The mission of the American Chamber of Commerce in Egypt (AmCham Egypt) is to promote the development of trade and investment between Egypt and the United States. Since the launch of Egypt`s open-door policy and the signing of the Camp David Agreements in the late 1970s, the United States has been Egypt`s main trading and investment partner. Egypt and the United States have long been partners in friendship through open channels of diplomatic relations, reciprocal security interests, bilateral trade relations and development assistance. Since 1979, Egypt has received an average of $2 billion in economic and foreign military assistance annually from the United States, or just over $28 billion in total. It is the second largest recipient of foreign aid after Israel and stresses its importance to U.S. foreign policy. The liberalization of trade barriers has led to a steady increase in imports and exports for both countries, which correspond to the important economic reforms that have come into force since 2004. Changes in foreign direct investment and export growth in Egypt helped to bring GDP growth from 3.1% in 2002/2003 to a peak of 7.2% in 2007-08. The United States has helped modernize the Egyptian military and facilitate economic development, making it a greater regional force. In recent years, as the Egyptian economy has grown, U.S. policy has shifted from foreign aid to promoting trade relations. Several partnerships and agreements have been concluded to improve economic relations, foreign investment has stimulated growth and employment, and several free trade efforts have been launched to boost bilateral trade, including Egypt`s accession as a beneficiary of the United States` Generalized Preference System (GSP) and the creation of Skilled Industrial Zones (QIZ).
Egypt is an economic leader in the Arab world. It is not only a cultural, linguistic and geographical gateway to the Middle East and North Africa, it is also a regional export hub for companies seeking to enter surrounding countries such as MENA, sub-Saharan Africa and Europe. Egypt is also the most populous Arab country with an educated, technically experienced and multilingual workforce. Its economy is diversified; it produces and exports more than oil and gas like many of its neighbours. In addition, Egypt is strategically located on the Red Sea and operates the Suez Canal, which provides the United States with access to one of the world`s most important waterways, essential to its economic and military interests. U.S.-Egypt relations are characterized by reciprocal economic and security interests that advance on the path of cooperation. Bilateral trade ties continue to develop with the aim of concluding new agreements that liberalize trade and increase economic flows between the two sides. The system was originally based on a network of free trade agreements with individual protocols of origin.