Ghali receives memo of understanding on Egyptian-US Presidents' Council

US Secretary of Commerce sent a message to Egyptian Minister of Economy that includes the blueprints on the memo of understanding regarding the Egyptian-US Presidents' Council and the broadlines to activate the Council's role.

Reliable sources told MENA that US secretary of commerce Donald Evans expressed anew the US Administration's interest in activating the Council's role to push forward the vital contribution to Egypt-US trade and investment cooperation.

The United States is waiting for the Egyptian side's study of the memorandum of understanding which is expected to be signed by Boutros Ghali if no reservations were raised over it.

The sources said that the proposed memo for the work of the Council provides that each side would submit a verbal or written report to Presidents Hosni Mubarak and George W. Bush on the Council's effective role in creating a proper climate for promoting US investments in Egypt and cooperation between the private sectors in both countries.

"Ghali and Evans are expected to sign the memo during the formal visit early next month to Washington, where he will participate in the African forum in his capacity as current Chairman of the Common Market for Eastern and Southern Africa (COMESA) trade and economy ministers," according to the sources.

Egypt is the fourth biggest country in the Middle East to receive US investments after Saudi Arabia, Israel and Algeria.