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Egypt to discuss free trade agreement with India
New Delhi, April 16, 2008
Egypt on Tuesday said that it will explore the possibility
of a free trade agreement with India to boost trade and
investment between the two countries.
"An FTA could be the best move to boost trade and investment.
This is what we will discuss with India," Egyptian Minister of
Trade and Industry, Rachid Mohamed Rachid, said at a CII
meeting here.
Rachid would be meeting Commerce and Industry Minister Kamal
Nath today and discuss the possibilities of India-Egypt free
trade agreement with him.
He said if not an FTA, the two countries should have a
framework agreement in trade and investment to cater to the
need of both sides.
Bilateral trade between India and Egypt currently stands at
around 3 billion dollars.
Rachid said the two countries need to enhance cooperation in
areas of manufacturing goods, pharma, oil and gas, mining,
renewable energy, auto, construction materials and textiles.
Inviting Indian companies to explore partnership in Egypt`s
steel sector, Rachid said companies like Tata and Essar are
have shown interest in the sector in the country.
"There were some auctions for licenses which they participated
in. They did not win because Arcelormittal had won the
licenses. But there will be more to come," Rachid said.
Besides improving connectivity between major cities of India
and Egypt, Rachid said banks should also be allowed to set up
branches in both the countries.
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