The amendments included the introduction of electronic customs declaration submissions for all incoming goods once unloaded unless stored in customs-licensed yards or warehouses
As part of efforts to strengthen Egypt’s position as a regional center for transit trade, Minister of Finance Mohamed Maait called for new amendments to the executive regulations of the Customs Law to support governance as well as simplify and reduce customs clearance time.
The amendments included the introduction of electronic customs declaration submissions for all incoming goods once unloaded unless stored in customs-licensed yards or warehouses, accepting insurance documents as a guarantee for direct transit trade in addition to cash and bank guarantees.
Egypt’s Suez Canal is considered to be the shortest link between the East and the West, providing a direct route to connect the North Indian Ocean and North Atlantic Sea.
In the same statement, the head of the Egyptian Customs Authority (ECA) Al-Shahat Ghaturi announced that the ECA has waived certain fines for petroleum companies to stimulate exports, enabling petroleum companies to adjust the licensed quantities exported according to the “actually shipped” documents within 72 hours. He also noted new measures related to repairing and cleaning containers for reuse.
Ghaturi added that delisted customhouse brokers will be allowed to re-register if the causes behind their canceled licenses have been solved or are ceased, or if one year had passed since the cancellation decision.
Egypt continues to work on accelerating customs releases in order to tackle challenges created by a disrupted global supply chain and a shortage in foreign currency.
The Ministry of Finance recently announced that over the course of 21 months until the end of June 2023, imported goods and products valued at $131 billion have been released through various ports and customs outlets.
The implementation of the Advanced Cargo Information (ACI) system has supported the government’s efforts in streamlining customs procedures and pre-customs clearance, with registration requests exceeding 1.2 million since its launch in October 2021, the ministry wrote at the time.
