A trade protocol was signed yesterday between Cyprus and Egypt for the enhancement of bilateral commercial links between the two countries. On Thursday a joint business council will meet for the first time for the signing of a memorandum of understanding.

The Egyptian delegation met with Trade Minister Nicos Rolandis and matters relating to the issue of oil exploration were examined, as well as issues relating to tourism, trade and investments. The Egyptian Minister of Petroleum will be visiting Cyprus next month for further discussions on the oil issue. The Egyptian officials will also meet with the Cyprus Chamber of Commerce & Industry, the Cyprus State Fair Authority and other officials.

Presently trade between the two countries stands at around CYP 30 to CYP 40 mln per year and this is expected to increase by the enhanced trade relations.