Cairo – The Ministry of Finance of Egypt has implemented measures to facilitate imports and avoid the accumulation of goods at ports, such as releasing cargo with completed customs procedures awaiting the financing form for imported products and waiving some fines. The measures came into force in coordination with the Central Bank of Egypt, the Ministry of Commerce and Industry, the Ministry of Transport, chambers of commerce, and shipping companies.
Finance Minister Mohamed Maait (pictured above) said the measures were approved to facilitate imports and ease the burden on businesspeople in the face of the current global economic crisis. The idea is the initiative will reduce importers’ expenses and the cost of goods for Egyptian citizens. The collection of customs fines for delays in the completion of customs procedures due to document issues has been suspended, which could favor the reduction of these costs.
Shipping companies will be able to transfer imported goods in ports to warehouses and dry ports outside the customs region, and the transfer will be made on behalf of the companies, or importers, according to established procedures. The customs authority has committed to shipping agencies not to release shipments transported on behalf of importers out of customs ports until the agencies issue a delivery permit. The shelf life of products was also extended until the completion of the document processes required by the authorities.
Translated by Ahmed El Nagari & Elúsio Brasileiro
