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1997 Country Reports
On Economic Policy and Trade Practices

Department of State report submitted to the Senate Committees on Foreign Relations and on Finance and to the House Committees on Foreign Affairs and on Ways and Means, January 1998.

1/ Except as noted, all figures are for Egyptian fiscal years 1994/5; 1995/6 and 1996/7 running from July through June. Primary sources are Egyptian and U.S. government data and IMF international financial statistics.
2/ Bilateral trade figures are based on calendar years.
3/ Aid figures are based on calendar years.

1. General Policy Framework

Egypt continues to institute reforms to reduce the State's role and increase reliance on market mechanisms. In 1991, Egypt lifted most foreign exchange controls, unified the exchange rate, instituted a sales tax, reduced the budget deficit, freed interest rates and began financing the deficit through Treasury bill auctions. In the last five years, a stable Egyptian pound (LE) exchange rate against the dollar and high interest rates have prompted dedollarization and fed a steady growth in the money supply. In early 1996, following the creation of a new government , Egypt entered a critical new phase of economic reform. The new Cabinet is focusing on improving Egypt's export competitiveness, liberalizing its trading regime, encouraging the private sector, eliminating obstacles to doing business in Egypt and improving Egypt's investment climate. The Cabinet continues to enjoy broad-based support among Egyptian businessmen and positive reviews from international observers.

In 1993, the 314 public sector enterprises were organized into 17 holding companies, which are permitted to sell, lease or liquidate company assets and to sell government-owned shares. According to government estimates, the state enterprise sector's book value amounts to LE 90 billion ($27 billion). Egypt's commitment to privatization is repeatedly affirmed by government top officials who seem to be convinced that reform is the right policy and committed to push the process through. Nevertheless, its international credibility as a willing seller could be weakened by the significant slow down in the privatization program in 1997. In January 1997, the government announced its plan for the year: to privatize 33 companies through anchor investor sales and 12 companies in initial public offerings (IPOs). Only 28 companies were sold in 1997.

A sluggish stock market through much of 1997 contributed to the slowdown in IPO sales. For example, three second tranche offerings of previous IPOs failed in the third quarter of 1997. It was only when the downward trend of the stock market had bottomed out later in the year that the GOE was able to proceed with IPO sales. The fourth quarter saw the pace of privatization speed up, perhaps fueled by GOE keenness to maintain the international credibility of the economy in the aftermath of Luxor incident. Out of the 28 companies privatized in 1997, 16 companies have been privatized in the fourth quarter. This brings the number of firms that have been privatized up to 70 out of 314 public enterprises and the balance of sales proceeds to LE12.6bn.

To date only 10 companies have been sold to anchor investors (AI). Problems encountered with AI sales seem to have inspired the GOE to proceed further with privatizations, even when the possibility of a successful IPO is remote. The GOE should be encouraged to continue to consider the AI option, where appropriate, as it can yield the benefit of a rapid transfer of technical and managerial expertise. Better information and a more transparent privatization process could help alleviate the public's unease with AI sales, as well as boost international investor confidence.

The GOE has made recent progress in removing some of the hurdles to the privatization program, such as in the areas of valuation and pricing of public enterprises. The GOE has been keen on raising disclosure and reporting standards to international levels. Plans to restructure 80 troublesome public enterprises have been announced. International firms will be called to acquire stakes in public enterprises and take over management. Late in 1997 the GOE announced that Egypt Telecom will be changed into a joint stake company as a step toward its privatization. The same approach will be applied to electricity generation companies which are set for merger and then privatization. The 1998 program includes the sale of 50 public enterprises. The GOE is also opening to the private sector key areas to the private sector key areas long owned by the public sector as a matter of national interest. These include sectors like maritime services, telecommunications and major infrastructure projects. Meeting these ambitious targets will be a real challenge for the GOE.

While these policies are encouraging, considerable work still needs to be done to foster the growth of private sector. For example, local and overseas businessmen continue to site pervasive red tape as a barrier to investment and economic growth. Although most commodity import bans were eliminated in 1993, key areas of domestic industry remain protected by relatively high tariff rates. With some exceptions, Egypt's maximum tariff stands at 50 percent, with a trade weighted average of 17 percent in 1996.

