The US Agency for International Development’s (USAID) Trade Reform and Development in Egypt (TRADE) project, in partnership with the American Chamber of Commerce in Egypt (AmCham Egypt), signed a Memorandum of Understanding (MoU) on Thursday to enhance the enabling environment for trade and investment for AmCham members, as well as non-members, with special emphasis on increasing exports to the United States from Egyptian Small and Medium Enterprises (SMEs).
The MoU signing was part of a special meeting at AmCham with USAID Mission Director Leslie Reed where she updated AmCham Members about USAID’s strategy and activities in Egypt, USAID’s overall priorities, including climate change, COVID-19, corruption, and opportunities for private sector partnership.
The MoU sets forth the intentions of the two parties for increased collaboration, including the establishment of the U.S. Trade Resources Center to serve as Egypt’s information hub and training platform for exporting to the United States.
USAID TRADE will also provide technical support and expertise to AmCham Egypt in the design of a buyer facilitation service intended specifically for the U.S. market, and which helps create linkages that increase the export capabilities of AmCham Members.
Additionally, USAID TRADE will support and help advance AmCham Egypt’s ongoing policy advocacy efforts.
U.S. Ambassador to Egypt Jonathan R. Cohen said the U.S. government supports the government of Egypt in undertaking economic reforms to spur trade and investment and is committed to expanding the trade relationship between the United States and Egypt.
He added through this program, over the next five years, the United States aims to help small- and medium-sized Egyptian businesses increase exports by $225m, by supporting trade associations and streamlining customs processes.
USAID TRADE Chief of Party Rachid Benjelloun added this MoU, and the reaffirmation of cooperation and coordination that it represents will help us to advance trade relationships between Egypt and the US, catalyze Egyptian exports, and improve the trade and investment environment to the benefit of all businesses.
For his part, AmCham Egypt President Tarek Tawfik said that this partnership will further advance AmCham’s efforts to promote trade with the US, and shall assist in building linkages between Members and businesses and potential counterparts.
This alignment with USAID TRADE fits perfectly within AmCham’s objectives of expanding its services to support and serve both members and the wider business community.
He continued that an improved business environment would go a long way not just towards increasing Egyptian exports to the US but also to attracting more investment to Egypt.
Through this partnership, USAID TRADE and AmCham Egypt also aim to improve the trade and investment policy, and regulatory environment by assessing impediments facing businesses, and jointly drafting policy recommendations, as well as organizing high-level awareness sessions on specific topics.
