Free Trade Zone to be established between Egypt and Russia

CAIRO - 21 August 2017: Russian Foreign Affairs Minister Sergey Lavrov stated on Monday that technical consultations were launched to establish a free trade zone between Russia and Egypt within three months. That was during the joint press conference with Egyptian Minister of Foreign Affairs Sameh Shoukry.

Moscow is the first stop in a three-leg European tour by Shoukry aiming to enhance Egyptian relations with Russia, Lithuania and Estonia.

Lavrov said that he wished to start talks in September over giant projects between both countries, such as the Russian Industrial Zone in the Suez Canal Economic Zone (SCZone).

In February 2016, Egypt and Russia signed a deal to establish an industrial area for Russian products in the SCZone.

In February 2015, during Russian President Valdimir Putin's visit to Cairo, Egyptian President Abdel Fatah al-Sisi announced that Egypt had established a free trade zone with the Eurasian Economic Union, which includes Russia, Armenia, Belarus and Kazakhstan.

Moscow concluded three contracts with Egypt that shall promote the Dabaa nuclear power project in Matrouh governorate, Lavrov said during the conference.
Egypt and Russia reached an intergovernmental agreement on November 19, 2015 that granted the construction of the Dabaa nuclear power plant using Russian technologies, backed by a $25 billion loan from Russia.

Shoukry's tour comes in the framework of Egypt's keenness on promoting and developing bilateral relations with Lithuania and as part of Cairo's efforts to support Egyptian candidate Moushira Khattab for the UNESCO Director General position, the spokesman said.

The foreign minister is scheduled to meet Lithuania’s prime minister and foreign minister to discuss ways to enhance bilateral relations, he noted.