In the early morning hours of 11 September, shortly before the arrival of Prime Minister Peres in Alexandria, Israel and Egypt signed the Taba compromise which enabled the beginning of the arbitration process. Mr. Peres spent two days in Alexandria and met for three hours with President Mubarak. The joint communique noted the signing of the Taba compromise, reiterated the commitment of Israel and Egypt to peace and proclaimed 1987 as a "year of negotiations for peace. " Both leaders indicated their support for an international conference, but differed on the role of the PLO and the way in which to resolve the Palestinian issue. One concrete result of the summit was the appointment of an Egyptian ambassador to Israel. The Charge D Affairs was promoted to ambassadorial rank and presented his credentials to President Herzog on 23 September. On 30 November the Israel government approved the Taba compromise. The international arbitration process began in Geneva on 10 December.
"The meeting between President Hosni Mubarak and Prime Minister Shimon Peres in Alexandria on the 11 and 12 of September 1986 marks a new era in the bilateral relations between Egypt and Israel as well as in the search for a just and comprehensive peace in the Middle East.
"The signing of the 'compromis' on the Taba arbitration reaffirms the importance of dialogue and negotiations as a means for settling international disputes away from the spirit of confrontation and violence. It constitutes a compromise model to be followed and built upon.
"The "Egyptian-Israeli peace treaty reflects their shared commitment to proceed jointly and simultaneously towards reinforcing the structure of peace between the two peoples and achieving a comprehensive peace in the region that would bring about a peaceful settlement of the Arab-Israeli conflict, including the resolution of the Palestinian question in all its aspects.
"President Mubarak and Prime Minister Peres firmly believe that having referred the Taba issue to arbitration, the two countries should now concentrate their efforts on reviving the comprehensive peace process. They view with great concern the prospects of a stalemate in that process. They declare 1987 as a year of negotiations for peace.
"We call upon all parties concerned to dedicate this year to an intensive effort to achieve the common and noble objective, lasting and comprehensive peace.
"President Mubarak and Prime Minister Peres, together with other concerned parties, will continue their efforts towards the solution of the Palestinian problem in all its aspects and the establishment of a comprehensive peace in the region."
Mr. Peres Statement in Alexandria
"I want to thank the President of Egypt for his warm reception, for his tireless and continued work to bring peace to all the people in the Middle East, to solve the Palestinian problem, to improve our bilateral relations. May I say that the only common enemy that we have discovered over the 24 hours is the shortage of time. If we had a little bit more time, I think we could have made more progress. So my own feeling is, that in our talks, most of them face-to-face and under four eyes, we have reached much more understanding on the very complicated issues. We are very grateful for the reception, for the atmosphere for the very wide range of understanding covering so many issues, and we are looking to the future to continue our cooperation as much. and as seriously as peacefully as we may. Thank you."