Delimitation of maritime boundaries discussed at WISTA Cyprus meeting

Retail trade turnover volume and value indexes were down 7.8% and 6.7% respectively in February, according to the Cyprus Statistical Service.

The Turnover Volume Index of Retail Trade for February 2014 amounted 72.5 units, dropping 6.1 units or 7.8% compared to 78.6 in January. The Index fell by 1.6 units or 2.1% compared to February 2013.

For the two-month period JanuaryFebruary the Index recorded a decrease of 2.7% compared to the same period of 2013.

According to provisional estimates, the Turnover Volume Index of Retail Trade for March increased by 3.8 units or 5.2% to 76,3 units compared to 72.5 in February.

For the period January-March, the Index is provisionally estimated to fall by 0.7% compared to the corresponding period of 2013. At the same time, the Turnover Value Index of Retail Trade for February amounted 74.8 units, recording a drop of 5.4 units or 6.7% compared to 80.2 units in January 2014.

The Index fell by 2.9 units or 3.7% compared to February 2013.

For the period January-February the Index recorded a drop of 4.6% compared to the corresponding period of 2013.

According to provisional estimates the Turnover Value Index of Retail Trade for March was up by 4.9 units or 6.5% to 79.7 units compared to 74.8 units in February.

For the period January-March the Index is provisionally estimated to have a decrease of 2.6% compared to the corresponding period of 2013.

Members and friends of the Women’s International Shipping and Trading Association (WISTA Cyprus) discussed the hot topic of the delimitation of maritime boundaries during their recent conference, presented by Marianna Charalambous, with a Juris Doctorate in International Law and an LLM in Oil and Gas. During the meeting, Charalambous, who is an expert in the delimitation of maritime boundaries and a member of WISTA Cyprus, outlined the United Nations Convention on the Law of the Sea and the international law currently applicable in the delimitation of maritime boundaries. She presented the conflicting claims currently in the Mediterranean and assessed their validity in lieu of the applicable law. “A de facto situation under the law never acquires a de jury status without the consent of the affected party,” she noted, “therefore, the only legitimate entity to grant a license for exploration in the Cyprus maritime zone including up to 50% the distance between the Cyprus and Turkish coasts is the Republic of Cyprus.” She urged that we consider the possibility of large hydrocarbon reserves found north of Kyrenia and the impact of such finds on the issues currently faced by this island. After her presentation, the audience continued with a lively discussion.

Another subject that was also discussed was the preparation for the 34th WISTA International AGM and Conference that will be held in Limassol on October 8-10 of this year. Many sponsors and speakers have already been announced and can be found on the conference website