Russia, Egypt Expanding Trade, Economic Ties - Russian FM Lavrov

MOSCOW (Sputnik) - Russia and Egypt are actively ramping up their trade and economic relations and developing joint projects in various areas, Russian Foreign Minister Sergey Lavrov stated on Monday.

"We are rapidly expanding trade and economic ties. Our mutual trade reached $6 billion in 2022, which is almost 30% more than the year before. In March, another meeting of the intergovernmental commission on economy and trade took place, during which new decisions were made regarding further implementation of our joint projects," Lavrov said during the festive opening of the exhibition dedicated to the 80th anniversary of the establishment of diplomatic relations between Russia and Egypt.

The flagship project of the bilateral cooperation is currently the creation of the first Egyptian atomic power plant, while a Russian industrial zone is being established in the Suez Canal at the same time, the top Russian diplomat added.

"We see further attempts to legitimize the dominance of a small group of countries on the global stage, but, just like years before, the states that have self-respect and value their own history and traditions are standing up for their right to independently determine the path of their development and choose their friends without any hints and prohibitions from outside. It is on such a basis, on the basis of respect for each other's national interests, that we are developing our strategic partnership with Egypt," Lavrov stressed.

Egyptian Ambassador to Russia Nazih el Nagari, for his part, said that Cairo appreciated Russia's assistance in Egypt's accession to BRICS. In this regard, the Egyptian diplomat also expressed hope that Cairo would contribute significantly to BRICS and that membership in the bloc would bring it economic benefits.

Egypt and Russia have historic ties, and Cairo understands Moscow's stance, he added.

"We seek regional and global stability in cooperation with Russia as well as with other countries of the world," Nazari emphasized.

The leaders of BRICS, which includes Brazil, Russia, India, China and South Africa, agreed at a summit in August to send official invitations to the six candidate countries, including Egypt, which are set to formally join the bloc on January 1, 2024.