FinMin opens expedited customs clearance to SME importers
SMEs will be able to join a whitelist of importers eligible for expedited customs clearance, according to a Finance Ministry decision waiving a requirement that allowed only companies with higher revenues to apply for the scheme. Smaller importers will need to prove they are able meet contractual obligations to qualify for preferential customs treatment. They will be logged into the whitelist after “coordination with the Food Safety Authority and the General Organization For Export and Import Control,” the ministry said. This comes under the green path system which was put in place in November to reduce time and cost of customs releases, and at a time when Egypt is relaxing import controls to avoid shortages in essential commodities and goods during the covid-19 pandemic.
Background: The government has been trying to make it easier to do business by streamlining the lengthy clearance process. Among its flagship projects are the green path system and the new Customs Act currently making its way through the House of Representatives.