President Obama arrived in Egypt 5 days ago on June 4 to deliver a much anticipated speech on global trade between the US and Middle East. Fostering bilateral trade and investment could benefit both nations and help stabilize political relations.
Egypt is striving to become a trade hub in the Middle East on the strength of its favorable geographic location, purchasing power, and consumer culture. The United States is stuck in the worst recession since the 1930's, worsened by sluggish consumer spending.
Put the two together and benefits will flow. "Egypt can offer US companies many advantages, including a large domestic market of almost 80 million consumers and Egypt's many bilateral trade agreements with almost all major world markets," said Rachid Mohamed Rachid, Egyptian minister of trade and industry.
Egypt is the 36th-largest export market for U.S. goods, totaling $6 billion in 2008, up from $5.3 billion in 2007. U.S. imports from Egypt were down 0.3% last year to $2.4 billion.
Secretary of State Hillary Clinton promised strong US backing to promote economic opportunity in Egypt. "I want to stress economic opportunity because out of it comes confidence, comes a recognition that people can chart their own future," she said.
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