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Trade between Russia and Egypt is set to top $7 billion by the end of the year, Aleksey Tevanyan, Russia’s trade representative in the North African country said.
Trade between Russia and Egypt is set to top $7 billion by the end of the year, Aleksey Tevanyan, Russia’s trade representative in the North African country, told RIA Novosti in an interview published on Saturday. According to Tevanyan, the surge is due in large part to increased exports to Egypt.
“The positive dynamics in mutual trade continued in 2023… By the end of this year, we expect that trade turnover will increase by a quarter [against last year],” the official stated, adding that the trend will likely continue next year. In 2022, trade turnover between Moscow and Cairo jumped by 30% year-on-year to over $6 billion.
Tevanyan noted that with economic cooperation growing, Egyptian companies are increasingly eager to switch from Western to national currencies in trade transactions with Moscow.
Egyptian Foreign Minister Sameh Shoukry discussed earlier with his Russian counterpart, Sergey Lavrov aspects of bilateral cooperation and projects development , most notably the El Dabaa Nuclear Power Plant project and the Russian Industrial Zone on the eastern bank of the Suez Suez Canal.
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