Egypt, Israel discuss ways to enhance joint trade cooperation within framework of QIZ Agreement

CAIRO - 31 March 2022: Minister of Planning and Economic Development, Hala El-Said and Minister of Trade and Industry, Nevine Gamea, met with Israeli Minister of Economy Orna Barbivai, at the headquarters of the QIZ unit at the Ministry of Trade and Industry.

 

The Ministry of Trade and Industry said in a statement Thursday that the meeting dealt with ways to enhance trade and economic cooperation between the two countries, within the framework of the joint protocol on qualified industrial zones "QIZ" with the aim of increasing export capabilities during the next stage, especially in light of the quest to overcome the repercussions of the current global conditions.

 

It added that during the discussions, the frameworks of joint cooperation between the two countries were discussed to activate the bilateral trade and investment capabilities that the two sides enjoy, which will be reflected in the increase in economic growth rates, including the optimal investment of the size and scope of the "QIZ" agreement and facilitating the entry of exports of a number of goods between the two countries, through Agreeing to formulate specific measures reciprocally in this context.

 

Egypt signed QIZ agreement with Israel and the United States in December 2004, allowing Egyptian products to enter American markets with no tariffs, provided that Israeli components represent 11.7 percent of these products.

 

In October 2017, Egypt signed a new agreement with Israel, including a modification of the QIZ deal, reducing the percentage of Israeli components in Egyptian products to 10.5 percent.