Egypt, Eurasian Economic Union aim to establish free trade zone

Egypt and the Eurasian Economic Union (EAEU) member states held a second round of negotiations on a free trade zone agreement in Moscow, which took place over three days.

The free trade zone comes in implementation of an agreement reached between President Abdel Fattah El Sisi and head of the Eurasia economic commission Tigran Sargsyan during talks held in Moscow last October, according to the statement.

The talks took up the issues of customs cooperation, trade movement and rules of origin along with competition and prevention of monopoly, added the statement.

The agreement will help increase trade between Egypt and EAEU countries.

The EAEU, which includes Armenia, Belarus, Kazakhstan, Kygryzstan and Russia covers the bulk of the Eurasian land mass and is geographically placed between the European Union and China. The EAEU has a population of some 183 million and a GDP of some US$5 trillion.