Additional formal requirements have been introduced by the Egyptian authorities, for importing goods into Egypt. The purpose of such requirement is to promote local production, reducing reliance on foreign imports and increasing the Egyptian foreign currency exchange position. The same requirement will have an impact on both local importers and foreign exporters to Egypt, who would be required to adopt the new requirements instantly to avoid delays at the borders that can lead to rejection of shipments entering Egypt. Foreign manufacturers are now obliged to register with the General Organisation for Export and Import Control (“GOEIC”) prior to shipping their products to Egypt.
In addition, ‘cash against documents’ can only be exchanged through designated banks, which reduces the flexibility of exchanging customs documents and consequently increases the clearing time and associated costs. There is an increase in import costs owing to the obligation to attest import commercial invoices; and an increase in the import customs duty on a substantial number of goods imported into Egypt.
