Prices of European cars are not expected to drop despite the 10 percent reduction of customs starting this month, as per the Egyptian-European partnership, importers said, citing a hike in the US dollar price.
Hassan Suleiman, head of the vehicles general division, said customs imposed on European 1600cc vehicles reach 40 percent, which means that its price, after the 10 percent reduction, will see a four percent drop equal to LE5000 of the price.
Hamdy Abdel Aziz, head of the Chamber of Engineering Industries, said reducing customs on European vehicles to zero, while taking customs on Asian vehicles to 135 percent will not stabilize the market but negatively affect the industry.
Edited translation from Al-Masry Al-Youm
