CAIRO: Heading a 35-member delegation, Minister of Trade and Industry Rachid Mohamed Rachid arrived in India Tuesday to discuss various areas of cooperation.
According to The Hindu Business Line, a Free Trade Agreement (FTA) is on the agenda.
An FTA could be the best move to boost trade and investment. This is what we will discuss with India, Rachid told reporters in India.
Mr Rachid met with the Commerce and Industry Minister, Mr Kamal Nath, to discuss the possibilities of India-Egypt FTA. He said if not an FTA, the two countries should have a framework agreement in trade and investment.
Bilateral trade between India and Egypt currently stands at around $3 billion, with the balance of trade in Egypt s favor, mainly due to its petroleum product exports.
The two ministers also discussed possibilities of cooperation in textiles, home furnishing, automotives, shipping, leather and mining.
According to the India-based Financial Express, Egypt’s strategic location makes it a gateway to the 20-country Common Market for Eastern and Southern Africa (COMESA), the 27-nation European Union and the Arab Free Trade Area, which has been a major magnet for globally ambitious Indian companies.
During the Indo-African Forum summit recently held in India, Minister of International Cooperation Fayza Aboul Naga said that, “Egypt provides a unique advantage. It is among the 10 countries having the largest resources of natural gas.
Indian companies ONGC and Essar already have a presence in Egypt but there are more opportunities, she said, asking other Indian enterprises to explore the possibilities.
Transport Minister Mohamed Mansour will also visit India at the end of April.
The series of high-profile meetings is expected to lay the ground for President Hosni Mubarak’s scheduled visit to India, due later this year.
