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Revolutionizing Egypt's Ports: A Leap Towards Efficient Trade and Transit

Explore Egypt's bold customs reform efforts under Dr. Muhammad Maait's leadership, aimed at boosting efficiency, reducing costs.
22.02.24 | Source: Bnn breaking

Imagine a world where goods flow seamlessly across borders, where ports serve not as bottlenecks but as conduits for commerce. This vision is closer to reality in Egypt, thanks to a groundbreaking decision by Dr. Muhammad Maait, the nation's Minister of Finance. By amending key provisions of the executive regulations of the Customs Law, Egypt aims to transform its ports into bustling transit points, facilitating the rapid movement of goods and bolstering the economy.

A Bold Step Forward

In a move that signals Egypt's commitment to enhancing its role in global trade, the recent amendments introduced by Dr. Maait aim to streamline the process of goods release at ports. Shipping agencies now have the flexibility to request changes to the destination specified in shipping lists, allowing the final import fee to be redirected to dry ports and warehouses. This measure, reminiscent of the operational dynamics in free zones or special economic zones, promises to accelerate the pace at which goods are released, thereby reducing storage times and costs.

Moreover, the amendments facilitate a more dynamic interaction with the customs system. Goods can, upon the owner's request, be converted to the final import duty or another customs system if eligible, or be shipped abroad directly through customs. This adaptability is crucial in today's fast-paced global market, where flexibility can mean the difference between profit and loss.