Egypt’s finance ministry has prepared a new customs draft-law and sent it to the ministry of commerce and industry to present it to the commercial and industrial community.
The finance ministry said in a statement issued on Wednesday that it will carefully consider all suggestions and remarks made by civil society organizations on the new bill.
It considered the draft-law "a leap in legislative thought", replacing the current customs law, which was issued 55 years ago.
The draft-law provides many facilities for the commercial and industrial communities and mechanisms to protect the national industries in addition to developing work mechanisms at the Customs Authority.
It also allows pre-customs clearance systems and pre-clearance of shipments prior to arrival at Egyptian ports instead of establishing a legal basis for e-documents to terminate customs procedures.
The new draft-law is expected to contribute to the restructuring of all private customs systems in line with the best international practices in order to boost Egypt's international trade.
Egypt’s government aims to transform its ports into a regional hub for international trade.
The systems include transit goods, customs warehouses, temporary storage, free zones, special economic zones, free markets, temporary permits and temporary release.
If the law is passed, there is a one-year deadline to settle the status of the goods released by the temporary release system, the finance ministry said.
The bill combines customs treatment and exemptions in a single law to facilitate customs’ procedures.
The new legislation is bound by the provisions of the trade agreements associated with Egypt as well as the petroleum and mining agreements.
According to the statement, the bill stipulates that the minister of finance issues the executive regulation within six months from the date of its operation.
The ministry was keen to include in the draft-law a wide range of 32 definitions of terms to prevent any conflicting interpretations and to ensure the unification of customs treatment at all ports throughout the country.
