page_title: Cyprus–Germany relations
section_title: Economic relations
hierarchical_section_title: Cyprus–Germany relations / Economic relations
caption_attribution_description: EPP Summit 24 March 2007
context_page_description: Cyprus–Germany relations refer to the bilateral relations between Cyprus and Germany. Germany is represented in Cyprus through its embassy in Nicosia, Cyprus. Cyprus is represented in Germany through its embassy in Berlin, Germany. Both countries are full members of the United Nations and the European Union.
context_section_description: Soon after Cyprus gained its independence, a trade and economic agreement was concluded between the two countries in 1961, followed by an air transport agreement (1967), a double taxation agreement (1974) and an agreement on cross-border passenger and freight transport (1980). The bulk of these agreements became EU law in 1987 which, since Cyprus’ accession to the EU on 1 May 2004, now also applies in Cyprus. The renegotiated double taxation agreement was signed in Nicosia on 18 February 2011. Negotiations are currently under way on a bilateral security of information agreement.
  In 2011, German foreign trade statistics recorded an export surplus of EUR 502.5 million in Germany's favour, German exports to Cyprus totalling EUR 742.2 million and German imports from Cyprus EUR 239.7 million. Germany is Cyprus’ third largest supplier of goods, after Greece and Italy, and the second most important destination for Cyprus’ exports (after Greece), taking 9 per cent of total exports. In the tourist industry, an important sector for Cyprus, Germany ranked third in 2010 with 139,000 visitors, after the United Kingdom (approximately 1 million visitors) and Russia (223,000). There is especially close cooperation between Cyprus and Germany in the shipping sector. Many German shipping companies and shipping management businesses are based in Limassol in Cyprus. According to figures presented at the Cyprus Shipping Association's Annual General Meeting, the shipping sector accounts for between 7 and 8 per cent of the country's GDP. Cyprus operates the world's ten-largest fleet and a total of some 2,400 vessels are owned or operated by member companies of the Cyprus Shipping Chamber (CSC). Currently, the shipping industry provides 4,500 onshore jobs and employs some 55,000 seafarers.
caption: Angela Merkel with Nicos Anastasiades in 2007 EPP summit
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