The Cairo Chamber of Commerce’s Household and Electrical Appliances Division said it is requesting an urgent meeting with Minister of Industry and Trade, Nevine Gamea.
The request will be sent as memorandum to Ibrahim Al-Arabi, President of the Cairo Chamber of Commerce and President of the Federation of Egyptian Chambers of Commerce (FEDCOC).
The division said the meeting aims to discuss ministerial decree No. 43/2016 for curbing imports and ministerial decree No. 991/2015 for pre-examination. This comes in light of a recession in the local market which is currently subject to a number of monopolistic practices.
In December 2015, former Minister of Trade and Industry Tarek Kabil issued Ministerial Decree No. 43/2016 that was published in Egypt’s official gazette, Al-Waqa’ia Al-Masriya. The decree said that only foreign factories registered in General Organisation for Export and Import Control (GOEIC) records will be allowed to export to Egypt.
This was put into effect in March 2016, to regulate the Egypt’s import process to encourage local production and reduce foreign competition. This would in turn improve Egypt’s foreign exchange reserve.
Fathi Tahawi, deputy head of the chamber’s household appliances division said that its members have long waited to implement a promise by Gamea to reconsider the decisions of important regulations.
Tahawi told Daily News Egypt that the division will submit the memorandum to meet Gamea after the Eid Al-Fitr holiday.
He added, “We demand a review of these restricted resolutions which serve only interests of monopolists, but unfortunately the Ministry did not implement what it promised.”
Tahawi explained that considering these decisions will prevent monopolies from happening and reduce prices for low-income consumer to overcome high commodity costs.
He also noted that the division is calling for an end to expansionary policies that have caused a decline in markets. This can happen if decrees are reviewed, which will lead to price cuts as well as boosting sales and mitigating high prices.
“The division seeks to create harmony between the Ministry of Industry and Trade and traders and importers, as this coordination will eventually be for the country’s and citizens’ best interests,” Tahawi concluded.