The Arab Republic of Egypt can become an important trade partner of the EAEU, particularly because some of the EAEU countries have already established strong trade and economic links with Egypt.
A free trade agreement is an important step in facilitating trade turnover. The EAEU member states already export a wide range of goods to Egypt, including machines and equipment, metal products, food products, etc. However, some of these products are met with very high customs tariffs. Besides, there is a number of technical barriers related to registration of goods, obtaining certificates of inspection (COI), registration of exporters, specific requirements for marking of goods, storage time and conditions.
A free trade agreement with Egypt will make it possible to harmonize the requirements and deal with some issues connected with mutual recognition of conformity assessment results, which will facilitate removal of some of the technical barriers.
By 2019, the Eurasian Economic Union has already created a free trade area with Vietnam. Experts observe that this ensures a steady growth in trade turnover. This is why entrepreneurs expect that a free trade agreement with Egypt will produce a positive effect as well.
Also, the EAEU has already entered into a free trade agreement with Iran. The agreement will come into force after national ratification procedures are completed. The work on concluding free trade agreements with Singapore, Serbia, Israel, and India is in progress.
For the full presentation about the prospects of trade and economic relations with Egypt which was prepared by the ITI experts for the expert session of the Eurasian Economic Commission, see below.