Russian - Egyptian deals worth $200 million

Egypt and Russia agreed yesterday to sign an agreement for exchanging goods worth $200 million divided equally between them. The agreement took place during the meetings of the second session of the Egyptian - Russian trade joint committee, which is currently underway in Cairo.

Egyptian Minister of Trade and Supply Ahmed Goweili said the Russian and Egyptian private sectors are going to carry out the deals, adding that this is the perfect way to upgrade trade between the two countries. He also emphasized that the volume of trade between the two countries amounted to $400 million, $20 millions of which is in Egyptian exports.

He added that the committee has agreed upon forming six secondary committees to follow up on the works of this joint committee on the basis that this committee will discuss scientific cooperation in fields of vital technology, producing medicines, trade and banking cooperation, as well as construction and contracting.

Goweili also said they would sign an agreement to encourage and protect investments and cooperation in the field of naval transport and an agreement to ban double taxation, as well as to establish an Egyptian/Russian company to merchandise agricultural crops and establish a free trade zone.