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Sunday, 24 November 2019

Egypt expands customs clearance “green channel” to include SMEs

Gov’t expands customs clearance “green channel” to include SMEs: The government has decided to expand its “green channel” system for whitelisted importers to enjoy expedited customs clearance to include small and medium-sized enterprises, according to a Finance Ministry statement. The move is meant to improve SMEs’ production capabilities, the statement says, noting that SMEs comprise a large chunk of the national economy. It remains unclear whether all SMEs will be included in the green channel system.

Background: The system, which the ministry began implementing last Wednesday, will allow 75 whitelisted companies to have their goods pass through Egypt’s ports without their shipping containers undergoing inspection. The move is meant to cut down on customs clearance fees, which would also drive down the costs of imported goods on the market, and raise Egypt’s ranking in the World Bank’s Cross Border Trade Index. The government has been working on a draft Customs Act that is designed to expedite customs clearance and provide customs breaks to incentivize local manufacturing.

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