Trade Report- Q Trade Report Q4 2017
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1 Trade Report Q4 2017
2 Abstract The Foreign Trade Quarterly report acts as a surveillance of foreign trade being a fundamentally important aspect of focus, b y providing an insightful update on emerging issues concerning trade, such as changes in foreign trade regulations that may impact different business sectors. This issue features the latest foreign trade regulations and free trade agreements news. The Foreign Trade Quarterly Report introduces new trade terms as part of its Trade Dictionary, as well as reviews a differen t trade agreement each quarter. The report also identifies and analyzes the latest foreign trade statistics, with a special focus on the Textiles sector exports to the world; specifically, Turkey, the COMESA, PAFTA, EU, EFTA, and Agadir states.
3 What s New? REGULATIONS Amendments to the Importers Registry Law No. 7/2017 The House of Representatives, on the 28 th of January 2018, passed the amendments on the Importers Registry Act, with the following changes: Raising minimal capital requirements as follows: 500,000 for individuals, 2 Million for joint stock companies and 5 Million for limited liability companies. Mandating all companies to pass a training program on the rules and regulations governing the import regulations, provided th at these programs are approved by the Ministry of Trade and Industry. Raising the minimum insurance value to 50,000 for individuals and Two Hundred Thousand for Companies. Exempt productive firms and factories from registering in the importers log when importing production inputs. Allowing non-egyptian firms (with non-egyptian management) to directly import goods when registering in the log. Minister of Supply and Internal Trade Decree No. 330/2017 (amendment of Decree 217/2017 After food manufacturers protested the requirements laid out by Decree 217/2017 which had initially required them to print pr ices on their packages; the Ministry had issued an amended decree, passed by the House of Representatives on the 28 th of January 2018, with the following changes:
4 All entities and companies producing, importing, manufacturing, packaging, and supplying food products are obliged to issue sales tax invoices (including taxes) outlining the factory price, the suggested price of sale to consumers and the nature of the product, as well as the quantity according to laws pertaining to tax invoices. Retailers are obliged to announce all sale prices to consumers in clear Arabic writing that may be accompanied by a translated foreign language version, for all food products, and commit to selling to consumer with the posted prices; and it is prohibited for retailers to sell with prices that are higher than those announced or those stated in the sales tax invoices. suppliers are obliged to grant distributors with or traders or consumers with an invoice as a proof of transaction or contract, highlighting the date of transaction or contractual date, as well as the price, nature and quantity of product. Amendments to Import/Export Regulations The Minister of Trade and Industry issued Decree No. 879/2017, on the 12 th of June requiring the General Organization for Export and Import Control (GOEIC) to be inspect all types of leather before being exported. FOREIGN TRADE NEWS Egypt postpones the 10% cuts in tariff rates within the Egyptian EU FTA The Egyptian government decided to postpone the 10% reduction in customs on vehicles imported from the European Union (EU) in early 2018 within the Egyptian-EU Free Trade Agreement. The agreement in question states that the tariff rates should be fully eliminated by The Minister of Industry and Trade defends the government s decision by stating that the Egyptian government has the ri ght to suspend the reductions in customs for a temporary period, not e xceeding 1 year, as per article 6 of the agreement. He also states that the main objective behind this decision was to promote national industrialization.
5 Egyptian Minister of Trade & the British Ambassador discuss FTAs after Brexit In a meeting held between the Minister of Trade, Tarek Qabil, and the British Ambassador, Qabil asserted Egypt s keenness to maintain and enhance the economic ties between Egypt and the UK. The Minister of Trade stated that the ministry is currently analyzing the impacts Brexit (that should be effective in March 2019), may have on the Egypt -UK trade relations, in the light of the Egyptian -EU partnership. The talks included doubling the trade volume between the two parties, as well as achieving more balance between them; after t he bilateral trade volume reached about 1.8 billion in 2016, while its imports from Cairo during the same period stood at 656 million. Egypt and the US discuss increasing bilateral trade cooperation During a meeting of the bilateral Trade and Investme nt council in December, Egypt and the US discussed the promotion of fair and reciprocal trade with emphasis on addressing the outstanding bilateral trade issues. The head of the US delegation, Daniel Mullaney, used the meeting to give Egypt an idea abo ut the Administration s priorities on trade; which included the enforcement of trade rules and procedures and opening up of markets. Egypt Hosted the Third Round of TIFA In December 2017, Egypt hosted the third round of the Trade and Investments Framework Agreements (TIFA) between Egypt and the US. The agenda included discussions on the facilitation of trade, intellectual property rights, standards and specifications and technical cooperation regarding food safety and SMEs.
