Russian President Vladimir Putin on Wednesday announced at the plenary session of the Eurasian Economic Forum that Russia is in talks on establishing a free zone in Egypt.
A noticeable increase has been recorded in the volume of trade exchange between Egypt and Russia, Professor of International Economics, Karim al-Omda, said.
He noted that in 2021, Egypt’s imports from Russia amounted to more than US$3 billion. This percentage witnessed a significant increase in 2022, he added.
By 2021, he noted that Russia was the sixth largest supplier country to Egypt after China, Saudi Arabia, US, Germany and Turkey.
Omda said that Russian tourists coming to Egypt also represent a large percentage of tourist flow to Egypt.
According to Omda, the agreement between Egypt and Russia to use local currency, whether the ruble or the pound, in trade exchange, will facilitate trade between the two countries. He referred to the existence of a free trade agreement between Egypt and the countries of the Eurasian Union, which means the entry and exit of goods without customs.
Russia is an important country for Egypt, he stressed, as Cairo imports wheat and oils from Moscow of high quality at reasonable prices. Egypt also imports auto parts, chemical products, and others from Russia.
Egypt accessing the BRICS group and dealing in the BRICS currency will contribute significantly to reducing the demand for the US dollar, especially since the US is not Egypt’s largest trading partner.
China is Egypt’s largest trade partner, followed by Saudi Arabia, he added.