New customs tariffs to be applied to 1100 commodities
Egypt, Economics, 1/3/2002

Egyptian Finance Minister Medhat Hassanein said the new amendments in the customs tariffs in effect as of January 1, 2002 which comprise 1100 commodities, adding they aim at encouraging local industry and investment, mending customs defects and curding smuggling.

In a press conference Wednesday, Hassanein said production requirements relevant to the textile industries to cut their production costs to help them compete strongly in local and foreign markets.

Customs tariffs were also slashed on 68 items by 30-50 per cent and upped on 28 imported finished items as their local similar products are of high quality.

Meanwhile, Minister of Foreign Trade Youssef Boutros Ghali said the ban is still effective on import of ready-to-wear garments, adding "The World Trade Organization (WTO) agreements compel us to cancel the ban during this year and not in the beginning of 2002".

"The new customs amendments on the ready-made clothes and other commodities aim at protecting the national industries," said Ghali.

Prime Minister Atef Ebeid meets today with Port Said Governor Moustafa Kamel to discuss the negative impact of the new customs amendments on the trade activities in the free area in Port Said and other free area and the detriment done to merchants as a result of an expected slump in the ready-made garments sales.

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