Business in Cyprus, Nicosia

The objectives of the subject “International Trade and Business in” Cyprus” are the following:

1. To analyse the Cypriot Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in the Cypriot Market
3. To analyse the trade relations of Cyprus with the country of the student
4. To know the Free Trade Agreements of Cyprus as a member of the European Union (EU)
5. To develop a business plan for the Cypriot Market

Preferential Access and Free Trade Agreements of Cyprus

1. Cyprus and the Orthodox Economic Area / European Economic Area
2. European Union
   1. As a member of the European Union, Cyprus is a beneficiary of the EU Free trade agreements with Algeria, Ivory Coast, South Africa, South Korea, India, Mexico, MERCOSUR, Chile, Egypt, Jordan, Lebanon, Ukraine, Moldova, Georgia etc. besides the Customs Union with Turkey
   2. European Single Market
   3. EU Services Directive
   4. European Digital Single Market
   5. European Customs Union

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)
3. International Convention on the Harmonization of Frontier Controls of Goods (UNECE)
4. International Bureau of Containers and Intermodal Transport (BIC)
5. International Civil Aviation Organisation (ICAO, Chicago Convention)
6. International Maritime Organisation (IMO)
   1. International Convention for Safe Containers (CSC)
   2. Convention Relating to Temporary Admission (Istanbul Convention)
7. International Road Transport Union (IRU)
   1. TIR Convention
   2. Guidelines on Safe Load Securing for Road Transport
8. International Chamber of Shipping (ICS)
9. Customs Convention on Containers (CCC, UN) - not a member
10. International Chamber of Commerce (ICC)

European Trade and Economic Organisations

1. European Union
   1. European Bank for Reconstruction and Development
   2. European Central Bank
   3. European Investment Bank (EIB)
   4. EU-CELAC Summit
2. Economic Commission for Europe (UNECE)
3. Organisation for Security and Cooperation in Europe (OSCE)
4. Group of States of the European Council Convention against Corruption (GRECO)

Global Organisations

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. World Intellectual Property Organisation (WIPO)
2. World Trade Organisation (WTO)
3. World Bank (WB)
4. International Monetary Fund (IMF)
5. Asia-Europe Meeting (ASEM)

The Republic of Cyprus (Europe)

1. Capital of Cyprus: Nicosia
2. Cypriot Official Languages: Turkish and Greek
3. Area of Cyprus: 9,251 square kilometres
4. Cypriot Population: 1.14 million people
5. Type of Government: Presidential Republic
6. Nearest countries (by sea): Turkey, Syria and Greece
7. Independence of Cyprus: 1960 (the United Kingdom)
8. Northern Cyprus was occupied by Turkey (1974) creating the Turkish Republic of Northern Cyprus (only recognised by Turkey)

Religion in Cyprus: Orthodoxy (Christianity)

1. Cyprus belongs to the Orthodox Economic Area (European Economic Area)

Economy of Cyprus.

1. Cypriot services sector is one of the pillars of the economy of the Republic of Cyprus
2. Cypriot Industrial sector employs 25% of the population
3. GDP (nominal): 22,446 million dollars
   1. Agriculture: 2%
   2. Industry: 19%
   3. Services 79%
4. GDP per capita: 29,830 dollars
5. Cypriot Currency: Euro (2008)
6. Cyprus joined the European Union in 2004
7. 2012: rescue by the European Union (17,500 million Euros)
8. In 2013 a “corralito” was imposed in Cyprus
9. The fleet of vessels registered in Cyprus represents the fourth largest in the world

Cypriot International Trade.

1. Main Cypriot Exports: citrus, cement, potatoes, medicines, dresses
2. Top trading partners of Cyprus are Greece, Germany, the United Kingdom, Italy