Following Congressional approval of the Panama, Colombia, and South Korea trade agreements, USTR Representative Ron Kirk and Chamber President and CEO Tom Donohue laid out the next steps for the United States’ trade agenda.  They both agreed that Egypt has great potential for the U.S., with Tom Donohue citing Egypt as a possible new partner for free trade negotiations. 

We’ve all seen the headlines and the images of Tahrir Square on T.V. and recognize the historically important juncture our Egyptian partners find themselves in.  The United States has a vested economic and security interest in helping Egypt’s economy continue to grow and prosper during its time of political transition.

Economically, the country has a population of 80 million people, and is one of the most diversified economies in the region.  It is also geographically a strategic trading hub through the Suez Canal – factors that position it to serve as a trade and investment platform that will spur growth in the Middle East and the North Africa region. 

Moreover, the country has been named a top economic reformer for four out of the last seven years by the World Bank having made many positive reforms.  For these reasons, the Chamber, along with the U.S.-Egypt Business Council, submitted to the Office of the U.S. Trade Representative a Federal Register Notice calling for the United States to reengage the newly elected government to negotiate for a U.S.-Egypt Free Trade Agreement (FTA).  As the submission said, “The future prospect of an FTA with the United States would help define concrete goals for the new government as it continues to modernize, open its market, and develop its vision of Egypt’s role in the twenty-first century global economy.” The Chamber will also soon release a study it has done with the Center for Strategic and International Studies (CSIS) that details the benefits of a U.S.-Egypt FTA.

The Chamber’s efforts have attracted attention on Capitol Hill and in the administration.  Just last week a bipartisan resolution (H.RES.472) calling for a U.S.-Egypt FTA was introduced in the U.S. House of Representatives.

For more information on how Egypt can continue its reform efforts please check out two recent White Papers from the U.S.-Egypt Business Council on Intellectual Property and Trade Barriers.

To find out more about the U.S. Chamber’s efforts in the Middle East and North Africa region, please click here.