Business Hub – news agencies:
Russian Minister of Industry and Trade Denis Manturov said, Moscow and Cairo will switch to reciprocal trade settlements in rubles and pounds, According to the Russian news agency Sputnik.
And he said: “We need to actively use the ruble and the pound for mutual settlements. The volume of trade between Russia and Egypt allows us to do that.”
He continued, “We proceed from the fact that our Egyptian colleagues cooperate closely with Russia at the level of central banks, ministries and businesses. I am sure that just as with other friendly countries with which we have reciprocal trade and use our own currencies (China, India and the United Arab Emirates), We will also use this form of trade interaction with Egypt.”
Manturov added that the two countries had reached agreements on providing a duty-free zone in the Port Said region, and according to the Russian minister, “this will give a greater impetus to the two countries’ economies.”
He continued: “Over the past year, We have witnessed a positive trend in mutual tourism, as nearly one million Russian tourists visited Egypt last year, We see that already in the first quarter of this year, nearly 400,000 other Russian tourists visited Egypt.”
seal: “We look forward to the early conclusion of a free trade agreement between Egypt and the Eurasian Economic Union. This will give an additional impetus to the development of our business relations.”