Egypt, Saudi Arabia agree to reduce customs clearance time to 3-4 hours
Updated 12/10/2024 10:01:00 AM
Arab Finance: Egypt and Saudi Arabia have reached an agreement to reduce the customs clearance time for goods between the two countries to just three to four hours, instead of three days, Egyptian Vice Minister of Finance Sherif Elkilany told Asharq Business.
The agreement follows a recent pact signed between the Saudi Zakat, Tax, and Customs Authority (ZATCA) and the Egyptian Customs Authority (ECA) to mutually recognize the Authorized Economic Operator (AEO) programs.
This initiative aims to improve trade exchange and the supply chain between the two nations, offering benefits to the private sectors in both countries.
Elkilany explained that the deal includes accrediting a significant number of Egyptian exporters in Saudi Arabia, easing the entry of Egyptian goods into the kingdom.
Similarly, Egypt will grant accreditation to a list of Saudi exporters to streamline their goods' entry into Egypt.
"We are working on unprecedented customs facilities for the entry of goods between Egypt and Saudi Arabia," Elkilany said.
This agreement is expected to greatly boost trade volumes and accelerate exports between the two countries.
In November, Yahya Al-Wathiq-Bellah, Head of the Egyptian Commercial Representation Service (ECS), said that Egypt targets a 20% increase in non-oil trade with Saudi Arabia, aiming to reach $8.137 billion in the coming year, compared to $6.781 billion targeted by the end of 2024.
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