(3 minutes read)
· Egypt gets full customs duty exemption from MERCOSUR countries for exporting over 600 items
· The duty exemption will be effective from Septemeber1, 2020
· The Egyptian exports to the MERCOSUR countries looked up in the recent days and peaked to US$ 490 million in 2019 as against US$ 212 million in 2017, an increase of 130%
Egypt gets full customs duty exemption from MERCOSUR countries for exporting over 600 items. This was revealed by Egyptian Minister of Trade and Industry Niven Gamea’. The duty exemption will be effective from September 1, 2020.
Egypt has entered into a free trade agreement with MERCOSUR countries on 3rd August 2010, which includes Brazil, Argentina, Paraguay and Uruguay. The goods which come under the zero duty, among other things are, cement, citrus, oil and natural gas. The agreement would enable the North African country to increase its exports to Latin American countries and import from LATAM region its requirements at concessional duty.
The Egyptian exports to the MERCOSUR countries looked up in recent days and peaked to US$ 490 million in 2019 as against US$ 212 million in 2017, an increase of 130%. Egypt is contemplating various strategies to up its exports to the region through the free trade agreement.
Egypt imports from Latin American countries items like sugar, meat and soy oil. The FTA aims at cutting tariffs by more than 90% between Egypt and the region. It also provides for zero duty on agricultural goods, along with finding solutions to the issues of the rules of origin and the preferential guarantees and promoting cooperation in the fields of investment, services and others.
