Cairo and Washington had to activate the Trade and Investment Framework Agreement (TIFA) towards enhancing trade and economic cooperation between the two countries, a U.S. State Department official said on Thursday.
He added that the implemented economic reformations have increased Egypt’s investment attraction
The official said on the sidelines of his meeting with the American Chamber of Commerce –Egypt’s (AmCham Egypt) door knock mission delegates in Washington.
Egypt and the United States did not take full advantage of the TIFA, since it was signed ten years ago, he added.
In July 1999, Egypt and the United States signed the TIFA in Washington, DC. The agreement establishes a framework to expand trade while resolving outstanding disputes between both countries. It has been a natural step towards negotiating a free trade agreement. The Egypt-U.S. TIFA enhances the bilateral economic relationship between the two countries and seeks to encourage and facilitate private sector contracts. The goal of the framework is to foster growth, create jobs, attract investment, improve technology, and lead to overall development.
The TIFA is a means to establishing effective protection and enforcement of intellectual property rights, create sustainable policies that support trade and environmental protection, and set up a means for worker rights, protection, and enforcement under the legal framework.
