Turkey inks Free Trade Agreement with Egypt
On December 27, 2005, Turkey and Egypt inked Free Trade Agreement (FTA). The agreement is expected to boost bilateral trade between the two countries, including the trade of steel products. In 2000, Egypt imposed antidumping duty of 22-63 percent on rebar imported from Turkey. The elimination of the duties in 2003 following the World Trade Organization (WTO) recommendation did not reassure Turkish producers. However, in line with the recent agreement, the import duties on Turkish goods will gradually be eliminated within two years and the duties will completely be lifted in 8-10 years. Egyptian exporters will also start to benefit from gradual duty exemptions. In line with the new agreement, trade measures, such as antidumping duties, will no longer be needed. The agreement is expected to boost bilateral trade between the two countries to around $3 billion from the current $1 billion per annum.