CAIRO: Minister of Foreign Trade and Industry Rachid Mohamed Rachid and Turkish Minister of State Kursad Tuzmen announced that Egypt and Turkey will sign a free trade zone agreement today meant to improve trade and economic exchange between the two countries. The agreement will be signed by President Hosni Mubarak and Turkish President Ahmed Necdet Sezer.
Tuzmen said that foreign trade with Egypt is expected to increase, and noted that both nations were currently committed to the Barcelona process and hope to join the Mediterranean free trade region by 2010.
Currently trade is $1billion and it is expected to reach $2 billion,though neither Rachid nor Tuzmen indicated any dates for this target. Turkey s exports to Egypt reached $572.7 million, an increase of 46 percent, during the first 10 months of this year.
The trade agreement has been in the works since the late 1990s. It was only when Rachid and Tuzmen took office that they set a deadline for finalizing the agreement by end 2005. During a press conference announcing the signing of the FTA, Tuzman said that Turkish businessmen have been anticipating the agreement to move forward, and are currently looking into potential investment projects.
The Egyptian market will be open to Turkey over several stages, ranging between 3 to 16 years.
The agreement has yet to be ratified by the Egyptian or Turkish parliaments.
Turkish President Sezer arrived in Cairo on Monday for a two-day visit during which he met with Mubarak. In addition to signing the agreement, he presidents will hold talks on the current situation in the region and means of boosting bilateral relations. Agencies
