Protectionism, Egypt continues with the duty on raw hides: the renewal is for another year and begins on May 2nd

Egypt’s government renewed the duties on raw hides’ exports. The announcement came in recent hours, when the Commerce and Industry minister, Amr Nassar, issueda decree that extends the application of the duties for another year, starting May 2^nd, 2019. Amany al-Wassal, trade representative of the ministry explained that “the decision has the goal of creating equilibrium between the supply and demand of leather’s local marketplace, leading to an incrementation of the added-value of finished products made with leather, all while maintaining their prices low”. The most recent duty imposition was made in 12017, when the previous Commerce and Industry minister Tarek Kabil, in agreement with the Federation of Egyptian Industries and the Leather Export Council of Egypt, had imposed a 250 Egyptian-pounds (12.93 euro) duty on exports of bovine and goat hides and of 150 Egyptian-pounds /7.76 euro) on camel hides. The decision comes just over a month after the same minister Nassar had announced new Chinese investments in the sector. The Egyptian minister had explained, in mid-February and following a tour of Robiki’s production sites, that commercial ties between the two countries would have been strengthened and that important Asian investors and (allegedly) ready to start investing in Egypt’s leather chain.