It was supposedly going in effect this January, but Egypt requested a postponement.
The Egyptian Trade and Industry Ministry reportedly requested that the European Union gives Egypt another one to two years before Egypt has to cut down the custom duties on its car imports from the EU to 0%. Both had previously agreed the slashing of the tariffs would be in effect by the next January 1st.
The EU is yet to respond to Egypt's request, reports Enterprise. However, there is a strong possibility that the EU will accept the request, considering Egypt's clean and smart record.
This would also mark Egypt's second time to delay the agreement.
When finally gone through, the only fees that would be imposed on car imports from the EU is the value-added tax (VAT) and resource development fees, Deputy Minister of Finance for Custom Affairs, Magdy Abdel Aziz reportedly said, which would effectively be reducing the prices of European-assembled cars in Egypt and making them more competitive in the market.
Main image from China.org.