The government, in consultation with the business community and investors, recently updated customs legislation to streamline and modernize procedures, aiming to facilitate both domestic and international trade
Earlier this fall, the Ministry of Finance revealed that imported goods and products valued at $131 billion were released by the customs authority over the course of 21 months until the end of June 2023
The amendments included the introduction of electronic customs declaration submissions for all incoming goods once unloaded unless stored in customs-licensed yards or warehouses
Maait added that the priority of release was for basic commodities, food manufacturing ingredients, medicines and production supplies, ensuring that Egyptian production would continue smoothly with it required needs
Boosting trade efficiency in Egypt, Minister of Finance Maait allows importers to initiate pre-customs clearance and pay a reduced percentage upfront.
