Egypt's Ministers of Planning and Industry Hala El-Said and Nevine El-Gamea in their meeting with Israeli Minister of Economy Orna Barbivai (Photo : Egyptian cabinet)
In the meeting that took place in Cairo on Thursday, the ministers discussed cementing trade cooperation within the framework of the Qualified Industrial Zones (QIZ) agreement to increase exports, a cabinet statement read.
The talks targeted raising economic growth rates through the optimal investment of the QIZ agreement and facilitating the entry of some products in the two countries.
The QIZ concept was introduced by the US in 1996 with the aim of reinforcing peace in the Middle East through regional economic partnerships that benefit both Arab countries and Israel.
In 2004, the Egyptian government signed the QIZ Protocol with the US and Israel that allows for duty-free entry into the US for products manufactured by qualified companies operating within designated geographic locations in Egypt and which satisfy the currently agreed upon Israeli content of 10.5 percent.