The Sudanese Ministry of Trade stressed the importance of the regulatory export regulation for the year 2021 AD as a legal framework for regulating exports and access to foreign markets in order to increase foreign exchange revenues.
Khartoum: AlTaghyeer
The Sudanese Ministry of Trade and Supply issued an export regulation issued for the year 2021 AD, in accordance with the provisions of the Trade Regulatory Law.
The regulation aims to set the controls and procedures that guarantee the regulation of export operations and access to foreign markets in a way that maximizes the country’s foreign exchange earnings.
The Minister of Commerce and Supply, Ali Gedo Adam, stressed the importance of the regulation as a legal framework for approving the electronic export contract and the controls for issuing a contract for the export of foreign goods approved by the Export Commodities Regulatory Councils and the Ministry itself.
He stated – according to the Sudan News Agency Friday – that the regulation included controls for re-export and the confiscation of investment projects.
The regulation also detailed procedures for exporting individuals, companies, governmental and private institutions, international and diplomatic organizations/bodies, exhibition samples, as well as re-exporting for the purpose of recovering proceeds and exporting for maintenance.
He pointed out that the regulation confirmed the right of exporters to re-export foreign goods and samples for the purpose of study, examination, and analysis.
It included a number of regulatory annexes, in addition to penalties for violating export controls, providing false information, falsifying the contract, or submitting a false contract.
This is punishable by a fine of one hundred thousand pounds, and in the case of repeat-offenders; the violator is prohibited from exporting for a period of one year.
Export Proceeds
Gedo confirmed that his ministry is in the process of completing the legal procedures in regulating trade at all levels in a way that achieves the public interest and puts things right.
Last week, the Sudanese authorities launched a security campaign to pursue hundreds of companies that evaded the payment of issued proceeds due to banks.
The Minister of Commerce and Supply revealed that “402” companies evaded transferring proceeds issued to banks during the period from 2016-2020.
The government obliges local exporters to transfer the proceeds of selling their exports outside the country to the Central Bank in the form of hard currency.
The government loses huge sums of money due to exporters evading the payment of export proceeds.
Gedo confirmed that the ministry has put in place strict controls to help manage incoming and outgoing operations.
Export proceeds are typically used to provide basic and strategic commodities, such as wheat and medicine.
