U.S.- Egypt Joint Economic Commission agree to foster cooperation in digital transformation, energy

CAIRO – 5 September 2024: The second session of the U.S.-Egypt Joint Economic Commission (JEC) was held September 4-5, 2024, in Washington, D.C., agreeing to foster their cooperation in several fields, most priorities are the digital transformation, energy security, and renewables.

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 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 of the JEC took place in May 2023 in Cairo, Egypt.

The JEC is built on the shared vision of both parties to promote bilateral economic cooperation, advance investment opportunities, and strengthen business ties. The JEC is a demonstration of the dedication of the United States and Egypt to bilateral economic cooperation that generates sustainable economic growth and productive bilateral investment for the mutual benefit of the Egyptian and American people.

The two delegations reaffirmed their shared commitment to broaden and deepen bilateral economic and commercial cooperation and held a constructive dialogue on the importance of disciplined, rigorous economic reform and a strong, innovative private sector to realize dynamic economic growth.

With sessions focused on fostering economic growth and well-paying jobs, seizing the opportunities for 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 and providing increased economic opportunities for their people. To this end, the delegations agreed to follow up through diplomatic channels to promote rapid implementation of the commitments reflected in these sessions.

The JEC advanced key cooperative economic initiatives, including the bilateral Investment Incentive Agreement (including taxation and regulatory treatment as set forth in the agreement), which would unleash investment from the U.S. Development Finance Corporation; the U.S. Trade and Development Agency’s Methane Abatement Roadmap grant to promote shared climate goals; and the U.S. Federal Motor Vehicle Safety Standards that are set to transform Egypt into a regional automobile export hub. The delegations committed to bilateral Trade and Investment Framework Agreement talks to be held in Washington, D.C. in October 2024.

Both delegations participated in a day-long government to private sector dialogue pertaining to AI, digital transformation, conventional and renewable Energies, investment, infrastructure, and manufacturing with a view to exploring the private sector’s role in economic growth.

In the spirit of ensuring the convening of the Joint Economic Commission on an annual basis, the delegations agreed that the third session of the JEC is to be held in Egypt in 2025.