US commerce secretary starts mideast trip

US commerce secretary, William Daley, started on November 9 a five-country trip in the Middle East to "encourage greater regional cooperation."

The US information agency quoted the official as telling reporters that "less than 7 percent of the Middle East trade is with other middle eastern countries" while two-thirds of its trade is with Europe.

Daley said his mission will pursue two goals, exploring new trade and investment opportunities for US companies and stressing how important it is for Middle East countries to "stay the course on economic reform."

Daley began his week-long trip with a stop in Jordan, where he will preside over the opening of a new American Business Association. In Lebanon, the US official, who will be the first commerce secretary ever to visit this country, said he will be particularly interested in identifying opportunities for US firms which may want to get a foothold in the planned $13 billion-reconstruction of Beirut.

Daley will then proceed to Egypt where he hopes to attend the signing of several business deals for US companies worth "several hundred million dollars." He is also expected in Israel and in Palestine (Gaza and the West Bank).

According to Daley, US firms last year exported about $11 billion in goods to the five countries while imports totalled more than $8 billion.

"The trip is important now because the Palestinians have fulfilled their commitment under the Wye Agreement up to this point. We are hopeful that the Israeli government will move forward," he said.

In addition to striking deals for US companies, Daley said he also hopes to lay the foundation for another economic summit of finance ministers from the Middle East and North Africa region. The last MENA economic summit was held in Doha in November 1997 and Morocco hosted the first one in 1994.