Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China September 24, 2016. REUTERS/Aly Song Container boxes are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China September 24, 2016. REUTERS/Aly Song

Trade exchange bet. Egypt, USA records $5.5B in 9 months

Mon, Nov. 18, 2019
CAIRO - 18 November 2019: Trade exchange between Egypt and the United States of America reached $5.508 billion during the first nine months of 2019, Minister of Trade and Industry Amr Nassar stated Monday.

Nassar added in a statement that Egyptian-American economic relations are strategic and are based on a long history of joint cooperation in various fields of trade, industry and investment.

During the period from January to April 2019, trade exchange between Egypt and the US hit $2.966 billion, up by about 25.7 percent from the same period of 2018, the Egyptian Commercial Office in Washington stated in July.

This came during a meeting with Deputy Assistant Secretary for Manufacturing at the U.S. Department of Commerce’s International Trade Administration Ian Steve, who is currently visiting Cairo at the head of a high-level delegation of officials of the US government and representatives of 110 American companies in various fields.

The meeting reviewed the results of Prime Minister Mustafa Madbouli's visit to the US capital in October, which included high-level meetings with a number of US officials and representatives of the financial sector, and officials of major US companies, according to the statement.

Nassar pointed to the importance of boosting the bilateral relations to unprecedented levels, especially in light of the keenness of the political leadership in both countries to enhance the prospects of joint economic cooperation.

The minister further called on the United States of America to participate in the workshop "Made in Africa", which will be hosted in Cairo this week, to review the opportunities to enhance the industrial cooperation between African countries and their various partners around the world.

For his part, Steve stressed the US administration's keenness to strengthen economic relations with Egypt, as the Egyptian market represents a distinct destination for the American capital and a major hub for the access of US products to the markets of the Middle East and Africa.

Furthermore, Steve praised the success of the economic reform program implemented by the Egyptian Government and lauded the goals achieved by the program that exceeded expectations.

He pointed out that the presence of such a large number of major US companies within the delegation reflects the great interest paid by US companies to the Egyptian market as well as the African market in light of the US initiative "Prosperity for Africa", which aims to strengthen US-African cooperation during the next phase.
 
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