The United States is Egypt's largest supplier, with 1995 exports to Egypt nearing $2.9 billion. Approximately $200 million worth of exports are financed annually through USAID's Commodity Import Program, $800 million through various USAID projects and about $165 million under Department of Agriculture programs (GSM 102). A substantial portion of the $1.3 billion in U.S. military assistance finances U.S. exports to Egypt.

2. Exchange Rate Policy

In November 1991 Egypt adopted a free market exchange system subject only to Central Bank buying and selling intervention. High interest rates and stable exchange rates have stimulated large capital inflows and dedollarization of the economy. Central Bank foreign exchange reserves stand at a substantial $20.4 billion. New inflows are concentrated in short-term deposits and Treasury bills, but medium-term corporate issues and Treasury bonds are now also being offered. In June 1996, the Parliament passed a bill amending the banking law that allows foreign ownership in joint venture banks to exceed 49 percent, thus encouraging greater competition. In July 1996, another bill eliminated one of the articles of Foreign Exchange Law 39/1994 that placed a restriction of five years on the repatriation of Egyptian real estate sale proceeds owned by foreigners residing outside Egypt.

Exchange rate stability and the sharp increase in the availability of hard currency should increase opportunities for U.S. exports to Egypt.

3. Structural Policies

The Egyptian government freed all industrial prices with the exception of pharmaceuticals, cigarettes, rationed sugar, and rationed edible oil. It still subsidizes mass-consumption of bread, which stimulates demand for U.S. wheat. The government has shown no sign of relaxing price controls on pharmaceutical products, which are administered inflexibly and hinder U.S. and other foreign pharmaceutical sales. While energy, transportation and water prices are expected to remain administered, price increases have brought domestic petroleum product prices to about 88 percent of international prices and electricity prices to about 77 percent of long-run marginal costs. (the exact figure remains in dispute between the World Bank and the government.) The government is also in the process of deregulating the cotton sector and reactivating the cotton exchange.

Effective October 1, 1996, Egypt again reduced tariffs across the board by 10 to 15 percent, lowering the maximum tariff from 70 percent to 55 percent. the maximum tariff was further reduced to 50 percent in July 1997. Another round of cuts in august 1997 lowered rates on a number of selected capital and consumer goods. rates went from 30 percent to 5 percent on computer software, from 30 percent to 15 percent on various processed foods, and from 35 percent to 10 percent on gold jewelry.

Egypt instituted a general sales tax (GST) in May 1991, but the tax is currently applied to importers and manufacturers only. Fear of social unrest has made the government reluctant to develop the GST into a full value-added tax. Taxes on certain consumer goods (alcoholic and soft drinks, tobacco and petroleum products) not integrated in the GST were raised and progressively converted to ad valorem taxes. A unified income tax has been adopted which reduces marginal tax rates, simplifies the tax rate structure, and aims to improve administration of tax policy.

4. Debt Management Policies

In early 1991, official creditors in the Paris Club agreed to reduce by 50 percent the net present value of Egypt's official debt, phased in three tranches of 15, 15 and 20 percent. Release of the three tranches was conditioned on successful review of Egypt's reform program by the IMF. At about the same time, the United States forgave $6.8 billion of high-interest military debt. As a result, Egypt's total outstanding medium- and long-term debt has declined to about USD 31 billion, and debt service payments have been reduced from 46 percent of export earnings to around 10 percent. Egypt has cleared up its arrears to Paris Club creditor countries and is committed to remaining current on its Paris Club payments. The reduction in Egypt's debt service bill has helped it reduce dramatically the budget deficit, create macroeconomic stability and build a high level of reserves.

In 1996, Egypt began a new round of discussions with the IMF. In October 1996, the two sides agreed to an ambitious package of structural reform measures through 1998, and the IMF approved a USD 291 million Precautionary Stand-By Agreement for Egypt. Given the success of its economic policies, Egypt has not had to draw on this facility. The arrangement with the IMF paved the way for the release of the final $4.2 billion tranche of Paris Club relief, reducing Egypt's annual debt servicing burden by $350 million.

5. Significant Barriers to U.S. Exports

Egypt participated in the Uruguay Round negotiations and became a member of the World Trade Organization in June 1995.

