Business news from Ukraine


16 November , 2021  

The Ministry of Trade and Industry of the Arab Republic of Egypt has canceled preventive import duties on steel billets, rebar and aluminum products regardless the country of origin, including from Ukraine.According to an official posting on the website of the Egyptian Ministry, Minister of Trade and Industry Nevin Gamea has issued two orders to terminate resolutions No. 907 of 2019 and No. 168 of 2021, introducing preventive measures against the import of steel billets, rebar and aluminum products.According to this information, these two decisions come into force the next day after their publication in the Egyptian Gazette.As the minister explained, both decisions were made to support the sectors of the economy due to high inflation rates, growth in energy, materials and to meet the production needs of Egyptian companies.In turn, Ibrahim al Seginy, Assistant Minister for Economic Affairs and Head of the Commercial Processing Sector, explained that the sector received a number of complaints from the local industry, as the introduction of preventive duties affected these sectors. At the same time, it was recorded that there was a significant increase in prices for these goods, as well as the lack of a sufficient number of local substitute products to meet the needs of the local market. It also affected the high cost of finished goods, which negatively affects the competitiveness of Egyptian exports.According to the Ministry of Economy of Ukraine, on April 15, 2019, Egypt announced the introduction of temporary protective duties on steel products (for fittings in the amount of 17-25%, semi-finished products made of iron and unalloyed steel – 10-16%, depending on the price).This measure was introduced by Egypt to protect local steel producers from an increase in steel supplies to the country after the closure of the American market (as a result of the US government’s imposition of barrage measures on steel and retaliatory measures from other countries, including the EU). These restrictions were supposed to be valid until April 11, 2022.

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