Implementation of WTO regulations and regional trade agreements will bring with them a number of challenges and opportunities for Egypt. One argument is that competition is generally healthy, since it allows local producers to learn from their competitors. For instance, while the arrival of international supermarket chains such as Sainsbury’s (with their lower prices) may harm local retailers in the short term, they will benefit in the long run by being compelled to react quicker to clients’ needs and tastes.
Other market players, however, feel that the EU agreement, which will reduce customs duties, will jeopardize the sales of local producers, reports Business Today Magazine. In fact, Egypt’s Ambassador to the EU may ask for the inclusion of a clause on compensation duties on European products destined for the Egyptian market. –(Albawaba-MEBG)
