CAIRO: There are no plans to revoke the free trade agreement with Turkey, MENA quoted Minister of Trade and Industry Mounir Fakhry Abdel Nour as saying in a press conference Tuesday.
Relations between Egypt and Turkey tensed dramatically in the wake of the ouster of Mohamed Morsi in July 2013.
Abdel Nour said “the navigation agreement signed between the two countries expired Sept. 24 and Egypt informed Ankara of its rejection of a renewal,” MENA reported.
The government signed an agreement with Turkey in March 2012 to use Egyptian ports for transporting Turkish products after Syria closed its crossing to all Turkish exports. These products are transported again to Saudi ports and then to other Arab Gulf countries.
The navigation line links between Egypt’s Damietta port on the Mediterranean Sea and Turkey’s Eskendrona port.
During Morsi’s one-year rule, Turkey pledged Egypt $2 billion in financial aid packages in October 2012, including a $1 billion grant and a $1 billion loan for boosting Egypt’s foreign reserves which plunged due to the political upheaval after the January 25 Revolution.
According to data from the Trade Ministry, Turkish investments in Egypt were worth $2.2 billion in 2012 and trade volume between the two countries amounted to $4 billion.
Turkey has 418 industrial facilities in Egypt’s 6 October and Borg El-Arab industrial complexes that employ 52,000 workers.