Arab Finance: The Egyptian Customs Authority and the Federation of Egyptian Chambers of Commerce have signed a guarantee agreement under the UN International Transport of Goods under Cover of TIR Carnets (TIR Convention), according to a statement.

Minister of Finance Ahmed Kouchouk, Minister of Transport and Industry Kamel Al Wazir, and Minister of Investment and Foreign Trade Mohamed Farid witnessed the signing ceremony.

Kouchouk affirmed that this marks a new step towards deepening cooperation with the local and foreign private sectors as Egypt advances its strategy to become a regional center for transportation, logistics, and transit trade.

He said tax and customs incentives are helping simplify trade procedures, reduce customs clearance times and costs, and improve the investment climate. The second package of tax reforms includes VAT exemptions on transit goods and related services.

The minister indicated that the government is developing a more advanced customs risk management system to accelerate cargo clearance, noting that transit trade through Egypt has increased by 40% since March.

In order to ensure effective implementation of the TIR system, Kouchouk directed the establishment of a dedicated executive department within the Egyptian Customs Authority to oversee the agreement's application.

For his part, Head of Customs Authority Ahmad Amawi said the agreement, signed with the Federation of Egyptian Chambers of Commerce, affiliated with the International Road Transport Union (IRU), will enable Egypt to fully benefit from the internationally recognized TIR system.

It is expected to boost cross-border freight movement, lower transportation costs, reduce truck dwell time at ports and border crossings, improve customs and logistics efficiency, and enhance the competitiveness of Egyptian ports.

Moreover, the TIR system will facilitate Egyptian exports to Arab, African, and European markets while supporting the expansion of transit trade and creating new opportunities for trade and investment.