Cyprus and China explore ways to deepen economic cooperation

Cyprus and China consider updating double taxation agreement

Finance Minister Makis Keravnos and China’s ambassador to Cyprus Yang Yundong discussed ways to expand economic cooperation between the two countries during a meeting in Nicosia on Friday, with trade, investment, shipping and green finance among the areas identified for closer ties.

The meeting took place at the Finance Ministry as part of a courtesy visit by the newly appointed ambassador, according to an announcement issued by the ministry.

The discussions covered bilateral relations as Cyprus and China mark 55 years of diplomatic ties this year, alongside the fifth anniversary of their relationship being upgraded to a strategic partnership.

The talks also focused on prospects for strengthening economic, commercial and investment cooperation ahead of a planned visit by President Nikos Christodoulides to China in early 2027.

Keravnos thanked the ambassador for China’s continued support, as a permanent member of the United Nations Security Council, for a comprehensive, fair and sustainable solution to the Cyprus problem.

He also referred to the positive performance and resilience of the Cyprus economy, as reflected in recent assessments by international rating agencies.

The minister discussed bilateral trade in goods and services, pointing out that there was scope to increase Cypriot exports to the Chinese market.

The two sides examined opportunities to deepen cooperation in trade and investment, education, information and communications technology (ICT), agriculture, shipping, green finance and tourism.

Keravnos also raised the possibility of updating the double taxation agreement between Cyprus and China, which dates back to 1990.

Yang expressed satisfaction with the level of bilateral relations and conveyed China’s readiness to strengthen cooperation with Cyprus further in the areas discussed, the ministry said.

Both sides agreed to maintain an open channel of communication and promote specific initiatives that would benefit the economies and people of the two countries.