By Rania Imam – Eiman Rashed
Eng Tarek Kabil, Minister of Trade and Industry, said that the Eurasian Economic Union had agreed during a meeting on Monday in St. Petersburg, attended by heads of EU member states, namely Russia, Kazakhstan, Armenia and Kyrgyzstan, to start Free Trade Negotiations between the EU and Egypt, as well as a number of other countries, Iran, India and Singapore.
This decision came as the result of intensive effort made by the ministry recently to develop trade and investment between Egypt and the EU countries.
It is planned that the agreement will lead to a big leap in trade relations; to jump from $ 3.5 billion currently to $ 15.7 billion after its conclusion.
It is to be noted that Kabil has held a series of intensive talks during his visit to Russia on the sidelines of a forum held in St. Petersburg last June with the Eurasian Union; the talks emphasized the importance of speeding the negotiations process, as well as sending a high technical team representing the Ministry of Trade and Industry to Russia. The team held extensive meetings in order to examine the importance and benefits of establishing such an agreement between Egypt and the countries of the Eurasian Economic Union.
From his part, the trade commissioner Nasser Hamed, head of the Egyptian Commercial Office in Moscow , following this approval the Eurasian Economic Union will soon start the needed procedures.
