Egypt + Turkey eyeing stronger economic cooperation: EgyptianTrade Minister Ahmed Samir met with his Turkish counterpart Ömer Bolat to discuss strengthening logistics and trade cooperation, as well as broadening their trade agreement, according to a statement. The two ministers inked a joint statement outlining the steps towards achieving USD 15 mn in annual trade volumes, according to a statement by Bolat.

Expanding traded goods + easing customs: They also discussed trading more agricultural products as part of a trade agreement between the two countries, which they also want to review by looking at barriers to trade, customs duties, and new forms of trade like digital and service trade. Bolet also mentioned adding white goods, electronics, automotive and automotive supply industry, textiles, chemicals, healthcare, banking, and software as part of traded goods and services between the two countries in a separate post on X.

Non-usd bilateral trade on the cards: The two nations looked into promoting the use of national currencies in trade exchanges to help promote trade between them, the statement adds. They also agreed to open banks in each other’s country to facilitate transfer of information, as well as responses to inquiries regarding the matter.

A freight line might also be in the works: The Trade Ministry also suggested studying the possibility of establishing a roll-on, roll-off freight line linking the two nations.

REMEMBER- Egypt and Turkey want to boost trade volumes by 50% to USD 15 bn in the next five years, the Trade Minister said in August. There were also rumors from Egyptian local media last week that Egypt and Turkey will likely finalize an agreement to use local currencies for bilateral trade in 2024. This economic and political rapprochement comes only months after the two countries restored diplomatic ties and reappointed ambassadors in July, bringing to an end a decade of tensions.

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