6 New African FTA Minister Tarek Qabil confirmed that some preliminary agreement for the freedom of trade in goods and services in July of 2018 has taken place; as a part of the efforts to establish the African Free Trade Area. The Minister of Trade stated that the negotiations regarding the African Free Trade Area include areas of institutional affairs and technical obstacles to trade. He added that the meeting re viewed the measures taken by the African Union on the upcoming round of WTO negotiations, which will start in Buenos Aires next week. For his part, the Commissioner of the African Union for Trade and Industry, said that the ongoing negotiations on the African Free Trade Area (AFTA) are moving in the righ t direction, pointing out that the current period is witnessing intense n egotiations by member countries with regard to trade in goods and services in preparation for final agreements. Customs Authority in Egypt Finalizes the Customs Tariffs Categories under the Egypt MERCOSUR FTA The Customs Authority has finalized the customs tariffs as indicated by the MERCOSUR FTA that came into effect last month; where the commodities are divided into five categories that will be customs -exempt over a period of 10 years.
7 Free Trade Agreements BRIEF Egypt-EU Free Trade Agreement Overview Egypt and the 15 European Union Member States (currently 28) signed a partnership agreement on June 25, 2001, in Brussels to gradually establish a free trade area over a transitional period not to exceed 12 years fr om the entry into force of the Agreement. New members joining the EU automatically become parties to the agreement. The agreement entered into force in 2004 after and it substituted the previous agreement between Egypt and Europe that was si gned in Both parties agreed that the partnership shall remain in effect for an unlimited period of time unless one of the parties dec ides to terminate it by notifying the other party six months in advance. Applied tariffs The agreement included industrial, agricultural and processed agricultural products presented as follows: 1. Industrial Products In accordance with the Agreement, both parties shall benefit from trade free of all quantitative restrictions and customs dut ies in line with timeframes and goods set out in the Annexes of the Agreement.
8 Egyptian Exports Industrial imports into EU member countries of products originating in Egypt shall be allowed free of customs duties or any o ther charges having an equivalent effect immediately upon the entry into force of this Agreement. Egyptian Imports Industrial imports into Egypt of products originating in the EU member states shall be allowed free of customs duties or any other charges having equivalent effect, and free of quantitative restrictions or any other restriction having an equivalent effect in accordance with the following timeline: Goods in Annex 2 Current status: completely duty -free Customs duties shall be gradually abolished over a period of three years, with an immediate 25% reduction on the date of entry into force of the Agreement, and 25% reductions occurring on an annual basis for three years until duties are completely eliminate d. Annex 2 includes capital goods, machines, some production components, raw materials and inputs with cu stoms duties currently ranging from 1% - 5%. Goods in Annex 3 Current status: completely duty-free Customs duties shall be reduced by 10% three years after the date of entry into force of the Agreement, or January 2007, foll owed by a 15% annual reduction for the next six years. All duties on products listed in Annex 3 shall be eliminated within ten years. Annex 3 includes intermediate commodities, production inputs, and some investment goods not included in Annex 2, with customs duties ranging between 3% - 5%.
9 Goods in Annex 4 Current status: completely duty-free Customs duties shall be reduced by 5% five years after of the entry into force of the Agreement, or January 2009, followed by a reduction of 5% the following year, and then 15% annually for the next six years. All duties will be eliminated within 13 years after the date of entry into force. Annex 4 includes industrial consumer goods not specified in Annexes 2 and 3. Goods in Annex 5 Current status: 70% tariff reduction and the remainder shall be deducted in 2019 Customs duties shall be reduced by 10% annually starting six years after the entry into force of the Agreement, or January 20 10, with duties completely eliminated within 16 years after entry into force of this Agreement. 2. Agricultural Products Egyptian Exports The Egypt - EU Agreement increased the number of agricultural imports into the EU market to more than 100 products, from the 25 originally listed in accordance with the 1977 Agreement. Egyptian exports of agricultural products listed in Annex I are subject to immediate implementation as detailed in Protocol 1 of the Agreement. Egyptian agricultural exports to the EU may be grouped into the following four categories: Products subject to quantitative quotas and having specific export seasons (quotas shall be exempted from customs duties). These include cut flowers, potatoes, onions, garlic, cabbage, cauliflower, lettuce, carrots, cucumbers, green beans, cantaloupes, peaches, plums, and strawberries.
