On 1 January 1996, Cyprus began full implementation of the Uruguay Round Agreement. Under this agreement, the Government of Cyprus eliminated quantitative restrictions and other non-tariff barriers to trade, allowing improved access to the Cypriot Market. After that, Cyprus has become a full member of the World Trade Organization.
Additionally, the accession to the EU on 1 May 2004 liberalized the island’s trade regime further, allowing all goods to be traded between Cyprus and the EU with a zero tariff rate. Under the same agreement, Cyprus has adopted fully the EU’s Common Customs Tariff (CCT) for products from third (non - EU) countries.
Best prospects generally lie in services and high technology sectors, such as computer equipment and data processing services, financial services, environmental protection technology, medical and telecommunications equipment, and tourism development projects.
Moreover, alternative energy sources and the energy sector in general are attracting an increasing amount of attention, while the possible existence of natural gas and petroleum reserves off the southern and eastern coast of Cyprus opens up new prospects. Finally, the island’s private sector has a growing appetite for office machines, computer software and data processing equipment.