Steps to confront impact of world crisis on Egypt's economy
Egypt-USA, Economics, 12/10/2001

US Vice-President Dick Cheney last week conferred with the delegation of the Egyptian-US Chamber of Commerce, which was on a visit to Washington, on means of pushing forward economic cooperation between the two countries during the current stage.

The delegation, led by the chamher's chairman Mohammed Mansour, met with members of the US Administration, the Congress and the World Bank with the aim of expounding the impact of the Septembers 11 terrorist attacks on the Egyptian economy, especially in the tourism and aviation domains which witnessed a noticeable plummet, in addition to a decrease in the revenues of the Suez Canal as well as insurance fees that consequently affected the export movement.

The visit also underlined the chamber's role in developing the economic reform process in Egypt, along with asserting the role of the private sector in creating a favorable investment climate in Egypt to lure foreign investors in general and those from the U.S. in particular.

"Discussions tackled the new round of negotiations between the US and Egypt to set up a free trade zone between them, thus heralding a new practical stage with the visit to Cairo of the US international trade representative, Robert Zoellick in the near future," Mansour said.

Moreover, the delegation conferred with a number of congressmen and senators on the importance of the Egyptian role in activating investment and trade in the African Continent, especially in light of signing a number of free trade agreements between the US. and some African countries, said Hamed Fahmy, Deputy Chairman of the Chamber.

On other hand, US Ambassador in Cairo David Welch said he is hopeful that a free trade agreement conclusion with Egypt is likely in the near future.

Dialogue continues between the two countries' officials to probe ways to develop economic relations in various domains including a free trade area, said Welch, noting that such an achievement usually takes time to set the procedural details.

"But it is finally an imperative end for which the two sides are looking forward," he said.

At a meeting with members of the Egyptian American Friendship society last week, Welch said the US is seeking stronger economic relations with Egypt being the largest market in the Arab world and a very important trade partner.

Replying to a question on the possible impact of September 11 attacks on the US economic assistance programe to Egypt, Welch voiced confidence that the officials from both sides are keen on reaching an understanding which reflect the will to maintain the distinguished economic ties and emerge with the minimum losses.

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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