Eng. Rashid: Increasing Egyptian yarn Exports to Turkey

Eng. Rashid Mohamed Rashid (Minister of Trade & Industry) held talks with Mr. Zafer Haglian (Ministr of State for Foreign Trade) in Ankra, concerning the increase of the Egyptian exports of cotton yarn to Turkey from 4,000 tons annually to 8,000 tons annually, and the removal of restrictions on most items to reflect the potential of the two countries which consistent with the policies included in the Free Trade Agreement (FTA) which entered into force in early march 2007 and led to increase the trade volume between the two countries about 1 billion dollars in 2006 to more than 3.5 billion dollars in 2009.

Eng.Rashid stressed that economic relations between Egypt and Turkey will enter a new phase during the next stage concerning the increase of bilateral trade and joint investments through new mechanisms to deepen the cooperation between businessmen in both countries and a joint action plan to access the trade volume to 5 billion dollars over the next two years.

The minister pointed out that his talks with his Turkish counterpart, comes in the framework of developments witnessed by the Turkish Economic Relations after the recent visit of President Hosni Mubarak to Turkey last december, pointing out that Turkey has become an important economic key partner to Egypt.