Greece and Egypt Seal Deal on Exclusive Economic Zone
Greece and Egypt recently ratified an agreement on the maritime boundaries of their exclusive economic zones (EEZs), marking a significant milestone in the ongoing conflict in the Eastern Mediterranean. The deal, which was signed on August 6, 2020, aims to set clear boundaries and resolve disputes over oil and gas exploration in the region.
This maritime agreement comes at a time of heightened tensions between Turkey and several countries in the region, including Greece, Cyprus, and Egypt. Turkey has been increasing its military presence in the Eastern Mediterranean and has been engaged in a series of disputes with other nations over maritime borders and drilling rights.
The Greece-Egypt agreement establishes an EEZ that extends from the eastern edge of Greece`s continental shelf to the western edge of Egypt`s. The zone covers an area of around 39,000 square kilometers and includes portions of the sea that are believed to hold significant hydrocarbon reserves.
Both countries have agreed to respect each other`s rights to explore and exploit these resources within their respective EEZs. The agreement also reaffirms the right of countries to lay undersea cables and pipelines in accordance with international law.
This deal is seen as a significant step towards resolving the longstanding conflicts between Greece and Turkey over maritime borders. Greece has accused Turkey of violating its sovereignty by conducting illegal drilling in its EEZ, while Turkey claims that Greece`s claims are illegitimate.
While the Greece-Egypt deal does not directly address Turkey`s actions, it sets a precedent for other nations in the region to resolve their disputes through diplomatic means rather than through military force. The European Union has also expressed its support for the agreement and has called on other nations to follow suit.
This deal comes at a time when the Eastern Mediterranean is becoming an increasingly important region for energy production. Several major international oil and gas companies have expressed interest in exploring the area`s reserves, and countries in the region are competing for a share of these resources.
The Greece-Egypt agreement is a welcome development for countries in the region and for the international community as a whole. By establishing clear boundaries and resolving disputes through diplomatic channels, it sets a positive precedent for resolving conflicts in the region and promotes stability and economic development.