Egypt, Türkiye forge strategic partnership to boost trade, regional stability

Updated 9/5/2024 6:21:00 AM
Egypt, Türkiye forge strategic partnership to boost trade, regional stability

Arab Finance: Egypt and Türkiye have reaffirmed their commitment to enhancing their bilateral relations and cooperation across various fields during the first High-Level Strategic Cooperation Council meeting, co-chaired by the Presidents of both nations in Ankara on September 4th, as per a statement issued by the Egyptian presidency.

Accordingly, 2025 will mark the centennial of diplomatic relations between Türkiye and Egypt, and the two nations expressed their determination to elevate their partnership to a strategic level, exploring new avenues for cooperation based on mutual interest and solidarity.

The meeting resulted in the signing of multiple memoranda of understanding (MoUs) across various sectors, including finance, environment, health, energy, agriculture, civil aviation, and education, among others.

Both parties agreed to diversify and deepen their multi-dimensional cooperation by updating the bilateral legal framework as needed.

A joint planning group, co-chaired by the Ministers of Foreign Affairs, was established to advance bilateral relations, with outcomes to be endorsed at the next High-Level Strategic Cooperation Council meeting.

Both nations expressed their intention to increase their trade volume to $15 billion by promoting economic and commercial relations and improving the investment climate for businesses on both sides.

They also reiterated their commitment to promoting foreign direct investment (FDI) and enhancing cooperation in industry and infrastructure.

The two countries emphasized the importance of joint economic projects and mutual investments aimed at achieving integration in production, consumption, and exportation to Africa, Europe, and other global markets.

In addition, Egypt and Türkiye agreed to regular participation in trade fairs and exhibitions, and to strengthen cooperation in various sectors, including energy, civil aviation, housing, urban planning, labor, social security, and social policies.

They also highlighted the importance of cultural and historical bonds, agreeing to further cooperation in tourism, culture, education, youth, and sports.

Furthermore, the meeting also addressed regional and international issues, with a strong emphasis on supporting multilateral efforts to tackle global challenges such as climate change and food security.

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