Rasheed: Egypt will not approve Qualified Industrial Zones, before getting enough guarantees

Egypt's Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed on Tuesday said that Egypt will not sign the agreement on Qualified Industrial Zones before getting enough guarantees that the agreement will be to the interest of the Egyptian economy.

Rasheed made these statements during a meeting with members of the Egyptian-Lebanese Businessmen Society, adding that the successive regional and international developments, including cancelling the system of quotas in the international textile trade as of January 2005, led Egypt to reconsider its stance on the agreement.

The Minister stressed that Egypt is negotiating with the American authorities on QUIZ to achieve the highest degree of "our" interests, and Egypt was not a target of pressure from any country to negotiate on this issue.

He underlined that the major challenge the government faces providing jobs and increase the per capita income to raise standard of living.

He pledged removing obstacles impeding increasing Egypt- Lebanon trade exchange and launching joint investments.