Trade and Industry Minister discusses Bali Package with business organisations

Last updated: January 5, 2014 5:04 pm

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Union (EU) Commissioner Karel De Gucht (2nd R) applauds during the closing ceremony after success with final agreement of the WTO (World Trade Organisation) conference in Nusa Dua, on Indonesian resort island of Bali on December 7, 2013. (SONNY TUMBELAKA/AFP/Getty Images)

By Maha AbdelAzim

Trade and Industry Minister Mounir Fakhry Abdel-Nour met on Sunday with various leaders of the country’s business unions and organisations to discuss the benefits of the Bali Package, according a statement from the Federation of Egyptian Chambers of Commerce (FEDCOC).

The Bali Package, approved in December during the 9^th Ministerial conference of the World Trade Organisation (WTO), includes documents on trade facilitation that entail speeding up the procedures for clearing customs at ports, which often present significant delays and costs, especially in poorer countries.

The International Chamber of Commerce (ICC) expects the package will, “Reduce cross-border transaction costs for companies by 10-15%, which is significant for businesses in all sectors and of all sizes around the world.”

The FEDCOC reported that Sunday’s meeting was attended by the President of the Egyptian Chamber of Commerce Ahmed El-Wakil, the President of the Egyptian Committee for the International Chamber of Commerce (ECICC) Mohamed Farid Khamis, among other representatives from different trade and economic sectors.

The ECICC was established with the purpose of representing Egyptian economic entities before the ICC, including agriculture, industry, tourism, banking and insurance groups, in addition to the Egyptian Central Bank and Suez Canal Authority.

It also played a role in drafting the plans of the international business community and presented at a ministerial conference, according to the FEDCOC.