Trade and Investment are considered main engines for growth and development especially for developing countries, LDCs and economies in transition through promoting productive employment, decent job opportunities, reducing poverty, transfer of technology, as well as new business and management models and increasing global demand. It's worth noting that almost all the global documents on promoting sustainable development and economic growth, the most important of which are "The 2030 Agenda for Sustainable Development" and "Addis Ababa Action Agenda of the Third International Conference on Financing for Development", recognize this vital role of trade and investment to enhance global efforts to effectively realize the sustainable development goals.
The important role of trade and investment is further highlighted in the current context of global economic slowdown and the continuous downward revision of forecasts for world economic growth. Trade and investment are considered key instruments to reenergize world economy, achieve the 2030 development agenda and realize the G20 goal of lifting the GDP of its member countries by an additional 2% by 2018.
Egypt efforts to enhance trade and investment:
Egypt recognizes the strong correlation between trade and investment and their essential role to realize economic recovery and sustainable and inclusive development on the national, regional and global levels.
In light of the important role of trade and investment, Egypt launched various initiatives to enhance foreign trade and attract foreign investment on its endeavor on achieving economic recovery, the most important of which are:
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The establishment of the COMESA-EAC-SADC Tripartite Free Trade Area "TFTA" that comprises 26 African countries into the largest economic bloc in the continent, representing half of Africa's GDP and 56% of its population, and considered an indispensable step to establish the continental FTA. The TFTA will provide significant opportunities for foreign and regional investment that will benefit from an improved regional trade regime through the elimination of overlapping trade regimes and other tariff and non-tariff obstacles to attract FDI.
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Launching different mega investment projects that have a strong developmental dimension and represent significant profitable opportunities for FDIs with the objective of attracting $10 billion foreign investment by the end of the current year in numerous fields, like the Suez Canal Area Development project, The Golden Triangle project in Upper Egypt that is rich in mineral resources, North Coast development project, the new administrative capital, the reclamation of 1.5 million acres, Besides other promising investment opportunities in renewable energy, road networks, and other fields.
- Providing a competitive business climate and introducing incentive packages to encourage foreign investment, linked to Egypt's economic and social development plans and priorities, like developing the unified investment law and the continuous tax and subsidy reform.
Egypt priorities at the Trade and Investment track:
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Improve the Multilateral Trading System (MTS) to promote a universal, open, transparent and predictable trading system. This entails guaranteeing the consistency between regional trade agreements and the MTS under the WTO (that the RTAs complement, not substitute, the MTS). This implies the following:
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The full and successful implementation of the Doha Development Agenda (DDA) which addresses to a large extent the development concerns of developing countries and LDCs through enhancing the flexibilities granted to these economies in implementing their commitments according to the WTO agreements, implementing provisions concerning the Special and Differential Treatment for developing countries and LDCs and "Duty- Free Quota-Free" market access for products originating from LDCs.
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The successful conclusion of the Nairobi Package adopted at the tenth ministerial conference of the WTO, especially the decisions in favor of LDCs, and those related to areas of significant importance to developing countries like public stockholding for food security purposes, Special Safeguard Mechanism, agriculture and e-commerce.
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Enhancing the integration of developing and least developed economies in world trade mainly through improving the market access conditions for their products and increasing their value addition and participation in value chains.
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Ensure
global investment governance in light of the existence of diverse bilateral and multilateral investment agreements and enhance cooperation and coordination in developing global investment policies so as to strengthen the International Investment Agreements Regime "IIA Regime".
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Increase foreign investment to Africa and other developing and least developed economies especially in developmental national projects, labor intensive projects and in fields with productive capacity so as to increase their production and export base.