Russian President Vladimir Putin announced, on Wednesday, at the plenary session of the Eurasian Economic Forum that Russia is in talks on establishing a free zone with Egypt.
International economics professor Karim El-Omda confirmed that there is a remarkable increase in the volume of trade exchange between Egypt and Russia, noting that in 2021 Egypt’s imports from Russia amounted to more than $3 billion, and Russia was the sixth largest supplier country to Egypt after China, Saudi Arabia, America, Germany and Turkey, noting. To that percentage, it witnessed a significant increase in the year 2022, in addition to the Russian tourists coming to Egypt, who represent a large proportion of Egypt.
He explained that the agreement to deal with local labor, whether the ruble or the pound, will facilitate trade between the two countries, pointing to the existence of a free trade agreement between Egypt and the Eurasian Union countries, which means the entry and exit of goods without customs.
Al-Omda pointed out that Russia is an important country for Egypt, as Cairo imports wheat and oils from Moscow at reasonable prices and of high quality, noting that Egypt also imports auto parts, chemical products, and other products from Russia.
He added that the benefits of foreign direct investment are the transfer of technology and modern means of production, adding that Egypt’s accession to the BRICS group and dealing in the BRICS currency will contribute significantly to easing the demand for the dollar, especially since the United States of America is not Egypt’s largest trading partner, explaining that China is the largest trading partner. to Egypt and then Saudi Arabia.
This article was originally published by RT.
