The government has decided to increase duties on more than 350 imported consumer goods to reduce trade deficit and ease demand on foreign currency, Minister of Finance Amr El-Garhy said. The Ministry of Finance said in a statement that the tariff increases targeted manufactured products that are also made locally and goods that were deemed non-essential. The new tariffs, to 60% for many items, would boost customs revenues by EGP6bn (USD339mn) a year, if imports remained at current volumes, according to the Ministry. The increases, which take immediate effect, were in compliance with World Trade Organisation (WTO) standards, and do not apply to counties or blocs with which Egypt has active free trade agreements, the Ministry said. (Bloomberg, Reuters)