The Shura Council's legislative committee approved a draft law submitted Wednesday cancelling current maritime borders of an economic zone between Egypt and Cyprus.
The proposed bill was submitted by MP Khaled Abdel Qader Ouda, who said the agreement was signed by Cyprus and Israel in February 2003.
He said this invalidates the deal since Egypt had the right to be present at the signing, according to international agreements.
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.
Edited translation from MENA