Import Tariffs on 320 Goods Increased by up to 60 Percent in Egypt

Import tariffs increases would boost customs revenues by EGP 6 billion a year, if imports remained at current volumes, Egypt’s finance ministry said in a statement on Sunday. Egypt imposed on Thursday an increase on customs duties on 320 goods, to 60 percent for many items. The decision aims to encourage domestic production and reduce imports, according to the finance ministry. However, goods from the EU, the Arab region, Turkey, and some African states will be excluded from the new custom tariffs said Egyptian authorities. “The decision aims to provide the necessary climate to attract investments, and give a strong boost to increasing local productivity,” the statement read. “It also aims to reduce the import rates that the Egyptian market suffered from in recent years, and led to an increase in the trade deficit to reach more than $49 billion,” the statement added. The ministry said that the increases were in compliance with World Trade Organisation standards, stressing that tariff increases do not apply to countries with which Egypt has active free trade agreements. According to the statement, the increases targeted products that have local alternatives as well as goods that were deemed…

Hi guest,

You've read all of your free articles.
Subscribe now to support independent journalism and to enjoy:

Unlimited access to all our articles

Exclusive events and offers

First access to new premium newsletters

Ability to comment on articles

Full user profile

Subscribe