Wed, 13 Jan 2021 - 04:25 GMT
FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo
CAIRO – 13 January 2021: Linking all land, sea and air ports with an electronic platform through the customs single window system will be completed by the end of next June, according to Minister of Finance Mohamed Maait.
Maait assured in a statement, Wednesday, that the linkage will simplify procedures, facilitate internal and external trade movement, and improve Egypt's ranking in three important international indicators: “global competitiveness, doing business, and the macroeconomic environment”, which help in stimulating the investment climate, maximizing productive capacities, and expanding the export base.
He added that the new customs law is an unprecedented legislative move that allows goods to be tracked until the final release stage, and customs dealing with goods contracted with the modern e-commerce system, with the possibility of pre-clearance and payment of customs duties before the goods arrive.
The minister explained that the new law allows for the exchange of information and secured data electronically between the Customs Authority and state or foreign entities with whom it has concluded agreements that acknowledge this, and the development of a comprehensive risk management system. Leading to the release of the goods without detection or inspection via the green path, in accordance with the established controls; this is in order to simplify procedures and reduce the customs release time to less than three days.
The minister emphasized that the state is keen to encourage the export sector and remove any obstacles facing economic activities. In a way that contributes to the continuation of the wheel of production in accordance with precautionary measures to ensure prevention of the emerging corona virus.
Moreover, he directed to deal immediately with any challenges that unfold at customs ports during the practical application of the new customs law, so that correct and disciplined interpretations of legal texts are adhered to until the issuance of the executive regulations, in line with legislative principles, and what we aim to facilitate trade movement and simplify customs procedures.