Following France and Russia, Egypt is Iraq’s the third largest trading partner, reported the Iraqi minister of trade, Mohammad Mahdi Salah, speaking at a trade exhibition of Egyptian products in Baghdad.
In January, a free trade agreement was signed between representatives of the Iraqi and the Egyptian governments. Nonetheless, the Egyptian authorities have stressed that business relations between the two countries will be conducted within the framework of UN sanctions against Iraq, which have been in force since Iraq invaded Kuwait in 1990.
Speaking at the trade fair, Mohammad Al-Said Salah, the chairman of the General Egyptian Authority for International Fairs and Exhibitions, described the Iraqi market as "promising” for Egyptian exports. He said that his organization was considering the holding of specialized fairs to bring Egyptian products to the Iraqi market in a variety of fields.
Salah said that the first exhibition of Egyptian products in Baghdad, held in 1998, had helped raise Egyptian exports to the Iraqi market from $60 million to about $260 per annum. Officials from both countries have estimated the potential for bilateral trade between the two countries at two billion dollars per year. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com )