On 26-27 June 2013 in Nicosia was held the 1st Session of the Cypriot-Ukrainian Intergovernmental Commission on Economic, Scientific, Technical and Industrial Cooperation under the Chairmanship of the Minister of Finance Mr. Harris Georgiades and the Minister of Finance of Ukraine Mr. Yuriy Kolobov.
During the Session delegations of Ukraine and Cyprus have discussed a state and prospects of the bilateral economic cooperation, particularly in such spheres of the mutual interest as banking sector, tourism, energy sector, civil aviation, merchant shipping, agriculture, public health, education and culture.
The Ukrainian Side informed the Cypriot Side of Ukraine's achievements in the recent years on the economic sphere with the positive indicators of development, the increased economic stability and the enhanced interest of foreign investors to invest in Ukraine. The Cypriot side was also informed about the course of reforms in the budgetary, fiscal, administrative, judicial and regulatory areas.
The Cypriot Side informed the Ukrainian delegation on the latest economic developments in Cyprus, particularly on progress in implementation of the Memorandum of Understanding and the Loan Agreement between Cyprus and the Troika.
Regarding cooperation between Ukraine and the EU, the Cypriot Side reiterated its support for Ukraine´s political association and economic integration into the European Community, based on the respect of EU norms and principles. Participants emphasized the necessity to develop further cooperation within the dialogue Ukraine – EU, which aims at a conclusion of the Association Agreement, including the establishment of a deep and comprehensive free trade area.
It was signed the Protocol of the 1st Session of the Commission , as well as Memorandum of Understanding in the area of Digital Cartography and Geographical Information Systems (GIS), which will establish a framework of cooperation and encourage a programme of joint activities between the two parties.