According to the Egyptian "Pyramid" reported on March 2, the Chairman of the Arab Investors Federation, Bayoumi, said that Egypt's import tariffs on machinery and equipment from the EU began to gradually decrease from 2004, and will be completely abolished within four years according to the relevant agreement. Therefore, from January 2008, Egypt will completely abolish tariffs on machinery and equipment imported from the EU, which will have a positive impact on the development of Egyptian industry.