Canada and Cyprus relations

Canada and Cyprus enjoy close bilateral relations through our shared membership in:

Canada supports a negotiated solution to the Cyprus question that is acceptable to both sides, and was a major contributor to the United Nations Peacekeeping Force in Cyprus (UNFICYP) when it was formed in early 1964.   Before the withdrawal, in 1993, of the bulk of the Canadian peacekeepers in Cyprus, over 25,000 Canadian soldiers served in the peacekeeping force - 28 of whom lost their lives while deployed.   

Commercial relations

Trade and investment

While the commercial relationship between Canada and Cyprus is modest, Canada has improved its already good commercial relations with the Cypriots. In 2016, bilateral merchandise trade with Cyprus was $21.8 million. Canadian exports increased by 122.7% to $17.9 million, while imports remained stable at $3.9 million. No data is available for services flows.

Cyprus is exploring deposits of natural gas in its exclusive economic zone. Opportunities may therefore exist not only in the development of natural gas and subsequent pipelines, but also in the possible development of a natural gas infrastructure in Cyprus. Other commercial opportunities also include offshore oil and gas, mining, two-way education promotion, and niche opportunities like the construction of casinos in Cyprus.

The Cypriot government often promotes tenders to improve infrastructure in the sectors of electricity (power stations and power lines), roads, and management and consultancy services. As such, there is good potential for Canadian firms to partner in these local projects.

The Canada-Cyprus Tax Convention for the Avoidance of Double Taxation was signed on May 2, 1984.

In 2010, the Cyprus-Canada Business Association was established under the auspices of the Cyprus Chamber of Commerce and Industry, aiming to enhance bilateral trade relations.

A number of Canadian companies have operations or partnerships in Cyprus. They include:

Comprehensive Economic and Trade Agreement (CETA)

Canada and the European Union signed the Canada-EU Comprehensive Economic and Trade Agreement (CETA) at the Canada-EU Summit on October 30, 2016. The European Parliament approved CETA on February 15, 2017. Provisional application of CETA started on September 21, 2017, at which time all economically significant parts of the Agreement entered into force. CETA is expected to generate new economic opportunities for both Canada and Cyprus.

Canada’s main exports to Cyprus are:

The main products Canada imports from Cyprus are:

Investment

The investment profile is significant with stocks of Canadian direct investment in Cyprus totaling $3.2 billion in 2016. The stock of Cypriot direct investment in Canada totalled $885.0 million that same year.

Education cooperation

investment

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