The text of the following statement was released by the Governments of the United States of America and Egypt on the occasion of the 2024 U.S.-Egypt Joint Economic Commission.
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The second session of the U.S.-Egypt Joint Economic Commission (JEC) was held September 4-5, 2024, in Washington, D.C. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez led the U.S. delegation, and Assistant Foreign Minister for American Affairs Ambassador Dr. Sameh Aboul-Enein led a senior, multiagency Egyptian delegation. The JEC was first announced at the U.S.-Egypt Strategic Dialogue held in November 2021 in Washington, D.C., and the inaugural session took place in May 2023 in Cairo, Egypt. The JEC is built on a shared vision to promote bilateral economic cooperation, advance investment opportunities, and strengthen business ties. It demonstrates both countries' dedication to generating sustainable economic growth and productive bilateral investment for their mutual benefit.
The two delegations reaffirmed their commitment to broadening and deepening bilateral economic and commercial cooperation through disciplined economic reform and a strong private sector. Sessions focused on fostering economic growth and well-paying jobs, closer collaboration in digital transformation, and supporting Egypt’s energy security and transition to renewables. Participants shared ideas on increasing investment in their respective economies to provide increased economic opportunities for their people. The delegations agreed to follow up through diplomatic channels to promote rapid implementation of these commitments.
Key cooperative initiatives were advanced during the JEC sessions. These included the bilateral Investment Incentive Agreement aimed at unleashing investment from the U.S. Development Finance Corporation; a Methane Abatement Roadmap grant from the U.S. Trade and Development Agency to promote shared climate goals; and compliance with U.S. Federal Motor Vehicle Safety Standards aimed at transforming Egypt into a regional automobile export hub. Bilateral Trade and Investment Framework Agreement talks are scheduled for October 2024 in Washington, D.C.
Both delegations engaged in a government-to-private sector dialogue covering AI, digital transformation, conventional and renewable energies, investment infrastructure, and manufacturing with an emphasis on exploring private sector roles in economic growth.
In agreement with holding annual sessions of the Joint Economic Commission (JEC), it was decided that the third session will take place in Egypt in 2025.
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