A ship transiting through the Suez Canal - Photo courtesy of SCA A ship transiting through the Suez Canal - Photo courtesy of SCA

Russian min.: Talks bet. Egypt, EAEU on free trade zone to start by year end

Thu, Oct. 18, 2018
MOSCOW - 18 October 2018: Russian Minister of Economic Development Maxim Oreshkin on Thursday revealed that talks between Egypt and the Eurasian Economic Union (EAEU) on the establishment of a free trade zone will begin before the end of 2018.

An agreement on the planned free trade zone is scheduled to be signed during 2019, Oreshkin said.

In a related context, the Russian minister added that Moscow is interested in inking a free trade agreement with Cairo, given the ongoing project to build a Russian industrial zone in the Suez Canal Economic Zone (SCZone).

Russian companies are looking forward to making the best use of such free trade deal through allowing the entry of Russian equipment into the SCZone with paying reduced customs tariffs, he noted.

In a joint press conference with his Russian counterpart Vladimir Putin in the Black Sea resort city of Sochi on Wednesday, President Abdel Fattah El Sisi said that investments worth USD 7 billion will be channeled into the Russian industrial zone in the SCZone.

The project is expected to secure about 35 job openings, President Sisi added.
 
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