Customs Union Agreement with the E.U 11.1.1988

Customs Union Agreement with the E.U. came into effect in 1988. Cyprus has a record of successful economic performance, reflected in rapid growth, full employment and stability almost throughout the post-Independence period. The underdeveloped economy of 1960 has been transformed into a modern economy with dynamic services, industrial and agricultural sectors and advanced physical and social infrastructure. In terms of per capita income, currently estimated at $11.000,(1993) Cyprus is classified among upper middle income countries.These achievements appear all the more striking in view of the severe economic and social dislocation and the loss of resources caused by the Turkish invasion of 1974. These stamps on the cover sent to me by Merja is to commemorate that event.
The success of Cyprus in the economic sphere is the combined result of the existence of a dynamic and flexible entrepreneurial community and of a well-educated labour force, the adoption of a market oriented economic system and the sound economic policies followed by the government.
Over the last decade the economy has increasingly become oriented towards Europe. The European Union, with which a Customs Union Agreement was put into effect in 1988, is now the largest trading partner of Cyprus. The application of Cyprus to become a full member of the Union in July 1990 is a clear indication of the European orientation of Cyprus and has led to the adoption of harmonization of economic and social institutions and policies with those of the European Union as a major policy objective.