The signing took place in the presence of Alexis Tsipras, prime minister, Greece; Nikos Anastasiades, president, Cyprus; and Abdel Fattah el-Sisi, president, Egypt, in Larnaca as part of the fifth summit of Greece, Cyprus and Egypt.

The aim is to boost demand from mature, emerging and new tourist markets as well as increase the cost of cruise passengers on trips, visits, tours, markets, restaurants and hotels in the three states, which will be beneficial to local economies.