Ethiopia and Egypt concluded an aggregate of five agreements and memorandum of understandings (MoU) on Monday, November 3, 2014. The aim is to encourage diplomatic, trade and health cooperation.

The trade agreement was signed between Tewodros Adhanom on the Ethiopian side and Mounir Fakhry Abdel Nour, Minister for Industry and Foreign Trade, representing Egypt’s executive organ.

The other MoUs were concluded between the two nation’s ministers for health as well as education. In addition to this, governments of the two states agreed to cooperate on affairs of women.

The Minister also pointed out the targeted trade volume between both countries is over U.S. $ Five Billion, a relatively low figure considering the capabilities of both countries. In addition to this he noted from 2004 to 2013 the trade volume of the two countries has increased by 21 percent; it reached U.S. $ 165 Million from U.S. $ 41 Million. He furthered Egypt’s share of the trade is around 77.5 percent.

Fana Broadcasting Corporate noted that Nour commented, a day before the two countries concluded the agreements, a study is being carried out for a potential Egyptian-Ethiopian industrial zone.

Source: Fana Broadcasting Corporate