U.S.-Egyptian Free Trade Agreement Essay by Global Freelance

U.S.-Egyptian Free Trade Agreement
An analysis of the obstacles to free trade between the U.S. and Egypt, the opportunity for the U.S. and Egyptian companies under a free trade agreement, and a pragmatic political implementation strategy.
# 59934 | 2,350 words | 28 sources | MLA | 2005 | US

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Shortly after the terrorist attacks of September 11, 2001, President George W. Bush announced that the U.S. would strive to create a Middle East Free Trade Area (MEFTA) to promote economic development as a means of reducing poverty, thus eliminating a major source of anti-Americanism. However, the political stipulations attached to MEFTA have diminished the ability for its immediate creation. This paper shows that, instead, recent attention has been given to creating multiple, bilateral, free trade agreements, which will eventually agglomerate into MEFTA. Egypt has long been one of the closest Arab allies for the U.S. and is the most important political force in the Arab world. The paper explains that, without the creation of a bilateral free trade agreement with Egypt, the expansion of MEFTA is unlikely. That being said, creating a free trade agreement with Egypt is fraught with complications and equally endowed with opportunity. The issue remains contentious, yet practical, given the appropriate support. Most importantly, it offers an opportunity to redirect the course of Arab-American relations toward a more symbiotic course.

From the Paper:

"The paradox of Egypt, being one of the world's oldest civilizations, having relations with the world's newest global power, the United States, offers an intriguing respite in the arena of international affairs. In recent years, many countries have made mutually beneficial trade a top priority of their foreign policy. The General Agreement on Tariffs and Trade (GATT), the European Union (EU), the North American Free Trade Agreement (NAFTA) and others have all proven both the merit and the inherent dangers of free trade. While the industrialized regions of the world have taken the lead and reaped the early benefits of extended free trade, many developing regions, notably the Middle East have been neglecting the opportunity. Now, with the proposition of a United States-Egypt Free Trade Act, supported by President Bush's plan for a Middle East Free Trade Area and the existing US-Egyptian Trade and Investment Framework Agreement as well as precedent-making Free Trade Acts with other Arab countries, the possibility for a significant change in the economic relationship between the United States and Egypt is at hand. Hence, taking into consideration the gravity of the current circumstances of international affairs in the region in addition to the economic implications, the United States and Egypt should pursue a free trade agreement with provisions to make it mutually beneficial as a mechanism of development and benevolence."

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U.S.-Egyptian Free Trade Agreement (2005, July 08) Retrieved February 07, 2023, from https://www.academon.com/essay/us-egyptian-free-trade-agreement-59934/

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"U.S.-Egyptian Free Trade Agreement" 08 July 2005. Web. 07 February. 2023. <https://www.academon.com/essay/us-egyptian-free-trade-agreement-59934/>