Minister of Foreign Trade highlights impact of foreign trade flow on reducing inflation

During a meeting on Thursday, Hassan El Khatib, Minister of Investment and Foreign trade, emphasized the importance of improving the flow of foreign trade and its impact on reducing inflation, as well as ensuring that goods and products are available to citizens at reasonable prices.

The minister led a comprehensive meeting to discuss the customs release process and the inspection of imported goods with representatives from various ministries and relevant authorities.

During the session, El Khatib emphasized the government's commitment to providing additional facilitations for exporters and importers.

The meeting also explored options for streamlining the customs release process to reduce both time and costs. Proposed solutions included operating customs release offices and bank branches at ports 24/7 and developing innovative payment solutions for importers, such as increasing reliance on electronic payment applications.

He noted that these efforts aim to expedite the entry and exit of products at minimal costs, ultimately enhancing Egypt's standing in international trade indicators and boosting the country’s foreign trade volumes.

He stressed the state’s goal of doubling Egypt's exports to global markets through further reforms in financial policies and by alleviating burdens on exporters.

On Wednesday, El Khatib shared a new program to refund export burdens, which include directing improved support towards more “high-valued” products, emphasizing the percentage of local components.