News

Asian ministers to discuss on regional Digital Economy Agreement by 2025

Posted on Sep 13, 2021 Source

  • Asia’s economic ministers aim to assure the region proceeds to induce global trade and investments to position itself better for future growth with the Digital Economy Framework.
  • The Digital Economy Framework Agreement establishes trade rules and facilitates the interoperability of two or more economies within a digital system.
  • It allows cross-border flows of data, secures personal data, consumer rights, and fosters innovation and co-operation in artificial intelligence.
  • Singapore signed two agreements last year, the Digital Economy Partnership Agreement with Chile and New Zealand...

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ICC ( International Chambers of Commerce) asks Government to allow Electronic Trading through Model Law on Electronic Records

Posted on Aug 18, 2021 Source

  • ICC is also working on enabling the exchange of digital documents on a public blockchain, through the Trade Trust initiative. 
  • The sudden increase of digitization in pandemic upraised digital islands where innovative solutions are fulfilling with restraints. 
  • To enable the solution providers, swift is working on creating an API platform with the help of a third party. 

The Egyptian $5.2 billion stand-by agreement (SBA) loan programme approved by the IMF

Posted on Jul 26, 2021 Source

The SBA loan has helped Egypt restore its global reserves, affected by the epidemic, dropping from US$45.5 billion at the end of February 2020 to US$36 billion in March.

SBA Loan program objective included helping Egypt to confront the coronavirus challenges by meeting its balance of payment requirements, reducing its fiscal deficit, maintaining the achievements of the Economic Reform programme over the last four years and providing funding to carry out Egypt's second economic reform wave.

This approval also opens way to...

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Egypt’s National Wages set to minimum of EGP 2,400 ($153) per month, starting January 2022.

Posted on Jul 26, 2021 Source

Government also approved minimum bonus of at least EGP 60 starting July 1st 2021

Egypt invested EGP 4.4 trillion (USD 280 billion) in projects between July 2014 and June 2021

Posted on Jul 26, 2021 Source

The petroleum and mineral wealth sector saw the highest implemented projects, to EGP 1.2 trillion (USD 76 billion)

The electricity sector saw total of EGP 403 billion projects (USD 25 billion)

Housing sector and the development of slums investment amounted to about EGP 225 billion (USD 14 billion)

Transport sector saw projects investment worth EGP 117 billion (USD 7.4 billion)

EGP 51 billion were invested in projects in the health and pre-university education sectors. billion (USD 3.2 billion)

...

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Egypt long-term debt increases to $121.5 billion an increase from $117.2 billion on quarterly basis, despite recovery

Posted on Jul 26, 2021 Source

  • Prior to pandemic, Egypt brought down the external debt to GDP ratio by 18 percent in two years and during pandemic Egypt was able to maintain debt levels below 90 percent of the GDP.
  • Government is further working to meet the requirements to make domestic market open to foreign investors in order to increase flow of investment and reduce debt

Hapag Lloyd introduces their first digitally control port arrival

Posted on Jul 05, 2021 Source

  • The digital platform helps to facilitate the exchange of real-time data between ship and destination port, enabling accurate arrival times.
  • It helps a ship to adjust the speed schedule for a just-in-time (JiT) arrival in just a click.
  • The optimized arrival time saves fuel and time at the anchor.

Egypt’s Annual urban inflation rate increased by 4.8% in May from 4.1% in April 2021

Posted on Jun 28, 2021 Source

  • The inflation growth is driven by the high yearly production of volatile commodity items.
  • The inflation rate for non-food commodities increased by 6.3% in May 2021, from 6.1% in April 2021.
  • The annual core inflation increased by 3.4% in May 2021 from 3.3% in April 2021.
  • Prices of regulated items increased by 0.13% in 2021

Oman decides to offer an investment of $3.9 billion to Saudi Arabia

Posted on Jun 28, 2021 Source

  • The investment plan aims to develop the real estate industry, tourism, fisheries, and renewable energy. 
  • The investment introduces 5–10-years of residency visas for the foreign investors

Bipartisan legislation members imposed a law that prohibits sea carrier from refusing exports to the US

Posted on Jun 22, 2021 Source

  • The law prohibits shipping companies from rejecting freight reservations for export
  • The law aims to establish export opportunities for the US exporters and to promote mutual trade. 
  • Import demand to the US causes the freight rates to increase by $ 10,000 - $ 12,000 per container
  • Due to the drastic increase of US imports rate, carrier fare for Export container shipment has declined at $ 400 to $ 1,800

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