The United States has committed 125 million dollars to a new economic cooperation agreement with Egypt. The deal is the first bilateral Strategic Objective Agreement for Advancing Mutual Prosperity between Washington and Cairo.
The agreement aims to strengthen economic cooperation by supporting initiatives across multiple sectors, according to an embassy statement from Cairo. It also seeks to expand opportunities for American businesses in the Egyptian market and encourage private sector growth.
Trade ties between the two nations continue to expand. Bilateral trade in goods and services reached an estimated 16.1 billion dollars, a 28.9 percent increase from the previous year, figures from the Office of the US Trade Representative showed.
Robert Silverman, the US Embassy Charge d’Affaires, spoke about the initiative at a ceremony held at the Ministry of Foreign Affairs. He was joined by Foreign Minister Badr Abdelatty and Deputy Foreign Minister Samar El Ahdal.
"I am proud to stand here today with Foreign Minister Badr Abdelatty and Deputy Foreign Minister Samar El Ahdal as we finalize this agreement," Silverman said during the event. He said the deal would generate economic growth and expand opportunities for companies across key sectors.
Those sectors include agriculture, food security, basic and higher education, healthcare, artificial intelligence, water security, innovation, and workforce development. The agreement also covers water management and infrastructure, according to the State Information Service platform.
Samar Al Ahdal, deputy minister of foreign affairs for international cooperation, expressed confidence that the accord would deepen ties. "I am looking forward to continuing our joint efforts in the times ahead, strengthening the bonds of our partnership while advancing our shared efforts toward prosperity," she said.
Nader Zaki, the Egyptian foreign ministry spokesman, stated that the agreement intends to support economic growth, create jobs, and improve public services through joint cooperation.
The signing ceremony drew several senior Egyptian officials. Finance Minister Ahmed Kouchouk, Supply and Internal Trade Minister Sherif Farouk, and Higher Education and Scientific Research Minister Abdel Aziz Qonsowa attended.
The new accord builds upon an existing framework for economic cooperation. Both countries have maintained a Trade and Investment Framework Agreement since 1999.
