Egypt is looking to become a member of the International Road Transport Union and sign-on to the UN’s Customs Convention on the International Transport of Goods under Cover of TIR Carnets (TIR Convention) (pdf), Al Mal reports. The convention reduces customs restrictions between signatory nations such as cutting financial deposits made at each border and provides a cross-border guarantee system to cover duties and taxes for each transport operation. The move has the endorsement of the Union of Egyptian Investors Associations, whose head Mohamed Farid Khamis called on the House of Representatives to swiftly ratify and approve Egypt’s membership.