Egypt, Türkiye aim to raise trade exchange to $15bln within next few years

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Egypt and Türkiye aim to boost trade exchange to new heights of $15 billion within the next few years, the Egyptian presidency stated.

In 2023, trade exchange between Egypt and Türkiye declined by 15.7% year on year (YoY) to $6.6 billion from $7.8 billion, CAPMAS announced.

Egyptian exports to Türkiye reached $3.8 billion last year, down by 4.8% YoY from $4 billion, while Egypt's imports fell by 27% to $2.8 billion from $3.8 billion in 2022.

On February 14th, the Turkish President Recep Tayyip Erdogan visited Cairo, Egypt for the first time in ten years to meet with the Egyptian President Abdelfattah El-Sisi met to discuss several issues of common interest.

El-Sisi expressed his country's keenness to bolster relations with Türkiye and boost bilateral cooperation in several fields.

The two leaders agreed on the necessity of an immediate ceasefire in the Gaza Strip and achieving calm in the West Bank so that the peace process can be resumed as soon as possible.

They also stressed the need to strengthen consultation between the two countries on the Libyan issue, to help hold presidential and legislative elections and unify the country’s military establishment.

The meeting also touched on ways of working to support Africa's development efforts for stability and prosperity.

El-Sisi also accepted Erdogan's invitation to visit Türkiye next April to continue working on improving the relations between the two countries in various fields.

Last year, Egypt and Türkiye appointed ambassadors to each other's capitals for the first time in a decade to restore normal diplomatic relations.

Following Sisi and Erdogan's handshake during the 2022 World Cup in Doha, the process of normalization between Ankara and Cairo quickened.