A worker goes about his day while waiting for customers at a supermarket in Cairo, Egypt, October 26, 2016. REUTERS/Amr Abdallah Dalsh
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Egypt has sharply raised customs duties on more than 300 goods to encourage domestic production and curb a ballooning trade deficit, prompting fears that consumers already struggling with double-digit inflation will face further price increases. The increases, which saw many tariffs jump to 60 percent, are the second to be imposed this year in Egypt, which relies heavily on imports of everything from wheat to luxury cars.The ministry said the increases, which came into effect at the start of December, were in compliance with World Trade Organization standards and do not apply to countries or blocs with which Egypt has free trade agreements.They would increase customs revenues by 6 billion pounds ($339 million) a year, if the volume of imports remains the same, it said.
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