CAIRO - 10 December 2024: Egypt and Saudi Arabia have reached an agreement to significantly reduce customs clearance time from 3 days to just 3 to 4 hours, according to Egypt’s Deputy Minister of Finance, Sherif El-Kilany. The announcement follows the recent signing of a mutual recognition agreement for Authorized Economic Operator (AEO) programs between Saudi Arabia’s Zakat, Tax, and Customs Authority and Egypt’s Customs Authority.
The agreement aims to enhance trade flows, strengthen international supply chains, and provide reciprocal benefits to the private sector in both countries.
El-Kilany revealed that the agreement includes the accreditation of a large number of Egyptian exporters in Saudi Arabia to facilitate the entry of Egyptian goods in an interview with Asharq Bloomberg. Similarly, Egypt will recognize a list of Saudi exporters under the same framework.
El-Kilany stated that Egypt is introducing unprecedented customs facilitation measures to speed up the movement of goods between the two countries. He highlighted that the agreement is anticipated to double trade volumes and boost export activities between Egypt and Saudi Arabia.
Egypt is targeting a 20% increase in non-oil trade with Saudi Arabia, aiming to reach approximately $8.137 billion in 2025, compared to $6.781 billion projected by the end of this year, according to Yehia El-Wathik Bellah, Chairman of Egypt’s Commercial Representation Authority, in remarks made last month.
Egypt is also working on similar AEO agreements with Bahrain, Qatar, the UAE, and Kuwait to further enhance regional trade.
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