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Egypt, the United States and Israel in Cairo Tuesday signed a historical agreement on trade and industry, which is also be seen as the first strategic partnership accord between Egypt and Israel since they sealed a peace treaty in 1979, a Xinhua correspondent reported on the scene.
The Qualified Industrial Zones (QIZs) agreement was inked by Egyptian Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed, US Trade Representative Robert Zoellick and Israeli Vice Prime Minister Ehud Olmert.
Under the agreement, certain Egyptian goods with Israeli input at the minimum of 11.7 percent will be exported to the United States without paying any customs duty.
Zoellick, who arrived in Cairo on Sunday, said it is the most important economic accord to be signed by the two neighbors since they signed the landmark treaty 25 years ago.
Rasheed said that the accord is an "important step towards consolidating our economic relations," which "would contribute positively to regional prosperity and in achieving a just and comprehensive peace in the Middle East."
Olmert said "it's a good business for us, more important for the dream in changing the atmosphere in the Middle East. This is a good business for Israel, it is a good business for Egypt and a good business for the US."
The zones will be set up in seven places across Egypt, including Greater Cairo, Alexandria and the Suez Canal Zone with an industrial area of Port Said.
The United States established QIZ program in 1996 with an aim to enable the Arab countries to export products duty free to the United States provided they contain input from Israel.
The United States has been discussing with Israel and Egypt their specific QIZs request since September. Until now, QIZs have been established only in Jordan in the Arab world.
(Xinhua News Agency December 15, 2004)
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