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December 16, 2004

Israel-Egypt-US Sign Historic Trade Agreement

Earlier this week Egypt and Israel completed a long debated trade deal that will bolster economic ties between the two countries. The agreements established special economic zones in Egypt that will have duty free access to the US market if 35% of the product is a produced through Israeli-Egyptian cooperation. The deal has been in the works for years and hit snags because of its unpopularity in the oft coddled US textile industry. Israel hopes that the agreement could bring in $150 million to Israel in 2005 alone. While great in the short run for the countries’ textile industries, it will have an even greater impact towards peace in the region. Robert Zoellick, US Trade Rep, called the deal "the most significant agreement between Israel and Egypt in 20 years."

Posted by Chris H. Anderson at 08:43 AM in International Trade | Permalink


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