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What Does Brexit Mean for Egypt?

June 24, 2016
Britain’s Prime Minister David Cameron (R) speaks during a news conference with Egypt’s President Abdel Fattah al-Sisi at Number 10 Downing Street in London, Britain, November 5, 2015. Photo: Andy Rain / Reuters

Following the referendum vote early on Friday, June 24th, the United Kingdom’s historic exit from the European Union from the economic, legal and political perspective has enormous implications on its ties with Egypt. Early economic forecasts on Friday morning show worldwide economic markets in turmoil and instability as investors continue to monitor the British pound plummet. It is important to note that the referendum is not instantaneously legally binding and solely serves as an advisory instrument and not an obligatory one. Legally, the British government may invoke Article 50 of the Lisbon treaty. Until the Prime Minister does so, this means that the United Kingdom is still a member state of the European Union and must still abide by EU law and legislation. Egypt has had longstanding and strong relations with the United Kingdom in the political, defense, trade, and investment landscapes. The Egyptian-British Chamber of Commerce (EBCC) upholds that trade continues to thrive between the two nations since 2014, and Egypt enjoys a free-trade agreement with the EU. Tourism from the United Kingdom brings in roughly 200,000 British tourists a year. The grave consequences on the British economy means…


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