An Egypt – EAEU Free Trade Agreement Steps Closer

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An Egypt – EAEU Free Trade Agreement Steps Closer

Egypt’s Trade and Industry Minister Nivine Gamea stated the fourth round of negotiations on a free trade deal between Egypt and the Eurasian Economic Union (EAEU) has been a success. The talks wrapped up in Moscow on Thursday.

Gamea said that the next discussions on Egypt’s FTA with the EAEU will take place in Cairo in November this year, and stressed that the Egyptian government is keen on expediting the negotiations on the free trade deal with the EAEU – which comprises Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.

She said the agreement will help promote cooperation with the federation’s member states, especially in the fields of trade, industry, and joint investments and noted that bilateral trade between Egypt and the EAEU member states reached US$ 4.69 billion in 2020.

Russia has a strategic trade interest and investments in Egypt and has been developing the Port Said Free Trade Zone near the Suez Canal as well as being involved in rail between the Red and the Mediterranean Seas. An FTA with Egypt would act as a window for Russian and EAEU businesses to access the African continent, which reached its own African Continental Free Trade Agreement (AfCFTA) from 1st January this year.

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