Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
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Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)

Egypt’s Foreign Minister Badr Abdelatty underscored on Friday Japan’s ongoing support for significant development projects in Egypt and collaboration in the field of education.

He emphasized his country’s eagerness to expand areas of bilateral cooperation by including artificial intelligence, governance, and collaboration between institutions and research centers for the exchange and transfer of expertise, as well as boosting Japanese tourism to Egypt.

Abdelatty met on Friday with Japanese Prime Minister Fumio Kishida on the sidelines of his participation in the ministerial meeting of the Tokyo International Conference on African Development (TICAD).

Ahmed Abu Zeid, the official spokesperson of the Ministry of Foreign Affairs and Immigration, said the minister conveyed President Abdel Fattah al-Sisi’s greetings and appreciation for Kishida’s role in elevating the bilateral relationship to a strategic partnership level.

The Japanese premier, for his part, stated that Egypt was an extremely important partner for his country, being “a major regional player with a crucial role in the Middle East.”

Abdelatty emphasized Cairo’s commitment to boosting economic and trade relations, noting the importance of increasing Japanese investment in the Egyptian market and Egypt’s success in attracting significant projects despite regional and global economic challenges and regional instability.

The discussions between Abdelatty and Kishida covered Egypt’s efforts on various fronts to resume negotiations for a Gaza ceasefire agreement and the delivery of humanitarian aid to Palestinians.

The FM underscored his country’s firm stance against “escalation policies, assassinations, and violations of state sovereignty practiced by Israel,” while Kishida noted that Japan “is watching the situation in the region with deep concern.”

He stated that “continued escalation will not serve anyone’s interests,” expressing Tokyo’s support for Cairo’s efforts to reach a viable solution.

In another meeting in Tokyo with the Egyptian-Japanese Business Council, Abdelatty stressed that Egypt is making steady and rapid economic progress despite global economic crises and the challenges posed by regional disruptions.

This has led to increased competitiveness of the Egyptian economy and boosted private sector involvement and the mobilization of more foreign direct investment.

He also highlighted his country’s efforts to become a regional hub for supply chains for European companies, as well as for the transport and trading of renewable and green energy.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.