zone: Industry minister

Egypt will host a conference in December to create a free trade zone between the largest economic blocs in East and West Africa which account for 60% of the continent’s trade, according to Minister of Trade and Industry Mounir Fakhry Abdel Nour.

Abdel Nour said during a press conference held on Monday that Egypt has taken tough decisions in recent times with respect to economic reforms.

The Egyptian government made cuts to energy subsidies during fiscal year (FY) 2014/2015, while simultaneously imposing taxes on incomes above EGP 1m by 5% over three years.