Syria, UAE Prepare to Reactivate Council of Businessmen

UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
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Syria, UAE Prepare to Reactivate Council of Businessmen

UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)

The Syrian and Emirati economy ministers have held talks on trade, investment, and cooperation and reactivating the Syrian-UAE Council of Businessmen.

Syrian Minister of Economy and Foreign Trade Mohammad Samer al-Khalil and his UAE counterpart Abdullah bin Touq Al Marri met on the sidelines of the Dubai Expo 2020.

The meeting addressed the agreement to restructuring and reactivating the Syrian-Emirati Businessmen Council to encourage trade exchange, investment, and cooperation at the economic level between the two countries, said a Syrian statement on Sunday.

Western officials have indicated that the US Caesar Act is an obstacle to developing relations in the public and private sectors.

Khalil highlighted the importance of Syrian-Emirati relations and promoted Syria's new investment laws, saying they "encourage investors to set up projects in all domains through offering great facilitation and privileges."

Khalil stressed the importance of Syrian-Emirati relations and the need for both countries to diversify their economies.

He also congratulated the UAE hosting the Expo despite the challenges posed by the coronavirus pandemic.

Bin Touq, in turn, expressed his country's willingness to support Syria by transferring its experience in the economic sector, stressing the importance of continuing meetings and exchanging visits between the two sides.

Meanwhile, the Chairman of the Syndicate of Jordanian Truck Owners, Mohammad Khair al-Daoud, estimated the number of trucks entering and leaving Syria through al-Jaber crossing between the two countries at about 150 trucks per day.

In a statement to al-Rai newspaper, Daoud said that the number of trucks entering and leaving Syria is expected to increase in the coming period.

He added that the truck sector has been waiting for years to reopen the crossing after the losses it sustained due to its closure for several years.

He praised the bilateral agreement between the Amman and Damascus governments to allow transport movement between the two countries, noting that the decision will positively reflect the Jordanian and Syrian industries and the transport sector in both countries.

Damascus and Amman decided to open the Jaber-Nassib crossing last Wednesday to allow the movement of people and trucks.



Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
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Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo

Gold prices eased on Tuesday, weighed by higher US Treasury yields as US President Donald Trump announced new tariff proposals on trading partners, including Japan and South Korea.

Spot gold was down 0.2% at $3,328.67 per ounce, as of 1207 GMT. US gold futures fell 0.1% to $3,338.20.

The yield on benchmark US 10-year notes rose to a two-week peak, making the non-yielding bullion less attractive.

"Gold is stuck between a rock and a hard place," said UBS commodity analyst Giovanni Staunovo, Reuters reported.

"Negative for the gold price is the US decision to extend the deadline for a trade deal for many trade partners, positive for the gold price is the fact that key US trading partners in Asia might have to deal with higher tariffs in the near future, weighing on economic growth prospects."

On Monday, Trump told 14 countries that sharply higher tariffs would start on August 1, marking a new phase in the trade war he launched in April, with levies between 25% and 40%.

The new deadline was firm, Trump said, adding that he would consider extensions if countries made proposals for a trade deal.

"Reciprocal tariffs" were to be capped at 10% until July 9 to allow for negotiations, but so far, agreements have been reached only with Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates.

Meanwhile, China has warned the Trump administration against reigniting trade tensions and threatened to retaliate against nations that strike deals with the US to exclude it from their supply chains.

Trump's tariffs have stoked inflation fears, further complicating the US Federal Reserve's path to lower interest rates.

Investors await minutes of the Fed's June meeting, due on Wednesday, for more clues into the bank's policy outlook.

Spot silver fell 0.1% to $36.71 per ounce, platinum rose 0.2% to $1,372.51, and palladium rose 0.6% to $1,117.33.