(MENAFN) Egypt is raising tariffs on some imported goods to up to 60 percent following a decree by President Abdel Fattah al-Sisi, the finance ministry said Sunday.
In detail, the ministry said the measure was introduced to "reduce imports," which have seen Egypt's trade deficit soar to more than USD49bn.
Sisi's list of hundreds of imported goods set for a tariff rise includes electronic devices, fridges, soaps, cosmetics, various types of shoes, chocolate, and fruit, it said in a statement.
"The amendments ... aim to create the necessary climate to attract investment ... and give a strong boost toward increasing productivity, which is the basis of economic growth, as well as cutting imports, which... have widened the trade deficit to over $49bn."
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