10 Products subject to quantitative quotas but having no export seasons (tariff exemption within quotas). These include bulbs, tubers, sweet potatoes, pears, fruits, rice, sesame oil, cane honey, peanuts and frozen, canned and dried vegetables. Products not subject to quantitative quotas but having export seasons (duty -free within export seasons). These include artichokes, mushrooms, asparagus, sweet peppers, ripe grapes and watermelon. Products not subject to quantitative quotas and having no export sea sons. These include dates, guava, mango, mandarin oranges, grapefruits, peppers, fennel, aromatic plants, medicines, limes and sweet lemons. Egyptian Imports Egypt shall reduce or eliminate customs duties imposed on agricultural imports of certain produc ts originating in the EU Member States, including meat, dairy products, vegetables and fruits. However, for some specific products such as soybean oil and apples, cu stoms duties shall be abolished or reduced within agreed quotas. Egyptian imports of EU agr icultural products as listed in Annex I, are subject to immediate implementation as detailed in Protocol 2 of the Agreement. 3. Processed Agricultural Products Egyptian Exports EU imports of processed agricultural products originating in Egypt shall be sub ject to partial liberalization in accordance with the following three categories: Products not manufactured in Egypt, but mutually exempted by both Parties.
11 Products that include both industrial and agricultural components, of which the industrial component enters the EU duty-free but the agricultural component is still subject to applicable tariff duties and/or fees. Products that include both industrial and agricultural components, of which the industrial component enters the EU duty -free and the agricultural component is subject to a 30% reduction in charges. Egyptian Imports Egyptian imports of processed agricultural products listed in Annex I and originating in the EU Member States are subject to gradual reductions in basic duties in accorda nce with the following three-table schedule: Table 1: Duties will be eliminated two years after the entry into force of the Agreement, or January Table 2: Basic duties shall be subject to the following reductions after the entry into force of the Agreement: 5% after second year, or January 2006; 10% after the third year, or January 2007; and 15% after the fourth year, or January Table 3: Basic duties shall be subject to the following reductions after entry into force of the Agreement: 5% after second year, or January 2006; 15% after the third year, or January 2007; and 25% after the fourth year, or January 2008.
12 Trade Dictionary TRADE REMEDIES Trade remedies are defined as trade policies that can be implemented by governments in order to take action against imports c ausing serious injury to domestic industries. There are three general types of trade remedies and each of them has its own set of r equirements to be implemented. 1. Safeguard measures Definition of Safeguard measures according to WTO (article 19 of GATT) is restricting imports of a product temporarily if its domestic industry is injured or threatened with injury caused by a surge in i mports. Justifications for imposing a safeguard measure according to WTO rules are usually a result of surges in the imports of a specific product (in absolute terms or as a relative percentage market share increase in a shrinking market). Safeguard measur e involve temporary ban of importation, increasing applied tariff rates, import quotas, yet on an MFN basis. 2. Anti-dumping measures Article VI of GATT 1994, elaborated by the WTO Anti -Dumping Agreement, allows countries to take action against imports fr om countries allegedly exporting at dumped prices. An exporting company is said to be "dumping when it exports its product at a price lower than its normal value (that is, the price at which that product is sold on the domestic market in the exporting cou ntry). When dumping causes or threatens to cause material injury to a domestic industry, remedial action may be taken. Note that anti dumping mea sures are imposed on a specific set of producers that export at dumping prices. There are three types of complaints to under anti-dumping measure:
13 A complaint because of the low price of imported goods (hyperbolic rate) and the prices are compared according to the product s with the same commercial level (dumping) A complaint because of the fact that the imported goods are subsidized abroad (subsidy) A complaint because of a surprise increase in the quantity imported (safeguard) As for the conditions to be met in the complaint, they are: The existence of a dumping case / sale of goods at a lower price than the market price The existence of harm to local manufacturers There is a causal relationship between the state of dumping and the harm to local manufacturers 3. Countervailing Measures According to the WTO Subsidies and Countervailing Measures Agreement, countr ies have the right to impose an additional tariff on the applied MFN rate to counter the effect of subsidized imports. Governments have the right to equalize the trade effect of an export subsidy to remove serious injuries on domestic industries. This is usually done after a country launches a countervailing subsidy investigation by the competent authorities.
14 Trade Statistics FOREIGN TRADE STATISTICS (MILLION USD) JANUARY - JUNE Arab States Trade balance Exports Imports COMESA Trade balance Exports Imports Aghadir Trade balance Exports Imports EU Trade balance Exports Imports EFTA Trade balance Exports Imports Turkey Trade balance Exports Imports
15 FOCUS ON THE TEXTILES SECTOR January August Arab States Trade balance Exports Imports COMESA Trade balance Exports Imports Aghadir Trade balance Exports Imports EU Trade balance Exports Imports EFTA Trade balance Exports Imports Turkey Trade balance Exports NA Imports NA
16 THANK YOU For more info please contact us Addresses 2 Hassan Sabry street, Zamalek, Cairo, Egypt Tel (+202) Nile City Towers - North Tower 22nd Floor, Corniche El Nil, Cairo, Egypt Tel (+202) / (+202) Fax (+202) info@ngage-consulting.com
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