It would include, beyond the Association Agreement, trade in services, public procurement, competition, intellectual property rights and investment protection. LONDON: Britain`s ambassador to Egypt signed an agreement with the country`s deputy foreign minister for Europe, Badr Abdelatty, on Saturday. The agreement also contains provisions for the elimination of other trade and trade-related barriers, 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. In November 2010, the EU and Egypt signed a protocol establishing a dispute settlement mechanism for the trade parties of the Association Agreement. Egypt has not yet ratified the protocol. The agreement contains provisions relating to state-owned commercial enterprises, subsidies and anti-dumping measures affecting trade relations between the contracting parties, as well as safeguarding disciplines. A joint committee, made up of representatives from EFTA states and Egypt, oversees and manages the implementation of the agreement (Articles 37 and 38).
Parties may hold consultations and, in the absence of agreement, apply interim measures (Articles 39 and 40). In response to events throughout the Arab world in 2011, the EU has highlighted ways to develop and deepen our trade and investment relations with its partners in the southern Mediterranean: the main objective of the agreement (objective, Article 1) is the liberalisation of trade in goods, in accordance with Article XXIV of the GATT 1994. By 1 January 2020, tariffs on almost all industrial products will be abolished. The system was originally based on a network of free trade agreements with individual protocols of origin.