Egypt and India have concluded a trade agreement under which Egypt will supply India with crude oil.
SV INT ZOOM IN Mr. Nahal (left, Egypt) and Dr. Alexander prepare to sign agreement ZOOM IN TO Dr. Alexander signing PAN OVER TO Mr. Nahal signing ZOOM OUT TO both men exchanging agreements
CU Indian official watching
SV Two men shake hands and applaud each other
Initials NG/1725 NG/1735
Script is copyright Reuters Limited. All rights reserved
Background: Egypt and India have concluded a trade agreement under which Egypt will supply India with crude oil. The agreement was signed in the Indian capital, New Delhi, on Thursday (18 December).
Egypt's under Secretary in the Ministry of Foreign Trade, Mr. Shukry-El-Nahal and the Indian Foreign Trade Secretary Dr. P.C. Alexander represented their governments at the signing ceremony.
Trade between the two countries has been increasing rapidly over the last five years and the latest agreement is the result of recent top-level trade talks.
In addition to supplying India with crude oil, Egypt will also supply rock phosphate, rice and some cotton. India's exports to Egypt will include iron, steel goods, engineering products, drugs, pharmaceutical, radio components, refractors, paper products, plywood and traditional items such as lace jute, tobacco and spices.
Referring to the progress made by India, Dr. Alexander said that trade between India and Egypt needed to be diversified. To maintain the age-old friendship and relations, both countries needed to look at long range plans to make sure trade continued on a long term basis he said.
SYNOPSIS: A new trade agreement between India and Egypt was signed in the Indian capital, New Delhi, on Thursday. Signing the document on behalf of India was Foreign Trade Secretary Doctor P.G. Alexander, and for Egypt, the Under Secretary in the Ministry of Foreign Trade, Mr. Shukry-El-Nahal.
The new agreement means that Egypt will supply India with crude oil as well as with rock phosphate, rice and a small amount of cotton.
In the last five years trade between the two countries has increased enormously and the latest agreement is the culmination of recent trade talks. It means the coming year's trade figures between Egypt and India should be up by fifty per cent on last year's totals.
India's part of the deal means it will export iron, steel goods, engineering products, drugs, pharmaceutical, radio components, paper products, plywood, lace, jute, tobacco and spices to Egypt.
Speaking after the signing, Doctor Alexander said he hoped India and Egypt would maintain their economic ties and be able to make long term plans to trade with each other.