Import barriers: U.S. exports face a number of import barriers, such as high tariffs and quality control requirements that discriminate against imports. In 1996, Egypt's new prime minister reaffirmed the country's commitment to an economic reform program, supported by the IMF and the World Bank, to liberalize Egypt's highly centralized and regulated economy. Egypt does not require import licenses. For food and non-food imports that have a limited shelf-life, the government mandates that they should not exceed half the shelf-life at time of entry into Egypt. The importation of commodities manufactured using ozone-depleting chemicals is prohibited.

Services barriers: The Egyptian government runs many service industries either partially or entirely, including airports and ports. However, private firms dominate advertising, accounting, car rental and a wide range of consulting services. Egypt participated in the December 1997 WTO financial services negotiations and is currently modifying laws and regulations in accordance with its commitments.

Banking: Since March 1993, Egypt has allowed existing foreign bank branches to conduct local currency operations. Two U.S. bank branches have received licenses to do so. Foreign brokers are permitted to operate in the Egyptian stock exchange. In June 1996, the parliament passed a bill amending the banking law and allowing foreign ownership in joint venture banks to exceed 49 percent, thus encouraging greater competition. While committee to privatizing one of the nation's four national banks (which dominate the market with more than 70 percent of deposits), the GOE missed its objective of identifying by the end of 1997 which bank is to be privatized. An amendment to the banking law must be passed in order to allow the privatization of a national bank.

Securities: international investors are permitted to operate in the Egyptian stock market largely without restriction. Several new entrants, including U.S. and European firms, have established or purchased stakes in brokerage firms in 1997.

Insurance: A law passed in 1995 permits foreign companies to hold a minority stake in Egyptian insurance companies. Foreign firms may also operate as majority share holders in the free trade zones and in reinsurance, neither of which is likely to prove attractive to foreign investors. Four public-sector companies (one of which is a reinsurance company) dominate the market. There are five private sector insurance companies, three of which are joint ventures with U.S. firms. Two of the joint ventures are operating in the free zones. Effective January 1, 1998, foreign insurance companies can operate in Egypt with up to 100 percent ownership. In the WTO financial services negotiations, the U.S. asked Egypt to eliminate the economic needs test in life, health, and personal accident insurance in the year 2000, and non-life insurance in the year 2002. the U.S. also asked Egypt to delete a proposed limitation on market access for life, health, and person accident insurance: The U.S. further requested Egypt to consider making insurance brokerage commitments, at least on a phased-in basis, by 2002 or 2003.

Telecommunications: Egypt has begun to open its telecommunications market to international participation by negotiating large build-own-operate-transfer (BOOT) contracts with U.S. and other foreign companies. These contracts include fixed line and equivalent services as well as pay telephones. The former ARENTO (Arab Republic of Egypt National Telecommunications Organization), which became known as telecom Egypt in 1997, is also preparing to spin off mobile telephone operations to a new company or companies with some private ownership. Mobile telephone became available in Egypt in November 1996 and demand is high. Egypt was not a signatory to the WTO Basic Telecommunications Agreement concluded in February 1997 and was not involved in the negotiations. Improvement in telecom Egypt procurement procedures and the overall regulatory framework of the multi-billion dollar Egyptian telecommunications market would help ensure that U.S. firms can compete fairly.

Maritime transportation: maritime transport lines have in recent history been operated as a government monopoly. As of January 6, 1998, this changed when the Egyptian parliament passed a law allowing private ownership of maritime transportation companies. Inefficient state run ports and airports have imposed heavy costs on the Egyptian economy, constituting a barrier to increased trade and investment.

Standards, testing, labeling and certification: Many items removed from the ban list, including meat, fruits, vegetables, household appliance, and transformers, were added to the list of commodities requiring inspection for quality control before importation. Agricultural commodities have been increasingly subject to quarantine inspection, so much so that some importers have begun scheduling pre-inspection visits to the U.S. to facilitate import procedures upon arrival in Egypt. In August 1994, five more items were added to the list, which now consists of 131 items, including foodstuffs, spare parts, construction products, electronic devices, appliances, and many consumer goods.

Although Egyptian authorities stress that standards applied to imports are the same as those applied to domestically-produced goods, importers report that testing procedures for imports differ, and that tests are carried out with faulty equipment by testers who often make arbitrary judgments. Five Egyptian ministries or agencies make rules for agricultural imports and issue permits: Agriculture, Health, Economy, Industry, and Scientific Research. The rules conflict with international practice. For example, the Ministry of Health's regulations for labeling processed food conflict with those of the ministry of industry.

