Latest news with #InternalTrade
Al-Ahram Weekly
25-06-2025
- Business
- Al-Ahram Weekly
Containing the economic fallout of the Israel-Iran war - Egypt - Al-Ahram Weekly
The government is taking proactive measures to contain the impact of regional wars on Egypt's economy As the Israel-Iran war took a sharp turn this week with Washington entering into a military confrontation with Tehran, fears were mounting over its economic repercussions on Egypt. US President Donald Trump announced a ceasefire between Israel and Iran on Tuesday morning, but experts say it is still fragile and hostilities could resume at any time. Just a few hours after the US struck three Iranian nuclear facilities on Sunday morning, President Abdel-Fattah Al-Sisi held an urgent meeting with Prime Minister Mustafa Madbouli and Finance Minister Ahmed Kouchouk. The meeting reviewed the local supply of strategic commodities and any expected rise in the global prices of oil, shipping, and basic commodities, according to Presidential Spokesman Mohamed Al-Shennawi. Madbouli held two urgent meetings with the Macroeconomic Stability Advisory Committee and the Crisis Committee on Sunday and Monday. He noted that there is coordination with the banking sector to provide all the foreign currency needed by the industrial sector to import required production inputs. He told the Crisis Committee, formed last week, that the government is working to make sure that the country's stock of strategic commodities is enough to cover more than six months. Supply and Internal Trade Minister Sherif Farouk said various measures are being implemented, including increasing stocks of essential goods and products, rationalising consumption, and monitoring markets to prevent monopolistic and hoarding practices. Petroleum Minister Karim Badawi presented scenarios for global energy prices based on estimates from international financial institutions. 'These scenarios specifically point to expectations of rising global energy prices as a result of the Israel-Iran conflict, which has pushed crude oil prices higher over the past week,' Badawi said. Oil prices tumbled by nearly five per cent on Tuesday after Israel and Iran agreed to a ceasefire following 12 days of conflict. Brent crude, the international benchmark, fell to $68 a barrel, below the level it was when Israel launched missiles against Iran's nuclear sites on 13 June. Madbouli affirmed that there is close coordination between the government and the Central Bank of Egypt (CBE) to maintain stable reserves. Egypt's net foreign reserves reached a record high of $48.526 billion at the end of May, representing an increase from $48.140 billion in April. Madbouli said that there is no cause for alarm or concern over the availability of basic goods on the local market. He noted that 'the government will continue to monitor developments at all levels and is preparing 'multiple scenarios' to handle potential outcomes.' Madbouli cautioned that any scenario in the form of a long or wider war could trigger broader repercussions. 'All the indicators show that our economy is stable, and the measures taken so far have kept us secure in this phase of the crisis,' he said, adding, however, that any further deterioration would have an impact, and 'so we should be prepared to act to adjust our response as needed to shield Egypt's economy from external shocks.' Madbouli suggested that the government could take tougher measures if the regional war takes a turn for the worse. He said that factories in Egypt are operating at full capacity and that the currency remains stable, leaving no justification for any price increases. 'We have no issues with production inputs, and all supplies are secure,' he said. 'Any attempt to create a crisis out of nothing will be met with decisive action.' Finance Minister Kouchouk affirmed that the war between Israel and Iran has not had a dramatic impact on Egypt's economy. He said in a statement on Saturday that financial conditions are under control. 'We are monitoring developments in the region closely and working proactively to meet them. We have achieved good results despite the challenges, including the negative impacts on the Suez Canal,' Kouchouk said. Egypt's Suez Canal revenues dropped to $4 billion in 2024 from $10.2 billion in 2023 (a 60.7 per cent reduction) due to the war on Gaza and the Yemeni Houthis' attacks on ships in the Red Sea. Egypt has faced similar challenges before with the Covid-19 pandemic and Russia's war against Ukraine, according to the finance minister, and in both cases 'we moved quickly to secure the country's basic needs'. Mohamed Al-Manzlawi, deputy chair of the Senate's Industrial Committee, told Al-Ahram Weekly that he has high hopes that the ceasefire between Israel and Iran will not collapse. 