Cyprus has signed an agreement officially bringing the country into the European Economic Area (EEA) following the conclusion to enlargement negotiations which commenced in January of this year.
The agreement sets out the distribution of funds by countries in the European Free Trade Area (EFTA) to other member states in the form of aid, such as Greece, Spain and Portugal in addition to the 10 states acceding to the EU in 2004. Under this arrangement, Cyprus will receive 0.21% of 120 million euros per year from May 2004 until April 2009 which equates to 252,000 euros on an annual basis.
The draft agreement is to be finalised by the EU Council after which the ten acceding states will be invited to sign the document formally. It will then need ratification in each member state in time for May 2004 when the agreement goes into effect.
The agreement was negotiated by the 15 current member states, the ten candidate members, the European Commission as well as Norway, Iceland and Liechtenstein.
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