Finance

Egypt’s trade with the US increased by 13% ($5.61 billion) in 2017

Thursday, 01 March 2018 19:56

(Ecofin Agency) - The overall trade exchanges between Egypt and the US reached $5.61 billion in 2017. Compared to 2016’s volume which stood at $4.97 billion, this represents an increase by 13%, the Egyptian minister of trade and industry, Tarek Kabil (photo), revealed recently.

He also indicated that the items mainly exported to the US are ready-made clothes, textiles, fertilizers, iron, steel, vegetables, fruits, and hydrocarbons. While imports from the United States include mainly soybeans and civil aircraft.

 According to him, Egypt is the main gateway for US products to Africa and the Middle East, which has helped attract US investments to the country while the US market is a major destination for Egyptian products.

Trade relations between both countries should even be boosted, according to the Egyptian minister as the visit of President Abdel Fattah al-Sissi in Washington last year paved the way for a new era of political and economic relations between Egypt and the United States.

Moreover, the resumption of talks on the Trade and Investment Framework Agreement (TIFA), which is considered as an essential instrument to eliminate all trade barriers between both countries so as to improve their bilateral relations, should also boost the trade relations.



 
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