Egypt Interested in Free Trade Zone With Eurasian Economic Union

MOSCOW, January 23 (Sputnik) — Egypt is interested in creating a free trade zone with the Eurasian Economic Union (EEU), the country's Ambassador to Russia Mohammed Badri said Friday.

"Egypt would like to join the negotiations on the establishment of a free trade zone between Egypt and the Eurasian Economic Union. Preliminary consultations are underway," the ambassador said at a press conference at news agency Rossiya Segodnya's press center in Moscow.

"I think that within a year the picture will become clearer and will contribute to the revitalization of our trading activities in the future," he added.

The ambassador also noted that his country hopes to develop deeper cooperation with Russia in a number of fields.

The Middle Eastern country views Russia as a reliable partner against a backdrop of cooling relations with the United States after the deposal of former President Mohamed Morsi. Against the backdrop sanctions imposed on Russia by the West over the events in Ukraine, Moscow's cooperation with Cairo is seen as promising.

Russia, Belarus and Kazakhstan signed a treaty to establish the EEU on May 29, 2014. Armenia joined the organization on October 10, while Kyrgyzstan signed its accession treaty on December 23.

The treaty replaced the Customs Union between Russia, Belarus and Kazakhstan and came into force on January 1, 2015.

The EEU guarantees the free flow of goods, services, capital and labor, in addition to a coordinated energy, industrial, agricultural and transport policy among its member states. The union’s ultimate objective is to establish a single economic market stretching from the European Union to China, serving over 170 million people.