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NEW DELHI: Egypt on Tuesday said it would explore the possibility of a Free Trade Agreement with India to boost trade and investment between the two countries.

"An FTA could be the best move to boost trade and investment. This is what we will discuss with India," the Egyptian Minister of Trade and Industry, Mr Rachid Mohamed Rachid, said at a CII meeting here.

Mr Rachid would be meeting the Commerce and Industry Minister, Mr Kamal Nath, today and discuss the possibilities of India-Egypt trade agreement with him. He said if not an FTA, the two countries should have a framework agreement in trade and investment to cater to the need of both sides.

Bilateral trade between India and Egypt currently stands at around $3 billion. Mr Rachid said the two countries need to enhance cooperation in areas of manufacturing goods, pharma, oil and gas, mining, renewable energy, auto, construction materials and t extiles. - PTI

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