On November 18, 2019, AmCham Egypt Governors Chairman Sherif Kamel stressed the need to take serious steps to sign the Egypt-U.S. free trade agreement. On the sidelines of his participation in the “American Forum for the Prosperity of American Egypt,” he insisted that there be a rapid movement, noting that the time was right for such an agreement, which would allow American exports access to African markets. 1. The United States Office of www.census.gov/foreign-trade/balance/c7290.html “Despite some obstacles, it is in the interest of both countries to move quickly and decisively toward a comprehensive free trade agreement.” 23. www.foreignpolicy.com/2019/06/26/ egypts-economy-isn`t-tanking-its-thrivingsisi-muslim-brotherhood-imf/. U.S. trade negotiators interviewed for the report repeatedly stressed that Egypt would have a “hard blow” to meet the requirements of the free trade agreement in the near future. The issue of timing has also been brought home, U.S.
trade policy is not in favor of trade liberalization by an overwhelming majority at the moment. However, it was also recognized that Egypt has, in many respects, been marked by a short straw in terms of timing, as delays have resulted only in more complex and demanding free trade agreements (attempts by the United States and the United Arab Emirates to obtain an exemption were halted in 2007 and still need to be resumed). He said that discussions between the two countries on the free trade agreement were in the best interests of both sides and recalled the strong strategic relations between the countries that date back more than 41 years. Al-Monitor spoke to Kamel about the free trade agreement. He pointed out that the volume of trade between Egypt and the United States amounted to $5.2 billion in 2019, which maintains the idea of creating a bilateral free trade area in the near future. He reiterated that the signing of the free trade agreement could take place by 2021 after the end of the negotiation process between the two sides. He stressed that Egypt, in preparation for the signing of the agreement, should present all the evidence and special titles in order to facilitate trade and customs procedures and facilitate bureaucratic complications. 29. Nihal Samir, “Russian investments in Egypt reach more than 8 billion dollars in the next 2-3 years: Ezz,” Daily News Egypt, 16 October 2018.
www.dailynewssegypt.com/2018/10/16/ Russian investments in Egypt within range of 8bn-to-2-3 years-2-3-ezz. Washington and Cairo have been in talks for more than two decades for a free trade agreement to varying degrees. However, an agreement has not yet been finalized. 9. Alia Mamdouh, Director of Macro and Strategy, Beltone Financial, Bloomberg interview (August 28, 2018) www.bloomberg.com/news/ videos/2018-08-28/egyptian-pound-toremain-stable-beltone-s-mamdouh-video says. 28. Netty Idayu Ismail and Ahmed Feteha, “Traders seeking refuge from volatility will find it in Egypt,” Bloomberg, August 15, 2018. www.bloomberg.com/news/ article/2018-08-15/traders-looking-forrefuge-from-volatility will-find-it-in-egypt. 5. “Al-Sisi, Xi Jinping sign five cooperation agreements between Egypt and China.” Daily News Egypt, September S, 2018.
ww.dailynewssegypt.com/2018/09/02/ al-sisi-xi-jinping-sign-five-cooperationagreements-between-egypt-china. The U.S. trade surplus with Egypt was $2.3 billion in 2019, down 9.4% ($242 million) from 2018. As has already been said, Egypt had made the mistake of dropping its African policy under former President Hosni Mubarak. President el-Sissi shows no signs that he is committing the same mistake; To date, he has visited Nigeria, Gabon, Tanzania, Rwanda, Chad, Sudan and Ethiopia. The country is a signatory to the African Continental Free Trade Agreement (AfCFTA) and is on the verge of doubling its exports to the continent.