BREAKING NEWS

Egypt media says trade delegation visiting Israel

By OREN KESSLER

APRIL 2, 2012 20:04

An Egyptian delegation arrived in Israel on Sunday to discuss economic ties between the two countries in the first visit of its kind since the ouster of longtime president Hosni Mubarak, the Al-Ahram newspaper reported on Monday. The visit, which will last several days, will include discussions on the 2005 agreements for the Qualifying Industrial Zone (QIZ) between Egypt, Israel and the United States.

The agreement grants Egyptian clothing manufacturers zero-tariff access to the American market as long as they use at least 11.7 percent Israeli materials. Around 500 factories are believed to operate under this agreement. AFP reported that one envoy said the delegation would also discuss new joint economic projects between the two countries, and to broaden the project's market. Turnover from current QIZ projects last year was estimated at $1.3 billion.

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