Activating the agreement of trade and investment with the United States

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Wednesday - 18 November 2015 - 12:47 AM

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Within the framework of the government's efforts to improve the investment climate, Tarek Kabil, Minister of Trade and Industry held a series of meetings initiated by a meeting with Dr. Saad Aljyoshy - Minister of Transport, and members of the trade facilitation network, in the presence of Ahmed Al-Wakil Chairman of the General Federation of Chambers of Commerce, and Dr. Magdy Abdulaziz, Chief of the Customs Authority, and Major General Atef Fiky Assistant  of Finance Minister for Information Technology, and Mr. Abu el qoumsaan  Advisor  of Minister of Trade, Engineer Alaa Abdulkarim Chairman  of Exports and Imports Control Authority, and a second Meeting With Egyptian members Of the Egyptian American Business Council chaired by Omar Mehanna, and a third with the Minister of Communications and Information Technology Engineer Yasser El Qaady.

 

 

 

During the meetings, Minister of Trade and Industry revealed a number of measures to improve the business environment, most notably he received an invitation from the US Trade Representative to start talks on activating the agreement for investment and trade between Egypt and America, Trade and Investment framework agreement which allows for free exchange of trade between the two countries, which consequently promotes common bilateral economic relations. It also encourages the establishment of investment partnerships between the private sectors of the two countries, particularly as the US market is one of the most important future markets for Egyptian exports.

 

 

In the trade network meeting the minister revealed that a plan for conversion to electronic network to exchange import and export documents between the Egyptian authorities concerned with foreign trade movement and there is a trend to develop a new system of legislation including laws and regulations governing the operations of exporting and importing in ports and customs.

 

 

 

 

In this context, Dr. Saad Aljyoshy , Minister of Transport that the Ministry  completed a one-stop procedures by 95% of the Egyptian ports and  still  authorities and other ministries have not included in the system in order to shift from paperwork to electronic documents for import and export.

 

For the meeting with the Minister of Communications he revealed that the two ministries signed protocol of co-operation for automating the mechanisms of linking the Ministry of Commerce and Industry with the governmental authorities in accordance with time plan will take a year and cost up to 19 million pounds and includes the implementation of infrastructure information network.

 

For his part, Minister of Communications confirmed that the trade and industry sectors, small and medium-sized enterprises are considered the backbone of the economy, therefore, the application of technological systems in dealing with these sectors will create an attractive environment for business and will provide necessary better service quality and speed, which contributes in implementing the country's plan to improve the national economy.