Egypt's Industry Minister tells "Newsweek": QIZ agreement a "huge thing"

Israel and Jordan also have a QIZ agreement, and the US hopes to initiate a similar agreement between Israel and the Palestinian Authority.

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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