Egypt, US deepen trade ties with bilateral Trade and Investment Council
The United States and Egypt have met under the bilateral Trade and Investment Council. The Council, established under the 1999 Trade and Investment Framework Agreement (TIFA), discussed ways to further expand fair and reciprocal trade and investment between the two countries.
The United States used the meeting to update Egypt on the Administration’s priorities on trade, including opening markets and enforcing trade rules.
The United States also underscored the importance the Administration places on deepening trade ties with countries in the Europe and Middle East region, including Egypt.
The Council acknowledged the importance of improving the overall private sector business climate facing U.S. and Egyptian companies. During the meeting, U.S. and Egyptian officials agreed to work together to address outstanding bilateral trade issues, including those related to market access, standards, labor, and intellectual property protection.
They agreed to devise wherever possible new ways to promote trade between the two nations. In 2016, the United States had a $2 billion goods trade surplus with Egypt. U.S. good exports totaled $3.5 billion, with top categories including machinery, mineral fuels, vehicles, aircraft, and electrical machinery.
U.S. goods imports from Egypt totaled $1.5 billon, with top categories including woven apparel, knit apparel, mineral fuels, carpets and other textile coverings, and art and antiques. In 2015, U.S. services exports to Egypt were $1.2 billion and U.S. services imports were $2 million.