Prime Minister Meles Zenawi said relation between Ethiopia has turned into friendly cooperation from distrust.

Meles made the statement during the signing of a memorandum understanding that would enable to establish an Ethio-Egypt Council of Commerce here on Wednesday.

Meles said the relationship based on distrust arising from the Nile Basin that used to exist between the two countries has changed into good friendly relations. .

He further said the two countries have now been able to develop the Nile Basin jointly through the Nile Basin Initiative.

This has enabled to turn Nile Basin into a trade and investment zone.

Egyptian Prime Minister, Dr. Ahmed Nazif said on his part that the two nations have reached consensus to work together and get prosperous and be exemplary to Africa.

He said the Egyptian government would everything possible to further enhance the trade and investment ties between the two countries.

Trade Relations and Negotiations Directorate Director, Geremew Ayale said on the occasion that the trade exchange volume between Ethiopia and Egypt has been growing by 20 per cent per annum.

The trade exchange between the two countries which was 41 million US dollars five years ago has reached 41 million US dollar in 2008.

More than 150 members of the business communities of the two countries had discussed on ways of enhancing trade and investment between Ethiopia and Egypt.

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