Egypt, Israel ink historic strategic trade accord

By: Sultan Ahmed

CAIRO, Egypt: Egypt and Israel signed a first joint strategic accord in trade and industry with the United States since their historic peace treaty 25 years ago as Israeli troops demolished several Palestinian homes in Gaza City Tuesday.

Egyptian Industry and Foreign Trade Minister Mohammed Rashid on Tuesday termed the deal as an “important step towards consolidating our economic relations” and said it would “contribute positively to regional prosperity and in achieving a just and comprehensive peace in the Middle East.”

The deal provides for the establishment of joint industrial zones in Egypt from where goods will be exported to the United States duty free.

The accord was signed between Rashid and Israeli deputy prime minister Ehud Olmert in the presence of Egyptian Prime Minister Ahmed Nazif and US Trade Representative Robert Zoellick.

END