
House okays Egypt-Serbia free trade agreement
According to a report of the joint committee of the House's Economic Affairs Committee and the offices of the Planning and Budget and Foreign Relations Committees, the agreement comes within the framework of the two countries' interest in strengthening trade exchange, and industrial and investment ties, as well as enhancing and developing economic and trade relations in a manner that opens up broader horizons for cooperation.
The agreement also aims to double the volume of trade exchange between Egypt and Serbia over the next five years, compared to the current value that is worth $89 million. (MENA)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Middle East
an hour ago
- Middle East
OPEN// PM reaffirms Egypt's support for Palestinian statehood, rejection of displacement plans
NEW ALAMEIN, Egypt, Aug 17 (MENA) – Prime Minister Mostafa Madbouly on Sunday reaffirmed Egypt's unwavering support for the Palestinian cause and its opposition to any plans aimed at displacing Palestinians or undermining their right to statehood. In a meeting with Palestinian Prime Minister Mohammad Mustafa in the coastal city of New Alamein, Madbouly stressed Egypt's commitment to ending Gaza war and supporting the Palestinian people's legitimate rights, including the establishment of an independent state based on the 1967 borders with Al Quds (East Jerusalem) as its capital. He reiterated Egypt's rejection of continued settlement expansion, home demolitions, and attempts to alter the demographic reality on the ground. Madbouly also underlined Egypt's ongoing humanitarian support through the Rafah border crossing and its diplomatic efforts with Qatar and the United States to broker a ceasefire and ensure sustainable aid delivery. The two sides discussed preparations for a Cairo conference on early recovery and reconstruction in Gaza, which Egypt plans to host following a ceasefire. Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty praised the level of Egyptian-Palestinian coordination and emphasized the importance of engaging international donors in the post-conflict recovery phase. He reaffirmed Egypt's commitment to the two-state solution as the only path toward lasting peace. (MENA) R E E/


Middle East
an hour ago
- Middle East
OPEN// FM, his German counterpart discuss regional developments in phone call
CAIRO, Aug 16 (MENA) - Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty had a phone call with German Foreign Minister Johann Wadephul as part of ongoing consultations on regional developments, with a primary focus on the situation in Gaza. During the call, both ministers reiterated their strong condemnation of the use of starvation as a weapon against the Palestinians. Abdelatty briefed his German counterpart on the latest catastrophic humanitarian and medical conditions in the Gaza Strip, the ongoing efforts to reach a ceasefire agreement and Egypt's continued efforts to ensure the unimpeded delivery of humanitarian aid to the enclave. He emphasized the need to remove all Israeli-imposed obstacles preventing full, unconditional access to aid. The call also covered the highly dangerous implications of recent Israeli policies including statements about the so-called "Greater Israel." Abdelatty stressed the risks such actions pose to regional security and stability. Abdelatty firmly reiterated Egypt's total rejection and condemnation of Israel's continued military operations in Gaza and its expansion of settlements in the West Bank. He warned that such policies undermine all chances of de-escalation and peace. He called for urgent action by the European Union to help curb the ongoing Israeli escalation. Both ministers strongly condemned the deliberate starvation of Palestinians, which has led to severe deterioration in humanitarian conditions in Gaza. Abdelatty stressed that these repeated Israeli violations represent flagrant breaches of international law, international humanitarian law, and all international conventions and norms. He welcomed the German government's decision to suspend arms and military equipment exports to Israel that could be used in Gaza operations, describing the move as a step in the right direction. For his part, the German foreign minister praised Egypt's strenuous efforts in seeking a ceasefire and ensuring humanitarian aid reaches Gaza. The call also touched on developments in the Iranian nuclear file, where Abdelatty asserted Egypt's commitment to a peaceful solution, emphasizing the importance of de-escalation in the region and the need to avoid military solutions. (MENA) M H K/Y R E


Middle East
an hour ago
- Middle East
OPEN// President Sisi affirms importance of strengthening fiscal discipline in gov't procedures
