An Egyptian official delegation is visiting Israel to adjust the Qualifying Industrial Zones (QIZ) treaty, sources from Egypt's trade ministry told Amwal Al Ghad Monday. The delegation headed by Ashraf Ezz El-Din, Head of QIZ Unit at Egypt's Ministry of Trade and Industry, is set to enter negotiations with Israeli authorities over reducing the required Israeli component in products exported under QIZ treaty. Signed in late 2004, the QIZ agreement granted Egyptian clothing manufacturers zero-tariff access to the US market as long as their products contained at least 10.5 percent Israeli input. A reduction in Israeli component requirements, say Egyptian observers, would benefit Egypt's raw-materials sector. Meanwhile, Times of Israel newspaper reported Sunday that Israel agreed to give Egypt millions of dollars from a joint industrial zone as part of the deal for the release of an Israeli man from Egyptian prison last week. Jerusalem gave Cairo 2 percentage points of Israel's 10.5 percent share in earnings from an Qualifying Industrial Zone with Egypt, worth an estimated millions of dollars annually, the newspaper added. Commenting on the Israeli newspaper claims, the sources told Amwal Al Ghad that there were not any official Israeli statements so far concerning such an offer. According to recent statistics from Egyptian Ministry of Trade, Egypt's total exports of ready-made garments under the QIZ treaty are estimated at US$800 million annually. Ouda Tarabin, who was convicted of espionage on behalf of Israel, was released by Egypt on December 10 after 15 years in jail and returned to Israel after serving his sentence. In exchange, Israel released six Egyptians being held in Israeli prisons, three of whom finished their sentences, Prime Minister Benjamin Netanyahu said Sunday morning. The other three were arrested on non-security-related charges.
