|17 October, 2019

Egypt drafts new customs law to boost business climate

An electronic cargo tracking system will be launched

Image used for illustrative purpose. Egypt's President Abdel Fattah Al Sisi arrives ahead of the start of the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 24, 2019.

Image used for illustrative purpose. Egypt's President Abdel Fattah Al Sisi arrives ahead of the start of the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 24, 2019.

REUTERS/Lucas Jackson

Cairo –  Egypt’s draft customs law, which has been referred to the parliament for approval, will contribute to improving the North African nation’s business climate, the Ministry of Finance said in a statement on Thursday.

The proposed law aims to facilitate customs procedures, reduce costs of goods, and cut clearance time through digitising customs clearance procedures and benefiting from international experiences in applying the “single-window” system.

In addition, an electronic cargo tracking system and a risk management system will be launched.

The new draft law will also allow customers to submit their grievances to the administration before resorting to arbitration.

Moreover, the temporary storage system will be implemented so that goods will be stored in the customs warehouses for a limited period of time.

Source: Mubasher

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