Egypt, US and Israel's ministers signing QIZ agreement in 2005
(Photo file Al-Ahram)
An Egyptian delegation arrived in Israel on Sunday to discuss economic ties between the two countries in the first visit of its kind since the toppling of Hosni Mubarak, the state-run Al-Ahram newspaper reported on Monday.
The several-day visit will see discussions focus on the 2005 agreements for Qualifying Industrial Zone (QIZ) signed between Egypt, Israel and the United States.
The agreement grant Egyptian clothing manufacturers zero-tariff access to the American market as long as they use at least 11.7 per cent Israeli materials. Around 500 factories are said to operate under this agreement.
Speaking to Egyptian television, one envoy said the delegation will also discuss new joint economic projects between the two countries, according to an AFP report.
Last week Egypt's minister for trade and foreign industry Mahmoud Eissa told reporters that Egypt has received US and Israeli approval to expand its QIZ projects to Upper Egypt.
Turnover from current QIZ projects amounted to $1.3 billion in 2011, Eissa said.
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