5 - 11 April 2001
Issue No.528
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Al-Ahram Weekly On-line 5 - 11 April 2001 Issue No.528 |
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Talking trade
When President Hosni Mubarak met US President George W Bush this week, they focused on economic issues, Thomas Gorguissian reports from Washington
Presidents Hosni Mubarak and George Bush discussed the broad, bilateral agenda between the two countries this week, but their one-hour lunchtime discussion was dominated by economic issues. "In particular, they agreed to work closely together to develop new opportunities for trade and investment in Egypt and to strengthen Egypt's participation in the global economy," a senior administration official told reporters.
President Mubarak with US President George W Bush (top); looking into the future of Egyptian-American economic ties at the American Chamber of Commerce (above)
"Each president brought to lunch their senior economic advisers, who had an opportunity to brief both of them on where we are and where we hope to go forward," the senior official said. He noted that the two presidents had agreed that the private sector is a critical part of their economic partnership and that the US-Egypt Business Council should continue its work and continue reporting to them. The two presidents are also eager to hear the views of their respective business communities, the official explained.
During President Mubarak's visit, US Trade Representative Robert B Zoellick and Youssef Boutros Ghali, Egypt's Minister of Economy and Foreign Trade, agreed on measures the US and Egyptian governments will take to strengthen bilateral economic cooperation, including a working paper that outlines the steps necessary to establish a framework for free trade and investment.
"Increased US trade and investment will help reinforce our ongoing economic reform efforts," Minister Ghali stated. "Egypt is one of the most important partners of the United States," noted Ambassador Zoellick. "We are committed to assisting in its economic development. I am pleased that our two governments will be working together to speed up Egyptian economic reforms."
The president's speech at the US Chamber of Commerce was a confirmation of Egypt's vision of the future. President Mubarak said, "The Egypt of tomorrow is centred on continued deregulation, greater foreign and domestic investment, the building of human capital and the continued opening to the world economy."
He mentioned Egypt's efforts towards negotiating a free trade agreement with the new American administration. "We offer a doorway to Africa, to the Middle East and soon to Europe. Join us in building the last economic bloc of the world economy with partners across three continents, with abundant human and natural resources and with an economy that is sound and growing," Mubarak told more than 250 attendees representing major American businesses.
The message of economic cooperation and free trade was also delivered by the American Chamber of Commerce in Egypt (AmCham Egypt) delegation when it met Washington policy-makers. The group emerged from its talks with the new administration with a focused message. "What we got out of this trip is that you have to talk to this administration in a different way than you've been talking to the Democratic administration... Not just to convey the message but the way you are ready to work. Working with the Republicans is totally different," Omar El-Derini, AmCham Egypt's vice-president told the Al-Ahram Weekly.
AmCham would like others to know the challenges facing Egypt. "There is a lot to be done -- we're just starting; the economic reforms in Egypt have not been finished yet," El-Derini said. "The government does have a role to play in that. You have to encourage the laws that are still pending to get out. You have to encourage more privatisation, especially of banks. You have to look into the bureaucracy... All these are obstacles and impediments for doing business and encouraging investors."
In conjunction with Mubarak's visit, the United States Chamber of Commerce announced last Tuesday the first joint business partnership with the American Chamber of Commerce in Egypt to advance import/export opportunities.
"This agreement will lead to an expansion of trade and investment between the United States and Egypt and is the first step toward a possible trade agreement on a mutually beneficial, reciprocal basis," said Thomas Donohue, US Chamber President and CEO.
According to the US Chamber, trade between the US and Egypt last year amounted to $4.2 billion, including exports of $3.3 billion and imports of $0.9 billion from Egypt.
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