As the first Arab nation, the government of Egypt yesterday signed a trade pact with its neighbour Israel that will help breaking the latter’s economic isolation. After the controversial trade agreement was made known, demonstrations broke out throughout the Egyptian capital, Cairo.
On December 14, Israel, Egypt and the United States will sign the agreement leading to the establishment of Qualified Industrial Zones in Cairo, Egypt.
Egypt and Israel will sign a joint free-trade agreement with the United States in Cairo today
The agreement on Qualified Industrial Zones (QIZs) opens the US market to goods produced in Egypt with Israeli inputs, promises jobs for Egyptians while offering Israel a symbolic economic foothold in the largest Arab nation.
Delta Galil Industries chairman Dov Lautman, currently in London, told "Globes" this morning that the free trade agreement with Egypt was not only an economic achievement, but also a major political one. "The agreement will contribute to Israel’s economy, and to political reality in the Middle East."
An essential feature of the implementation of the Euro-Mediterranean Partnership has been the negotiation of Association Agreements between the European Union and nine of its Mediterranean Partners to replace the 1970s Co-operation Agreements.
Chairman of the US Congress Budged Committee Senator Bill Thomas said Egypt-US Free Trade Area (FTA) talks would soon begin.
Sri Lanka will enter into a free trade agreement with Egypt in January next year.
Bangladesh is set to sign its first bilateral free trade agreement (FTA) - with Morocco - despite reservations by its own research wing.
Arabs have been trying for decades to establish some sort of economic cooperation between them, but without much luck.
Overview of Bilateral Negotiations 2004 involving Trade Agreements: State of Play 27 July
A trade agreement between Egypt and the European Union has opened new markets to exporters and paved the way towards the establishment of a Euro-Mediterranean free trade zone.