Egypt Considers Free Trade Zone With Russia’s Customs Union

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Written by Ann Brown

From Business Recorder

Egypt has resumed talks about the creation of a free trade zone with the customs union of Russia, Belarus and Kazakhstan, Egyptian and Russian officials said. Russia is increasing efforts to strengthen relations with large importers of its products as the United States and European Union threaten steeper sanctions over Moscow’s intervention in the crisis in Ukraine.

In the biggest East-West confrontation since the Cold War, the US and EU have imposed visa bans and asset freezes on some of President Vladimir Putin’s closest political and business allies after Moscow annexed Ukraine’s Crimea. “There were talks about this (creation of the free trade zone with Egypt) before 2011.. Now we have agreed to resume these negotiations and to discuss sectors of co-operation,” Russian Agriculture Minister Nikolai Fydorov said.

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