Mubarak refers export promotion bill to People's Assembly

Egyptian President Hosni Mubarak approved the export promotion bill and referred it to the People's Assembly for debate, said Minister of Foreign Trade Youssef Boutros Ghali yesterday.

The new export promotion draft law has been approved by the cabinet and referred to the People's Assembly, Ghali said. The Minster said the bill would help to create a more favourable export climate.

"Growth in the export sector will of course have a positive effect on the national economy as a whole. In addition to being a remedy for the balance of payment deficit and realizing higher growth rates for the trade balance, it will also help to attract more foreign investments and consequently create new jobs," he explained.

The minister explained that the new bill would combine the existing eight export-import supervising authorities and agencies into one.

"The body (The General Authority for Export and Import Control) will do the job of the eight but will not replace them.

It only aims at facilitating export measures and making it easier for exporters who will deal with the eight in one," he said.

The new bill also provides for the formation of a new joint unit from the Ministries of Foreign Trade and Finance to manage and handle drawback and temporary release systems the customs mechanisms that directly affect exports.

"This unit will in the first place overcome the problems facing exporters who import supplies and then export manufactured goods," Ghali said.