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US, Egypt Agree To Develop Trade

30/01/2012    81

At a recent meeting, the United States Trade Representative Ron Kirk and Egyptian Minister
for Industry and Foreign Trade Mahmoud Eisa agreed to develop an Action Plan designed to
enhance further the already strong bilateral trade and investment relationship.
Kirk confirmed that the US stands ready to undertake a range of actions to support Egypt’s
economic growth, of which increased trade and investment will be a vital component. In turn,
Eisa underscored Egypt’s commitment to enhance the conditions for an economy based on,
for example, open markets, the rule of law and innovation.
The Action Plan will have three main objectives: boosting exports, expanding investment,
and supporting small and medium enterprises (SMEs), with a focus on stimulating job
creation. Individual elements of the programme could initially include cooperation in areas
such as increasing trade in goods, SME development and participation in trade, initiatives
to promote investment and services trade, trade facilitation and promotion, agricultural
trade, good regulatory practices, and protecting intellectual property rights and promoting
innovation.
The initial steps to achieve these objectives could include the seeking by the US and Egyptian
governments of an increase to Egypt’s duty-free exports to the US market under the US
Generalized System of Preferences programme. The US and Egypt will also cooperate
to identify Egyptian priorities for a US Department of Agriculture review of requests for
approval for the importation of Egyptian plant products.
In addition, to promote investment in the Egyptian market, it was decided that the US would
work with the private sector to promote investment in Egypt through business missions to
Egypt and organization of investment conferences. The US and Egypt will develop a joint
statement in which the US commits to promote the growth of investment and services in the
Egyptian market, Egypt confirms the openness of its market to international investment, and
both sides agree on shared investment principles.
To strengthen the SME sector in Egypt, the US will provide expertise to help SMEs in Egypt
participate more actively in international trade; establish SME business centers in Egypt to
foster development and provide services to SMEs; and provide Overseas Private Investment
Corporation financing to encourage lending by Egyptian banks to SMEs in Egypt.
January 27, 2012
Source: Tax News

At a recent meeting, the United States Trade Representative Ron Kirk and Egyptian Minister for Industry and Foreign Trade Mahmoud Eisa agreed to develop an Action Plan designed to enhance further the already strong bilateral trade and investment relationship.

Kirk confirmed that the US stands ready to undertake a range of actions to support Egypt’s economic growth, of which increased trade and investment will be a vital component. In turn, Eisa underscored Egypt’s commitment to enhance the conditions for an economy based on, for example, open markets, the rule of law and innovation.

The Action Plan will have three main objectives: boosting exports, expanding investment, and supporting small and medium enterprises (SMEs), with a focus on stimulating job creation. Individual elements of the programme could initially include cooperation in areas such as increasing trade in goods, SME development and participation in trade, initiatives to promote investment and services trade, trade facilitation and promotion, agricultural trade, good regulatory practices, and protecting intellectual property rights and promoting innovation.

The initial steps to achieve these objectives could include the seeking by the US and Egyptian governments of an increase to Egypt’s duty-free exports to the US market under the US Generalized System of Preferences programme. The US and Egypt will also cooperate to identify Egyptian priorities for a US Department of Agriculture review of requests for approval for the importation of Egyptian plant products.

In addition, to promote investment in the Egyptian market, it was decided that the US would work with the private sector to promote investment in Egypt through business missions to Egypt and organization of investment conferences. The US and Egypt will develop a joint statement in which the US commits to promote the growth of investment and services in the Egyptian market, Egypt confirms the openness of its market to international investment, and both sides agree on shared investment principles.

To strengthen the SME sector in Egypt, the US will provide expertise to help SMEs in Egypt participate more actively in international trade; establish SME business centers in Egypt to foster development and provide services to SMEs; and provide Overseas Private Investment Corporation financing to encourage lending by Egyptian banks to SMEs in Egypt.


Source: Tax News

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