Egypt has sharply raised customs duties on more than 300 goods, to 60 percent for many items, to encourage domestic production and curb a ballooning trade deficit, part of a broader government effort to reform the ailing economy. The finance ministry said in a statement that the tariff increases on 320 categories of goods targeted manufactured products that are also made locally, such as carpets, ceramics and cosmetics. Duties were also raised on goods that were deemed non-essential, including items such as fresh fruit, shampoo and toothbrushes. The ministry said that the increases, which take immediate effect, were in compliance with World Trade Organisation standards. The tariff increases do not apply to countries or blocs with which Egypt has active free trade agreements.

Source: Egypt Independent December 04, 2016 11:55 UTC