In its latest issue, "Newsweek" quotes Egyptian Minister of Foreign Trade and Industry Rashid Mohamed Rashid as saying that the qualified industrial zone (QIZ) agreement with Israel is a "huge thing" that has helped change the mind-set in Egypt toward Israel, after 25 years.
Under the QIZ agreement, products made in Egypt with Egyptian labor and comprising a specified proportion of Israeli inputs are exempt from US quotas and customs duties. Israel and Jordan also have a QIZ agreement, and the US hopes to initiate a similar agreement between Israel and the Palestinian Authority.
Rashid told "Newsweek" that, as with any reform in Egypt, the importance of the QIZ agreement lay in helping change the mind-set in Egypt.
Published by Globes [online], Israel business news - www.globes.co.il - on April 18, 2005
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