'A long war is bad for Egypt, as its effects could make life harder for ordinary people. In particular, it could weaken the Egyptian pound, adding to the financial burdens on ordinary Egyptians who are still trying to adapt to the effects of previous depreciations,' Al-Manzlawi said. He added that a weaker currency also means that the government will need to pay more for the import of essential goods, including fuel and wheat. Talaat Al-Sewedy head of parliament's Energy Committee, said that every $1 increase in global oil prices adds roughly LE4 to LE4.5 billion per year to public spending and exerts more pressure on fiscal and budgetary conditions. The government's conservative estimate for oil prices is $75 per barrel for the 2025-26 budget. Al-Sewedy said that the drop in oil prices to $68 a barrel due to the ceasefire between Israel and Iran was an encouraging development. 'But remember that the hostilities could resume again, so we have to be vigilant and be able to adjust the budget to contain any dramatic shocks,' he said. Al-Sewedy told the Weekly that the government has proved quick and flexible in dealing with the natural gas supply scenarios resulting from the regional war and the suspension of Israeli gas supplies to Egypt. 'One scenario involved deploying Floating Storage and Regasification Units [FSRUs] to receive, store, and convert liquefied natural gas [LNG] into usable gas for the national grid,' Al-Sewedy said. Madbouli said during a visit to the Ain Sokhna Port on Saturday that Egypt will have three LNG regasification ships operating by early July to supply the natural gas grid, ensuring stable energy for households and industry during the peak summer demand. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Observer
24-06-2025
- Business
- Observer
Business forum strengthens Oman and Algeria economic ties
ALGIERS: Oman and Algeria reaffirmed their growing economic partnership during the Omani-Algerian Businessmen Forum held in Algiers on Tuesday, under the theme 'Algerian-Omani Economic Partnerships: Pioneering Areas and Promising Prospects.' The forum took place as part of Oman's participation as Guest of Honour at the 56th Algiers International Fair. The event brought together key officials and business leaders from both countries to explore avenues for trade, investment, and industrial collaboration. It underscored the shared commitment of Oman and Algeria to deepen their economic integration and capitalise on emerging opportunities in sectors ranging from manufacturing to logistics and urban development. Qais bin Mohammed al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, highlighted the significance of the forum in reinforcing bilateral relations. 'The participation of business leaders from both countries reflects our shared desire to enhance cooperation, expand trade, and explore new investment opportunities,' he said. Al Yousef emphasised Oman's efforts to diversify imports, promote Omani exports, and foster investment integration with Algeria. He noted that both governments are working to provide the necessary incentives, facilities, and enablers to empower the private sector to drive sustainable economic growth. 'Our aim is to build a competitive economy that can keep pace with global changes, while ensuring the sustainability of national development,' Al Yousef added. He also expressed hope that Oman's role as Guest of Honor at the fair would further strengthen trade and investment ties between the two nations. Tayeb Zitouni, Algeria's Minister of Internal Trade and National Market Control, praised the strong historical and brotherly relations between the two countries, which he said have reached a new strategic level in recent years. He pointed to recent high-level state visits — including the Algerian President's trip to Oman in October 2024 and His Majesty the Sultan's visit to Algeria in May 2025 — as pivotal moments that deepened bilateral understanding and commitment. Zitouni highlighted key joint initiatives, such as the $2.4 billion fertiliser production complex in Arzew and the establishment of the Algerian-Omani Investment Fund. He also mentioned new opportunities under study in automotive, energy, agriculture, and pharmaceuticals. 'There is strong potential to expand cooperation in vital sectors like tourism, services, and cultural and traditional industries,' Zitouni said. He called on stakeholders from both sides to redouble efforts to strengthen trade channels and maximise their complementary resources. Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, noted that the forum provided a platform to explore joint ventures across various sectors. He singled out the pharmaceutical and manufacturing industries as areas of promising collaboration. Al Rawas emphasised Algeria's strategic geographic position, which offers access to broader regional markets, making it an attractive destination for Omani investors. — ONA
CBC
06-03-2025
- Business
- CBC
Ottawa, provinces agree to open the tap on Canadian booze
