Egypt wants a free trade zone with the EAEU

By Vestnik Kavkaza
Egypt wants a free trade zone with the EAEU

Egypt expects that a delegation from the Eurasian Economic Community (EAEU) is to visit Cairo until the 10th of September in order to participate in talks on creating a free trade zone, RIA Novosti cites a source in the Embassy of the Arab Republic. It is expected that the assessment of the draft agreement on the establishment of a free trade zone will be completed.

Last winter after the meeting with Vladimir Putin, Egyptian President Abdel Fattah al-Sisi said that they made an agreement on establishing a free trade zone between Egypt and the Eurasian Economic Union.

Moscow and Cairo agreed to extend cooperation in the field of trade, investment, energy, and signed an agreement on the construction of nuclear power plants in Egypt. Not only the building of a new nuclear industry in Egypt was discussed, but also the construction of a nuclear power plant, training of personnel and development of science. At the same time, the Ministry of Economic Development and the Ministry of Investment of Egypt agreed to cooperate in the field of investment and participate in the construction of facilities on the territory of Egypt.

"Now we are actively working in order to activate the flow of goods and diversify trade turnover. Maybe an agreement on a free trade zone among the EAEU member states and Egypt will favor this,’’ Russian presidential assistant Yuri Ushakov said after Putin's visit to Egypt.

Egypt plans to increase exports of its goods to the Russian Federation, Ambassador Extraordinary and Plenipotentiary of Egypt to Russia Mohammed al-Badri said. The trade turnover between Egypt and the Russian Federation will be about $5.5 billion in 2015. "Unfortunately the level that we had wanted hasn’t been reached," the ambassador said. "So we import about $10 for every dollar we export. We want to get a balance in this regard, and increase exports."

According to Mohamed El-Badri, the beginning of negotiations on establishing a free trade zone between Russia and the EAEU creates an opportunity to increase the volume of trade turnover.