Egypt- US negotiations next October on free trade area

Minister of Foreign Trade and Industry Rashid Mohammed Rashid announced yesterday that Egypt and US will launch next October a new round of negotiations on the proposed free trade area and means of boosting the currently operative TIFA agreement.

Rashid said Wednesday that the economic growth plan in Egypt, during the coming five years targets a 17 % increase in non-petroleum exports annually.

Addressing the EuroMoney Arab Financial Forum, Rashid clarified this percentage was estimated at $ 13.5 billion.

The Minister said that his Ministry was also targeting some 20 % growth a year in industrial exports alone. It is estimated at $ 6.5 billion Rashid affirmed that his Ministry had already taken the steps required for simplifying bureaucratic procedures and problems facing trade.

He expressed his ministry's keenness on winning the trust of investors in Egypt on a sustainable basis that would include legislative reforms.