Egypt, US sign aid agreement, secretary of commerce to visit Cairo

Egypt and U.S. signed yesterday 129 agreements dictating new economic subsidies to Egypt valued at $826.1 million within the annual US aid program to Egypt.

The US ambassador in Cairo, Daniel Kurtzer, said that there are suggestions before Congress to reduce US subsidies to Cairo and Tel Aviv by 5% annually to amount to 50% reductions over the space of 10 years.

In a private statement to ArabicNews.com, Kurtzer said a free trade zone will be established within "Tiva" assemblage.

The ambassador confirmed that trade relations between Egypt and the U.S. are good, and there are no essential problems, because the U.S. is to open the way for Egypt's exports according to the GATT agreements, a matter that US Secretary of Commerce William Daley will discuss during his coming visit to Cairo.

Daley is to arrive in Cairo on October 13 for a two-day visit within his Middle East tour, including Israel and Jordan.

Diplomatic sources said that Daley is to hold talks with high-ranking officials in Egypt, concerning increasing investments in Egypt and the possibility of enhancing joint cooperation relations in the fields of trade.

The source referred to increase of trade between the two countries at a time when American investments have been growing in the recent years.

These investments account for 11.3% of total foreign investment in Egypt.