It is more important for him than for Israel. Indeed, both Israel and Egypt have a vested interest in holding the economic conference. However, Israeli officials do not expect major advances in regional trade as a result of the conference. Israel's traditional markets are in Europe, not in the Middle East. Whether economic realities would ultimately hinder the development of trade and business ties between Israel and its Arab neighbors is not clear.
Political realities surrounding the evolving peace process appear to be the main obstacle.
After the signing of the Israeli-Jordanian peace agreement in October 1994, there was much talk of joint projects, such as the construction of resort sites along the Dead Sea, the development of regional water resources and the construction of power plants. But nearly two years after peace was reached, none of those projects has begun. Relations between Israel and several Persian Gulf states have shown some promise, but they have nonetheless not lived up to the high expectations generated earlier this year, when Israel reached agreements with Oman and Qatar to exchange trade missions. Nowhere are the shattered dreams of a new regional economy more evident than in the Palestinian self-rule areas. The Palestinian autonomy is now cracking under a heavy load of unemployment brought on by the extended Israeli closure of the West Bank and Gaza Strip.