DECLARATION OF INTENT ON THE EGYPT-SINGAPORE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT

Singapore and Egypt 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 2006 by Singapore's Senior Minister of State for Foreign Affairs Zainul Abidin Rasheed and Egyptian Minister of Foreign Affairs Ahmed Aboul Gheit.

The CECA will be 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 catalyse interest by businesses and investors to the economic opportunities available in Egypt and Singapore. Officials from both countries will meet to discuss the scope and modalities of the agreement. The CECA will enhance bilateral relations between Egypt and Singapore, and form a strategic bridge between Asia and the Middle East and North Africa.

The idea of a bilateral Free Trade Agreement (FTA) was first mooted by 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. 


MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
14 November 2006