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US Business Pushes For US-Egypt FTA,
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, May 02, 2012
The United States-Egypt Business Council of the US Chamber of Commerce has
held meetings with senior members of Congress to push for commencement of negotiations
on a US-Egypt free trade agreement (FTA).
The meetings, held together with representatives from the American Chamber
of Commerce (AmCham) in Egypt, highlighted the importance of expanding commercial
partnerships between the two countries, to help facilitate greater economic
stability in Egypt while boosting American exports to Egypt’s growing
market of over 80m consumers.
The Congressional representatives were led by Senator John McCain (R –
Arizona), who confirmed that, “given the historic partnership the US and
Egypt share, it is essential that we continue to expand our bilateral commercial
relations. By working towards this goal, we can begin to resolve the issue of
Egypt’s looming debt crisis while creating jobs for the Egyptian people
and our own citizens here in the US.”
Representatives from the AmCham delegation emphasized that simply announcing
that the US and Egypt plan to begin FTA negotiations would have a profound impact
on the confidence of foreign and domestic investors in Egypt’s marketplace.
The negotiation of an FTA between the two countries would go beyond previous
official indications that the initial step in encouraging additional bilateral
trade would include the seeking by both 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.
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