Singapore And Egypt To Start Talks On Economic Agreement

by Mary Swire, Tax-News.com, Hong Kong

17 November 2006

Singapore and Egypt have signed a Declaration of Intent to proceed with negotiations on the Egypt-Singapore Comprehensive Economic Cooperation Agreement (CECA).

The Declaration was signed in Cairo on 13 November by Singapore's Senior Minister of State for Foreign Affairs, Zainul Abidin Rasheed and Egyptian Minister of Foreign Affairs, Ahmed Aboul Gheit.

In addition to enhancing bilateral relations between Egypt and Singapore, the agreement will form a strategic bridge between Asia and the Middle East and North Africa.

According to a statement issued by Singapore's Ministry of Trade: "The CECA is a high standard and comprehensive agreement that will send a strong signal to the international community of the commitment of both countries to economic development and reform and help to catalyze interest by businesses and investors in the economic opportunities available in Egypt and Singapore."

The idea of a bilateral Free Trade Agreement (FTA) was first mooted by the then Prime Minister Goh Chok Tong in his meeting with then Egyptian Prime Minister Atef Ebied in February 2004.

Minister for Trade and Industry Lim Hng Kiang subsequently agreed with Egyptian Minister of Foreign Trade and Industry Rachid M Rachid in July 2005 to broaden the areas for economic cooperation and conclude a CECA in place of a FTA.

Officials from both countries are due to meet to discuss the scope of the agreement.

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