Thursday، 30 March 2017 01:59 PM
The United States is the largest economic partner to Egypt since the late seventies, while Egypt ranked 52nd in the list of major US trade partners.
The volume of trade exchange between Egypt and America is estimated at $ 8 billion, $ 6 billion in American exports to Egypt, and $ 2 billion in Egyptian exports to America.
From January, 2010 to April, 2013, the volume of trade rose, especially in Egyptian exports, while it was not affected by the political and security events that the country witnessed in the past years.
In 2010, the volume of trade between the two countries reached $ 3586 million, including Egyptian exports that reached $ 1696 million. While in 2011 reached $ 8290 million, including Egyptian exports that reached $ 1819 million.
In 2012, the volume of trade hit about $ 7284 million, including Egyptian exports that reached $ 2009 million. Finally in the first quarter of 2013 it reached about $ 2230 million, including Egyptian exports that reached $ 423 million.
The Egyptian exports had increased the United States Qualified Industrial Zones System from $ 285.3 million in 2005 to $ 637.2 million in 2006, and from $ 688.9 million in 2007 and reached $ 558.8 million in the first , second and third quarters of the year 2008.
Egypt could export products for $ 2.171 billion to the United States, since the beginning of the QIZ Protocol in December 2004 until the end of September 2009. The geographical scope of the QIZ has been expanded twice, first to include the governorates of the Delta and the Canal, and the second in January 2009, to include the governorates of Beni Suef and Minya.
Oil and petroleum products represent the biggest portion of Egyptian exports to the US, especially in the period 2005-2006 reaching about $1 billion. They decreased 50% in 2011; rising up in 2012 to reach $1.6 billion.
Textile and clothes represent more than half of Egyptian exports to the US, reaching $1062 million in 2010, $1105 million in 2011, decreasing in 2012 to reach $921 million and standing in the last quarter of 2013 at $316 million.
Agricultural products and industrial machinery represent a largest slice of US imports to Egypt, where Egypt represents a largest market for US agricultural exports in the Middle East and North Africa.
Progress has been made in bilateral trade from 2000 to 2008, with a 267% increase in Egyptian exports and 180% in Egyptian imports from the United States.
The institutional framework governing the economic relations between the two countries is the Framework Agreement on Trade and Investment TIFA, which held its last meetings in Washington late November and early December 2005 at ministerial level (Minister of Trade and Industry and U.S. Trade Representative).
The Qualifying Industrial Zones (QIZ) Agreement between Egypt and the United States of America and Israel signed on December 14th, 2004.
Convention on Judicial Assistance on Criminal Matters between the Governments of the Arab Republic of Egypt and the United States of America.
Convention on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, between the governments of the Arab Republic of Egypt and the United States of America.
Convention on Agricultural Exports & Rural Incomes between the Arab Republic of Egypt and the United States of America.
Convention on the Strategic Objective of improving Health and Family Planning between the Arab Republic of Egypt and the United States of America.
Convention on the Reciprocal Promotion and Protection of Investments and the Supplementary Protocol between the Arab Republic of Egypt and the United States of America.
Convention on the Participatory Rural Appraisal and Planning between Egypt and the United States of America.
Cultural Agreement concluded between the United Arab Republic of Egypt and the United States of America.