Egypt plans to update commerce legislation
Egypt, Economics, 6/26/2000

Egypt's prime minister Atef Ebeid said Sunday that a draft bill to develop trade systems would be referred to Parliament. The present law was issued more than 50 years ago.

Addressing a conference of the Chamber of Commerce in Cairo, he said that Egyptís economic reform program, launched in early l990s, had achieved "spectacular results" in a short time, compared to similar programs carried out in many parts of the world.

"The reform program has been matched by a major development in the infrastructure facilities whose total investments in the era of President Hosni Mubarak have reached LE7 billion," Ebeid added in his address read out on his behalf by Minister of Supply and Domestic Trade Hassan khedr.

Ebeid stressed the role of the chambers of commerce as being non-governmental associations in developing Egyptís trade sector.

"The state is keen on cooperation without hegemony, and providing full freedom to these chambers of commerce to launch initiatives," he added.

Ebeid urged strong unions of chambers of commerce which "will objectively seek the public interest".

We look forward to strong unions to developing policies and systems of trade and helping in upgrading legislationís so that they will catch up with the time and the outside world.

Ebeid hoped that the sought-after development would effectively help in promoting national exports and improve trade balance.

The daylong conference is looking into the impact of foreign changes on domestic trade.

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