Details of Economic Protocol with Turkey Published

Details of the economic protocol yet to be signed with Turkey for 2019-2021 have been published in the press.

North Cyprus News - Fuat Oktay - Tufan Erhurman
Turkish VP Fuat Oktay – PM Tufan Erhurman

The framework of the agreement had been drawn up in a meeting between Prime Minister Tufan Erhurman and Turkish Vice President Fuat Oktay. The daft protocol includes, inter-alia, the following:

An agreement for the implementation of the electricity transfer project from Turkey to North Cyprus via undersea cables will be signed within the framework of the energy cooperation agreement signed in October 2016.

The Administrative Council of the electricity authority (KIB-TEK) will be privatised and KIB-TEK will be separated according to its functions, in order to reduce costs.

North Cyprus News - Kib-Tek Power Station
Kib-Tek Power Station

Tenders will be invited for the ports within the framework of cooperation between the public and the private sector. A law for the maritime department will be prepared and the union of the Turkish Cypriot port workers will be abolished.

A team to oversee the conducting of trade between Turkey and North Cyprus in Turkish lira (TL) will be established and on the basis of a report that will be prepared, the trade cooperation agreement between Turkey and the TRNC will be updated.

North Cyprus News - Serdar Denktas
Finance Minister – Serdar Denktas

The Minister of Finance Serdar Denktas said that there have been some issues in the protocol on which agreement could not be reached. He noted that even if the protocol was signed, the TRNC would not receive any money until June.

Yeni Duzen

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