Xi Jinping and Abdel-Fattah el-Sisi Agree to Boost Trade Using National Currencies
Chinese President Xi Jinping and Egyptian President Abdel-Fattah el-Sisi met in Cairo to strengthen economic and diplomatic ties, marking 70 years of diplomatic relations. During the visit, the two leaders agreed to increase trade and investment settlements denominated in their respective national currencies rather than the U.S. dollar. Xi Jinping and Abdel-Fattah el-Sisi discussed cooperation across various sectors, including construction, energy, manufacturing, and agriculture. They also agreed to launch the third phase of expansions for the Egyptian-Chinese industrial zone in the Suez Canal Economic Zone. Additionally, the two nations are exploring a major economic partnership that could bring up to $2 billion in new investment into the region. The leaders also aligned on regional issues, including support for a Palestinian state and Egypt's concerns regarding the Nile's Grand Ethiopian Renaissance Dam. Xi Jinping urged Middle Eastern nations to develop a self-led security model to reduce reliance on Washington. The visit highlights Egypt's strategy to diversify its strategic partnerships while maintaining its longstanding ties with the United States.
Sources
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