The Egyptian Customs Authority and the Federation of Egyptian Chambers of Commerce (FEDCOC), on Monday signed a TIR guarantee agreement, marking a key step in implementing the UN-backed international road transport system aimed at facilitating cross-border trade.
The singing ceremony was attended by Finance Minister Ahmed Kouchouk, Transport Minister Kamel El-Wazir and Investment and Foreign Trade Minister Mohamed Farid.
The agreement supports Egypt’s goal of becoming a regional hub for transport, logistics and transit trade by boosting co-operation with the private sector and streamlining customs procedures, Kouchouk said.
He added that the government is hard at work to further reduce customs clearance times and costs through simplified procedures and a more advanced risk management system.
Egypt’s transit trade has grown by 40% since March, adding that the second package of tax reforms exempts transit goods and related services from value-added tax to encourage transit activity, the minister noted.
He also directed the establishment of a dedicated executive unit within the Customs Authority to oversee implementation of the TIR system.
Head of the Egyptian Customs Authority, Ahmed Amway, said the agreement will accelerate cargo movement, reduce transport costs and truck waiting times at border crossings.
It is also expected to improve customs and logistics services, and enhance the competitiveness of Egyptian ports and transport companies while supporting exports to Arab, African and European markets.
For his part, FEDCOC Chairman Ahmed El-Wakil said the agreement would strengthen supply chains, attract logistics investments and reinforce Egypt’s position as a regional trade and logistics hub.
