Egypt’s transit trade rises 40% since March – FinMin

Egypt’s transit trade has risen 40 per cent since March as customs reforms and trade facilitation measures strengthen the country’s position as a regional logistics hub, Finance Minister Ahmed Kouchouk said on Monday.

Kouchouk made the remarks after the Egyptian Customs Authority and the Federation of Egyptian Chambers of Commerce (FEDCOC) signed a guarantee agreement to implement the United Nations-backed Transports Internationaux Routiers (TIR) system, which aims to simplify customs procedures, reduce border clearance times, and lower transport costs.

The agreement was signed in the presence of Transport Minister Kamel El-Wazir, Investment and Foreign Trade Minister Mohamed Farid, International Road Transport Union (IRU) Secretary General Umberto de Pretto, and senior government officials.

Kouchouk said the increase in transit trade reflected Egypt’s growing role as a regional logistics hub and the government’s efforts to improve the efficiency of cross-border trade.

The TIR system facilitates the movement of goods across international borders under a single customs guarantee, reducing customs formalities, transport costs and transit times while enhancing the security of cross-border cargo movements.

Kouchouk said the Finance Ministry is developing a more advanced risk management system to accelerate customs clearance while maintaining effective oversight.

“We are working on a more sophisticated risk management system that will further speed up customs clearance procedures,” he said.

He said the agreement marked another step in strengthening cooperation with the domestic and international private sector to improve Egypt’s investment climate and economic competitiveness.

“Our goal is to reduce customs clearance times and costs through further simplification of procedures,” Kouchouk said.

The agreement forms part of Egypt’s broader efforts to align its customs and logistics framework with international trade standards, facilitate regional trade and strengthen the country’s role as a regional transport and logistics hub.

Attribution: Amwal Al Ghad English