IBU Executive Board finds no grouns to suspend Russia's biathlon teamSport January 21, 22:53
Russia terrified watching monuments destroyed in Palmyra — culture ministerRussian Politics & Diplomacy January 21, 17:08
Russian bombers deliver successfully strikes on terrorists' facilities in SyriaWorld January 21, 15:39
Denmark uses Russian data in its application for expanding shelf — ministerBusiness & Economy January 21, 15:15
Agreement on bases in Syria to serve strengthening of stability in Middle East — MPRussian Politics & Diplomacy January 20, 21:18
Trump's inaugural address: When America is united, America is totally unstoppableWorld January 20, 20:57
Hermitage chief: New Palmyra destruction comes across as militants' vengeanceRussian Politics & Diplomacy January 20, 20:29
Russia's first deputy PM wants to keep current tax system for next political cycleBusiness & Economy January 20, 19:53
Russia’s Shipulin clinches gold in 20km individual race of IBU World Cup stage in ItalySport January 20, 19:18
MOSCOW, February 5. /TASS/. The workgroup set to create a free-trade zone between the Eurasian Economic Union (EEU) and Egypt will start working this spring, Russian presidential aide Yuri Ushakov said on Thursday.
The turnover between the two states [Russia and Egypt — TASS] is actively diversified and boosted right now, Ushakov said. "Probably, an agreement on creating a free-trade zone between Egypt and member-countries of the Eurasian Economic Union will trigger it. A decision has been made to create a research group, which will study this process, and its first meeting is planned for March-April this year in Cairo," presidential aide said.
The turnover between Russia and Egypt reached $4.6 billion in the first eleven months of 2014, which was an 80% increase year-on-year. Ushakov said that such significant growth was backed by Russian energy and grain exports to Egypt. Presidential aid added that Egypt is the first-biggest importer of Russian wheat, which meets around 40% of the country’s demand. Also, there’s been a significant rise in imports of Egypt’s agricultural produce to Russia.
On the other hand, the amount of mutual capital investment is not big yet, Ushakov said. In the first half of 2014, Egypt invested $10 million into Russia, while Russia invested only $2 million in Egypt.
Eurasian Economic Union (EEU) is an international organization for regional economic integration. The treaty establishing the union was formally signed by three states, which were part of the former Soviet Union: Belarus, Kazakhstan, and Russia. Agreements to enlarge the EEU to Armenia and Kyrgyzstan were signed in October and December 2014, respectively.