Egypt plans agreements with Bahrain, UAE to expedite customs clearance
Updated 12/23/2024 8:45:00 AM
Arab Finance: Egypt is preparing to sign agreements with Bahrain and the UAE in early 2025 to reduce customs clearance times for exports and imports to just a few hours, Deputy Minister of Finance for Tax Policies Sherif Elkilany told Al Arabiya Business.
The agreements, known as mutual recognition of the authorized economic operator program, will initially include Bahrain and the UAE, with plans to extend similar arrangements to other countries in the near future.
These agreements involve mutual visits between the participating nations to review goods release systems and approve lists of eligible companies that will benefit from expedited customs procedures.
Elkilany explained that the agreements aim to facilitate the entry and exit of goods for approved companies without adhering to standard customs clearance procedures.
The initiative is expected to boost trade volumes with Bahrain and the UAE, especially since the approved lists will include major companies contributing significantly to bilateral trade.
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