Thu, 30 Jun 2022

The spillover from sanctions, in the form of surging prices, are being felt all over the world, the head of the association tells RT

Western sanctions against Russia are fueling inflation and causing economic harm worldwide, Egyptian Exporters Association (EEA) Chairman Mohamed Kassem told RT on Friday.

Speaking on the sidelines of the St. Petersburg International Economic Forum, he said trade disruptions have sent the price of oil and other commodities through the roof.

"That's all happening around the world, it hurts the whole world, and Egypt is hurt among the others," Kassem said.

"The disruption that the sanctions have caused in Russia is hurting Egypt as a byproduct. We are the largest importer of wheat worldwide, and Russia and Ukraine were the main source of our imports. So, that disruption created some hardship," he said.

The EEA chair stressed that sanctions are "not a way to settle differences," and that "we should work together closely to mitigate the risk of these problems. It is possible."

On Russian-Egyptian trade relations, he noted that there are many areas of cooperation that could be expanded. "Even in this rough year our exports to Russia have risen about 57%, which is a good indicator that the possibility of expansion is already there."

During the forum in St. Petersburg, Russian and Egyptian delegations discussed the Russian industrial zone in the Suez Canal area, aimed at increasing mutual trade, and the prospect of allowing Russian goods to penetrate other markets that Egypt has access to, including African and Arab nations.

For more stories on economy & finance visit RT's business section

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