LOC17:37
14:37 GMT
BEIRUT, Nov 26 (KUNA) -- Lebanon and Cyprus on Wednesday signed a maritime border demarcation agreement in a step that would lead to launching joint ventures particularly in the energy sector.
Lebanese President Jospeh Aoun and his Cypriot counterpart, Nikos Christodoulides, held a news conference at the Presidential Palace after inking the accord. Aoun said the demarcation of the "exclusive economic zone" would pave the way for the two countries to begin exploring their marine resources.
The president added that now the two countries could work out a bilateral accord to facilitate, develop tasks of the joint companies and launch common projects in the sectors of energy, renewable energy in particular plus communications, tourism security and defense.
"We are sending a clear message to all parties that wish to cooperate with us .. this is the sole avenue for renouncing the language of violence, wars, annihilation, the policies of hegemony that have cost our region and its peoples heavily," the Lebanese president said.
For his part, the Cypriot President said the accord would boost cooperation between the two countries in the fields of energy, infrastructure and provides legal, economic and security realms for potential investors. It will also bolster cooperation in the energy field in the East Mediterranean, he added.
President Christodoulides indicated that once Cyprus takes over presidency of the Council of the European Union in the first half of 2026, Nicosia will seek to fundamentally strengthen the cooperation between Lebanon and the EU.
Some excerpts of the accord stipulate that the two sides will seek an agreement in case natural resources have been located; stretching from the exclusive economic zone of one of the two countries.
Any dispute that may develop from implementing the agreement can be tackled through diplomatic channels "with a spirit of cooperation and understanding."
In case a dispute has not been resolved in a reasonable period, the issue can be referred to the 2012 Permanent Court of Arbitration.
Lebanon and Cyprus, both tourist countries with prospected offshore gas potentials, are quite close and both are located in eastern Mediterranean. Some Lebanese live on the island and have businesses, family and social bonds there. (end)
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