Business & Economy

Russian-Egyptian economic agreement

Russian Minister of Industry and Trade: Moscow and Cairo will turn to mutual settlements in local currencies

Russian Minister of Industry and Trade Denis Manturov revealed today, Thursday, that Moscow and Cairo will switch to reciprocal trade settlements in rubles and pounds.

This he said: “We need to actively use the ruble and the pound for mutual settlements. The volume of trade between Russia and Egypt allows us to do this.”

He also continued, “We proceed from the fact that our Egyptian colleagues cooperate closely with Russia at the level of central banks, ministries and businesses. I am sure that just as with other friendly countries with which we have reciprocal trade and use our own currencies (China, India and the United Arab Emirates), we will also use This form of trade interaction with Egypt.”

Manturov also added that the two countries have reached agreements on providing a duty-free zone in the Port Said region. According to the minister: “This will give a greater boost to the economies of the two countries.”

He continued, “Over the past year, we have witnessed a positive trend in mutual tourism. Nearly a million Russian tourists visited Egypt last year, and we see that already in the first quarter of this year, nearly 400,000 other Russian tourists visited Egypt.”

He concluded: “We look forward to concluding an early free trade agreement between Egypt and the Eurasian Economic Union. This will give an additional impetus to the development of our trade relations.”

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