With a growing population of over 85 million people, Egypt is an important market for U.S. products and services.  However, one year after the start of the revolution, Egyptians still endure extraordinary hardship in their struggle to stabilize the nation’s economy.  When the uprising began, Egypt had $37 billion in foreign reserves.  According to the Central Bank of Egypt’s published end-January figures, international reserves now stand at just $13 billion.  To make matters worse, the reserves are being depleted at a rate of over $2 billion a month.

Understanding the need to take corrective action to prop up the faltering economy, the U.S. Chamber, the U.S.-Egypt Business Council (USEBC), and the American Chamber of Commerce in Egypt teamed up to host a day-long conference in Cairo regarding supply chain opportunities.  The conference, intended to highlight the important U.S.-Egypt economic relationship, was attended by more than 650 participants that included CEOs and a delegation of five U.S. Senators, including Senators John McCain (R-AZ), Lindsey Graham (R-SC), John Hoeven (R-ND), Richard Blumenthal (D-CT), and Jeff Sessions (R-AL). 

I had the privilege to attend yesterday’s conference where the Senators, along with U.S. Ambassador to Egypt Anne Patterson, were provided a platform with key private sector representatives to address the continued need for expanded U.S.-Egypt commercial ties.  The conference furthered our national interest to facilitate expanded economic ties by making the investment process easier for U.S. companies.
 
The successful post-revolution transition of Egypt is important to the United States given the country’s role in maintaining regional stability and peace. However, a successful democratic transition can only be consolidated by improved economic stability, as Sen. McCain noted in his remarks at the conference when he said “the success of Egypt’s political transition depends on its economic success.” 

That is why earlier this month, the Chamber and the nonpartisan Peterson Institute for International Economics released a policy brief titled Debt Relief for Egypt. The report’s findings concluded that the U.S. must assume a leading role in helping Egypt to chart its new economic course.  These findings are further bolstered by a Center for Strategic and International Studies Report supported by the Chamber that advocated the goal of negotiating a U.S.-Egypt Free Trade Agreement (FTA).  By providing Egypt debt relief and negotiating a FTA, we can support a strategic ally while also realizing the benefits of U.S. private sector expansion in Egypt, specifically more jobs and a stronger economy.