The United States and Egypt this week firmed their commitment to strengthen bilateral trade between the countries.
That was conclusion of a meeting of the bilateral Trade and Investment Council, which was formed under the 1999 Trade and Investment Framework Agreement (TIFA) to discuss ways to further expand trade and investment between the two countries.
During the council meeting, the Office of the U.S. Trade Representative (USTR) updated Egyptian officials on the Trump administration’s priorities on trade, including opening markets and enforcing trade rules. U.S. and Egyptian officials also agreed to work on addressing outstanding bilateral trade issues, including those related to market access, standards, labor, and intellectual property protection.
According to USTR, the United States in 2016 had a $2 billion goods trade surplus with Egypt. U.S. goods exports totaled $3.5 billion, mostly led by machinery, mineral fuels, vehicles, aircraft, and electrical machinery. U.S. goods imports from Egypt totaled $1.5 billion, largely including woven apparel, knit apparel, mineral fuels, carpets and other textile coverings, and art and antiques.
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