Trade exchange bet. Egypt, Eurasian Union countries amounted to about $4.69B in 2020

CAIRO – 24 April 2021: The trade exchange between Egypt and the countries of the Eurasian Union amounted to about $4.69 billion in 2020, according to Minister of Trade and Industry, Nevin Gamea.

Gamea, stressed that the success of the fourth round of negotiations for the free trade agreement between Egypt and the countries of the Eurasian Economic Union reflects the strong will of the two sides to move forward towards completing the negotiations and reaching a comprehensive and balanced agreement that meets the aspirations of the Egyptian people and the peoples of the Eurasian Union countries to develop trade exchange and enhance industrial and investment cooperation In addition to all aspects of economic cooperation.

The minister said in a statement Thursday that the Egyptian government is keen to speed up the pace of negotiations on a free trade agreement with the Eurasian Union countries to finalize it in the near next stage.

She pointed out that the agreement will contribute to strengthening and developing joint relations between Egypt and the countries of the Union, which includes the Russian Federation, Belarus, Kazakhstan, Armenia and Kyrgyzstan in various economic, trade and investment fields.

This came during a session of the minister's expanded talks with Andrei Slepnev, Minister of Trade of the Eurasian Economic Union, at the conclusion of the meetings of the fourth round of free trade negotiations between Egypt and the Eurasian Union countries, which concluded today, Thursday, in the Russian capital, Moscow.

Gamea explained that this agreement will contribute to strengthening joint commercial, industrial and investment cooperation between Egypt and the countries of the Eurasian Union, pointing out that the agreement will support the system of transferring advanced industrial expertise and technologies to the national industry in various productive sectors.

The minister added that the agreement supports the system of intra-regional trade between Egypt and the countries of central and northern Asia and Europe through the countries of the Union, and between the countries of the Eurasian Union and the markets of Arab countries and the countries of the African continent through the Egyptian market and through free and preferential trade agreements that link Egypt to these markets.

For his part, Andrei Slepnev, Minister of Trade of the Eurasian Economic Union, affirmed the keenness of the EU countries to conclude a free trade agreement with Egypt, in particular, and that there is a great consensus in the visions between the two sides on many topics of negotiations, pointing out that the agreement will contribute to strengthening joint cooperation between Egypt and the Eurasian Union countries in terms of developing trade relations at the bilateral and regional levels, settling joint industries and enhancing investment cooperation between the two sides.

On the results of the fourth round of negotiations, Ibrahim Al-Sigini, Assistant Minister for Economic Affairs and head of the Egyptian side in the negotiations, confirmed that the negotiations witnessed a great consensus in the visions between the two sides, as the final minutes of the negotiations were signed, which included all the results reached.

He explained that with regard to trade negotiations in goods, the importance of liberalizing the exchanged goods between the two sides was emphasized in the belief that trade liberalization is the only way to develop trade relations, but also to deepen industrial and investment cooperation between the two sides, and then work to provide exemption from customs duties on goods exchanged between the two sides. The two sides are according to specific timetables that do not exceed 10 years, with a list that includes goods that will be released with the entry into force of the agreement.

The Egyptian side also referred to the importance of working on the importance of removing any quantitative restrictions in front of Egyptian exports to the markets of the Eurasian Union countries, such as quantitative or seasonal quotas.

Al-Sigini pointed out that the negotiations witnessed remarkable progress in the negotiations on the rules of origin and the completion of the majority of articles related to the general rules, noting that during the coming period, negotiations on the industrial and agricultural rules of origin would be conducted.

Negotiations in the field of trade deals were positive between the two sides, as it was agreed to exchange information on the proposed texts that have not yet been completed, in order to study them and prepare the final draft of the agreement as a whole.