Trade exchange bet. Egypt, Eurasian Economic Union hits $6.9B in 2017

CAIRO – 23 May 2018: Trade exchange between Egypt and Eurasian Economic Union (EAEU) reached $6.9 billion in 2017, Minister of Industry and Foreign Trade Tarek Kabil said Wednesday.

This came during Kabil’s meeting with EAEU Minister for Trade, Veronika Nikishina, on the sidelines of his current visit to Russia.

The minister clarified that Egypt’s imports recorded $6.3 billion while the exports amounted to $573 million.

Generally, exports recorded $22.4 billion in 2017, with an increase of $2 billion, while imports decreased $10 billion to $56 billion, compared to $66 billion in 2016.

Kabil said that the first round of talks between Egypt and the Eurasian Economic Union (EAEU) over a free trade agreement will take place in September.

The minister stressed the importance of boosting the relationship between the two sides to improve the numbers of the trade exchange.

He further asserted the necessity of encouraging the business committees in these countries to increase their investments in Egypt during the upcoming period.

For her part, Necchinia affirmed the EU's keenness to start negotiations on a free trade agreement with Egypt, noting that representatives of the five states and the Eurasian Economic Commission will participate in the negotiations.

The Eurasian Economic Union is a political and economic union of states located primarily in Northern Eurasia.

EAEU member states include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.