CAIRO (Sputnik) — Egypt has reached a free trade zone agreement with the Russian-led Eurasian Economic Union (EEU), Egyptian President Abdel Fattah Sisi said Tuesday at a joint press conference with Russian President Vladimir Putin.
There was more than $4.5 billion of trade between Russia and Egypt in 2014, a more than 80 percent increase on the year before, said President Putin. Free trade agreement means that the markets of Russia, Belarus, Kazakhstan, and Armenia will be more easily accessible for Egyptian products and vice versa.
The EEU was established on May 29, 2014 by a treaty signed by Russia, Belarus and Kazakhstan. Armenia joined the organization in October, and Kyrgyzstan signed its accession treaty in December. The union’s ultimate objective is to establish a single economic market stretching from the European Union to China, serving over 170 million people.
In a historic move, President Putin offered Egypt Russia’s full-scale assistance in building the country’s first nuclear energy facility. “If the final agreements are reached, we will not only help building a nuclear power plant but will be able to assist [Egypt] in creating an entire nuclear power industry…including through training of personnel and help with scientific research,” Putin said.
Full article: Egypt Reaches Free Trade Agreement With Eurasian Economic Union (Sputnik News)