Reengaging Egypt: Options for US-Egypt Economic Relations [NOOK Book]

Overview

President Barack Obama has given high priority to launching a new Middle East initiative and reviving peace talks. Special envoy George Mitchell has been tasked with forging a new US policy that contributes to regional stability and economic development. The time is ripe for the United States to supplement its diplomatic strategy with a Middle East economic development strategy. Enhancing economic relations with Egypt is an essential component of such a strategy. In this study, Barbara Kotschwar and Jeffrey J. ...

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Reengaging Egypt: Options for US-Egypt Economic Relations

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Overview

President Barack Obama has given high priority to launching a new Middle East initiative and reviving peace talks. Special envoy George Mitchell has been tasked with forging a new US policy that contributes to regional stability and economic development. The time is ripe for the United States to supplement its diplomatic strategy with a Middle East economic development strategy. Enhancing economic relations with Egypt is an essential component of such a strategy. In this study, Barbara Kotschwar and Jeffrey J. Schott assess the commercial relationship between the United States and Egypt and recommend constructive initiatives in the areas of services, trade facilitation, and development cooperation to enhance the economic partnership.

Kotschwar and Schott argue that reengaging Egypt will require an economic strategy that builds upon but goes beyond past bilateral initiatives. The "traditional" approach of negotiating a free trade agreement (FTA)-on the backburner since late 2005-is not a practical option in the near term, given the lingering effects of the global economic crisis and the continuing divisions in US trade politics. However, an FTA should remain on the medium-term bilateral agenda. In the interim, the authors suggest other actions that could be implemented sequentially or concurrently: (1) measures to liberalize bilateral trade, including expanding the qualifying industrial zones program, modernizing the bilateral investment treaty, and negotiating a bilateral services trade agreement; (2) measures to facilitate trade, such as customs reform and modernization and new intellectual property legislation; and (3) reforms designed to improve Egypt's business environmentand Egyptian participation in programs funded by the Millennium Challenge Corporation. Revitalizing US-Egypt economic relations would open new trade and investment opportunities, help anchor and advance Egyptian reforms, and create important precedents for new regional initiatives.

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Product Details

  • ISBN-13: 9780881325058
  • Publisher: NetLibrary, Incorporated
  • Publication date: 2/15/2010
  • Series: PA 90
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 4 MB

Meet the Author

Jeffrey J. Schott is a senior fellow at PIIE. Since January 2003, he has been a member of the Trade and Environment Policy Advisory Committee of the US government. He is also a member of the Advisory Committee on International Economic Policy of the US Department of State. Schott is the author, coauthor, or editor of several books on trade, including Trade Relations Between Colombia and the United States (2006), NAFTA Revisited: Achievements and Challenges (2005)- a "Choice Outstanding Academic Title" in 2006, and Free Trade Agreements: US Strategies and Priorities (2004).
Barbara Kotschwar, research associate at PIIE, has been an adjunct professor of Latin American Studies and Economics at Georgetown University since 1998. She was the chief of the Foreign Trade Information System (2000-2007) and senior trade specialist (1996-2007) at the Organization of American States. She was coeditor of Trade Rules in the Making: Multilateral and Regional Trade Arrangements (1999) and e Andean Community and the United States: Trade and Investment Relations in the 1990s (1998).
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Table of Contents

Preface ix

Acknowledgments xiii

1 Introduction 1

2 Current State of Trade and Investment Relations 9

Evolution of US-Egypt Trade Initiatives: From Aid to Trade? 10

Egypt's Market Reforms: Enhancing Access and Bolstering Competitiveness 23

Remaining Challenges: The Future Agenda 38

3 Moving Forward: Options to Enhance Economic Relations 45

Enhancing Market Access in Goods: Expanding the QIZ 46

Stimulating Services Trade through a US-Egypt Services Trade Agreement 58

Modernizing the Bilateral Investment Treaty 67

Cooperation on Trade Facilitation Measures 72

Cooperation to Enhance Egypt's Trade Capacity: Infrastructure, Education, and Beyond 82

4 Summing Up 97

Appendix A Comparison of US Bilateral Investment Treaties with Uruguay and Egypt 105

Appendix B Do Bilateral Investment Treaties Increase Foreign Direct Investment? 111

References 117

Timeline of Key Events in US-Egypt Economic Relations 123

Index 131

Tables

1.1 Selected indicators for countries in the Middle East and North Africa 4

2.1 US trade and investment with MENA countries, 2008 11

2.2 US and Egyptian trade relations with MENA countries 14

2.3 Top 25 US imports from Egypt entering under the GSP program in 2008 16

2.4 US imports from Egypt: QIZ and total imports, 2005-08 21

2.5 Top 20 US imports from Egypt, 2000-08 24

2.6 US exports to Egypt, 2000-08 28

2.7 Egypt's top export destinations, 2000-08 32

2.8 Egypt's top sources of imports, 2000-08 33

2.9 Doing Business rankings for MENA countries, 2009 39

2.10 A. T. Kearney Global Services Location Index, 2007 40

3.1 Top 20 developing-country US apparel suppliers: Labor costs andmarket access, 2008 48

3.2 Egypt's revealed comparative advantage (RCA) index by HS section, 1996-2007 52

3.3 Top 20 US imports from Egypt produced under qualifying industrial zones, 2005-08 56

3.4 US imports of men's or boys' trousers, bib and brace overalls, breeches and shorts of cotton, not knitted or crocheted, 2004-08 57

3.5 Reliability and availability of infrastructure services: Electricity 63

3.6 Reliability and availability of infrastructure services: Telecommunications and water 64

3.7 US direct investment position abroad (historical-cost basis), 2008 68

3.8 Greenfield investment in Egypt from the European Union and the United States, 2003-08 70

3.9 Logistics Performance Index (LPI), 2007 74

3.10 Customs constraints 76

3.11 Transparency indicators 81

3.12 Egypt's scores on MCC indicators, 2005-08 85

3.13 Millennium Challenge Compact countries and projects 87

3.14 Infrastructure indicators, 2009 89

3.15 Education indicators, 2009 92

3.16 Gender equity in education indicators, 2009 93

Figures

2.1 US exports to and imports from Egypt, 1998-2008 10

2.2 US economic assistance to Egypt, FY2000-FY2009 12

2.3 US imports from Egypt: Role of GSP and QIZs, 1989-2008 18

2.4 US textile and apparel imports from Egypt, 2000-08 22

2.5 Egypt: Foreign direct investment stock and flows, 2000-07 35

2.6 Egypt: Foreign direct investment flows in the petroleum versus nonpetroleum sectors, 2004-08 35

2.7 US foreign direct investment position in Egypt (historical-cost basis), 1994-2007 36

2.8 Egypt's trade as a percent of GDP, 1990-2007 37

2.9 Egypt: Annual GDP growth, 1990-2009 37

2.10 Inflation in Egypt, 1990-2009 42

3.1 US imports from Egypt, 2000-08 47

3.2 Intellectual property protection in MENA countries, 2009 79

Box

2.1 The qualifying industrial zones (QIZ) program: Jordan's experience 19

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