MEMORANDUMOF UNDERSTANDING ON ECONOMIC COOPERATION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SERBIA AND THE AFRICAN UNION COMMISSION("Off. Herald of RS - Treaties", No. 2/2016) |
PREAMBLE
The Government of the Republic of Serbia and the African Union Commission, hereinafter referred to as ”the Parties”,
Recognizing deep-rooted ties of friendship between Parties;
Desiring of developing and enhancing the political and economic cooperation between Parties on the basis of principles of equality, mutual respect and solidarity, taking into account the valuable ties and experiences dating back to the fruitful cooperation within the Non-Aligned Movement;
Encouraging business relations particularly between the institutions and organizations concerned with foreign trade as well as with setting up of joint investment projects and facilitating investments in the various fields of economy, infrastructure, construction, trade, agriculture and industry.
Hereby agree as follows:
ARTICLE 1
1. The Parties have agreed to work together in order to identify areas of mutual interest and cooperation to further advance the deep-rooted ties of friendship and cooperation between them and to investigate areas where the Parties can constructively engage to ensure stable conditions for their mutual development of commercial and economic cooperation and contribute to the improvement oftheir peoples’ lives.
2. The Parties agree to establish and maintain effective, systematic consultation, cooperation and exchange of information between them in supporting of this initiative.
3. The Parties have identified the following objectives:
a) strengthening and enhancing the economic, commercial and investment cooperation between the Parties;
b) exploring new areas of economic cooperation as well as cooperation in the field of science and technology;
c) creating favorable conditions for the development of mutual trade, direct investments, commercial activities, industrial cooperation, exchange of expertise through the fulfillment of trade programs and training of experts in different fields;
d) fostering closer commercial relations;
e) facilitating the identification of specific investment opportunities;
f) encouraging the joint exploitation of economic opportunities in third countries;
g) encouraging the development of cooperation in technology transfer and research and development in areas of common interest relevant to economic and commercial develop.
ARTICLE 2
The Parties, in the pursuit of new economic opportunities, resolve to encourage and facilitate cooperation between them, in the following:
1. Investment cooperation
(a) identifying and facilitating of investment opportunities;
(b) informing each other of the laws and regulations governing foreign investment, and any changes thereto;
(c) identifying specific projects and sectors of potential interest for joint cooperation.
2. Commercial cooperation
(a) promoting and supporting trade and investment missions, market analyses, the exchange of commercial and marketing information, business and institutional linkages, and other initiatives which bring together potential commercial partners;
(b) providing assistance in organizing industrial fairs, exhibits, missions and other promotional activities;
(c) reviewing impediments to trade which might hinder achievement of the objectives of this MOU;
(d) encouraging commercial cooperation between companies of the Parties in third countries.
3. Industrial cooperation
The Parties will foster industrial cooperation in all fields deemed suitable by them for the purpose of the development and prosperity of their respective economies by encouraging, supporting and facilitating:
(a) business interests in their efforts to establish joint ventures;
(b) transfer of technology through research programs in order to promote the application, adaptation and improvement of existing and new technological products and processes;
(c) exchange of information on technologies and transfer of know-how.
ARTICLE 3
1. The principal areas of cooperation will be in sectors of the respective economic, commercial and industrial priorities of the Parties.
2. The Parties resolve to promote their mutual cooperation in sectors such as:
(a) infrastructure,
(b) construction,
(c) energyand mining,
(d) agriculture and food processing industry,
(e) forestry,
(f) environmental protection,
(g) health,
(h) ICT sector,
(i) tourism,
(j) education,
(k) science and technology, and
(l) other fields of cooperation that may be jointly decided upon.
ARTICLE 4
1. Implementation of this MOU requiresclose coordination and consultation between the Parties. Consequently, the Partiesagree to establish a Joint Committee for Economic Cooperation (hereinafter referred to as: “the JointCommittee”) as a basis for the exchange of information, clarification and addressing of various issues and for consultation with a view to expanding and strengthening economic, commercial and investment relations between the Parties.
2. The Joint Committee shall have meetings in an ordinary sessionalternately in Belgrade and in Addis Ababa,or in an extraordinary meetingupon written request of one of the Parties.
3. If the Partiesdeem it necessary, the Joint Committee may establish sub-committees working on specific topics. The sub-committees shall report on its activities to the Joint Committee.
4. The tasks of the Joint Committee will include, without being limited to, the following:
(a) review of the development and level of mutual economic cooperation;
(b) identification of new possibilities for the promotion and intensification of mutual economic cooperation;
(c) elaboration of suggestions and recommendations for improving conditions of mutual cooperation, as well as identification of priorities;
(d) submission of recommendations for more effective implementation of this MOU.
ARTICLE 5
The Ministry of Foreign and Internal Trade and Telecommunications of the Republic of Serbia and the African Union Commission shall be designated for the implementation of this MOU.
ARTICLE 6
Nothing in this MOU shall be taken as creating any financial obligation on either Party prior to such obligation being mutually and expressly agreed in writing.
ARTICLE 7
The Parties undertake to exercise good faith efforts to resolve any dispute between them arising from or in connection with this MOU. Any dispute over the interpretation or application of any provision herein contained shall be settled through negotiations or by such means as the Parties will mutually agree.
ARTICLE 8
Nothing in this MOU shall be interpreted or construed as a waiver or a modification of the privileges, immunities and facilities, which the Parties enjoy by virtue of the international agreements and laws applicable to the Parties.
ARTICLE 9
1. This MOU will come into force upon the receipt of the last notice by which the Parties inform each other about the fulfillment of their internal requirements for its entry into force.
2. This MOU is valid for initial term of five (5) years from the date of entering into force and shall continue in force thereafter for a similar period or periods of five years unless, one year before the expiration of the initial or any subsequent period, either Party notifies the other Party of its intention to terminate the Agreement.
3. This MOU may be amended by written agreement between Parties. These amendments will enter into force in accordance with procedure prescribed in paragraph 1 of this Article.
Signed in Belgrade on 27. June 2015, in two original copies in Serbian and English languages, both texts being equally authentic.
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