Protests not to ‘affect’ Egyptian-Turkish trade

ISTANBUL

Egyptian Chamber of Commerce says Turkish-Egyptian trade will remain as it is amid protests. REUTERS photo

Trade between Egypt and Turkey will not be affected by recent mass anti-government protests in Istanbul (and other cities), according to a statement released by the Egyptian Chamber of Commerce, reported by the Daily News Egypt.

Ahmed Wakil, head of the Egyptian Chamber of Commerce, stated that all current deals and trade protocols between Egypt and Turkey would be unaffected by the protests, saying that Egyptian companies had begun logistical preparation to cooperate with representatives from Turkish and European companies to launch the new “bridge” project between Egypt and the latter two.

Wakil stated that what is being seen in Istanbul is “not merely protests”, but confirmed that Egyptian companies would continue to adhere to all contracts signed with their Turkish counterparts.

According the Egyptian and Turkish foreign trade data, commercial exchange between Egypt and Turkey increased to $5bn in 2012 from around $4.2 billion in 2011. Egypt’s biggest exports to Turkey included manure, compost, sand, polyethylene and textiles while Turkey’s largest exports to Egypt consist mostly of steel products, including rebar and various machineries.