The association’s chief tells RT that the effects of the sanctions are being felt around the world in the form of rising costs
Inflation is being fueled by Western sanctions against Russia, according to Egyptian Exporters Association (EEA) Chairman Mohamed Kassem, who spoke to RT on Friday.
He claimed that trade interruptions had sent the price of oil and other commodities through the roof in remarks made on the sidelines of the St. Petersburg International Economic Forum.
The globe is wounded by what is happening all throughout the place, including Egypt, according to Kassem.
“As a result of the disruption brought on by the sanctions in Russia, Egypt is suffering. We are the greatest importer of wheat in the world, and most of our purchases came from Russia and Ukraine. Therefore, the inconvenience caused considerable suffering, he stated.
Sanctions are “not a solution to settle differences,” the EEA head emphasised, adding that “we should work closely together to avoid the possibility of these difficulties.” It’s feasible.
He pointed out that there are numerous areas of collaboration that may be increased in terms of trade relations between Russia and Egypt. “Even in this challenging year, our shipments to Russia have increased by roughly 57%, which is a promising sign that the potential for growth is already present.”
The Russian industrial zone near the Suez Canal, which aims to boost bilateral trade, and the possibility of allowing Russian goods to enter other markets that Egypt has access to, including African and Arab countries, were topics of conversation between Russian and Egyptian delegations at the forum in St. Petersburg.