Mubarak's visit to Russia positively reflects on trade movement

Economy and Foreign Trade Minister Youssef Boutros Ghali said President Hosni Mubarak's visit to Russia has positive effects on the trade movement between the two countries.

In statements to reporters Wednesday at the close of the Joint Higher Egyptian-Russian committee meetings, Ghali said that the Russian economy restored its strength at the present time.

"Egyptian exports to the Russian market will make a strong comeback, and this will open the door for Egyptian products to re-access the Russian market in the coming period," he added.

The Minister highlighted the need for boosting the two countries' economic relations through facilitating export procedures for Egyptian businessmen and helping them get acquainted with the needs of the Russian market.

Ghali explained that the agreements to be signed between the two countries during Mubarak's visit would help bring relations between the two countries' institutions back to normal.

Asked on the reason behind the collapse of the Egyptian-Russian trade, Ghali said that problem lay in the fact that Egyptian exporters had no guarantees to restore the value of their exported commodities, something that led to the collapse of joint trade.

A long-term trade finance programme was signed between the two countries, which aims at increasing the scope of mutual cooperation in the various economic fields.

The program includes utilizing natural resources, developing industrial projects and rehabilitating the already-existing ones.

The Ministers of Health, Economy, Energy, Irrigation and Education as well as representatives from the ministries took part in the committee meetings, which wrapped up its proceeding earlier in the day.