Further, Egypt sets the shelf life of processed foods by regulation, as opposed to the standard international practice of allowing producers to determine the life of their product. Early in 1994, the government decreed that (mainly food) products entering Egyptian ports must have 50 percent or more of their shelf life remaining. Egyptian shelf life standards ignore quality differences between producers and often have been established without scientific basis. An August 1994 decree extended shelf life standards to certain non food imports, such as syringes and catheters.

Product specification also can be a barrier to trade. For example, Egyptian standard no. 1522 of 1991 concerning inspection of imported frozen meat requires that meat imported for direct consumption contain no more than seven percent fat, a level virtually never reached in premium beef exports. Sales of up to $2 million of high quality U.S. beef annually have been jeopardized. Egypt has not yet developed clear standards for determining if imported poultry parts are derived from poultry slaughtered according to Islamic rules. Once these standards are in place, Egypt will lift the ban on imports of poultry parts. The U.S. is currently challenging these standards in the WTO committee on agriculture.

Decrees recently issued by the Ministries of Trade and Supply and Agriculture are expected to have an immediate and detrimental effect on U.S. exports of meat and poultry to Egypt, unless current efforts to have them modified or rescinded are successful. For example, the decree issued by the Ministry of Trade and Supply requires, inter alia, that the name and address of the Egyptian importer be included on the label which must be inserted in each package. That information often is not available at the time the product is packed. The decree signed by the Minister of Agriculture, but not yet in effect, would require Egyptian importers to cover the cost of pre-inspection at site of all consignments destined for the Egyptian market, a cost that importers who deal in small quantities will not be able to afford.

All imported goods are required to be marked and labeled on each package in Arabic with the brand and type of the product, country of origin, date of production and expiry date, and any special requirements for transportation and handling of the product. An Arabic-language catalog must accompany imported tools, machines and equipment. Although standards for vehicles are still lacking, the government mandates that cars imported for commercial purposes must be accompanied by a certificate from the manufacturer stating that they are suited for tropical climates.

Investment barriers: under the 1992 U.S. - Egypt Bilateral Investment Treaty (BIT), Egypt is obliged to maintain critical elements of an open investment regime, including national and MFN treatment of foreign investment (with exceptions limited by the treaty), free financial transfers, and international law standards for expropriation and compensation. Moreover, the BIT establishes procedures for U.S. investors in Egypt to enforce the treaty's obligations directly including through international arbitration. Generally, current Egyptian law meets or surpasses BIT standards in all categories.

In principle, investors are now assured of automatic approval for projects in sectors which do not appear on a "negative list". This "negative list" includes the following: military and related products; tobacco and tobacco products; and investment in the Sinai (except for exploration of oil, gas and mineral resources). Amendments in 1995 permit majority Egyptian investments in the Sinai in any sector.

In May 1997, President Mubarak signed a new law reaffirming basic guarantees for investors and modifying the framework for investment incentives. It offers automatic approval for most new-to-market companies and particular advantages for investors in 16 sectors including agriculture, maritime transportation, and computer software development. The new law still permits the General Authority for Free Zones and Investment (GAFI), now a unit of the Ministry of Economy, substantial discretion in granting investment incentives. In general, incentives are geographically based to encourage investment outside Cairo, with tax holidays up to 20 years available to companies located in parts of upper Egypt. As a result, grandfathering of pre-existing incentives has been denied to some recently established U.S. companies for planned expansions of operations in major cities.

Government procurement practices: Egypt by law gives national bidders a 15 percent price advantage on government tenders. Closed bidding is rare, as national law requires tendering for all significant projects. The tender process is subject to frequent complaints of lack of transparency, poor enforcement of rules, and rigged outcomes. As in other markets, U.S. companies claim that European and Asian competitors make payments to win tenders that are forbidden under the U.S. law. Such claims are difficult to assess. Egypt is not a signatory of the WTO Government Procurement Agreement.

The government recently proposed amendments to its 1983 procurement law to the Egyptian parliament, but withdrew them for further study before the last session ended in June 1997. However, changes to the 1994 statute governing arbitration approved in 1997 allow the parties to agree to appoint any accepted legal body to arbitrate disputes between public enterprises and private domestic and international suppliers. In the past, the only recourse was the state council, which took years, in some cases, to settle disputes.

