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16 October 2018, 16:46

EAEU, Egypt might embark on FTA talks in 2018

MOSCOW, 16 October (BelTA) - The first round of negotiations on the free trade area (FTA) between the Eurasian Economic Union and Egypt could start before the end of 2018, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

The start of the negotiations was discussed during a meeting between Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan and Egypt President Abdel Fattah el-Sisi. The Egypt president said that the EAEU countries and Egypt maintain traditional warm relations which are gaining momentum in all areas, including in trade and economy. The merchandise trade saw a very good growth last year. According to him, the economic reforms in Egypt are designed to make the country more attractive for foreign investors. Egypt has free trade zones with the countries in Africa and the Arab East, which makes it an attractive destination for investment.

The Egypt president said that it is important for Egypt to develop and deepen cooperation with the EAEU and that this is part of the strategic longterm economic policy of the country. He noted that the establishment of the FTA could be the most important step in this direction, and that he looks forward to the early start of the first round. The president also suggested holding a business forum between Egypt and the EAEU this winter so that Egyptian and Eurasian business communities get to know each other better.

Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan stated that the FTA with Egypt is on the list of trade and economic cooperation priorities approved by the Supreme Eurasian Economic Council. He supported the proposal to start the first round of negotiations before the end of this year. Tigran Sargsyan also welcomed the idea to hold the business forum between the EAEU and Egypt. “Such events contribute to the negotiating track and give an opportunity to the parties to get familiar with the benefits that they will receive with the FTA,” he said. The parties agreed to begin preparatory work on the organization of the forum.

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