Greece and Italy Reach a Historic Exclusive Economic Zone Agreement
Greece and Italy have reached a historic agreement on the delimitation of their Exclusive Economic Zones (EEZs) in the Ionian Sea. The agreement was signed between the two countries on 9 June 2020, marking a significant step in managing the maritime borders between the two nations.
The signing of the agreement follows years of negotiations and consultations between the two governments and reaffirms the commitment of both countries to international law and the United Nations Convention on the Law of the Sea. The agreement sets out the maritime boundaries between Greece and Italy in the region, which will allow for the exploration and exploitation of marine resources within their respective EEZs.
The EEZ is a maritime zone that extends 200 nautical miles (370 km) from a country`s coastlines. Within the EEZ, a country has exclusive rights to exploit natural resources such as oil, gas, and marine life. The EEZ is also a recognized area for scientific research and environmental protection.
The agreement between Greece and Italy is not only significant for the two countries, but it also has implications for the wider region. The delimitation of the EEZs between the two countries will contribute to the stability and security of the region by avoiding potential conflicts and disputes over maritime boundaries.
Furthermore, the agreement is expected to enhance economic cooperation between Greece and Italy as it will provide a framework for joint investment and exploration of natural resources in the region. The agreement also opens up opportunities for partnerships in research and development, as well as environmental protection efforts in the Ionian Sea.
The signing of the agreement has also been welcomed by the European Union, which has been actively supporting the delimitation of EEZs in the Mediterranean. The agreement between Greece and Italy demonstrates the willingness of countries in the region to engage in dialogue and find peaceful solutions to maritime boundary disputes.
In conclusion, the agreement between Greece and Italy on the delimitation of their EEZs in the Ionian Sea marks a significant milestone in the management of maritime borders in the region. The agreement not only advances the interests of the two countries but also promotes stability, security, and economic cooperation in the Mediterranean. The agreement serves as an excellent example of how countries can resolve maritime disputes peacefully and through dialogue, in accordance with international law.