Algeria and Egypt Forge New Maritime Trade Link: A Gateway to Economic Growth
In an exciting development for regional trade, Algeria and Egypt have announced plans to launch a direct maritime route between the bustling ports of Algiers and Alexandria. This initiative, aimed at streamlining cargo transport and enhancing bilateral trade, was unveiled during the Algerian-Egyptian Business Forum, which coincided with the 9th session of the Joint Cooperation Committee from November 23 to 26.
With bilateral trade surpassing billion in 2024—a remarkable increase from 2 million in 2023—the two nations are setting ambitious targets to elevate this figure to an impressive billion in the coming years. Leaders from both Algeria and Egypt emphasized that this new maritime link is not just about logistics, but also about fostering deeper economic ties and cooperation in alignment with the African Continental Free Trade Area (AfCFTA) goals.
Egypt has taken significant strides in promoting intra-African trade, setting a goal to increase it by 20% by 2029, targeting a total of 5 billion by 2030. This newfound momentum in trade relations comes at an opportune moment, as both countries seek to deepen their economic collaboration and explore new opportunities for growth. The launch of this maritime link is expected to facilitate smoother trade flows, making it easier for businesses to exchange goods and services across the Mediterranean and beyond.
Moreover, this week also highlighted the ongoing efforts for the Victoria-Mediterranean (VIC-MED) corridor, a transformative infrastructure project aimed at connecting East Africa to the Mediterranean through an integrated waterway system. This corridor is designed to improve logistics connectivity, cut transportation costs, and ultimately, stimulate trade in the regions it serves.
As Algeria and Egypt embark on this promise of enhanced connectivity and economic integration, the focus remains on leveraging these opportunities to benefit not just their respective economies, but also the wider African market. The partnership is a beacon of hope for further collaboration and trade growth across the continent, showcasing the potential of working together to achieve common goals.
Stay tuned with Africazine as we continue to bring you the latest developments in African trade and economic initiatives that promise to redefine the continent’s landscape.
Tags: #NorthAfrica #Algeria #Egypt #Trade #AfCFTA #Tourism #Politics #BusinessNews
