The Shura Council, Egypt’s upper house of parliament, approved a draft law submitted on Wednesday canceling the maritime borders of an Exclusive Economic Zone (EEZ) agreement between Egypt and Greek Cyprus, according to a report published by the Middle East News Agency (MENA).
The proposed bill was submitted by MP Khaled Abdel Qader Ouda, who said the agreement was signed by Greek Cyprus in February 2003 and this invalidates the deal since Egypt had the right to be present at the signing, according to international agreements. Egypt was the first country to sign an EEZ agreement with Greek Cyprus. Ouda argues that the renegotiation could mean billions of dollars for Egypt.
The draft law calls for the creation of new borders surrounding the economic zone in the presence of Turkey as a third party.