The protocol was signed by Chairman of the Union of African Chambers of Commerce, Industry, Agriculture, and Professions (UACCIAP) Ibrahim Mahmoud El-Araby and Chairman of the Arab Brazilian Chamber of Commerce (ABCC) Rubens Hannun in a ceremony held in the Brazilian capital.

Elaraby noted that the new chamber will benefit from the African Continental Free Trade Area (AfCFTA) whose purchasing power is $1.4 trillion, and Egypt-Mercosur Preferential Free Trade Agreement.

Araby called for joint manufacturing on Egyptian soil for foreign companies to benefit from the free trade agreements Egypt is part of, and that include 2.7 billion consumers.

Hannun highlighted that investors can take advantage of the various opportunities offered by Egypt in the SCzone, new cities, 1.5 Million Feddans Project for Land Reclamation, manufacturing, trade, and logistics.

Hannun added that new chamber will make room for boosting relations between Egypt and Brazil, and between Mercosur countries and Africa.