CAIRO, Aug 16 (MENA) - President Abdel Fattah El Sisi on Saturday underscored the importance of continuing intensive efforts to enhance financial discipline in government procedures to improve the performance of the Egyptian economy and support development efforts. The president also stressed the importance of forging effective partnerships between government agencies and the business community and adopting a balanced fiscal policy to drive growth and maintain financial stability. This is while prioritizing reducing debt service rates and burdens. President Sisi made the remarks during a meeting with Prime Minister Moustafa Madbouli and Minister of Finance Ahmed Kouchouk. President Sisi reviewed the preliminary indicators of the fiscal performance for the fiscal year 2024/2025, which saw a distinct, good, and balanced performance, said Presidential Spokesman Mohamed el Shennawy, said The highest primary surplus was achieved, amounting to nearly EGP 629 billion (3.6% of GDP), an 80% increase compared to the fiscal year 2023/2024, which recorded a primary surplus of EGP 350 billion. Kouchouk said this outstanding financial performance was achieved in spite of the budget being exposed to impactful external shocks, most notably a sharp decline in Suez Canal revenues by 60% below the target, resulting in losses estimated at approximately EGP 145 billion compared to what was budgeted for in the general budget. The minister of finance also emphasized that the outstanding financial performance was coupled with a significant improvement in all economic indicators and a significant increase in private investments, manufacturing activity, and exports. The meeting addressed the main outcomes of the financial performance for the year 2024/2025, which included a remarkable growth in tax revenues, therefore achieving the highest growth rate in the past years, reaching 35%. This was due to the implementation of a package of tax incentives, expanding the tax base, and building confidence, certainty, and facilitation with the business community. Kouchouk reviewed the growth rate of primary expenditures and the general revenues for the budget. The percentage of growing revenues reached 29% and the percentage of growing primary expenditures reached 16.3%. Tax revenues for the fiscal year 2024/2025 amounted to EGP 2,204 billion, showing an increase of 35.3% compared to the previous fiscal year. He noted that the noticeable improvement in tax performance is the result of efforts to expand the tax base by voluntarily attracting new financiers, resolving disputes amicably, utilizing technological means and electronic systems, establishing an e-commerce unit, developing the tax system and applying a tax risk management system. This is in addition to improving the Tax Authority's administrative capabilities and regulatory procedures by updating the VAT refund procedures, designing a new fast and easy system as well as unifying, simplifying, revitalizing, and improving tax services, expanding tax concessions, and restoring confidence in taxpayers by reducing burdens on them, simplifying procedures, enhancing transparency, reducing chances of evasion, increasing compliance, and improving collection accuracy. He explained that the results of implementing the first phase of the tax concessions package from February to August 2025 included the submission of 401,929 applications to resolve old tax disputes, in addition to the submission of more than 650,000 amended or new voluntary tax returns, resulting in the collection of EGP 77.90 billion. The number of financiers who applied to benefit from tax incentives and concessions for projects with an annual turnover not exceeding EGP 20 million, in accordance with Law No. 6 of 2025, reached approximately 104,129. The minister of finance also indicated that the state has allocated budgets to treat more than 80,000 critical cases at the state's expense. The state also covered the subscriptions of those who could not afford within the Universal Health Insurance system, amounting to approximately EGP 2.3 billion in several governorates. In the field of education, the assistance of 160,000 teachers was required to fill the teacher shortage during the 2024/2025 academic year, at a cost of EGP 4 billion. A total of EGP 6.25 billion was also allocated during the 2024/2025 fiscal year for school feeding programs and the provision of meals for students to combat malnutrition. The President issued directives to continue efforts to achieve a primary surplus and increase spending on the Takaful and Karama programs, the health and education sectors, and social protection programs to alleviate the burden on citizens and promote social justice. (MENA) A A E/M N E