Economic onented Talks in Washington
Egypt-USA, Economics, 12/10/2001

Egyptian Foreign Trade Minister Youssef Boutros Ghali said that his talks in Washington focused on three main topics.

First, imbursement of the cash aid to Egypt which amounts to US $ 650 million in 2000 including 200 million in cash pertaining to the economic reform procedures, 200 million for commodity importation as well as 250 million for projects.

Ghali, in statements to editors-in-chief and MENA Chief who were on board the presidential plane en route to Cairo from Damascus on Sunday, said that technical details of cashing these funds and related arrears were discussed, adding that this would ultimately allow an agreement on having US $ 1 billion in liquid and semi-liquid money.

According to Ghali, the cashing of arrears would not necessitate new approval from the US Congress and thus the issue is procedural.

The second topic tackled during the talks, Ghali said was ways to further Egyptian commodities access into the US market.

In this respect, we demanded special status for Egyptian commodities in the American market which cover 18 items including textiles, ready-made clothes and 36 percent customs duty exemption for 22 other items including ceramics, fruits, dried vegetables, steel and iron products, Ghali said, adding that the Congress is considering these exemptions.

On the third topic, Ghali said we requested joining the Special Bill on African development which covers the African states south of Sahara to have a free trade zone i.e. full customs exemption which covers 1600 commodities produced by the countries enlisted in the bill.

The Americans promised to probe this Bill earnestly and, "on my part, I will head for Kenya, Uganda, Mauritius and South Africa. I had been to Gambia to convince them that our inclusion in this Bill would not harm any African state," Ghali noted.

According to Ghali, he discussed in Washington cancellation of market dumping lawsuits filed against Egypt over iron and steel exports and the Americans agreed to that, adding that Egypt exported US $ 100 million worth of iron products to the States.

Ghali put at 0.4 percent Egypt's share of world trade adding that a number of Egyptian commodities have found their way, into the world markets, thanks to their high competitive standard.

Previous Stories:
  US offers Egypt $ 9.3 million grant   (12/1/2001)
  Egypt's private sector obtains $ 200 mln to overcome current crisis   (11/26/2001)
  Egypt's exports to US hits $500 million in 6 months   (11/22/2001)

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