ISLAMABAD: Pakistan and Egypt on Friday discussed enhanced economic cooperation in various areas as Deputy Prime Minister Ishaq Dar met Egyptian Foreign Minister Badr Abdelatty on the sidelines of the 15th Sir Bani Yas Forum held in the United Arab Emirates (UAE).
The three-day annual retreat, running from November 15 to 17, has brought together top decision-makers and experts from around the world to debate pressing Middle Eastern issues, including regional peace, security and economic transformation.
Dar was invited to the forum by his UAE counterpart, Sheikh Abdullah bin Zayed Al Nahyan, according to Pakistan’s foreign office.
The Pakistani deputy prime minister’s meeting with the Egyptian foreign minister was reported by the state-owned Associated Press of Pakistan (APP) news agency.
“During the meeting, they discussed Pakistan-Egypt cooperation and dialogue to promote bilateral trade, investment, and tourism,” it said.
Pakistan and Egypt have actively sought to strengthen their bilateral relations in recent years, though Islamabad has mostly focused on strengthening its economic relations with the Gulf countries.
Last year in August 2024, both nations commemorated 75 years of diplomatic ties by issuing a joint postage stamp, symbolizing their enduring partnership and mutual commitment to future collaboration.

LONDON: Half of British businesses say they have been affected by the conflict in the Middle East, according to a survey from the British Chambers of Commerce.

The findings show that on top of the devastating human impact of the fighting in Gaza and Lebanon, the economic repercussions are being felt around the world.

Houthi militants in Yemen began attacking shipping in the Red Sea shortly after the Oct. 7 Hamas attacks sparked Israel’s war on Gaza.

The militants claim they are targeting ships linked to Israel and its allies in solidarity with Palestinians. The result has been a huge reduction in traffic through one of the world’s busiest maritime trade routes.

The BCC said shipping container rates have risen sharply since the conflict began. The cost of shipping a 40-ft (12-meter) container from Shanghai to Rotterdam has risen from just over $1,000 at the start of the conflict to just under $4,000 now. Prices peaked at more than $8,000 in July.

Most shipping companies operating between Asia and Europe have opted to send vessels around the longer Cape Horn route rather than through the Red Sea and Suez Canal.

In the survey of about 650 businesses published this week by the BCC’s Insights Unit, UK firms said the conflict had led to increased costs, shipping disruption and delays, and uncertainty over oil prices. 

Half of those asked said the conflict had affected them, compared to just over a quarter in a similar survey in October 2023. This suggests more businesses worldwide have been affected by the fighting the longer it has gone on.

William Bain, the BCC’s head of trade policy, said: “Alongside the grim human impact of the ongoing conflict in the Middle East, the situation continues to have economic reverberations around the world.

“The effect on businesses here in the UK has continued to ratchet up the longer the fighting has continued.

“If the current situation persists, then it becomes more likely that the cost pressures will build further.”

Economists have warned that while the effects on the global economy have so far been largely limited to shipping costs and delays, further escalation could have a much wider impact.

The biggest concern would be a disruption to oil and gas supplies that would lead to a surge in global energy prices, fueling inflation.