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🇪🇬 Egypt /Energy & Infrastructure

Transport minister witnesses signing of guarantee agreement between FEDCOC, Egyptian Customs Authority

From Egypt Independent · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Egypt signed a TIR guarantee agreement with the Federation of Egyptian Chambers of Commerce to facilitate cross-border trade under a UN-backed system.
  • The country plans to launch two international Arab trade corridors linking Europe with Gulf countries via Egypt.
  • These corridors are part of a larger strategy to develop eight integrated logistics corridors connecting Asia, Africa, and Europe, leveraging Egypt's strategic location.

Egypt is taking significant steps to bolster its role as a regional logistics and transit hub by signing a key agreement for the UN-backed Transports Internationaux Routiers (TIR) system. The Egyptian Customs Authority and the Federation of Egyptian Chambers of Commerce (FEDCOC) inked a TIR guarantee agreement, a move designed to streamline international road transport and facilitate cross-border trade.

Egypt plans to launch two international Arab trade corridors linking Europe with Gulf countries through its territory as part of a broader strategy to develop eight integrated logistics corridors connecting Asia, Africa, and Europe, its transport minister said Monday.

— Kamel WazirThe Transport Minister outlined Egypt's plans for new trade corridors.

The signing ceremony was attended by several ministers, including Finance Minister Ahmed Kouchouk, Transport Minister Kamel Wazir, and Investment and Foreign Trade Minister Mohamed Farid. This agreement marks a crucial step in implementing the TIR system, which aims to simplify customs procedures for international freight.

The planned Northern Arab Trade Corridor will connect Europe with Jordan, Iraq, and Syria through Egypt, primarily via the Arish-Taba logistics corridor and services operated by the Arab Bridge Maritime Company.

— Kamel WazirThe minister detailed the route of the northern trade corridor.

Transport Minister Kamel Wazir announced Egypt's ambitious plans to launch two international Arab trade corridors. These corridors will connect Europe with Gulf countries by passing through Egyptian territory. One corridor, the Northern Arab Trade Corridor, will link Europe with Jordan, Iraq, and Syria via Egypt's Arish-Taba logistics corridor. The Southern Arab Trade Corridor will connect Europe with Gulf nations through Safaga Port and Saudi Arabia's NEOM Port.

The Southern Arab Trade Corridor will connect Europe with Gulf countries through Egypt via Safaga Port and Saudi Arabia’s NEOM Port, before extending to the rest of the Gulf.

— Kamel WazirThe minister described the southern trade corridor's path.

These initiatives are part of a broader strategy to develop eight integrated logistics corridors that connect Asia, Africa, and Europe. Minister Wazir explained that these corridors will link ports on the Mediterranean Sea, Red Sea, and Suez Canal with dry ports, logistics centers, and industrial zones using various transportation methods, including railways and highways. The goal is to reduce transport costs, shorten transit times, improve supply chain efficiency, and boost exports and industrial production, capitalizing on Egypt's strategic geographical position.

Egypt is developing eight integrated logistics corridors aimed at reducing transport costs, shortening cargo transit times, improving supply chain efficiency, and supporting exports and industrial production, Wazir said.

— Kamel WazirWazir explained the overarching goals of Egypt's logistics corridor development.
DistantNews Editorial

Originally published by Egypt Independent. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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