CAIRO - 22 December 2024: Egypt is set to finalize two agreements with Bahrain and the UAE in early 2025, aiming to drastically reduce customs clearance times for imports and exports to just a few hours, announced Sherif El-Kilany, Deputy Minister of Finance for Tax Policies.
Speaking to Al-Arabiya Business, El-Kilany revealed that similar agreements with other nations are also in progress, beginning with Bahrain and then the UAE.
The agreements, part of the Mutual Recognition for the Authorized Economic Operator (AEO) Program, will involve reciprocal visits between the countries to review customs systems and establish a list of approved companies.
These selected companies will enjoy expedited customs procedures, enabling goods to clear within hours without adhering to standard clearance protocols.
El-Kilany highlighted that these initiatives aim to boost trade between Egypt, Bahrain, and the UAE. The approved company lists will focus on major exporters responsible for a significant portion of trade between the participating nations.
He further noted Egypt’s recent success in reaching a similar agreement with Saudi Arabia, reducing customs clearance times between the two countries from three days to just three hours.
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