https://en.sputniknews.africa/20240104/egypt-to-become-bricss-window-into-middle-east-and-strengthen-coop-with-russia-trade-minister-1064465555.html
Egypt to Become BRICS's 'Window' Into Middle East and Strengthen Coop With Russia: Trade Minister
Egypt to Become BRICS's 'Window' Into Middle East and Strengthen Coop With Russia: Trade Minister
Sputnik Africa
Sputnik sat down with Egyptian Minister of Industry and Trade Ahmed Samir Saleh to discuss the new opportunities that Egypt will bring to BRICS following its... 04.01.2024, Sputnik Africa
2024-01-04T15:25+0100
2024-01-04T15:25+0100
2024-01-04T15:25+0100
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After joining BRICS on January 1, 2024, Egypt will open a "window into the Middle East and North Africa" for the bloc and contribute significantly to the group's trade with the region, Egyptian Minister of Industry and Trade Ahmed Samir Saleh told Sputnik.The accession of Egypt to the group in 2024 and the decision of the BRICS New Development Bank in December 2021 to admit Egypt among its members confirm "the strength of economic and political ties" between Cairo and the group's member states, Saleh added.The Egyptian trade minister pointed to the growth of trade between Egypt and the bloc, saying that their total trade amounted to about $31.2 billion in 2022, compared to $25.5 billion in 2021.In August last year, the 15th top-level BRICS summit in Johannesburg extended invitations to Egypt, as well as Argentina, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia to join the bloc. Their full membership took effect on January 1, 2024, except for Argentina, which abandoned its plans to join the group under the new president, Javier Milei.Russia as One of Egypt's Most Important PartnersFurthermore, Saleh emphasized that trade with Russia — one of the North African country's key economic allies — has been steadily increasing for over the past three years.Moreover, Moscow expects that by the end of 2023 trade turnover between Russia and Egypt will increase by a quarter and exceed $7 billion, Alexey Tevanyan, trade representative of the Russian Federation in Egypt, previously told Sputnik.Russian Industrial Zone in EgyptA project that can further strengthen industrial cooperation and partnership between Cairo and Moscow is the Russian Industrial Zone (RIZ) in the Suez Canal area in Egypt, the minister added.He noted that relations between Egypt and Russia are of strategic importance, which is reflected in industrial cooperation.In May 2018, Russia and Egypt signed an intergovernmental agreement on the establishment of the RIZ. In October 2023, the Russian Ministry of Industry and Trade reported that the project was being implemented as planned, with the construction of the first facilities scheduled to begin in 2024. A total of 9.5 billion rubles (around $104 million) will be allocated to support the RIZ until 2026.Besides, Saleh expressed hope that the strong business ties between Russia and Egypt will soon become even stronger.Moreover, negotiations on the creation of a free trade zone between Egypt and the EAEU are in the final stage, Tevanyan told Sputnik on December 31.The EAEU is an international integration economic association that has been operating since January 1, 2015, and whose members are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.The EAEU currently has free trade agreements with Vietnam and Serbia. Additionally, the bloc and China have an agreement on trade and economic cooperation. Last week, the EAEU member states signed a full-fledged free trade agreement with Iran.
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Egypt to Become BRICS's 'Window' Into Middle East and Strengthen Coop With Russia: Trade Minister
Exclusive
Sputnik sat down with Egyptian Minister of Industry and Trade Ahmed Samir Saleh to discuss the new opportunities that Egypt will bring to BRICS following its recent accession to the bloc, as well as economic relations between Egypt and Russia, which heads the organization this year.
After joining BRICS on January 1, 2024, Egypt will open a "window into the Middle East and North Africa" for the bloc and contribute significantly to the group's trade with the region, Egyptian Minister of Industry and Trade Ahmed Samir Saleh told Sputnik.
"Egypt is BRICS's window into the region of the Middle East and North Africa, and its geographical location also provides it with the opportunity to play a more significant role in selling products of BRICS member states to the African continent," the trade minister said.
The
accession of Egypt to the group in 2024 and the decision of the BRICS
New Development Bank in December 2021 to admit Egypt among its members confirm "the strength of economic and political ties" between Cairo and the group's member states, Saleh added.
The Egyptian trade minister pointed to the growth of trade between Egypt and the bloc, saying that their total trade amounted to about $31.2 billion in 2022, compared to $25.5 billion in 2021.
"We believe that joining the group is an opportunity to strengthen constructive cooperation with member states," Saleh said in his interview with Sputnik.
In August last year, the 15th top-level BRICS summit in Johannesburg extended invitations to Egypt, as well as Argentina, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia to join the bloc. Their full membership took effect on January 1, 2024, except for Argentina, which abandoned its plans to join the group under the new president, Javier Milei.
Russia as One of Egypt's Most Important Partners
Furthermore, Saleh emphasized that
trade with Russia — one of the North African country's key economic allies — has been steadily increasing for over the past three years.
"Given that Russia is one of Egypt’s most important trading partners, we strive and are constantly working to increase trade turnover between Egypt and Russia," Saleh said.
Moreover, Moscow expects that by the end of 2023
trade turnover between Russia and Egypt will increase by a quarter and exceed $7 billion, Alexey Tevanyan, trade representative of the Russian Federation in Egypt, previously told
Sputnik.
Russian Industrial Zone in Egypt
A project that can further strengthen industrial cooperation and partnership between Cairo and Moscow is the Russian Industrial Zone (RIZ) in the Suez Canal area in Egypt, the minister added.
He noted that relations between Egypt and Russia are of
strategic importance, which is reflected in industrial cooperation.
In May 2018, Russia and Egypt signed an intergovernmental agreement on the establishment of the RIZ. In October 2023, the Russian Ministry of Industry and Trade reported that the project was being implemented as planned, with the construction of the first facilities scheduled to begin in 2024. A total of 9.5 billion rubles (around $104 million) will be allocated to support the RIZ until 2026.
Besides, Saleh expressed hope that the strong business ties between Russia and Egypt will soon become even stronger.
"There are strong relations between business associations in both countries; many Russian-Egyptian business forums have been held recently. We expect that these relations will be strengthened by the free trade agreement that is proposed to be ratified with the states of the Eurasian Economic Union (EAEU)," the minister said.
Moreover, negotiations on the creation of a free trade zone between Egypt and the
EAEU are in the final stage, Tevanyan told
Sputnik on December 31.
The EAEU is an international integration economic association that has been operating since January 1, 2015, and whose members are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.
The EAEU currently has free trade agreements with Vietnam and Serbia. Additionally, the bloc and China have an agreement on trade and economic cooperation. Last week, the EAEU member states signed a full-fledged free trade agreement with Iran.