Social Sharing Ottawa has reached a deal with the majority of provinces to allow Canadian booze to flow more freely across the country just as U.S. liquor is pulled from their store shelves. The move is part of a host of changes being worked on by the federal, provincial and territorial governments that were announced late Wednesday to add $200 billion to the Canadian economy while it's rocked by U.S. tariffs. "This is unprecedented action to reduce trade barriers in Canada," Internal Trade Minister Anita Anand told CBC News. "This is a pivotal moment for Canada to take bold and united action in the face of the United States' unjustified decision to impose 25 per cent tariffs on Canadian goods." All provinces, except P.E.I. and Newfoundland and Labrador, have agreed to remove the obstacles preventing their alcohol from being sold in other jurisdictions. The provincial governments are expected to seal the agreement in a framework within weeks, which Anand said will lead to more Canadian alcohol sales soon after that. "Buying B.C. wine in Ottawa is going to become a reality, because we are going to see trade barriers come down in Canada," she said. Canada-wide credential recognition for all professions The federal, provincial and territorial governments are also working toward recognizing certified professionals no matter where they received their credentials in Canada. Following a meeting with Prime Minister Justin Trudeau on Tuesday, the first ministers directed the committee on Internal Trade — which is responsible for implementing the Canada Free Trade Agreement (CFTA) — to develop a Canada-wide credential recognition plan by June 1. WATCH | The path to nixing internal trade barriers: Federal minister suggests interprovincial trade barriers could disappear quickly 29 days ago Duration 2:07 Anand said every profession will be brought under the new structure, but it will be up to provinces and territories to decide which jobs to prioritize. Quebec is behind the move, but the province is expected to adopt the new measures differently since it has linguistic considerations. Along with recognizing labour credentials, the premiers are launching negotiations to allow goods certified in one province to be bought or sold in another without additional red tape, excluding food. The provinces and territories are also reviewing their exceptions under the CFTA to see how many they can eliminate by June 1 to encourage more trade and opportunity. Ottawa recently announced the removal of more than half of the remaining federal exceptions.
CBC
06-03-2025
- Business
- CBC
Ottawa, provinces agree to open the tab on Canadian booze
Social Sharing Ottawa has reached a deal with the majority of provinces to allow Canadian booze to flow more freely across the country just as U.S. liquor is pulled from their store shelves. The move is part of a host of changes being worked on by the federal, provincial and territorial governments that were announced late Wednesday to add $200 billion to the Canadian economy while it's rocked by U.S. tariffs. "This is unprecedented action to reduce trade barriers in Canada," Internal Trade Minister Anita Anand told CBC News. "This is a pivotal moment for Canada to take bold and united action in the face of the United States' unjustified decision to impose 25 per cent tariffs on Canadian goods." All provinces, except P.E.I. and Newfoundland and Labrador, have agreed to remove the obstacles preventing their alcohol from being sold in other jurisdictions. The provincial governments are expected to seal the agreement in a framework within weeks, which Anand said will lead to more Canadian alcohol sales soon after that. "Buying B.C. wine in Ottawa is going to become a reality, because we are going to see trade barriers come down in Canada," she said. Canada-wide credential recognition for all professions The federal, provincial and territorial governments are also working toward recognizing certified professionals no matter where they received their credentials in Canada. Following a meeting with Prime Minister Justin Trudeau on Tuesday, the first ministers directed the committee on Internal Trade — which is responsible for implementing the Canada Free Trade Agreement (CFTA) — to develop a Canada-wide credential recognition plan by June 1. WATCH | The path to nixing internal trade barriers: Federal minister suggests interprovincial trade barriers could disappear quickly 29 days ago Duration 2:07 Anand said every profession will be brought under the new structure, but it will be up to provinces and territories to decide which jobs to prioritize. Quebec is behind the move, but the province is expected to adopt the new measures differently since it has linguistic considerations. Along with recognizing labour credentials, the premiers are launching negotiations to allow goods certified in one province to be bought or sold in another without additional red tape, excluding food. The provinces and territories are also reviewing their exceptions under the CFTA to see how many they can eliminate by June 1 to encourage more trade and opportunity. Ottawa recently announced the removal of more than half of the remaining federal exceptions.
