Egyptian Companies Obliged to Label all Food Products with Prices By JanuarySource: www.export-egypt.com 12/31/2017, Location: Africa |
|
|
|
|
|
Egyptian companies will begin applying price tags to food products starting or else be subject to legal penalties, state-run news agency MENA quoted Minister of Supply and Internal Trade Ali Moselhi as saying.
The statement follows decree issued by Moselhi in October 2017 obliging all food companies to print a clear, inerasable price label on all products before the 31 December deadline for dealers to sell any unlabelled products. The decision aims to better regulate Egypt's internal food market in line with wider economic reforms, and applies to companies that produce food products locally as well as those that package imported products. Moselhi directed the relevant sectors of his ministry to begin the guidance application of the decree in January, with intensifying awareness campaigns and auditing of stores, and notifying merchants of any violation. The decree prohibits dealing with un-priced products anywhere on the supply the line; whether in retail, packing or distribution. It also imposes penalties on those who violate the law with one to five years in prison and a fine between EGP 300 and EGP 1,000, in accordance with Article 9 of the compulsory pricing and profit regulation law. The minister also stressed the prohibition on the circulation of goods or objects that have no documented source. Moselhi highlighted that price tags and tax bills are the main mechanisms for regularizing the internal trade sector of the economy, which represents between 17% and 20% of the Gross National Product in regular cycles. In November 2016, Egypt floated its currency, slashing the value of the pound by half and triggering heavy inflation. However, Egypt's annual urban consumer price inflation fell to 26 percent in November from 30.8 percent in October, according to the official statistics agency CAPMAS . Egypt has been pushing ahead with a series of austerity measures, including fuel and electricity subsidy cuts, to help ease the country's gaping budget deficit. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
