Egypt And Russia Make New Trade Agreements

Lorys Charalambous, Tax-News.com, Cyprus

05 March 2015

Egypt and Russia have agreed greater co-operation on the administration of customs duties.

Egypt's Finance Minister, Hany Kadry Dimian, announced that he signed four agreements with the Russian Head of Customs, Andrey Belyaninov, aimed at facilitating trade between the two nations. The agreements lay down a framework for the exchange of information and collaboration to improve customs duty compliance. Both countries have agreed to work together on adherence with the World Customs Organization's standards.

Both parties also recognized the need to reduce bureaucracy and streamline border procedures. Dimian said that these efforts will help to stimulate exports to Russia, where there is large market potential, particularly for agricultural goods.

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