Within the framework of Egyptian Cypriot relations, the Economic, Industrial and Technical Cooperation Agreement was signed between the governments of both countries on 24/6/1995 and was ratified in November 1997. The Agreement provided for the formation of a Joint Committee for Economic, Industrial and Technical Cooperation represented by both sides for implementing the Agreement and seeking means of developing cooperation between both countries and submitting proposals and recommendations to this end. The Joint Committee holds its meetings in the capitals of both countries alternately. The most important agreements signed between Egypt and Cyprus are the following.
- Double Taxation Prevention Agreement signed in 1995.
- Investments Promotion and Protection Agreement signed in 1998.
- MOU between the Egyptian and the Cypriot Capital Market Authorities signed in 1998.
- MOU on the establishment of the Egyptian Cypriot High Business Council signed in 2001.
- MOU on trilateral cooperation in the field of tourism between Egypt, Cyprus and Greece, signed in 2004.
- Cooperation executive program in the field of tourism signed in May 2007, and seeking the means of activating the trilateral MOU between Egypt, Cyprus and Greece for developing tourism and attracting more tourists from distant markets.
- Cooperation Agreement in the field of air transport signed in April 2008.
- MOU in the field of air navigation services signed in April 2008.
One session of the Egyptian Cypriot Joint Committee for Economic, Industrial and Technical Cooperation was held on 14- 15 May 2007 co-chaired by the Egyptian Minister of International Cooperation and the Cypriot Minister of Finance.
Important Recommendations /Agreements Signed at the Last Session:
• The First Session of the Joint Committee meetings focused on limited fields of cooperation, namely trade, investments & banks, oil & gas, tourism, maritime transport and shipping, as well as development assistance. Other areas of cooperation were also discussed such as scientific research, education, communications and the environment.
• The Joint Committee meetings focused on enhancing Egyptian Cypriot partnership and activating cooperation in fields of mutual interest, such as gas and trade services, including maritime transport and shipping, ports management, general administration and tourism. Both sides agreed to study the means of expanding trade to include variable fields, to discuss transit trade and to seek the establishment of joint projects in both countries, whether to meet local market requirements or for exportation purposes to other countries. They also discussed Cypriot aid to Egypt.
• Both sides agreed to activate the agreements signed during the Cypriot President’s visit to Egypt in May 2006, including the executive program for cooperation in the field of tourism, and to seek the means of activating the trilateral MOU signed between Egypt, Cyprus and Greece for activating tourism and attracting tourists from distant markets for the great benefit it will realize for Egypt. Both sides also discussed the establishment of a navigation line between both countries through joint venture companies and agreed on the importance of laying plans and new initiatives for realizing g the objectives of the MOU.