8 - 14 November 2001
Issue No.559
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Al-Ahram Weekly Online 8 - 14 November 2001 Issue No.559 |
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Against the odds
A senior US official reaffirmed in Cairo last week America's commitment to facilitating trade between the two countries. Niveen Wahish reports
Molly Williamson, deputy assistant secretary for the Near East and Africa at the US Department of Commerce, was in Cairo to try and bring the business communities from both countries closer together. Since the 11 September attacks, businessmen from the US and the Middle East have been reluctant to travel.
Ghali and Evans shaking hands after signing the memorandum
Williamson, who visited Cairo as part of a three-leg tour which began in Jordan and ended in Saudi Arabia, was optimistic about prospects for cooperation between Egypt and the United States. She said that although "our investment pool is contracting as a result of anticipated loss, that smaller pool, when it looks at opportunities, looks at Egypt." The energy, environment, infrastructure, agriculture and high-tech sectors are all areas that continue to be of interest to US investors, she said. In fact, Cairo is soon to receive an agri- processing trade mission.
Another step aimed at boosting trade and investment between the two countries was the memorandum of understanding signed by US Secretary of Commerce Donald Evans and Egyptian Minister of Economy and Foreign Trade Youssef Boutros Ghali at the Commerce Department in Washington DC.
The memorandum provides the terms of reference for the establishment of the President's Council, which comprises business representatives from both countries. It aims at promoting dialogue between the two governments and their respective business communities. The previous council, formed during the tenure of former President Bill Clinton as part of the Mubarak- Gore initiative in 1994, expired at the end of his term. According to Williamson, the council's members need not be replaced. While Egypt is free to decide how the members of its part of the council are chosen, the US members are picked through an advertisement placed in the federal register, which ensures all businesses have the opportunity to apply. The council will be co-chaired by Evans and Ghali.
Williamson described Ghali's meeting with Evans as "excellent" and described the signing of the memorandum as a "landmark event." Ghali also invited Evans to attend the council's inauguration in Cairo. "We'll be looking for a date together," Williamson said.
Commenting on the status of the prospective free trade agreement that the Egyptian government and private sector have been pushing for, Williamson said the Bush administration is trying to get Congress to approve the Trade Promotion Authority, better known as "fast track." This authority would allow the administration to negotiate free trade area agreements as well as bilateral, multilateral and regional agreements, something it is unable to do at present. That explains why the US has fewer than seven trade agreements, while the EU has over 70. "We lose ground to our competitors by not being able to engage in these negotiations."
Although American reasons for the delay in starting FTA negotiations are homegrown, US officials have, nevertheless, on several occasions, pointed out areas that Egypt needs to work on to prepare for the prospective FTA. These include intellectual property rights, labour laws and environmental issues.
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