Singapore, Egypt agree ‘timely’ to explore feasibility of a free trade agreement

Singapore and Egypt plan to explore the feasibility of a free trade agreement to take advantage of their complementary strengths and strategic locations, The Strait Times reported.

Singaporean President Tharman Shanmugaratnam and Egyptian President Abdel Fattah al-Sisi agreed that this move was timely, said Singapore’s Foreign Ministry in a statement on Sept 21.

Singapore currently has 28 implemented free trade agreements, which make trade and investment easier between the economies through benefits such as tariff concessions and faster entry into markets.

MFA’s statement came after the two leaders met on Sept 20 on the second day of Mr Tharman’s state visit to Cairo.

After the meeting, both leaders witnessed the signing and exchange of seven memorandums of understanding. The two countries will collaborate in a wide range of areas, including healthcare, food security and social services, as they seek to strengthen and broaden their relationship.

These collaborations reflect the two countries’ joint commitment to a deeper and more multifaceted partnership, said Mr Tharman, who is in Cairo till Sept 22.

Speaking to the media after a meeting with Mr Sisi, he said Singapore believes in Egypt’s economic potential and the two leaders had discussed how the countries could take their economic cooperation further.