A “MAGICal” Celebration for The QIZ
Last week, at Las Vegas' bi-annual sourcing show, MAGIC, we attended as Israeli representatives alongside Egyptian and American representatives in celebration of a 10 year old free trade agreement between the three countries. The Qualified Inustrial Zones agreement, or QIZ, as it is most commonly referred is a protocol between the three countries that enables Israeli companies to provide manufacturing technologies and supplies to Egyptian textile and manufacturing companies. These Egyptian manufacturing producers sell their wares to well-known clothing and textile brands located in the United States.
This agreement enables unlimited duty free exports of Egyptian products to the U.S. market. For the last 10 years the agreement has enhanced business and industrial cooperation that has led to the increase of bilateral cooperation between Israel and Egypt.
While we were at the show, we advertised the Egyptian manufacturing companies at a pavilion hosted by the US, Egypt, and Israel. We also hosted three events during the duration of the tradeshow. We hosted a 1) ribbon cutting ceremony at the pavilion 2) duty free Africa seminar, 3) Gala at Four Seasons Hotel in celebration of the agreement’s success.
The unique aspect of the QIZ is that it is the only existing trade agreement between Israel and Egypt. The events surrounding the celebration proved more than ever, that the agreement is strong and will undoubtedly endure another 10 years of uninterrupted commerical success.