CAIRO: The United States embassy in Egypt announced that it was looking to create duty-free access to the US market for a number of Egyptian companies and producers. According to a statement from the embassy, the Generalized System of Preference (GSP) program would enable Egyptian businesses to have access to the American market in an effort to boost business between the two countries. “Our goal is to help Egyptian businesses to increase and diversify their exports to the United States, using GSP and other programs, as a way to increase prosperity and employment in Egypt,” said US Ambassador to Egypt Anne W. Patterson at an event for Egyptian exporters in Cairo on January 9. “The United States will do all it can to help Egypt develop its private sector and reach its full economic potential, building a partnership based on mutual interest and mutual respect that is stronger than ever before.” The GSP program eliminates duties on over 3,400 products entering the US market from Egypt and other developing countries. In 2010, Egypt exported $51 million to the United States under the GSP program, including many agricultural and manufactured products. “The U.S. wants its trade preference programs to work for Egypt, helping Egypt's economy to grow,” said Deputy Assistant US Trade Representative Bill Jackson while visiting Egypt this week to help Egyptian companies benefit from the GSP program. “Our goal is to help Egyptian businesses to increase and diversify their exports to the United States, using GSP and other programs.” Egypt's economy is suffering dramatically since the fall of Hosni Mubarak in February of last year. Tourism is down and large sectors of the economy are suffering from continual political and social upheaval. BM ShortURL: http://goo.gl/NmMy4 Tags: Duty Free, Economy, featured, Trade, United States Section: Business, Egypt, North America
