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%.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Egypt brings new gas well online with 10mn cubic feet/day output
Egypt’s Ministry of Petroleum and Mineral Resources is finalising procedures to bring a new natural gas well, North El-Basant-1, into production with an expected output of around 10mn cubic feet ... more
Tunisia kicks off stalled expansion of solar projects with 1.3GW capacity push
Tunisia is finally accelerating the deployment of its large-scale photovoltaic (PV) sector after years of slow progress, with construction now underway across multiple major projects, PV-Magazine ... more
Shell and Petronas seek 20% gas price increase for Egypt’s West Delta marine phase
UK energy major Shell (LON:SHEL) and Malaysia's national oil and gas company Petronas have asked the Egyptian Natural Gas Holding Company (EGAS) to raise the gas price for the upcoming Phase 12 ... more