Egypt's Minister of Planning and Economic Development Rania Al-Mashat said a trade agreement between the United States and China would be vital in restoring global market stability and easing uncertainty in emerging economies, a government statement said Monday. Speaking in an interview on the talk show Al-Hekaya with Amr Adib, Minister Al-Mashat said markets have been closely watching developments since Washington imposed a range of tariffs on global trading partners, including China. "The recent statements by the United States regarding progress towards a trade deal with China are of great significance," Minister Al-Mashat said. "A breakthrough would reflect positively on markets and support stability, especially in emerging economies." Her comments came shortly before the US and China issued a joint statement announcing a tariff-reduction deal and a 90-day moratorium on new trade measures. Following talks in Geneva, US Treasury Secretary Scott Bessent said early Monday reciprocal tariffs would be cut to 10 per cent, down from levels exceeding 100 per cent, as both sides pledged to work toward balanced trade. Minister Al-Mashat added that trade with the United States accounts for around 8 per cent of Egypt's total foreign trade volume. Egypt, she noted, offers a range of competitive advantages for investors, citing strong industrial sectors and key investment hubs such as the Suez Canal Economic Zone and other industrial zones. "The Egyptian economy holds strong investment appeal across various sectors and locations," she said, highlighting government efforts to enhance industrial capacity and attract foreign direct investment. Attribution: Amwal Al Ghad English
