Talks between Egypt, Eurasian Economic Community on free trade zone to begin soon

CAIRO, January 30. /TASS/. Talks between Egypt and the Eurasian Economic Union on setting up a free trade zone will begin shortly, the Egyptian Minister of Trade and Industry, Tareq Qabil said on Saturday, according to a report in Al-Dostor publication. "In short term, talks on signing an agreement on the free trade zone will begin," he said, recalling that the presidents of Russia, Kazakhstan, Kyrgyzstan, and Armenia - the countries making up the EEU - endorsed a decision on launching talks on free trade zones with Egypt, India, Iran, and Singapore when they met in St Petersburg at the end of December. "Over the past five month, the Egyptian trade mission in Moscow signed a range of export contacts worthy $ 47 million, of which farming produce agreements account for $ 45 million and agreements on foodstuffs (cheeses, concentrates, juices, sauces, frozen fruit and vegetables), for $ 2.7 million," Qabil said. "For the first time ever, Russian supermarket chains will be selling Egyptian cheeses," he said. He said expert assessments put the export capacity of the Russian market in what concerns Egyptian products at $ 60 million, inclusive of foodstuffs, household necessities and cotton clothes. Also, the two sides are coordinating supplies of Egyptian fish to Moscow, Qabil said. "We’re getting ready for a series of meetings with Russian business executives to discuss the prospects for investing in the Egyptian economy," he added. The Eurasian Economic Union is an international integrational economic association that embraces Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Read more