Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries

China

Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries

2024-10-21 04:57 Last Updated At：17:57

Egypt is expected to discuss promotion of bilateral trade in local currencies with BRICS countries in the upcoming meeting in Kazan, Russia.

The 2024 BRICS summit will be held from Oct 22 to 24, which is the first gathering since the group's expansion in January this year when Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates joined the initial five members of Brazil, Russia, India, China and South Africa.

After Egypt officially joined BRICS, one of its main targets has been to support members' drive for de-dollarization.

Some in the Egyptian business community have welcomed the move to reduce dependence on the U.S. dollar.

"One of the main obstacles we face in trade is the lack of access to U.S. dollars. Using local currencies will ease the process for us when we trade with other countries," said Ahmed al Zayat, member of Egyptian Businessmen Association.

The central banks of China and Egypt had signed a currency swap agreement totaling 18 billion yuan (about 2.57 billion U.S. dollars). Egypt also inked similar deals with other countries.

"Besides Egypt, many countries are beginning to use local currencies. You can't completely eradicate dollars but they should not be the main currency of trade. In 2022, to reduce dependence on dollars, the Egyptian central bank became the top gold buyer worldwide to replace dollars with gold," said Assem Mansour, head of Market Research Department, EW Markets.

Trade with BRICS members accounts for about a third of Egypt's total trade at over 31 billion U.S. dollars. Currency swap deals are set to foster trade and investment ties even further.

Agreements with China and other BRICS nations are considered by Egypt as the first step of a long term strategy to gradually remove the U.S. dollar from most of its trade transactions worldwide.

Global extreme sports event in Shanghai creates new recreational space

2024-10-21 17:05 Last Updated At：17:37

The International Festival of Extreme Sports (FISE) World Series Shanghai concluded at the West Bund on Sunday, attracting top athletes from 29 countries and regions for passionate competitions while attracting growing fandom to explore the intriguing sport.

FISE, recognized as the world's biggest comprehensive extreme sports event, featured competitions in six disciplines in Shanghai, including freestyle BMX, skateboarding, and rock climbing. To mark its first appearance in Shanghai, FISE's arena designer Pascal Morrasse-Raymond added Chinese elements into competition fields.

"I want to make every venue distinctive. And I am quite fond of China's history and culture," said Raymond. With the competitions unfolding, the West Bund also hosted a FISE carnival featuring six themes, covering family activities, camping, music, and more, providing both athletes and residents with recreations beyond sports.

"I was here to compete and expected only a competition field. I have no idea that there are so many things to have fun. I am pleasantly surprised," said Yu Wentao, an athlete.

"There are quite many engaging activities, and different varieties of sports and competitions are also attractive," said Zhu Jingyi, a local resident.

The FISE extreme sports festival and the following recreations are part of the West Bund's broader initiative to enhance its influence and promote coordinated development, introduced Chen Anda, the man in charge of the event.

"The comprehensive development of the West Bund, encompassing commerce, tourism, culture, sports, and exhibition, was finally completed with the addition of 'sports' this year. In addition to the influence of the event on the build-up area, we expect that we could lead the southward development of the Xuhui District West Bund area with sports events," said Chen.