American Chambers of Israel, Greece and Cyprus praise the EastMed Act

The American Chambers (AmChams) of Israel, Greece and Cyprus have issued a joint statement following the EastMed Act signed by President Donald Trump, pointing out the importance for the three countries and the security in the Eastern Mediterranean.

According to the statement issued on Friday, the Eastern Mediterranean Security and Energy Partnership Act of 2019 “exhibits the historic metamorphosis in United States foreign policy in the Eastern Mediterranean, reflecting to a great extent the strategic view and principle that the security of partners and allies in the Eastern Mediterranean region is critical to the security of the United States and Europe”.

The three chambers said that through the Act, “the United States commits to continue robust official strategic engagement with Israel, Greece and Cyprus and to actively participate in the trilateral dialogue on energy, maritime security, cybersecurity and protection of critical infrastructure conducted among the three countries”.

The act also lifts a decades long embargo on Cyprus. Foreign Minister Nicos Christodoulides has said the signing of the act is of political and diplomatic importance as Cyprus has no intention of procuring American arms.

The United States further commits to continue to support diplomatic efforts with partners and allies to deepen energy security cooperation among Greece, Cyprus and Israel and to encourage the private sector to make investments in energy infrastructure in the Eastern Mediterranean region, the statement said.

AmCham Cyprus president Haris Kakoullis said that the law “recognises the new realities in the Eastern Mediterranean basin, opens the door for substantial investment opportunities to the three countries, significantly reinforces their activities to have a presence in the global energy map and the prospective reductions in energy costs are expected to generate competitive advantage to their underlying economies”.

AmCham Israel’s CEO Oded Rose said they see great trade and economic potential in the Eastern Mediterranean and have signed the MOU with the sister chambers in Cyprus and Greece to enhance this partnership.

“The EastMed Act signed by President Trump bolsters our partnership into a strategic security-commercial axis,” he said.

President of AmCham Greece Nikolaos Bakatselos said the EastMed Act “would further foster the already developed regional partnership of Greece, Israel and Cyprus and their relations with the US and will have great economic benefits for the three countries. Strengthening energy diversification and integration in the East Med, will increase energy security for Europe and promote peace and economic cooperation in the wider region”.

Source: CyprusMail

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