US diplomat lauds Sisi economic reforms

William Weinstein, Minister Counselor for Economic Affairs of the US Embassy in Egypt, has praised economic reforms under the leadership of President Abdel Fattah El Sisi, believing this is something positive.

Washington is working on trade and customs facilitation with Cairo, Weinstein said on the sidelines of a business conference with the North American Free Trade Agreement (NAFTA) that kicked off here Tuesday.

The diplomat talked about deep relations between the US and Egypt, noting that a number of American companies are still operating in the Egyptian market and supporting the Egyptian economy.

Washington is proud to financially support the Egyptian economy through private sector investments in the administrative and technical fields, Weinstein said.

The Egyptian economy has benefited from the Qualifying Industrial Zones (QIZ) agreement in increasing its exports to the US, he said.

The inauguration of the New Suez Canal, according to Weinstein, is also a good step and a big chance to expand in projects and increase services and investment opportunities.

He said his country appreciates and supports those steps.

Mexican Ambassador in Cairo Jorge Alvarez Fuentes said the volume of trade exchange among NAFTA members has exceeded that of the EU.

The economic output of the US and Mexico has increased, Fuentes noted.

Mexico is signatory to about 130 agreements to protect exchanged investments, the diplomat said, adding that politics also factor into those deals.

Today's meeting is organized by Global Trade Matters (GTM) with the aim to explore new opportunities for developing economic relations between Egypt and the three countries of NAFTA, namely Canada, Mexico and the US.

It is meant to encourage dialogue between the private sectors in Egypt and the NAFTA countries.

The NAFTA is an agreement signed by Canada, Mexico and the US to create a trilateral rules-based trade bloc in North America. The agreement came into force on January 1, 1994.