Egyptian-U.S. ties

Not only was President Hosni Mubarak and his high-powered delegation's visit to the United States successful in the political arena but it was also successful in the economic field.

Its aim can be summed up in one phrase: upgrade the level of economic cooperation between the two countries so it is comparable with the distinguished level of the political relations between them.

The future development of Egyptian-U.S. economic ties means specific responsibilities on the U.S. side.

The first of these is to increase U.S. investments in Egypt, as it is not logical that they account for only four percent of the total foreign investments in the Egyptian economy.

The U.S. commitment will be tested in its support of the Egyptian economy through cooperation and not aid. The International Monetary Fund (IMF) will soon agree with the Egyptian government on the new economic reform program.

Accordingly, the IMF will raise funds for new investments and it is logical that the U.S., who has a big share in the IMF, will play a vital role in the process.

The desired U.S. commercial cooperation is as important as supporting the Egyptian economy through investments and joint ventures.

U.S. Vice President Al Gore vowed to pass legislation next October to exempt Egyptian exports from tariffs.

Such a step will pave the way to a signing of a free trade agreement between Egypt and the U.S., as in the case of trade relations between the U.S. on the one side and Turkey and Israel on the other.

Mubarak's visit to Washington has already created opportunities for economic cooperation between Egypt and the U.S. that exceed the financial aid arising from the successful partnership.

-- The Egyptian Gazette, Cairo