Egypt was the United States' thirty-fourth largest export market in 1996. U.S. FDI in Egypt is concentrated largely in the petroleum, banking, and manufacturing sectors. 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.
Trade liberalization is an integral element of Egypt's reform program.
Tariffs Egypt's current customs regime came into effect in 1986, significantly reducing tariffs. Nevertheless, Egyptian tariffs are still relatively high compared to other developing countries with large internal markets and diversified industrial economies. Since 1990, Egypt has gradually rationalized and lowered its tariff schedule, although some exceptions remain in place. In early 1993, the tariff range was narrowed to between 5 and 80 percent. In March 1994, Egypt further reduced tariffs.