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Egypt to Join Russia-Led Eurasian Economic Union in 2016

© Sputnik / Sergey Guneev / Go to the photo bankFebruary 10, 2015. President Vladimir Putin (left) and his Egyptian counterpart Abdel Fattah al-Sisi make a joint statement for the press on the results of Russian-Egyptian talks in Cairo
February 10, 2015. President Vladimir Putin (left) and his Egyptian counterpart Abdel Fattah al-Sisi make a joint statement for the press on the results of Russian-Egyptian talks in Cairo - Sputnik International
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Egypt intends to establish a free trade zone with the Eurasian Economic Union (EEU), comprising Russia, Kazakhstan, Belarus and Armenia, by the end of 2016, the Egyptian ambassador to Russia told Sputnik.

A morning view of Cairo, Egypt - Sputnik International
Egypt Asks Russia to Create Free Trade Zone With Eurasian Economic Union
MOSCOW (Sputnik), Svetlana Alexandrova A free trade zone deal between the sides was discussed in February during Russian President Vladimir Putin’s visit to Cairo. Egypt sent an official request to establish a free trade zone with the EEU last year.

"There is a kick-off already in the negotiation process and we estimate that it is going to take from 12-18 months," Mohamed Elbadri told Sputnik.

At this stage of negotiations, the envoy added, each party will study the benefits of mutual cooperation before entering into direct talks regarding the details of the agreement.

The treaty should cover all trade in commodities between the countries.

The Russia-led EEU officially came into force on January 1. The bloc aims to achieve the free flow of goods, services, capital and labor across its member states, with provisions for a greater integration in the future.

Last week, Russian Prime Minister Dmitry Medvedev approved a free trade zone agreement between the EEU and Vietnam.

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