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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi met yesterday with Indonesian Minister of Trade Zulkifli Hasan in Jakarta, where they underscored the significance of strengthening cooperation between the GCC and Indonesia to bolster economic ties and serve mutual interests.
The meeting included a signing ceremony for a joint statement to initiate GCC-Indonesia Free Trade Agreement (FTA) negotiations, the Saudi Press Agency reported on Thursday.
Both sides emphasized that the FTA between the two countries would establish a solid groundwork for expanding trade and investment and fostering cooperation. They highlighted that it will also establish the framework for legislation, laws, and procedures governing investments between the two sides, set mechanisms for their implementation, and create new job opportunities.
Albudaiwi said that the signing of the joint statement aligns with the directives of the GCC leaders to strengthen ties with international partners, highlighting that the FTA will play a crucial role in realizing the economic visions of the GCC countries and their strategic plans for economic diversification.
He also said that the initial round of negotiations will begin this year and is anticipated to conclude within 24 months, as mutually agreed upon.

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Egyptian Inflation Climbs to 13.9% in April

Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
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Egyptian Inflation Climbs to 13.9% in April

Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)

Egypt's annual urban consumer price inflation accelerated to 13.9% in April from 13.6% in March, matching analyst expectations, data from statistics agency CAPMAS showed on Saturday.

Month on month, prices were 1.5% higher at the end of April than at end-March. Food and beverage prices decelerated by 1.5%. Annually, food and beverage prices rose by 6.0%.

The median forecast of analysts polled by Reuters was for annual inflation to have climbed to 13.9%. They cited an increase in the official price of fuel as the main cause.

Inflation soared following Russia's full-scale invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasuries. Headline inflation rose by a record 38.0% in September 2023.

M2 money supply expanded in the year to end-March, but at a slower rate, dropping to 25.8% from an all-time high of 33.9% at the end of February, central bank data showed.

Egypt devalued its currency, raised interest rates by 600 basis points and signed an $8 billion financial support package with the International Monetary Fund in March last year, helping to bring its finances under control.