Any delays and “red tape” pose a burden for moving goods across borders for traders. Trade facilitation—the simplification, modernization and harmonization of export and import processes—has therefore emerged as an important issue for the world trading system.
The country of Egypt has announced some changes to their current processes and have introduced some important updates that companies doing business in Egypt need to take a moment to review and possibly implement to their best practices to ensure the smooth movement of goods.
A recently published law known as law No. 207 has updated the previous laws that have been in place for many years. The new law brings many changes to the customs processes and systems that will benefit all parties involved with both the importing and exporting of goods. Some of these changes will be introduced over a period of time while others go into effect in 2021.
Egypt will begin the implementation of the “single-window” system that will ensure the facilitation of the customs processes as well as set up communication channels to address companies’ technical questions that arise in today’s new modern world. Customs is also updating their rules for the new and increasing need for E-commerce and Intellectual property rights and goods from around the world as they enter the marketplace.
The following details have been prepared from information within the new laws and will apply if your business is involved with the listed items.
Secondly, a fine equivalent to the value of the cutoms duty shall be imposed in the following cases:
As we can see, many of these updated changes also bring the toughening of penalties when violations in trade occur, therefore understanding the changes in processes, procedures, systems and how businesses need to adhere to these changes will become a very important step for businesses around the world.
Trade facilitation is the best step forward to promote international trade with the world, these improvement in Egypt will help the growth of their exports and well as improve the imports are trade continues to grow in the world today.
If you have any questions please do not hesitate to reach out to BDP Egypt so that they may assist you.