With each new day comes a new set of headlines from Egypt.  While much of the news out of the country represents progress, the reality is that a number of reports also represent the growing challenges to achieving a fully functioning democratic free market.  As the new democratically elected government continues to form itself and gain the respect and legitimacy awarded to it by the Egyptian people, the business community stands ready to actively engage the Egyptian government to ensure that the post-revolutionary Egypt is supported by a stable and vibrant economy, inclusive of the dreams and aspirations of all its people.

That is why the U.S.-Egypt Business Council (USEBC) hosted H.E. Dr. Mahmoud Al-Said Eisa, Egyptian Minister of Industry and Foreign Trade, at a luncheon at the U.S. Chamber today.  As Egypt continues its democratic transition, the Council is committed to do all that is possible to support more accountable governance in Egypt, respect for the rule of law, and broad-based economic growth and development that benefits all Egyptians.   In discussions at the luncheon, leaders of the USEBC stressed the importance of moving toward negotiation of a U.S.-Egypt Free Trade Agreement (FTA) as a critical component of deeper U.S. engagement with Egypt in the economic sphere.

This sentiment was captured a few weeks ago, when the Center for Strategic and International Studies, with the support of the Chamber, released a report titled “The Role of FTA Negotiations in the Future of U.S.-Egypt Relations.”  In it, author Meredith Broadbent wrote, “The United States should choose to offer a sound pathway to economic modernization and transparency, embodied by the reform commitments that would be required under a future FTA, during a time when Egyptians will be engaged in a debate on many of those issues.”

Egypt is the beneficiary of hundreds of millions of dollars in economic aid from the United States.  The reality is, however, that economic aid alone does little to facilitate greater market penetration and economic alliances between the U.S. and Egyptian private sectors. Not only would an FTA represent a gesture of goodwill to our Egyptian partners, but it could be a boon to both the U.S. and Egyptian economies, creating jobs for both nations.  At a time when our own economy hangs in the balance, it is essential that we explore all possible markets that could undergird our recovery. A new, unhampered trading partnership with Egypt could help reinvigorate our struggling manufacturing sector, and introduce a whole new consumer market for U.S. companies.  For this reason, an FTA with Egypt must be a top national priority.

I second the comments made by Dr. Eisa, who underscored both our nations’ close relationship at today’s event.  He said, “Egypt and the U.S. have historic relations, [and] I believe that this meeting is a strong demonstration of the goodwill of both our governments to align their visions.  Egypt is reshaping its future. We are extending our hands to our brothers and friends in the U.S. based on our longstanding relationship to help with Egypt’s short and long-term goals of development.”