CAIRO: The Turkish and Egyptian governments are hopeful that an agreement signed between the countries two trade chamber unions will help spur trade cooperation. Local media in Cairo reported earlier this month that the two countries had signed an agreement to establish a joint trade chamber union in an effort to increase business between the two sides. The agreement was signed by Rifat Hisarciklioglu, chairman of the Union of Turkish Chambers and Commodity Exchanges and Ahmed al- Wakil, head of the Federation of Egyptian Chambers of Commerce, the semi-official Turkish Anatolia news agency reported. Speaking at the ceremony, Hisarciklioglu said the cooperation between Turkey and Egypt would make important contributions to the stability and economic development in the Eastern Mediterranean and the Middle East. According to Samiha Fawzy of the Egyptian trade ministry, the move should help “develop the business relationship between the two countries and help increase a foot hold in both countries for local businesses.” She told Bikya Masr that this new agreement will assist business owners and entrepreneurs in “moving toward investments in both Egypt and Turkey without being frustrated by red tape because the chambers will work together in delivering needed information. Trade volume between the two countries had reached over $3 billion dollars, jumping from $320 million in 2004, after a free trade agreement was signed, Hisarciklioglu said, adding that “we will continue to work to boost that figure even further. Our goal is to achieve 10 billion dollars.” Hisarciklioglu added that he expected Egypt to join in a free trade zone planned to be established between Turkey, Lebanon, Syria and Jordan. “The joining of Egypt in this project would make the Eastern Mediterranean a wide free trade zone,” he said. Over 200 Turkish companies had made investments in Egypt, which offered jobs to some 40,000 people, al-Wakil said. BM
