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.
Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries
Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries
China strongly deplores and firmly opposes the statement made by Japan's Foreign Minister Toshimitsu Motegi 10 years after the so-called "2016 Arbitral Award on the South China Sea", a Chinese Foreign Ministry spokesperson said in Beijing on Sunday.
The statement blatantly endorses the illegal "award", attacks China's lawful claims and mischaracterizes Japan as a "legitimate stakeholder who uses the South China Sea", said the spokesperson.
Japan is not a party in the South China Sea and is in no position to pass judgment on China's territorial sovereignty and maritime rights and interests in the South China Sea. During World War II, Japan committed innumerable crimes that caused untold suffering on China and its people, including the illegal occupation of islands and reefs in the South China Sea, said the spokesperson.
Now decades later, Japan, in the name of a "stakeholder", is again attempting to meddle in the South China Sea. This reminds people of Japan's history of aggression and expansion, and heightens their vigilance against Japan's neo-militarism agenda, said the spokesperson.
China's sovereignty over the South China Sea islands and relevant rights and interests in the South China Sea were established in the long course of history, and are solidly grounded in the law. China's activities in the South China Sea are fully legitimate, lawful and beyond reproach. China's rights in the South China Sea can by no means be denied by the makeshift "arbitral tribunal", said the spokesperson.
In rendering the "award", the "arbitral tribunal" exceeded its authority and abused its jurisdiction. The "award" is naturally illegal, null and void, and has no binding force. It has gravely undermined the sanctity and authority of the United Nations Convention on the Law of the Sea, and dealt a serious blow to the international rule of law, said the spokesperson.
China neither accepts nor recognizes the "award", and opposes and will never accept any claim or action arising from it, the spokesperson added.
By turning a blind eye to the glaring flaws in the "award" while openly endorsing it, Japan has laid bare its double standards and hypocrisy, said the spokesperson.
What Japan really cares about is not the international rule of law, but meddling in and destabilizing the South China Sea. For some time, Japan has been stepping up collaboration with the Philippines and expanding its export of weapons and equipment to the country. Japan has also deployed military forces overseas on many occasions and launched offensive missiles. These actions go far beyond the scope of self-defense, break free from Japan's Constitution and norms in the international law, and challenge the post-war international order, said the spokesperson.
China urges Japan to stop smearing China, stop sowing disinformation in the South China Sea, and stop undermining peace and stability in the region, said the spokesperson, adding that China will continue firmly defending its territorial sovereignty and maritime rights and interests in the South China Sea.
Any attempts to challenge China's lawful rights and interests and undermine peace and stability in the South China Sea are doomed to fail, the spokesperson said.
China strongly deplores Japanese FM's statement on South China Sea: spokesperson
