Egypt’s agricultural exports to Russia have significantly increased and will increase further in the coming period, a Ministry of Industry and Foreign Trade spokesperson Yasser Gaber said.
The spokesman did not, however, specify the percentage of this increase.
Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour will visit Kazakhstan next week to reinforce the shared trade and economic relations between the two countries.
Abdel Nour will be meeting with a number of senior Kazakh government officials, including the first deputy prime minister, minister of economy. He will also meet with a representative of the Kazakh government in the board of directors of the Eurasian Economic Union (EEU).
The visit comes as part of the ministry’s strategy for expanding trade and economic relations between Egypt and the EEU. This will allow for the promotion of Egyptian exports to these markets, which are considered very promising, said Abdel Nour.
Abdel Nour added that a delegation from the EEU will visit Egypt in the next few weeks. The visit will review all aspects of the agreement to establish a free trade zone between Egypt and the countries of the customs union, which are Russia, Kazakhstan and Belarus.
“The exemption from taxes is a great benefit for Egyptian products that will enter the markets of the customs union as it will help in selling its products at low prices hence increase the consumption of those products,” said Gaber.
The expected visit will also involve forming a joint expert group from the four countries, defining the group’s roles and functions and the timeframe needed for the submission of its report.
Abdel Nour said the group of experts will assess the prospects and possibility for establishing a free trade zone to reach an agreement that ensures the balance of interests between all sides.