Customs procedures: in 1993, Egypt adopted the harmonized system of customs classification. Exporters and importers claim, however, that customs duty assessment is often arbitrary, and rates charged are often higher than prescribed in the tariff code. Tariff valuation is calculated from the so-called "Egyptian selling price" which is based on the commercial invoice that accompanies a product the first time it is imported. Customs authorities retain information from the original commercial invoice and expect subsequent imports of the same product (regardless of the supplier) to have a value no lower than that noted on the invoice from the first shipment. As a result of this presumption of increasing prices, and the belief that under-invoicing is widely practiced, customs officials routinely increase invoice values from 10-30 percent for customs valuation purposes.

6. Export Subsidies Policies

Direct export subsidies do not exist in Egypt. Exporting industries, including investment law 8 projects, may benefit from duty exemptions on imported inputs (if released under the temporary release system) or receive rebates on duties paid on imported inputs at the time of export of the final product (if released under the drawback system). Under its commitments to the world bank, the Egyptian government has increased energy and cotton procurement prices, and has abolished privileges enjoyed by public sector enterprises (subsidized inputs, credit facilities, reduced energy prices and preferential custom rates), thus reducing the indirect subsidization of exports.

7. Protection of U.S. Intellectual Property

Egypt, as a party to the Berne Convention for the protection of literacy and artistic works and the Paris Convention for the protection of industrial property, bears a commitment to protect U.S. inventions, trademarks, and artistic works. The government passed an improved copyright law in 1992 and added software protection in early 1994.

In April 1994, the U.S. Trade Representative (USTR) lowered Egypt from the Special 301 "Priority Watch List" to the "Watch List" due to improvements in copyright protection, and in 1995, the USTR placed Egypt on the list of countries "to be monitored for progress achieved." The United States is working closely with Egypt to improve intellectual property rights protection. However, due to lack of progress in this area, Egypt was placed again on the "Watch List" in 1996 and then the "Priority Watch List" in 1997.

Copyright piracy, while still an issue, has been greatly reduced since 1993. It still affects most categories of works, including motion pictures (in video cassette format), sound recordings, printed matter (notably medical textbooks) and computer software. The People's Assembly passed amendments to Egypt's 1954 copyright law in June 1992. Penalties against piracy were increased substantially and computer software was afforded specific protection. In March 1994, the People's Assembly passed additional amendments which treat computer software as a literary work, thus ensuring a fifty year term of protection consistent with the Berne convention. The government initially made considerable progress in enforcing the new regulations, but suspended enforcement for a one year period beginning in June 1996 to allow more time for the local business community to adjust. The U.S. government and U.S. firms have worked closely with Egypt in this area, and effective steps resumed in August 1997 to combat software piracy.

The existing Egyptian patent law dates from 1949 and provides protection far below international standards. It contains overly broad compulsory licensing provisions and excludes from patentability substances prepared or produced by chemical processes if such products are intended to be used as food or medicine. Moreover, the patent term is only 15 years from the application filing date, compared with the international standard of 20 years. A 5-year renewal may be obtained only if the invention is of special importance and has not been adequately worked to compensate patent holders for their efforts and expenses.

Compulsory licensing limits the effectiveness of patent protection. a compulsory license may be granted if the patent is not worked or is inadequately worked within three years following the patent grant. The law does not provide for the alternative period of four years from the date of filing, as the stockholm act of the Paris Convention requires. a patent may be forfeited for non-working two years after issuance of the first compulsory license. The Egyptian law's definition of infringement does not include the use, sale, or importation of a product made using a process patented in Egypt.

Since 1993, U.S. experts have met regularly with Egyptian experts responsible for revising the patent law. However, this legislation has never been finalized and submitted to the People's Assembly. The United States remains very concerned that Egypt has not yet passed a new, modern patent law. In addition, the U.S. is concerned about a delay in implementation of pharmaceutical product protection until the year 2005. The value of U.S. export sales to Egypt lost due to deficient patent protection is unknown. Egypt has indicated that it is likely to submit an improved, new patent law to the People's Assembly soon, although the government did not do so during 1997.

