Contacts underway to finalize forming US-Egyptian President's Council

Contacts are going on between the Egyptian Foreign Trade Ministry and the US Department of Commerce to finalize the new make-up of the Egyptian-American President's Council, according to economic sources on Monday.

President Hosni Mubarak and US President George W. Bush agreed to form the Council under their sponsorship to ease up difficulties impeding the trade movement between the two sides.

The council groups businessmen from the two countries and aims at removing the hurdles blocking the increase of trade and investments between the two sides.

The sources said the council is a first step on the road of signing a free trade area agreement between Egypt and the US that can facilitate the movement of commodities and capital without any customs or technical-restrictions.

The sources added that the council may include 15 members from each side.