Trade exchange between Egypt and the Eurasian Economic Community (EAEC) achieved an increase during 2017. The value of trade exchange between Egypt and the EAEC amounted to $6.9bn, with Egyptian imports at $6.9bn and Egyptian exports at $573m, according to Egyptian Minister of Trade and Industry Tarek Kabil.
The EAEC includes Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
Kabil pointed out that the most important Egyptian exports to Eurasian countries are agricultural commodities, machinery, equipment, and pharmaceutical products. The most important Egyptian imports are wheat, minerals, chemical industries, plastic products, cars, and tractors.
The minister stressed the need to encourage the business community and industrial companies from the Eurasian countries to increase their investments in Egypt during the coming period, especially with the presence of a number of large projects in the country. These projects represent huge investment opportunities for investors from the EAEC countries, including the New Administrative Capital and the Russian industrial zone in Egypt.
In this regard, Egypt and the EAEC are negotiating according to a specific timetable to accelerate the conclusion of the free trade agreement between Egypt and the Eurasian countries as soon as possible, which will contribute to a breakthrough in the investment and trade relations between the two sides.