The Republic of Cyprus and the Russian Federation have signed a Protocol on Economic Cooperation to further existing ties of friendship between the two countries and to enhance cooperation in the finance, trade, industry, tourism, transport, health and education sectors.

The Protocol was signed by the Cyprus Minister of Finance Charilaos Stavrakis and the Russia Deputy Minister of Commerce and head of the Russian delegation, Stanislav Voskresenskiy, at the end of the 5th Summit of the Cyprus-Russia Intergovernmental Committee on Economic Cooperation.

Speaking after the signing of the Protocol, Stavrakis expressed satisfaction with the spirit of cooperation and understanding shown during the talks, noting that the Protocol will contribute to further enhancing economic and other relations between the two countries.

During the talks, the representatives of the two countries confirmed that there is room for improvement in existing as well as in new sectors, such as finance, banking, health services and energy.

Additionally, at the meeting Cypriot and Russian officials noted the favorable conditions to help increase trade transactions and enhance cooperation in commerce, investment, tourism and transport.