Malaysian International Trade and Industry Minister Mostafa Mohamed said, "An agreement reached with Prime Minister Dr. Hisham Qandil, Industry and Foreign Trade Minister Eng. Hatem Saleh and Osama Saleh Investment Minister, to start negotiations on establishing a free -trade zone by Egypt and Malaysia.
He affirmed that customs acts in the two countries constitute an obstacle to the exports of the two countries.
The first stage of the free trade zone should concentrate on products which the other country is not producing.
The Malaysian Minister told the Egypt-Malaysia business council under Hassan Malek that an agreement reached on the association of the two countries including short and long term plans to concentrate on definite sectors such as the new and renewable energy, auto-industry, nourishing industries oil and gas. He added that he extended an invitation to Egypt's Trade Minister to visit Malaysia on December 4, at the head of businessmen delegation to take part in the International Islamic Economic Forum.
Osama Saleh Egypt's Trade and Industry Minister said an agreement reached with Malaysia on Malaysia's establishment of integrated industrial projects in the production of parts of cars at the industrial zone North West of Gulf of Suez, so as to be a central centre on auto-services for Europe and to utilize advantages of the northwest Gulf of Suez.
via Egypt State Information Service (Cairo)