Egypt signs QIZ memo of understanding with US, Israel

Egyptian, American and Israeli officials will hold a three- way meeting in Cairo on Dec. 14 to discuss setting up Qualified Industrial Zones (QIZ), MENA learned.

Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed, US trade representative ambassador Robert Zoelick and Israeli Minister of Trade and Industry Ehud Olmert will sign a memo of understanding at the conclusion of their meeting as a new landmark in cooperation among the three countries.

QIZ agreement will allow Egypt to export products to the US outside the quotas system that was applied on Egyptian exports to the US as well as drop 35% of customs duties imposed on foreign imports into the US market.

Israeli share in the QIZ project will be limited to 11.25% compared to 17.5% as earlier proposed.

Signing the memo highlights an improvement in Egyptian-US economic ties.

The memo will not deal with specific zones for exporting Egyptian products to the US markets, but rather two zones one in Greater Cairo and the other covering Egyptian territories.