Customs authority reaches agreement with BMW on dispute

EXCLUSIVE- BMW to pay EGP 55 mn settlement to end customs dispute: The Customs Authority has reached an agreement with automotive giant BMW to end a dispute over customs tariffs and valuations of imported cars, Customs Authority head Kamal Negm told Enterprise. The company will stipulate a price list for its vehicles after the agreement is signed, Negm said. BMW vehicles will enjoy zero-customs access to the Egyptian market under a trade agreement with the EU. A government official told us separately that the company will pay EGP 55 mn to end the dispute. The company is planning to invest in Egypt, which it sees as a gateway for its cars into Africa, the official said.