Yahoo
07-02-2025
- Business
- Yahoo
Trump's annexation fixation is no joke, Trudeau warns
TORONTO — Prime Minister Justin Trudeau says President Donald Trump is not joking about Canada becoming the 51st state. On a hot mic at a closed-door summit of business and labor leaders Friday, Trudeau called Trump's desire to absorb Canada "a real thing.' In remarks caught on tape by The Toronto Star, Trudeau suggested the president is keenly aware of Canada's vast mineral resources. 'I suggest that not only does the Trump administration know how many critical minerals we have but that may be even why they keep talking about absorbing us and making us the 51st state,' Trudeau said. Asked about those remarks later Friday, Transport and Internal Trade Minister Anita Anand sternly reinforced that a border separates the U.S. and Canada. "There will be no messing with the 49th parallel," she said. The president's penchant for 51st state quips traces back to his dinner with Trudeau late last year at Mar-a-Lago. At the time, then-Public Safety Minister Dominic LeBlanc sounded certain the ribbing was all in good fun. 'The president was telling jokes. The president was teasing us,' LeBlanc said. But Trump has since repeatedly raised the prospect of statehood for his northern neighbor, insisting Canadians would be better off as Americans. "The Canadian citizens, if that happened, would get a very big tax cut — a tremendous tax cut — because they are very highly taxed,' he said in January in North Carolina. 'They'd have much better health coverage. I think the people of Canada would like it.' Last month, Trudeau fired back on X: "There isn't a snowball's chance in hell that Canada would become part of the United States." Was Trump simply trolling Canadians? Was he keeping the northern neighbors off-balance? Trudeau recently told MSNBC's Jen Psaki that Trump's 51st-state rhetoric was connected to his threat of punishing tariffs — a simmering trade dispute that nearly exploded into an all-out trade war before a last-minute deal to delay tariffs for 30 days. Back then, Trudeau viewed the annexation fixation as "distracting a little bit from a very real question that will increase the cost of living for Americans and harm a trading relationship that works extremely well.' It's true that a massive super-country would edge past Russia for the largest in the world by land area — and further integrate heavily interconnected supply chains. Steve Bannon, a former senior aide to Trump, recently offered his own explanation for the president's thinking. In an interview with Canada's Global News, Bannon spoke of increased integration as almost an inevitability. 'Let me be brutally frank," he said. "Geo-strategically, you don't really have an option [but to join the U.S.] if you want your sovereignty because from the north, from the Arctic, it's going to get encroached in a great power competition that you don't have the ability to win.' On Feb. 3, Trump and Trudeau spoke twice about tariffs. In between those phone calls, the president dropped his strongest language yet on absorbing the Great White North. "Some people say that would be a long shot," he said. "If people wanted to play the game right, it would be 100 percent certain that they'd become a state. But a lot of people don't like to play the game. Because they don't have a threshold of pain." Evidently, Canada's outgoing prime minister is no longer laughing, if he ever was. With about a month to go before Trudeau is out of a job, the prime minister convened the corporate confab Friday at a venue near downtown Toronto to capitalize on what he described as a rare opportunity to tackle intractable national quagmires. Sleeves rolled up, riffing without notes or a teleprompter, Trudeau opened the summit with a call to action for the approximately 200 people in the room. Trump's tariff threat has united the country, Trudeau said, adding that Canada's response requires tactics and strategy. The tariffs require a tactical response, he told the room, including substantive action to thwart any fentanyl that crosses the border. But the prime minister lit up as he described a broader strategic play — an all-Canadian effort to prepare for what could be a fundamental reshaping of Canada-U.S. relations. "We are in a moment that we have to meet for Canadians to see not just how we get through this particular challenge over the next 30 days or few months, but how we get through and thrive and go stronger over the next four years — and into what may be a more challenging long term political situation with the United States." "There's a window open," Trudeau said, to eradicate stubborn internal barriers that Canada's political and business class has complained about for decades. He pointed to trucking sector tire regulations that differ across the country and teaching certificates not universally recognized in every jurisdiction. Those rules, he said, "just don't make sense."
