Foreign Minister Erato Kozakou Markoullis has said that the assumption of Cyprus of the presidency of the EU Council in the second half of 2012 will be a great challenge for the country.

Informing the members of the House of Representatives` Committee on Foreign Affairs, the Minister said that Cyprus` EU Presidency will be the most important challenge since the establishment of the Republic of Cyprus in 1960.

Stressing the need for a more close cooperation with all involved so that the presidency is crowned with success, Markoullis expressed satisfaction with the preparations so far, noting though that more is needed to be done.

Referring to the priorities of the Cypriot EU Presidency, she said that Cyprus will have to handle the finalisation of the Multiannual Financial Frame of the EU, as well as Iceland`s EU accession.