U.S.-China deal helps Egypt to attract $490mn investments – CBE official

The U.S.-China trade agreement helped Egypt to attract investments worth $490 million from international investment funds in just one day, a Central Bank of Egypt (CBE) official source said.

Speaking to the Middle East News Agency on Monday, the CBE source expected more investment inflows into Egypt in the coming period in light of the successful economic reform programme currently implemented by the country.

The deal, announced on Friday after more than 2.5 years of on-and-off negotiations between Washington and Beijing, will reduce some US tariffs on Chinese goods in exchange for increased Chinese purchases of US agricultural, manufactured and energy products by some $200 billion over the next two years.

The “phase one” US-China trade deal will nearly double US exports to China over the next two years and is “totally done” despite the need for translation and revision of its text, US trade representative Robert Lighthizer said on Sunday.

Lighthizer, speaking to CBS’s Face the Nation, said there will be some routine “scrubs” to the text but “this is totally done, absolutely”.

Lighthizer said a date and location for senior US and Chinese officials to formally sign the agreement was still being determined.

Source: MENA