Egypt and Israel sign amended trade agreement

October 9, 2007 16:56

Egypt and Israel signed an amended trade deal Tuesday, reducing the percentage of Israeli components in Egyptian-made products that receive duty-free status when exported to the United States. Under the amended Qualified Industrial Zone agreement, Egyptian products will include at least 10.5 percent Israeli components rather than the previous 11.7 percent, Egyptian Minister of Industry and Trade Rachid Mohammed Rachid told reporters. "The reduction in Israeli components is in the benefit of Egyptian products," Rachid said. "We will keep on reducing the Israeli components." Rachid made his statements after his Israeli counterpart, Eli Yishai, met with Egyptian President Hosni Mubarak.

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