Russia and Egypt consider opportunity of establishing free trade zone with Eurasian Economic Union and using national currencies - President Putin

MOSCOW, August 26. /TASS/. Russian President Vladimir Putin believes it is possible to establish a free trade zone between the Eurasian Economic Union (EAEU) and Egypt. "We agreed to jointly foster efforts in order to weaken the impact of external factors and bring the goods turnover to the sustainable growth trajectory. Practicable establishment of the free trade zone between the EAEU and Egypt, use of national currencies in mutual settlements and promotion of investment cooperation are among the specific steps for incentivization of the economy," Putin said on Wednesday. The mutual trade with Egypt is noted to decline this year because of adverse external economic factors, Putin said. About 400 companies with the Russian capital are already operating in Egypt for the time being and major investment projects are implemented. "We expect a joint fund with participation of investment institutions of Russia, Egypt, and the United Arab Emirates will make a significant contribution to this work," the president said. Egypt is one of the most popular vacation sites for Russians, Vladimir Putin said. "A record-breaking number of Russians, about 3 mln, visited Egyptian resorts in 2014. This is 35% higher than the figure of 2013," the president added. Read more