Egypt, Turkey free trade agreement signed

Egypt's President Hosni Mubarak and his Turkish counterpart Ahmed Necdet Sezer witnessed yesterday, the signing of a free trade agreement between Egypt and Turkey.

The agreement was signed by Minister of Foreign Trade and Industry Eng. Rashid Mohamed Rashid and Turkish Minister of Trade Kursad Tuzmen.

Following the signing ceremony, President Mubarak lauded talks with his Turkish counterpart. "He said that the talks were constructive and reflected the depth of ties between their two countries," official news said ad in "Speaking at a press conference, Mubarak said he reviewed with Sezer bilateral ties and means of promoting cooperation between both countries. He said the Egyptian-Turkish free trade agreement is an important step opening to newvistas for bolstering trade exchange, investment and cooperation between businessmen in both countries."

The report said "Mubarak stressed that the agreement gives both countries a preferential status in the industrial and agricultural fields. The pact, he added, will be an asset to Egypt's free trade agreements with Arab countries, the COMESA and the European Union and Turkey's free trade agreements with numerous countries and regional blocs," while Sezer said "he was satisfied with the progress made in bilateral cooperation between Turkey and Egypt in the economic and trade fields that have remarkably developed over the past three years. He said that the volume of trade exchange between both countries was expected to amount to $800 million with a 60% increase compared to last year."