Since early 2000, the pace of structural reforms, including fiscal, monetary policies, privatization and new business legislations, helped Egypt move towards a more market-oriented economy and prompted increased foreign investment, which has helped transform Egypt into a more modern market economy. The reforms and policies have strengthened macroeconomic annual growth results. Foreign firms are aiding economic diversification, improving the quality of human capital through better managerial and technical skills, increasing employment opportunities and assisting the transfer of technologies. Leading petroleum firms are helping the government to exploit its rich oil and gas endowment and generating budget revenue. Egypt's main exports consist of natural gas, and non-petroleum products such as ready-made clothes, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onion, and more recently cement, steel, and ceramics.
Egypt is part of a number of regional and global trade initiatives, and it acceded to the World Trade Organisation in 1995. Among others Egypt is a part of COMESA, GAFTA, EU-Egypt Partnership, Agadir Free Trade, Egypt-Turkey and Egypt-EFTA Free Trade Agreements. Some of the trading partners of Egypt include USA, Italy, India, China, Germany and Russia. ITC has been active on the ground in Egypt supporting the development of its processed foods and engineering goods sectors. Egypt is currently under interim government until full political transition is completed.
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Notes: Top 20 products listed in decreasing order of their export potential to the world. Development indicators are relative to the country’s current situation, green indicating performance above its trade-weighted median and red otherwise. A blank cell indicates that data are not available. A blank cell in export potential means that the product was not consistently demanded over five years by any country in the respective region. Exports (US$ thousand) correspond to average exports to the world over the period 2009-2013.