Egyptian - Russian high joint committee reaches agreements

The coming meeting of the Egyptian - Russian high joint committee will witness the signing of a cooperation agreement for mail and communications and an agreement to insure the outcome of bilateral exports.

It will also address the possibility of establishing an Egyptian - Russian joint bank as well as combating illegal financial operations, Egyptian Minister of Trade and Supply Ahmed Goweili said during the preparatory meeting for the coming session of the committee.

Three subcommittees were decided to be established to discuss the agreement for a free trade zone between the two countries and the details of the transactions that will be signed with the Russian center for cooperation with foreign countries at a value of between $150 and $200 million.

The minister said an agreement was reached to establish an Egyptian - Russian joint business council which will be signed during the committee's meetings as well as a note of understanding in the field of establishing international exhibitions and markets and a note for exchanging commercial data.