Egypt Calls for Increasing Response to Food Security Challenges in Developing Countries

Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
TT

Egypt Calls for Increasing Response to Food Security Challenges in Developing Countries

Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)

Egypt has called for boosting the response to the food security challenges in developing countries.

The Foreign Ministry said Egypt submitted a draft resolution to the World Trade Organization (WTO) on enhancing the organization's response to food security challenges in developing, net food-importing countries, and least developed countries.

The draft resolution will be discussed at WTO's 12th Ministerial Conference (M12), held in Geneva between June 12 and 15.

Egypt's Permanent Representative to the UN, Ahmed Ihab Gamaleddin, said Egypt submitted the resolution on behalf of the Arab and African groups and the least developed countries after intensive consultations with member states.

The draft resolution is part of the Egyptian government's efforts to deal with the global economic crisis and its impact on food security in developing countries, in general, and Egypt.

The resolution aims at securing practical solutions for farmers and food producers and boosting grain production in these countries during the crisis, following the relevant rules of the WTO.

It also calls for spreading awareness about the severe harm caused to developing countries' economies by the record rise in food and energy prices.

Gamaleddin said the current global food crisis is part of a more significant crisis the world economy has been facing since the COVID-19 pandemic caused a decline in economic growth, high inflation rates, disruption of global supply chains, and huge debts.

The diplomat said it requires enhancing international solidarity through the relevant international organizations, chief among which is the WTO.

He added that solidarity should grant the net food-importing developing countries and LDCs the flexibility to deal with exceptional circumstances that impact their food security.

Meanwhile, the Minister of International Cooperation, Rania al-Mashat, said that strengthening climate action, combating the negative repercussions of climate change, and reducing harmful emissions, will only come through constructive partnerships between relevant parties.

Mashat was speaking at a forum organized by the European Investment Bank (EIB) and the European University Institute (EUI) on Investing in Net Zero: Leading the Way to discuss investments needed to attain net zero emissions and the European Union's global leadership in mobilizing the necessary climate finance.

Mashat explained that, through its presidency of COP27, Egypt seeks to build on what has been achieved in Glasgow, reiterate the importance of achieving the principles of the Paris Climate Agreement and other climate agreements, and push global efforts aimed at reaching the transition to a green economy.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.