Egypt: At last, a done deal

Days before 2005 closed, Egypt and Turkey finally signed a free trade agreement (FTA) the negotiations of which began in 1997. The FTA - concluded after six rounds of bilateral negotiations - follows Egypt's partnership agreement with Europe that allows for the phased liberalisation of bilateral trade in agriculture, industrial products and services. "The agreement is the outcome of elaborate work and fruitful negotiations," Minister of Trade and Industry Rachid Mohamed Rachid said at a press conference held with his Turkish counterpart. "It lays the foundation of a new era of economic, political and social cooperation between the two countries," Rachid added.