NEWS RELEASE BY CENTERSOURCE

With only three months to go before mandatory processing through Egypt's new advanced cargo information (ACI) system goes into effect, Centersource is urging timber exporters to get up to speed.

Stockholm, Sweden | June 24, 2021 07:30 AM Eastern Daylight Time

(Update: The Ministry of Finance announced an effective date change to October 1) While Egypt’s new advanced cargo information (ACI) system is expected to streamline regulatory requirements for importers, the new system represents a significant departure from the current customs system. B2B supply chain platform with marketplace and market data Timber Exchange by Centersource is reminding timber exporters and other companies shipping to Egypt to prepare for the transition.

Effective October 1st, Egypt’s unified registration system, called NAFEZA, will become the only means of processing maritime imports into the country. The new regulation will require exporters to submit all cargo data and documents (commercial invoices, packing lists, and final or initial bills of lading) with 3 additional unique elements: ACID number representing the shipment, Importer taxation ID, Exporter registration number upon vessel’s sailing from Port of Loading. If documents indicate wrong or mismatched numbers, cargo will be banned from being loaded on board. Furthermore, all exporters must be registered on CargoX’s blockchain-document-submission platform.

Other processes that exporters should be aware of include:

1. Exporters are responsible for providing importers with accurate information:

• Exporter’s company cargo ID.

• Exporter’s type (whether it is a factory, branch, etc.)

• Correct details of the contact person.

• Clear details of Proforma Invoice including GS1 code or part/item number & HS code.

2. Create and verify a CargoX account.

3. Ensure that verified ACID 3 elements are added on required documents.

4. Create an ACI filing envelope & submit it to Customs authorities in Egypt through CargoX or through one of its integrated partners such as Timber Exchange by Centersource Technologies.

In addition, exporters should be aware of the Importer's responsibilities, which include:

1. Importers will have to register an account on the electronic portal, NAFEZA.

2. Importers must register primary and detailed information about the shipment in order to apply for the issuance of ACID number.

Failure to meet ACI requirements could cost exporters. In a scenario where the cargo is loaded onto the ship, but the documents were not submitted in time or one or more of the three elements are missing or miss-matched, the cargo will not be discharged in Egypt, and all re-export costs will be borne by the carrier.

In the final months before the mandatory operation phase of NAFEZA, Centersource is working to bring the timber industry up to speed to avoid any disruption. Centersource’s founder and CEO Amir Rashad is available to talk about what exporters to Egypt can do to prepare for the next phase of NAFEZA. Amir and his team of 30 logistics professionals are also available to discuss the ways in which Timber Exchange is creating trading opportunities across challenging markets, and helping exporters overcome language and regulatory barriers. To speak with the Timber Exchange team, contact Mai Taha at mai@centersource.io or Jéssica Sanduta at jessica@centersource.io.

About Timber Exchange

Timber Exchange is a supply chain and risk management cloud-based system by Centersource Technologies offering supply chain tools, market data and marketplace. The platform is built specifically for the unique needs of the forestry industry to drastically improve overall performance and coordination.

80 smart tools in 5 languages cover all steps from inquiry of cargo until it arrives at destination. This allows stakeholders to manage sales, logistics and legal obligations from a central workspace that automatically creates tasks and warnings. 40% of the work can be automated, which reduces delays and helps avoid deviations in responsibilities.

 

Contact Details

 

Charlie Pesti

 

+1 267-439-4355

 

charlie@pesti.io

 

Company Website

 

https://www.centersource.io/