Singapore’s President Tharman Shanmugaratnam and Egypt’s President Abdel Fattah Al Sisi recently agreed to explore the feasibility of a free trade agreement between the two countries.
The countries hope the agreement will help them take advantage of their complementary strengths and strategic locations. Free trade was one of the issues under discussion during Shanmugaratnam’s state visit to Egypt.
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.
The Presidents also witnessed the signing of several memoranda of understanding on cooperation in the areas of economy, maritime transport, health, agri-research, micro, small and medium enterprises and startup development, capacity building and social protection.