Egypt and Israel have agreed to reduce the percentage of Israeli components that must be included in Egyptian-made products that receive duty-free status when exported to the US, Israel's envoy to Egypt said Monday.
Industry, Trade and Labor Minister Eli Yishai and his Egyptian counterpart, Rachid Mohamed Rachid, will sign the amended agreement today, Israeli Ambassador Shalom Cohen told reporters in Cairo following talks at the Egyptian Foreign Ministry.
Under the 2004 Qualified Industrial Zone agreement, the U.S. agreed to waive duties on imports from Egypt if they were constructed with at least 11.7 percent Israeli components. Cohen said Monday the percentage would decline to 10.5% under the amended agreement.
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