The Council of Ministers reviewed in its meeting today, Wednesday, September 23, 2020 the draft law regulating trade for the year 2020 presented by Mr. Madani Abbas, Minister of Industry and Trade, who referred to the constitutional developments represented in the constitutional document that placed the ministry's duties, the most important of which is setting up programs to reform state bodies and the ministry's vision to issue a new law that includes Providing a governing environment governing commercial activities and providing an umbrella to protect individuals, markets, brokers and middlemen by determining the prices of essential commodities and determining distribution channels and provisions for control over them by market watchers. The law also forbids concealing goods and dealing in expired goods, in addition to taking into account international and regional obligations in the field of transit trade and the border trade.
The Council discussed the law, noting the importance of the law including the vision of the private sector, and it was also asked about the entities that define strategic goods, how to define them, the basis for import policies. The Council also indicated the importance of adopting the investment law and the consumer protection law and the extent to which freedom of trade conflicts with the freedom to set prices. The Council of Ministers with the vision of the employers' union before the final approval of the bill
The Council of Ministers approved the draft cooperation law for the year 2020 submitted by Mr. Madani Abbas, Minister of Industry and Trade, which aims to limit state interference in cooperative affairs, reduce its effectiveness in performing its activities and keep pace with the development of entering the international cooperative system as well as the importance of strengthening the capacities of cooperative movements. The Cabinet approved the bill
The Council of Ministers also approved the draft Law on Organization and Development of Industry for the year 2020, which states the importance of industry as one of the pillars to achieve social stability and lead economic development through its contributions to increasing the gross domestic product to improve production and investment structures and increase added value.
He also referred to the importance of the law in creating a production climate and removing intersections and the role of the Ministry of Industry in coordination between agencies, supervision and control of industrial sectors, the Council of Ministers deliberated on the draft law, indicating the need to strengthen the ministry’s role in developing the industrial sector and to play a role towards events and fires that break out in factories and enhance protection. Civil and Occupational Health and Safety
In addition, the Council of Ministers reviewed the economic and customs tax reforms presented by the Minister of Finance and Economic Planning, Dr. Heba Mohamed, which aim to improve economic performance, reduce the percentage of imports exempt from customs duties, reform the tax structure, and improve the increase in revenues, in implementation of the decisions of the Economic Emergency Committee. The Cabinet has approved the proposals and directed to submit a study on income tax for public service employees.