Egypt, Israel to amend trade agreement

By
October 8, 2007 17:54

 
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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 United States, Israel's envoy to Egypt said Monday. Israeli Industry and Trade Minister Eli Yishai and his Egyptian counterpart, Rachid Mohamed Rachid, will sign the amended agreement on Tuesday, Israeli Ambassador Shalom Cohen told reporters in Cairo following talks at the Egyptian Foreign Ministry. Under the 2004 Qualified Industrial Zone agreement, the US 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 percent under the amended agreement. The Israeli ambassador said Yishai, who is also deputy prime minister, would meet with Egyptian President Hosni Mubarak as well while in Egypt.

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