New draft law on export promotion

Egyptian Foreign Trade Minister Youssef Boutros Ghali has prepared a draft law on regulating and encouraging export activities and streamlining relevant measures with the aim of opening up new markets for Egyptian products abroad.

The bill which will be referred to the People's Assembly and Shura Council (the two houses of Egyptian parliament) during the current parliamentary session, stipulates the creation of a fund to be affiliated to Foreign Trade Ministry for supporting exportation mainly trade and investment costs in fields of commodity and service production.

It envisages that profits resulting from produce and service exportation will be exempted from commercial and industrial taxes.

The bill was the focus of a debate held yesterday during a joint meeting of the Egyptian Businessmen Association and the Federation of Egyptian Chambers of Commerce.

"Egypt and Morocco have agreed to promote trade exchange and set up private-sector projects in various domains," said Minister of Foreign Trade Youssef Boutros Ghali who led Egypt's delegation to the meetings of a joint trade and industrial committee.

In a press statement yesterday, Ghali said that the Egyptian delegation met the Moroccan prime minister and many ministers.

A statement by the Foreign Trade Ministry said the Egyptian and Moroccan delegations agreed to set up joint ventures in fishing, speed up the implementation of a free-zone agreement and scrap all non-customs and other restrictions that hinder inter-trade promotion.