Weekly Trade Spotlight: U.S.-Egypt Trade Relations
This week, United States Trade Representative Ron Kirk is traveling to Egypt to meet with government officials, business leaders and labor activists. This week's trade topic highlights America's trading relationship with Egypt.
In May of 2009, the United States and Egypt signed a Plan for a Strategic Partnership, with the goal of fostering increased bilateral economic cooperation, especially in regards to trade. Already, the United States and Egypt share a robust trading relationship; with $8.4 billion in goods being exchanged in 2008.
Today, the Egyptian economy is growing at over 4 percent, and Egyptian markets are an attractive destination for American exporters. One such exporter, a family-owned company in Haines, Florida, sells food processing machinery to Egypt. Another, a Massachusetts company, is exporting advanced cargo x-ray systems that will help to keep Egyptian ports safe. And 22 American companies are involved in the construction of an Ammonia Production Plant in the Suez Industrial Zone.
As a result of such endeavors, the United States in 2008 achieved a $3.7 billion trade surplus America with Egypt, an increase of $680 million from 2007.
Egypt is a country that is rich in history and wealthy in opportunity. Its economy is growing at a fast rate, and its ports at Nuweiba, Suez, and Alexandria are bustling. During his time in Egypt, Ambassador Kirk will explore ways to build upon and increase job-creating trade opportunities with this dynamic country.