Jordan is reconsidering restrictions on Egyptian imports
Jordan has agreed to reconsider imposing import restrictions on Egyptian exporters following a meeting between Egyptian and Jordanian officials, an official at the Trade Ministry told us yesterday. Jordan said last week that it would move to impose pre-clearance fees for Egyptian imports and require the use of letters of credit (L/Cs) in response to fees charged by Egypt’s new digital customs system and the new requirement for Egyptian importers to use L/Cs. A joint working group will be formed to facilitate procedures and deal with any future challenges, a Trade Ministry statement said, without providing further details.
Other things we’re keeping an eye on this morning:
- The New Urban Communities Authority will put plots of land that it failed to sell previously back up for auction. Buyers need to be able to stump up at least 35% of the land’s value in hard currency, though investors who pay more than this will be prioritized. (Al Mal)
- Axa Egypt and Egypt Post’s investment arm, Post for Investment, want to set up a micro ins. company. (Al Borsa)