New Egypt-Russia trade agreement to be signed in march
Egypt-Russia, Economics, 1/25/2003

Minister of Supply and Home Trade Hassan Khedr said the fields of trade and economic cooperation between Egypt and Russia are numerous, referring to 14 agreements that organize bilateral relations in the two domains.

Khedr said the Egyptian economic reform program saw great strides aiming at having more flexibility in activating the market mechanisms and trade liberalization coupled with legislative amendments of the economic activities, including the amendments of the law on Arab and foreign investment incentive which hit in 2002 the sum of dlrs 2.7 billion.

Khedr was speaking at a meeting of the Egyptian economic and trade delegation and a Russian businessman that was attended by Minister of State for Foreign Affairs Fayza Abul-Naga.

He said the meeting targeted furthering cooperation relations between the two countries and increasing the flow o] Egyptian exports to Russian markets through the application o] the offset system as per which Egyptian commodities are to be exported to Russia in exchange for the Russian wheat.

The inflation rate in Egypt decreased to 2.5 percent, he said. The state budget deficit reached 3.8 percent, he said adding that the country's gross domestic product at present stands at LE 461 billion (dlrs 83 billion).

He noted that Russia's investments in 11 Egyptian joint stock companies hit dlrs 81 million while Egyptian investments in Russia hit dlrs 250 million, stressing both countries' keenness on upping the volume of trade exchange, particularly after President Hosni Mubarak's recent visit to Moscow.

He underscored the role played by the Chambers of Commerce in both Egypt and Russia in the development of bilateral trade exchange.

He said the Egyptian delegation comprises a number of businessmen in nine commodities categories needed by the Russian market, which includes vegetables, fruits, textile industries, ready-made clothes, pharmaceuticals, sera and pollen, metal industries, rice, leather products, foodstuffs, marble, ceramics and furniture.

On her part, Abul-Naga urged the Russian side to take advantage of Egypt's joining of the Common Market of Eastern and Southern Africa (COMESA) which represents countries of a total population of 300 million.

Khaled Abu Ismail, Chairman of-the Federation of Egyptian Chambers of Commerce (FEDCOC), called for establishment of an Egyptian-Russian business council to remove obstacles before businessmen and investors of both sides.

The Egyptian delegation is to end its visit to the Russian capital on Saturday after a four-day visit that aimed at enhancing trade cooperation particularly in the field of commodity exchange.

Previous Stories:
  Egypt, Russia sign banking cooperation agreement   (10/19/2002)
  Russia approves cooperation programs with Egypt   (5/1/2001)
  Egypt, Russia sign agreement on peaceful use of Atomic Energy   (4/30/2001)

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