Egypt and Israel want to upgrade their trading relationship
Egypt and Israel want to more than double the value of annual bilateral trade to USD 700 mn by 2025, the Times of Israel reported yesterday, citing a statement from the Israeli economy ministry. According to the proposed plan, the two countries would turn the Nitzana border crossing in Sinai into a logistics zone to increase commercial trade, and collaborate on green energy projects and R&D. They’re also looking to increase the number of direct flights. Egypt would also up its exports of food and construction materials to Israel, and increase its imports of tech and agricultural supplies.
Egypt-Israel trade would actually be worth a lot more than USD 700 mn: The figure excludes Israeli natural gas exports and tourism, which account for a sizable portion of bilateral trade. Last year, annual trade was worth USD 300 mn.
ALSO IN DIPLOMACY-
- The Foreign Ministry has condemned the storming of the Al Aqsa Mosque complex by Israeli settlers yesterday during the annual flag march in Jerusalem’s Old City, and warned that the provocation risks inflaming tensions. (Statement)
- Egypt and the DRC signed a cooperation protocol on defense training and knowledge exchange during a meeting between Defense Minister Mohamed Zaki and his Congolese counterpart. (Statement)