US, Egypt agree on measures to strengthen Economic Cooperation
Egypt-USA, Economics, 4/4/2001

United States Trade Representative Robert B. Zoellick and Youssef Boutros Ghali, Egypt's Minister of Economy and Foreign Trade, agreed on Tuesday on measures the US and Egyptian governments will take to strengthen bilateral economic cooperation.

The two trade officials agreed to a paper outlining steps the two sides will take to establish the basis for a free trade and investment framework.

The initiative was undertaken in conjunction with the US visit of President Hosni Mubarak.

Egypt is one of the most important partners of the United States, noted Zoellick.

He said: We are committed to assisting in its economic development. I am pleased that our two governments will be working together to speed Egyptian economic reforms.

These reforms will make it easier for our companies to do business together.

"We have a valuable tool for expanding economic cooperation in the Trade and Investment Framework agreement which the US and Egypt signed in 1999." Closer economic ties are in the interest of both our countries observed Ghali.

Egypt has made great strides in modernizing and liberalizing its economy and offers US businessmen the biggest market and investment platform in the Middle East.

"Increased US trade and investment will help reinforce our ongoing economic reform efforts," noted Ghali.

Ambassador Zoellick and Ghali also agreed on the importance of expanding cooperation between the US and Egypt in the World Trade Organization (WTO).

"Egypt and the United States can play a vital role in helping to build consensus between developed and developing countries in theWTO," said Ghali.

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