US Congress to address draft of Egyptian-US free trade agreement

Arabic News

US Congress to address draft of Egyptian-US free trade agreement

Egypt-USA, Economics, 8/30/2005

The US Administration will put forward the draft to the Egyptian-US free trade agreement to the Congress by the end of the current year, Egypt’s Foreign Trade and Industry Minister Rashid Mohamed Rashid said.

Addressing Rotary Club members in Alexandria, Rashid said economic reforms in Egypt encouraged the US side to accept a beginning of negotiations on the matter.

The minister said indicators affirmed that economic reforms were going in the right direction.

According to the minister, the growth rate increased from 2.7 per cent in June 2004 to 4.7 per cent now.

During the same period company profits increased by about 90 per cent, exports by 30 per cent and tourism revenues by 18 per cent, the minister said.

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source: Arabic News