The Finance Ministry is looking forward to adopting
suggestions aiming to expedite the release of imported goods as soon as they
arrive at the port, said Finance Minister Mohamed Maait.
This will contribute effectively to reducing the cost of the export and import
process and in turn reducing the cost of goods and services, facilitating the
movement of domestic and foreign trade and stimulate investment, he added
during his meeting with Head of the Manpower Committee in the House of
Representatives Adel Abdel-Fadil along with a host of customs brokers.
The minister further noted that a time release study, which has recently
conducted in cooperation with the World Bank, proved the success in reducing
the overall average time of customs clearance at seaports by about 50 percent
after applying the "Single-Window" system that connects all ports to
a unified digital platform.
The ministry seeks to facilitate procedures and apply basic rules for trade and
investment, he affirmed.
As many as EGP 5 billion was allocated to develop the customs system, establish
logistics centers and provide the necessary preparations for operation at
customs ports, he said.
The Egyptian customs has also introduced the Advanced Cargo Information (ACI)
system at ports, the finance minister noted, adding it is a new electronic
system for the pre-registration of shipment information.
Source: State Information Service
