Turkey mulls steps to improve ties with Egypt

By bne IntelliNews July 8, 2016

Turkey will send officials to Egypt as part of efforts to mend ties between the two countries. The move comes a week after Ankara restored ties with Russia and Israel following bitter diplomatic rows, seeking to boost trade and shore up its regional clout.

Turkey and Egypt have been at odds since the ouster of ex-President Mohammad Morsi in 2013, an ally of the Turkish President Recep Tayyip Erdogan. Following the military coup against Morsi, Turkey and Egypt recalled their ambassadors.

The relations between the two countries will improve, and the first steps will be taken in the field of trade, Mehdi Eker, Deputy chairman of the ruling Justice and Development Party (AKP) said earlier this week. But Erdogan suggested that mending ties with Egypt will not be very easy. The context with Egypt is different from the rapprochements with Russia and Israel, Erdogan said, once again criticising the heavy sentences handed down to Morsi and his supporters.

Data show that political tension has not had a significant impact on trade relations. Egypt’s share in Turkey’s total exports was 2.4% in 2012 and it edged down to 2.2% last year. In the first five months of 2016, merchandise trade with Egypt fell by 2.8% y/y to $1.2bn, while this country’s share in total was still 2.1%.


Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more