Egypt’s exports to Russia hike 22% in 2014 – report

The Egyptian exports to Russia have been boosted by 22% in 2014, a report issued by Cairo Center for Economic and Strategic Studies stated Wednesday.

In line with President Abdel Fattah al-Sisi’s visit to Russia, the economic file has witnessed a lot of events and large agreements between the two countries such as the  free trade zone that will facilitate the trade exchange between Egypt and Russian without any customs or taxes, the report clarified.

The report noted that the Russian free zone will boost the trade exchange between two states. In 2014, the trade exchange between Egypt and Russia has been boosted by 86% to US$5.4 billion versus US$ 1.8 billion in 2012.

Center’s Head Abdel Moneim Al-Sayed said that Egypt is currently importing wheat, gas and some heavy equipment from Russia with the cost of around US$4.8 billion. Meanwhile, Egypt is exporting food industries and materials in addition to leather worth around US$500 million.

During his visit to Russia, al-Sisi has hailed the economic and security relationship between Egypt and Russia, and announced the establishment of a “free trade zone” between Egypt and the Russian-led Eurasian Economic Union (EEU) which will be part of a new Suez Canal project.