The Union Cabinet chaired by the Prime Minister Narendra Modi, has given its approval for signing of an agreement between India and Egypt on Maritime Transport.
Recognizing the significant mutual benefit that can be derived from-cooperation in the area of shipping between the two countries, it has been decided to sign the Agreement with a view to strengthening cooperation and to render sustained mutual assistance and advice on merchant shipping and other related maritime matters.
The Agreement would be signed on a mutually convenient date and venue.
SIGNIFICANCE OF AGREEMENT
Signing of the Agreement will help, both countries:
- to encourage and facilitate the development their maritime relationship
- cooperate in the task of enhancing and stimulating steady growth of maritime traffic,
- exchange and training of staff and students from various maritime establishments,
- exchange-of information necessary for accelerating and facilitating the flow of commercial goods at sea and at ports,
- establishment of joint ventures in the fields of maritime transportation, shipbuilding and repairs, maritime training, information technology including development of simulators, port facilities and related maritime activities, etc.