Egypt is postponing for one year the annual lowering of tariffs on cars imported from EU countries, which is part of an Egyptian-EU partnership agreement to gradually reduce tariffs every year until they are entirely eliminated in 2019, Egyptian Minister of Trade and Industry Tarek Qabil announced in a statement on Thursday.
Qabil explained that the ministry has determined that the reduced tariff would have a negative impact on the local car manufacturing industry.
The Egyptian-EU partnership agreement, which was implemented in 2010, stipulates that tariffs on imported European automobiles are to be reduced by 10 percent annually until 2019.
The agreement allows Egypt to postpone the lowering of tariffs for one year.
Qabil added that a new strategy will be adopted to boost the car sector in cooperation with European partners.