Egypt hosts the 5th round of trade negotiations with Eurasian Union

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Sunday - 19 June 2022

The Egyptian Minister of Industry and Trade, Nevine Gamea announced Saturday that Cairo will host the fifth round of negotiations for the free trade agreement between Egypt and the Eurasian Union.

This agreement represents a new bridge to strengthen and develop joint economic relations between the two sides in various fields and at all levels, she noted.

It will also serve as the main engine for developing the rates of trade exchange and increasing joint investments between member states to distinct new heights, in the interest of the Egyptian economy and economies of the Eurasian Union alike.

Gamea’s statement came during the expanded session of talks she held with the Minister of Trade of the Eurasian Economic Union, Andrey Slepnev, at the conclusion of her participation in the activities of the Saint Petersburg International Economic Forum.

The Egyptian minister pointed out that the last stage witnessed four rounds of negotiations between Egypt and the Eurasian Union Commission.

These negotiations aim to reach a comprehensive and balanced agreement to develop trade exchange and enhance industrial and investment cooperation, she explained, in addition to furthering all aspects of economic cooperation.

The fourth round of negotiations was followed by several technical and preparatory meetings between experts from both sides.

Bolstering cooperation

That meetings aimed at bringing points of view closer to reach a consensual formula to achieve all desired goals and opportunities, on top of which comes the development of trade exchange rates, the promotion of joint industrial cooperation, and the attraction of more investments from the union’s nations to the Egyptian market.

Gamea said that there are many elements that can be built upon to strengthen and develop trade and economic relations between Egypt and the countries of the Eurasian Union, to create real opportunities for constructive and fruitful cooperation.

Slepnev affirmed the eagerness of the Eurasian Union to conclude a free trade agreement with Egypt, especially as there is a great consensus in the visions between the two sides on many issues of negotiations.

The agreement will contribute to strengthening joint cooperation between Egypt and the union countries in terms of developing trade relations at bilateral and regional levels, settling joint industries, and enhancing investment cooperation between the two sides.