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Egypt’s Trade Balance Deficit Drops 28.7% in July

Containers at an Egyptian port. (Reuters)
Containers at an Egyptian port. (Reuters)
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Egypt’s Trade Balance Deficit Drops 28.7% in July

Containers at an Egyptian port. (Reuters)
Containers at an Egyptian port. (Reuters)

Egypt’s trade deficit declined by 28.7% year-on-year (YoY) in July, according to data released on Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The monthly bulletin revealed that the deficit value of trade balance reached $2.7 billion in July, down from $3.8 billion for the same month of the previous year.

The country’s exports increased by 2.2% YoY in July to $3.13 billion, versus $3.07 billion for the same month of the previous year.

The value of imports decreased by 14.8% to $5.81 billion during July 2022, versus 6.82 billion in July 2021.

Separately, Egypt and the United Arab Emirates announced organizing a ceremony under the slogan “UAE and Egypt… One Heart.”

The three-day event will be held at the Egyptian capital Cairo in celebration of the 50th anniversary of UAE- Egypt ties and brotherly relations.

Egypt’s Prime Minister Mostafa Madbouly said his country is keen to underline depth of the strategic ties with the UAE and highlight the distinguished relation that brings both countries together.

He further underscored the cooperation between the two governments, as well as the political understanding and unified vision between the two countries’ leaderships.

President Abdel Fattah al-Sisi has issued a directive to bolster cooperation frameworks between the two countries, the Premier added.

He said the government looks forward to welcoming the Emiratis at the celebrations.

“We reviewed during the cabinet meeting 50 years of distinguished and stable Emirati-Egyptian relations, which were sponsored by the president of the Egyptian state,” Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai said on Tuesday.

“In celebration and consolidation of these exceptional brotherly Arab ties spanning 50 years, we have directed the organization of special celebrations.”

Egypt’s Minister of Planning and Economic Development Hala al-Said underscored the depth of Egyptian-Emirati relations in a range of political and economic areas, in addition to investment cooperation.

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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
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Congress to Vote on New Restrictions on US Investment in China

FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo
FILE PHOTO: A person sits on a bench near Beijing's Central Business District (CBD), China July 14, 2024. REUTERS/Tingshu Wang/File Photo

Congress is set to vote in the coming days on legislation restricting US investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.
In October, the Treasury finalized rules effective Jan. 2 that will limit US investments in artificial intelligence and other technology sectors in China that could threaten US national security.
The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.
"China is an economic adversary and we must take bold action to safeguard our future against the Chinese Communist Party," Reuters quoted Senator Bob Casey, a Democrat, as saying.

"This legislation takes bold action to restrict US investments to stop our national security technology from getting into the hands of our adversaries before they can use it against us.”
The Chinese Embassy in Washington did not immediately comment.
The bill will also require the Federal Communications Commission to publish a list of every entity that both holds an FCC license or authorization and has any ownership by foreign adversarial governments, including China to ensure the commission "knows when telecommunications and technology companies have a connection and foreign adversary."
Washington is moving on a number of fronts to further restrict Chinese products.
An annual defense bill could ban China-based DJI and Autel Robotics from selling new drones in the United States market, while the Commerce Department is working to finalize rules in the coming weeks that would bar Chinese automakers from selling vehicles in the United States and bar China Telecom from US operations.
Lawmakers have criticized major American index providers for directing billions of dollars from US investors into stocks of Chinese companies that the US believes are facilitating the development of China’s military.
The Treasury rules and legislation cover semiconductors and microelectronics, quantum information technologies and certain AI systems aimed at preventing investments in Chinese technologies like cutting-edge code-breaking computer systems or next-generation fighter jets.
Representative Rosa DeLauro, the top Democrat on the House Appropriations Committee, said "for years I have watched American dollars and intellectual property fuel the Chinese Community Party's technology and capabilities... This legislation builds on the regulations put into place this year by the Biden Administration, and sets the stage for continued bipartisan efforts to protect and rebuild our critical national capabilities."
The outbound legislation covers technologies listed in the Treasury order and adds additional AI models that use some semiconductors, AI systems designed for exclusive military or government surveillance end use, hypersonic systems and additional export-controlled technologies.