Allegations of trademark infringement are made periodically by U.S. and other foreign firms operating in Egypt. The Egyptian trademark law is not enforced strenuously and the courts have only limited experience in adjudicating infringement cases. Fines amount to less than $100 per seizure, not per infringement, although criminal penalties are theoretically available. Egypt is currently considering completely revising its laws in order to enhance significantly legal protection for trademarks and industrial designs.

New technologies: There is no separate legislation protecting semiconductor chip layout design, although Egypt signed the Washington semiconductor convention. Plant and animal varieties do not receive protection under current law.

Estimated trade losses due to piracy in 1993 (the most recent figures available) were $84 million, of which approximately $11 million were due to video piracy (a significant drop from the 1992 level of $ 37 million prior to passage of copyright law 38/92), and $52 million due to computer software piracy. U.S. officials continue to stress the need for better enforcement efforts by Egyptian authorities and underscore the importance of police activity being followed by prosecutions and court decisions.

8. Worker Rights

a. The Right of Association: Egyptian workers may, but are not required to, join trade unions. A union local or worker's committee can be formed if 50 employees express a desire to organize. Most members (about 25 percent of the labor force) are employed by state-owned enterprises. There are 23 industrial unions, all required to belong to the Egyptian Trade Union Federation (ETUR), the sole legally recognized labor federation. However, the International Labor Organization (ILO) has long noted that a law requiring all unions to belong to a single federation infringes on a worker's freedom of association. The government has shown no sign that it intends to accept more than one federation. ETUF leadership asserts that it actively promotes worker interests and that there is no need for another federation. the ETUF leadership is elected freely and speaks vigorously on behalf of workers' concerns, but public confrontations between ETUF and the government are rare.

b. The Right to Organize and Bargain Collectively: The proposed new labor law provides statutory authorization for collective bargaining and the right to strike, rights which are not now adequately guaranteed. Under the current law, unions may negotiate work contracts with public sector enterprises if the latter agree to such negotiations, but unions otherwise lack collective bargaining power in the state sector. Under current circumstances, collective bargaining does not exist in any meaningful sense because the government sets wages, benefits, and job classifications by law. Larger firms in the private sector generally adhere to such government-mandated standards.

c. Prohibition of Forced or Compulsory Labor: Forced or compulsory labor is illegal and not practiced.

d. Minimum Age for Employment of Children: In march 1996, the Egyptian parliament adopted a new "comprehensive child law" which had been drafted by the national council for childhood and motherhood. The minimum age for employment was raised from 12 to 14. Provincial governors may authorize "seasonal work" for children between 12 and 14. Education is compulsory until age 15. An employee must be at least 15 to join a labor union. The labor law of 1981 states that children 14 to 15 may work six hours a day, but not after 7 p.m. and not in dangerous activities or activities requiring heavy work. Child workers must obtain medical certificates and work permits before they are employed. Recent estimates by the Egyptian government and local non-governmental organizations put the number of children working at 2 million, although verification is impossible. While an estimated 720,000 children, work on farms, children also work as apprentices in repair and craft shops, in heavier industries such as brick making and textiles, and as workers in leather factories and in carpet-making, which largely supply the export market. Enforcement of child labor laws is minimal at best; violations abound, as the laws lack penalties severe enough to deter child labor. Economic pressures, rural tradition, the inadequacy of the education system, and lack of government control in remote areas will make it difficult to improve the conditions of Egypt's working children in the near future.

e. Acceptable Conditions of Work: The government and public sector minimum wage is approximately USD 20 a month for a six-day, 48-hour work week. Base pay is supplemented by a complex system of fringe benefits and bonuses that may double or triple a worker's take-home pay. The average family can survive on a worker's base pay at the minimum wage rate. The minimum wage is also legally binding on the private sector, and larger private companies generally observe the requirement and pay bonuses as well. The Ministry of Manpower sets worker health and safety standards, which also apply in the free trade zones, but enforcement and inspection are uneven.

f. Rights in Sectors with U.S. Investment: The worker rights described in the foregoing sections also apply to workers in the following industries: petroleum, food and related products, metal, non-electric machinery, electric and electronic equipment, and transportation equipment.

(1) Suppressed to avoid disclosing data of individual companies.
Source: U.S. Department of Commerce, Bureau of Economic Analysis

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