\ (. 3
Officials in Jerusalem said they
are satisfied with the decision
of the European Community's
(EC) foreign affairs ministers
last week to approve the man-
date for negotiations to upgrade
the 1975 Free Trade Agreement
"The scope of the mandate
provided is 90 percent of what
we would have liked, namely
close to par with non-European
members of the European Com-
munity," said Oded Eiran, For-
eign Minister deputy
director-general for economics.
Federal And State Taxes Are
Eating Away At Your Savings.
The mandate is the
three years of
Tax FreeMutual Funds
"It was improved in the last few
weeks. It has the potential to
be a very good agreement."
The mandate is the culmi-
nation of three years of lobby-
ing by Israel to upgrade its 1975
FTA with the EC.
It comes on the heels of trips
by both Prime Minister Yitzhak
Rabin and Foreign Minister
Shimon Peres to Europe in a
bid to improve the parameters
the EC ministers set for de-
tailed negotiations between the
Brussels-based European Com-
mission and Israel.
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The Israel Treasury has iden-
tified Likit, a town near Beer-
sheba, as the prospective
location for the Free Export Pro-
cessing Zone (FEPZ), a senior
official revealed last week.
Under the FEPZ legislation,
the zone may be located in a de-
velopment area either in the
Negev or in the Galilee. Ac-
cording to the official, Likit —
which is eight kilometers north-
east of Beersheba — is a prime
candidate since the government
is looking for an industrial area
of 2,000 dunams which already
is linked to basic infrastructure.
The FEPZ law has passed
the first reading in the Knesset
and is currently in committee.
Under the proposal, the zone
will be run as a concession fol-
lowing a competitive bid.
Businesses locating in the
zone will be entitled to a com-
plete tax exemption for 20
years. In addition, all bureau-
cratic processes will be stream-
lined into a one-step, one-stop
The New Thinking In Banking
*Shares redeemed within six years are subject to a contingent deferred sales charge (CDSC).
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