The SET command

It is tricky, if not impossible, to use the character = in environment 
variables used with the <SET command. For example the command 

 
  SET test=myVar=myValue

leads to the OS/2 error <SYS1003. 
To get around this limitation, surround the value with double quotes: 

 
  SET test="myVar=myValue"

Or you can set the environment variable in the CONFIG.SYS. SET statements 
in the file CONFIG.SYS don't have this limitation (except that you cannot 
use the equal char in the name of an environment variable). 

But be aware that you cannot use nested environment variables in the 
CONFIG.SYS. Example: 

 
   REM *** Example SET statements for
   REM     the CONFIG.SYS
   REM
   SET varA=ValueA

   REM *** The next statement does not
   REM     work as expected if used
   REM     in the CONFIG.SYS!
   REM
   SET varB=%varA% ValueB

   REM *** The next statement will
   REM     only work in the CONFIG.SYS
   REM
   REM ---name----  ----Value----
   SET configEnvVar=myVar=myValue

By the way: The characters |, < and > don't have a special meaning if used 
in commands in the CONFIG.SYS. 

In any case, in REXX programs you should use the REXX function <VALUE to 
get or set the value of environment variables. The function VALUE does not 
have this limitation. 

(see also Using meta chars)