Decision to cut customs duties on European cars in 2018 suspended

Trade and Industry Minister Tareq Qabil announced on Thursday the suspension of the annual 10 percent reduction in the customs tariffs of imported European cars, which was due to come into effect in early 2018.

“This move comes as part of the ministry’s efforts to support the national automobile industry,” he said, adding that the Finance Ministry and the Customs Authority were informed of the suspension decision.

Under an agreement signed with the European Union in 2015, Egypt agreed to reduce tariffs on automobile imports from European countries by 10 percent annually, with an eye towards eliminating tariffs totally by 2019. (MENA)