Joint commercial committee holds 1st meeting

The Kuwaiti-Egyptian commercial committee held its first meeting here on Tuesday under the co-chairmanship of the two countries' under secretaries of trade and industry. The aim of the meeting is to prepare for a commercial cooperation agreement between the two countries to further consolidate ties, boost trade exchange and remove obstacles to the flow of trade, the Kuwaiti official said. The volume of trade exchange between Egypt and Kuwait amounted to 362 million dollars in 2011. The meting covered ways to develop industrial cooperation, encourage private sector investments and shore up cooperation pertaining to establishing industrial infrastructures and technology transfer. A second meeting of the committee is expected to take place in Egypt to ink the agreement and endorse a set of protocols and memos of understanding covering a multitude of economic domains.