CAIRO: Ahead of a planned visit to Washington next week, Minister of Trade Mahmoud Essa said he aimed to develop a new economic strategy between Egypt and the US based on “common interests.”
This time around, the talks will address specific program objectives and a timetable in which the two countries will boost bilateral trade.
“Egypt is looking forward to the positive role the US will play to support the Egyptian economy in the current stage,” Essa said in a statement.
The minister discussed his plans with a US delegation visiting Egypt this week, and said that trade ties between the two countries are not parallel to their political relations.
According to a ministry statement, Essa said his visit to the US next week is aimed at developing a new strategy for the future of bilateral trade and economic ties.
The US delegation, which included Under Secretary of State for Economic, Energy and Agricultural Affairs Robert Hormats, reiterated their commitment to helping the Egyptian economy achieve growth during this tumultuous phase.
US trade officials visited Egypt’s port city of Alexandria on Sunday to discuss expanding exports through the Generalized System of Preferences (GSP) program.
In the first visit of its kind to the port city, William Jackson, Deputy Assistant US Trade Representative discussed the programs benefits, which offers traders duty-free access to the US market when trading specific goods.
Jackson pointed out that the Egyptian market, which has immense potential and “much to offer” could benefit from trading under this program.
He also pointed out that the US market is in need of specific products coming from Egypt, such as agricultural goods or silver, handmade jewelry.
As of June 2011, Egypt’s exports to the US amounted to $989 million, while imports were at $3.7 million.