Trade Integration with Europe, Export Diversification and Economic Growth in Egypt

Abstract

During the 1990s many developing countries have embraced a regional approach to trade and investment liberalisation alongside their unilateral and multilateral efforts.This policy trend reflects the belief that regional policy initiatives can facilitate developing countries' domestic reforms.Whether these regional initiatives will indeed bring about such an outcome remains to be seen, however; the crucial factor is the scope and depth of such commitments.In this respect, the experience of several Southern Mediterranean countries, in the context of the European Union's New Mediterranean Policy, will provide useful lessons for policy makers in both OECD and non-OECD countries.Following the Europe-Mediterranean Conference held in Barcelona in 1995, four Europe-Mediterranean Agreements have already been signed -with Tunisia, Israel, Jordan and Morocco.Negotiations are underway with several other countries in the region.The establishment of new agreements helps the partnership countries to enhance policy credibility and business confidence, though they still need to clear many hurdles to meet the goals set by these agreements.This is why the Development Centre has undertaken in-depth research on this region -under the theme of "Regional Co-operation and Integration" -as part of its 1996-98 work programme.This paper is the fourth in a series with respect to the Southern Mediterranean region.The authors present the main results of a simulation analysis of various trade-policy scenarios for Egypt.They discuss the implications of the results for a maximisation of the benefits of globalisation for the Egyptian economy.This series is expected to make an important contribution to policy making on European Union and Southern Mediterranean region relations.

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