Marketing-Börse PLUS - Fachbeiträge zu Marketing und Digitalisierung
print logo

A new chapter in Egyptian-Turkish trade relations

At the heart of this newfound cooperation lies the signing of a joint declaration to restructure the high-level Strategic Cooperation Council meetings
© Egypt Business Directory

In a historic move signaling a significant shift in diplomatic relations, Egyptian President Abdel Fattah El-Sisi welcomed his Turkish counterpart, President Recep Tayyip Erdogan, to Cairo on a landmark visit. This pivotal moment marks the normalization of ties between the two nations, following years of diplomatic and political efforts aimed at fostering mutual understanding and cooperation.

At the heart of this newfound cooperation lies the signing of a joint declaration to restructure the high-level Strategic Cooperation Council meetings between Egypt and Turkey. This declaration, a testament to the commitment of both leaders, underscores a shared vision to address common challenges and explore avenues for strategic collaboration.

The roots of this collaboration date back to 2010 when Egypt and Turkey agreed to establish the Strategic Cooperation Council, aiming to bolster bilateral relations across political, economic, and trade domains. Today, the Council serves as a vital platform for coordination and consultation on regional and international issues, including developments in the Middle East and North Africa, particularly in Libya, and efforts to promote security and stability on the African continent.

Economic cooperation stands at the forefront of this burgeoning relationship, with both nations expressing a keen desire to expand bilateral trade and investment. President El-Sisi articulated the ambition to elevate bilateral trade to $15 billion in the coming years, highlighting Turkey's significance as a crucial destination for Egyptian exports. Despite fluctuations in trade volumes witnessed in recent years, both countries remain committed to enhancing economic ties and exploring new avenues for collaboration.

Data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) shed light on the dynamics of Egypt-Turkey trade relations. While the volume of trade exchange experienced a slight decline in 2023 compared to the previous year, both nations remain key trading partners, with Egypt serving as Turkey's foremost trading partner in Africa. Noteworthy exports from Egypt to Turkey include fuels, plastics, and fertilizers, while imports from Turkey encompass iron, steel, machinery, and electrical appliances.

As President Erdogan engages in extensive discussions with President El-Sisi during his visit to Cairo, the stage is set for comprehensive talks aimed at strengthening bilateral relations. With a renewed spirit of cooperation and mutual respect, Egypt and Turkey are poised to embark on a new chapter of partnership, one that holds immense potential for fostering peace, prosperity, and stability in the region.

The visit of President Erdogan to Cairo symbolizes not only the normalization of relations between Egypt and Turkey but also the dawn of a promising era of cooperation and collaboration. As both nations navigate the complexities of a rapidly evolving geopolitical landscape, their commitment to dialogue, diplomacy, and mutual respect serves as a beacon of hope for the broader region.