BRUSSELS: Egypt and the European Union will hold their first bilateral talks Wednesday in Brussels where leaders will discuss security, trade and migration as well as stability in Gaza.
Egyptian President Abdel-Fattah El-Sisi, European Commission President Ursula von der Leyen and European Council President António Costa are expected to announce increased European economic assistance to Egypt and Egypt’s admission to the EU’s Horizons research incubation program.
The summit comes as the 27-nation bloc has sought to forge new trade and security deals amidst geopolitical tumult sparked by the combative policies of US President Donald Trump and export controls from Chinese President Xi Jinping.
Part of its approach is a so-called Pact for the Mediterranean in which the EU seeks deeper integration with countries from Morocco to Turkiye, including offering European aid in exchange for efforts to slow migration to Europe.
Egypt is weathering soaring inflation, as well as instability from the still-smoldering war in neighboring Gaza.
El-Sisi told Costa and other world leaders last week that Trump’sMideast proposal represents the “last chance” for peace in the region and reiterated his call for a two-state solution, saying Palestinians have the right to an independent state.
The EU is Egypt’s largest trading partner. During the signing of a joint declaration last year, Brussels announced a 7.4 billion euros ($8.6 billion) aid package for cash-strapped Egypt in the form of loans, investment and support for specific programs like migration.
The deal injected much-needed funds into the Egyptian economy, which has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine and most recently, the Israel-Hamas war in Gaza. Houthi attacks on shipping routes in the Red Sea have also slashed Suez Canal revenues, which is a major source for foreign currency, by forcing traffic away from the canal and around the tip of Africa.
Both Brussels and Cairo have serious concerns over migration.
Arrivals of asylum-seekers and other migrants fleeing conflict and poverty in the Middle East and Africa for Europe over the past decade helped fuel rising far-right populism and led to stricter border controls that have drawn heavy criticism from human rights groups.
El-Sisi should press the EU to do more for Gaza, said Eve Geddie, director of Amnesty International’s European Institutions Office. At the same time, Von der Leyen and Costa should press the former military leader to stop “rampant arbitrary detentions, unfair trials and harsh prison sentences of critics,” she said.
Egypt faces its own migration pressures. While in recent years it has become a point of transit for those attempting the dangerous Mediterranean Sea crossing to Europe, Egypt has for decades been a refuge for migrants from sub-Saharan Africa trying to escape armed conflict and crippling poverty.
Egypt, whose population is 116 million, says there are 9 million migrants in the country, including about 900,000 who are registered refugees and asylum-seekers with the UN refugee agency.
El-Sisi is also expected to meet King Philippe I of Belgium during his visit.
First EU-Egypt summit to focus on economic ties, migration and Gaza
https://arab.news/wbfu8
First EU-Egypt summit to focus on economic ties, migration and Gaza
- Egyptian President Abdel-Fattah El-Sisi and European Commission President Ursula von der Leyen, and European Council President António Costa are slated to discuss at the EU-Egypt Summit security
Syria’s growth accelerates as sanctions ease, refugees return
- Economy grows much faster than World Bank’s 1% estimate, fueling plans for currency’s relaunch
NEW YORK: Syria’s economy is growing much faster than the World Bank’s 1 percent estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh has said.
Speaking via video link at a conference in New York, Husrieh also said he welcomed a deal with Visa to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.
The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”
The US Treasury on Nov. 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the US Congress.
Husrieh said that based on discussions with US lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”
“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.
Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders.
Syria’s central bank has recently organized workshops with banks from the US, Turkiye, Jordan and Australia to discuss due diligence in reviewing transactions, he added.
Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound.
“The new currency will be a signal and symbol for this financial liberation,” Husrieh said. “We are glad that we are working with Visa and Mastercard,” Husrieh said.
