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Wednesday, February 10, 2016

Egypt Ministry of Industry discusses opportunities to boost economic relations with USA

Egypt's Minister of Foreign Trade and Industry Tarek Qabil
(Image: Daily News Egypt)
Daily News Egypt- CAIRO: Minister of Industry and Foreign Trade Tarek Qabil discussed opportunities to enhance trade and economic cooperation with the US during a meeting with a delegation from the US state department.

The delegation was headed by David Thorne, senior advisor to the US secretary of state. Stephen Beecroft, the US ambassador in Cairo, also attended the meeting.

Egypt should work on expanding trade, especially by increasing Egyptian exports to the US market, Qabil said.
He further pointed out that he discussed some of the obstacles that limit the access of Egypt’s exports to the US market, particularly agricultural products and textile industries. He further discussed curtailing barriers to the shipment of cargo by air.

He further reiterated Egypt’s demands regarding the Qualifying Industrial Zones (QIZ) agreement, which include reducing the proportion of foreign component from 10.5% down to 8%, demanding that the US respond to these demands.

The demands also include expanding the range of benefits from the agreement through the introduction of new products in its framework.

Further, Thorne said the US is committed to encouraging investment and economic development in Egypt, as a means of strengthening bilateral relations, especially in the fields of finance, trade and investment.

He noted that the private sector in the US plays a vital role in the development of mutual relations between the two countries.