Fri Oct 28, 2005
Egypt, Russia to negotiate free trade deal
CAIRO (AFP) - Egypt and Russia will reportedly start negotiations next month with a view to reaching a free trade agreement.
The official MENA news agency reported Egypt’s Trade and Industry Minister Rashid Mohammed Rashid was expected to travel to Moscow on November 21 to discuss the details of the agreement.
"Egypt is seeking to actively promote its trading relations whether through free trade agreements with various countries or within the World Trade Organization," MENA quoted Rashid as saying.
The volume of trade between Egypt and Russia stood at 834 million dollars in 2004.
Vladimir Putin was in Cairo last April, in the first visit by a Russian head of state in more than 40 years, and discussed reinforcing trade, industry and weapons cooperation with his Egyptian counterpart Hosni Mubarak.
When he took power in 1981, Mubarak cancelled economic and trade sanctions imposed by his slain predecessor Anwar al-Sadat when Egypt broke from the former Soviet Union.