The Ministry of Energy, Commerce and Industry, is responsible for the conclusion of Bilateral Investment Agreements with third countries (the Trade Policy Section of the Trade Service, chairs a technical committee on investment in which the Ministries of Finance, Foreign Affairs and the Legal Service are participating).
It should be noted that the responsibility for the investment sector belonged, until mid-2013, to the DG Develpoment and by a decision of the Council of Ministers, dated 19/06/2013, the relevant competence was transferred briefly to the Ministry of Finance. A decision of the Council of Ministers dated 09/07/2014, transfer the responsibility for the EU Investment Policy matters and concluding Bilateral Investment Agreements, to the Ministry of Energy, Trade and Industry.
The key objective is keeping the Cypriot investment environment open and attractive and at the same time safeguard as Cyprus’ Investment Policy, especially in terms of legal exposure, and at the same time be in line with the spirit of the European Investment Policy, as it has been developed since Lisbon Treaty.
The RoC has in force 17 investment protection and promotion agreements with third countries, as follows.
It is noted that if the EU is currently negotiating or already has an Investment Protection Agreement with a Third Country, then no MS may negotiate a separate agreement with that Third Country. The EU has 61 investment protection agreements in force, either as part of trade agreements or stand-alone agreements.
