Free trade agreement opens fresh vistas for Egyptian-US ties
Egypt-USA, Economics, 11/6/2001

Economic experts have agreed that sealing a free trade pact between Egypt and the US would take their relations to fresh heights.

According to them, the accord would provide a major momentum to the gradual switch in Egyptian-US ties from aid to trade. The accord, they confirm, would reflect Washington's commitment to supporting the Egyptian economy.

A study conducted by the Egyptian Centre for Economic Studies have underlined the importance of starting negotiations between the two countries on the accord.

The study, mounted by the Centre's Executive Director Ahmed Galal, says that the time has come for Egypt and the US to reformulate their economic links out of their shared keenness to enhance their political relations for Middle East stability and peace.

Egypt and the US agreed in April 1997 to explore prospects for sealing a free trade agreement. Two years later, they signed an investment and trade agreement seen as a prelude to formal negotiations on the free trade pact.

The US Administration Saturday said that bilateral talks on the key components of the pact would begin soon.

The pact is expected to give the Egyptian products a bigger access to the American markets and lure more investments.

The US investments in Egypt stood at a meager $ 2.2 billion in 1991. In contrast, US is investing 38 billion and 26 billion dollars in Brazil and Mexico respectively. The bulk of US investments in Egypt is in the oil industry.

Previous Stories:
  US support to continue   (11/5/2001)
  Egypt, US discuss furthering economic, investment cooperation   (10/30/2001)
  US assistance to Egypt will remain intact   (10/25/2001)

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