Egypt doesn't plan to review FTA with Turkey, minister says

"Trade and politics should be kept separate," the minister said. "Trade is trade and politics are politics."

Egypt doesn't plan to review FTA with Turkey, minister says

World Bulletin/News Desk

Trade and Industry Minister Mounir Fakhri Abdel-Nour asserted on Sunday that Egypt had no intention to review its 2005 free trade agreement with Turkey.

"Reports that Egypt had formed committees to reevaluate the free trade deal with Turkey are untrue," Abdel-Nour told the Anadolu Agency over the phone. "The agreement will not be touched."

Relations between Cairo and Ankara have cooled since the army's July 3 ouster of Mohamed Morsi, Egypt's first democratically elected president, in a move described by Turkish Prime Minister Recep Tayyip Erdogan as a "military coup".

Turkey's position has spurred some Egyptian business associations and political powers to urge the interim government to cancel the 2005 free trade agreement between the two countries.

"Trade and politics should be kept separate," the minister said. "Trade is trade and politics are politics."

Total Turkish investments in Egypt currently stand at some $1.5 billion, with Ankara hoping to raise this amount to $5 billion within the next five years.

Trade exchanges between the two countries, meanwhile, currently stand at $5 billion, with plans to double that figure by 2018, according to Zaki Akenji, head of the Turkish-Egyptian Businessmen's Association (TUMIAD).

According to figures from TUMIAD, Egyptian exports to Turkey stood at about $1.6 billion in 2012, while Turkish exports to Egypt were worth some $3.5 billion for the same period.

Güncelleme Tarihi: 18 Ağustos 2013, 16:26
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