Good afternoon, friends, and welcome to the start of a fresh, new workweek — the last one before we say goodbye to daylight saving time, so be mindful of any scheduling adjustments coming up.

THE BIG STORY TODAY-

📍 Egyptian goods could be entering China dutyfree as early as the end of November, as China continues to boost diplomatic and economic relations with African nations, unnamed government sources told Al Borsa. The news follows Chinese Ambassador Liao Liqiang’s comments Thursday that the world’s second most populous nation was studying exempting Egyptian exports from import duties, according to a Trade Ministry statement.

The move will play a big role in rebalancing Egypt’s trade relationship with the world’s factory, along with bolstering exports and supporting USD investment flows, Cairo Chamber of Commerce’s Exporters Division head Ahmed Zaki told EnterpriseAM. Chinese exports to Egypt outnumbered those going the other way by 29x, with Egypt exporting only USD 578 mn worth of goods, compared to China’s USD 16.8 bn, according to the Chinese Foreign Affairs Ministry. State statistics agency Capmas’ count has Chinese imports at a slightly smaller USD 15.7 bn and Egyptian exports roughly the same.

China is working to give no-tariff access to all of the 53 African nations China has diplomatic relations with, Chinese Foreign Minister Wang Yi said at the opening of the China-Africa Economic and Trade Expo in June. The scrapping of tariffs across the whole continent extends its existing policy for least developed countries to include middle-income nations, including Egypt, while adding additional support to least developed countries.

THE BIG STORY ABROAD-

🌐 Two suspects were arrested over the theft of the French crown jewels from the Louvre museum’s Apollo gallery last week, French media reports. One of the two men arrested was caught ahead of escaping to Algeria by way of Paris Charles de Gaulle Airport. Both men are in their thirties and were reportedly already known to the police. The arrests were made Saturday evening. (CNN | BBC)

OVER IN THE BUSINESS PRESS- Less than a day after announcing a 10% tariff hike onCanada, US President Donald Trump has struck several trade agreements with Asian countries in Kuala Lumpur, Malaysia, on day one of a trade-heavy, continent-wide trip which will see him meet with several key Asian leaders, CNN reports.

Leading the news is a trade agreement and critical minerals pact between Trump and Malaysian Prime Minister Anwar Ibrahim. “[Malaysia] is going to be modifying its tariffs and non-tariff barriers, and we intend to have a lot more trade,” Bloomberg quoted US Trade Representative Jamieson Greer as saying. A reciprocal trade agreement was also signed with Cambodia.

A trade agreement between the US and Vietnam is also set to be finalized “in the coming weeks,” Reuters reports. The agreement would see reciprocal tariffs set at 0-20%, according to a joint statement published by the White House. “Vietnam will provide preferential market access for substantially all U.S. industrial and agricultural exports to Vietnam,” the statement reads.

ALSO- The recently reignited trade war between the US and China may be on its way to getting extinguished. US and Chinese negotiators have reached an amicable agreement ahead of the scheduled meeting between Trump and his Chinese counterpart, Xi Jinping, later this week, the FinancialTimes reports. Both countries may also extend the trade truce — currently set to expire on 10 November — according to US Treasury Secretary Scott Bessent.

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today’s issue: We’re taking a deep dive into the Russian Industrial Zone, set to break ground in 2026.

☀️ TOMORROW’S WEATHER- We’re in for a warm, overcast day tomorrow, with temperatures in Cairo set to peak at 31°C before dropping to 21°C, according to our favorite weather app.

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