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United States and Egypt Advance Bilateral Trade and Investment Talks in Support of Egypt’s Democratic Transition
Dead Sea, Jordan – On Sunday, October 23, Deputy United States Trade Representative Miriam Sapiro and Egyptian Minister of Industry and Trade Mahmoud Eisa met to further explore various trade mechanisms for expanding our countries' growing trade and investment relationship, including increased cooperation to facilitate trade at the border and to reduce regulatory barriers, joint support for small- and medium-sized exporters, ways to create a welcoming environment for investment, intellectual property rights protection to encourage innovation, and deepening ties between the American and Egyptian private sectors. A successful democratic transition in Egypt depends on the strengthening of economic policies that enhance trade and investment integration between our two economies and with the region more broadly. Such efforts can help support this goal.
“The United States greatly values its economic relationship with Egypt, which is a key strategic partner,” said Ambassador Sapiro. “With this first high-level meeting with Minister Eisa, we are advancing our work together to overcome obstacles to increased trade and investment and to pursue actions to improve regional economic integration. We are working hard to fulfill President Obama’s commitment to enhance our bilateral trade and investment ties with Egypt and the broader North Africa and Middle Eastern region.”
Two-way goods trade between the United States and Egypt was valued at $9.1 billion during 2010, an increase of more that 30 percent over 2009. The U.S. goods trade surplus with Egypt was $4.6 billion in 2010. U.S. investment in Egypt in 2010 rose 28.4 percent to $11.7 billion.
Ambassador Sapiro, on behalf of United States Trade Representative Ron Kirk, invited Minister Eisa to visit Washington next month, and he agreed.