CAIRO: Egypt said on Tuesday night it was open for trade talks with the United States, citing its hurting economy and the desire for open markets with the world's largest economy. Minster of Industry and Trade Mahmoud Eissa said at a speech to the US Chamber of Commerce that his ministry was interested in discussing free trade agreements with the US in the hopes of bolstering the country's stumbling economy. “Let me emphasize that Egypt is still the most competitive business environment in the region, with a domestic market of 85 million people,” Eisa said. He added that his trip to Washington was part of the Egyptian government's continued efforts to assure investors that the country was pushing forward on business-friendly endeavors and wanted to maintain an openness as it inks a new constitution and holds presidential elections in June. “No change in policies. No change in anything,” Eisa said, referring to the country's economic agenda. It also comes as an International Monetary Fund (IMF) delegation was in Cairo to discuss with the government a possible loan to help ease the economic situation facing the country. A delegation from the International Monetary Fund (IMF) arrived in Cairo on Monday to reengage in talks on a $3.2 billion loan package setto aid Egypt in its deepening economic crisis. Monday's talks were a “positive start,” according to Egypt's planning and international cooperation minister Faiza Abu el-Naga. “We have asked the IMF for $3.2 billion in support,” he later told reporters. IMF representatives will return to Egypt in late January in order to continue talks on the terms of the loan. Officials in Egypt have hesitated to accept the loan due to reservations about borrowing from abroad. “I am not sure what we will expect from the IMF, but right now we need to move forward on efforts to ensure our economy can move forward,” Naga's office told Bikyamasr.com on Wednesday morning. However, as Egypt's economy continues to suffer through a period of political upheaval after the overthrow of the former Hosni Mubarak last February, authorities decided to return to the negotiating table. Loans from the Gulf States, which Egypt's military rulers had hoped to depend on in the absence of the IMF loan, have not come through as expected. Finance Minsiter Mumtaz al-Saeed announced his decision to return to talks last week. “The IMF has not formulated any special terms for aid to Egypt,” said al-Saeed, speaking to concerns that the loan package may come tethered to restricting political and economic conditions. Some fear the privatization and deregulation conditions traditionally tethered to IMF loans could revert the country back to failed Mubarak-era policies. The Supreme Council of the Armed Forces (SCAF), Egypt's interim ruling body has vacillated in its position on the loan through the appointment of three different finance ministers since rejecting the package last June. ** Sarah Sheffer contributed to this report. BM ShortURL: http://goo.gl/LgHFU Tags: Economy, featured, Trade, United States Section: Business, Egypt, Latest News, North America
