Arab Republic of Egypt Ministry of Investment and Foreign Trade General Organization for Export and Import Control

House of Representatives’ Economic Affairs Committee, in a joint meeting with Legislative and Constitutional Committee, discussed the draft law submitted by the government to amend some provisions of Law No. 121 of 1982 concerning the importers’ register.

During the meeting, the government reviewed the philosophy behind the proposed amendments, that targets development of importer's registration system, streamline administrative procedures, and create a more disciplined and flexible environment for practicing the import activity, thereby contributing to supporting the foreign trade and enhancing governance and market surveillance.

The draft law explained that it allows greater flexibility in paying the prescribed fees and financial amounts through their equivalent in freely convertible foreign currencies, taking into account the nature of international trade transactions, and it contributes to facilitating the obligations of companies and those involved in the import activity.

The draft law also regulates conditions of the companies registered in the importers' register in the event of changing their legal status or basic data. This is achieved by allowing reregistration as a data amendment rather than a new registration, thus ensuring business continuity and preventing its disruption due to procedural formalities. This includes permitting the of an individual importer heirs to reinstate registration by establishing a company to conduct the same activity within a specified period, while exempting them from certain registration requirements, thereby preserving the stability and continuity of economic entities. 

As part of the strict control, the amendments state that the importers are obliged with notifying the competent entity of any changes to their data within a specified period of time, ensuring update of the register and accuracy of data. The draft law also introduces a system for reconciliation in certain crimes and violations stipulated by law against payment of money. This aims to settle disputes, alleviate the burden on courts, and accelerate adjudication of lawsuits.