26/02/2003
Al-Alam Alyom Newspaper 2003/FEBRUARY /26
Dr. Gamal Bayoumy expresses his disapproval of the international trade agreements signed by Egypt. In fact, the only one spared from his criticism is the European Partnership Agreement. He puts forward some alternatives and explains the way to guarantee the success of these kind of agreements. He also touches on the policies that he believes should be adopted when it comes to foreign currencies. (Available in Arabic – German in PDF )
Dr. Gamal Bayoumy says the free trade agreements signed by Egypt are like a marriage contract on a divorce bill. He believes these kind of agreements can be signed only if certain necessary conditions are met that can guarantee their success. He also thinks the WTO has become obsolete and is not helping to achieve the goals for which it has been established. Indeed, Egypt is seeking more liberalization than set forth in the WTO agreements and is trying to strike new agreements in this regard with the US, the EU and the Arab countries. Yet, the Arab Free Trade Agreement and the document already signed with Syria, for example, are far from flawless. He calls for linking the Egyptian pound to a basket of foreign currencies within the framework of a comprehensive monetary policy. For his part, Dr. Nader Riad believes a full liberalization policy should be carried out. He also puts forward some ideas to revitalize the banking sector.