In an interview with Al-Arabiya Business, El-Kilany stated that Egypt is also working on similar agreements with other countries in the coming months, starting with Bahrain, followed by the UAE.
Egypt is preparing to sign two agreements with Bahrain and the UAE in the first quarter of 2025, aiming to reduce customs clearance times for imports and exports to just a few hours instead of several days, according to Sherif El-Kilany, Deputy Minister of Finance.
In an interview with Al-Arabiya Business, El-Kilany stated that Egypt is also working on similar agreements with other countries in the coming months, starting with Bahrain, followed by the UAE.
These agreements, known as Mutual Recognition Agreements for the Authorized Economic Operator (AEO) Program, involve reciprocal visits between the participating countries to review their customs clearance systems and agree on a list of approved companies.
These companies will benefit from expedited customs procedures, allowing their goods to clear within hours without being subject to standard clearance protocols, El-Kilany explained.
He added that the upcoming agreements are expected to enhance trade between Egypt, the UAE, and Bahrain. The approved lists will primarily include major companies whose exports account for a significant share of the total trade between the signatory countries.
El-Kilany also noted that Egypt recently finalized a similar agreement with Saudi Arabia, reducing customs clearance times between the two nations to three hours, down from three days.
