Egypt believes it is premature to hold negotiations with Ukraine on the signing of the free trade area agreement, according to a government's report posted on its website on Tuesday.

"Egypt believes that consultations on signing the free trade area agreement are premature," the cabinet said.

The Economic Development and Trade Ministry of Ukraine conducted a study on the appropriateness of signing free trade area agreements with other countries, taking into account their trade regimes with the European Union (EU), and finally the ministry selected Albania, Egypt, Jordan, South Korea and Tunisia as promising states.

The ministry also worked on the possibility of resuming negotiations on the signing of free trade area agreements with Singapore, although the work has been suspended due to the absence of the interest of the sides.

According to the report, the ministry worked on signing free trade area agreements with the GUAM states (along with Ukraine, GUAM includes Georgia, Azerbaijan and Moldova). The sides plans to approve the procedure for creating a working group that will coordinate actions of the sides on the creation of the free trade area between GUAM states.