Cosying up to the Russian bear…and to other titans

It is no secret that the greatest challenge facing Egypt at this point in time is to rebuild its economy which took a harsh bashing in the aftermath of the Arab Spring uprising in January 2011. The year-long presidency of President Sisi which began 8 June 2014 has seen aggressive moves on that front. The launching of the New Suez Canal megaproject in August 2014, new laws and an investment-friendly climate, and the Egypt Economic Conference last March represent significant steps on the path of economic revival. Recent State visits by President Sisi to Russia, Germany, and Hungary have seen valuable trade deals signed with firms in these countries. And last week saw the Tripartite Free Trade Agreement (TFTA) signed between the East African Community, Southern African Development Community and the Common Market for Eastern and Southern Africa (COMESA). After four years of negotiations to establish a framework for tariff preferences and other commitments, the free trade agreement by the three African economic blocs stands as the launch of a potentially game-changing common market spanning the continent, supporters say ... more informatian | wataninet