MEMORANDUMOF UNDERSTANDING BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SERBIA AND THE GOVERNMENT OF THE KINGDOM OF ESWATINI ON TRADE AND INVESTMENT COOPERATION("Off. Herald of RS - Treaties", No. 9/2024) |
PREAMBLE
WHEREAS the Government of the Republic of Serbia and the Government of the Kingdom of Eswatini (hereinafter jointly referred to as "the Parties" and in the singular as "the Party");
DESIRING to strengthen the bonds of friendship and cooperation between the Parties;
RECOGNISING the important contribution that trade, investment, and private sector development can make to the sustainable development of the Parties, including the reduction of poverty, the increase of productive capacity, economic growth, the transfer of technology, and the furtherance of human rights and human development;
DETERMINED to find new approaches and strategies of consolidating, expanding and deepening areas of trade, industry, investment and private sector development;
WISHING to vigorously promote trade, investment, industry and private sector development cooperation between the Parties on equitable terms by setting tasks to be performed and obligations to be met by either Party in order to facilitate an increased flow of investments and the enhancement of trade, as well as industry and institutional cooperation as generally and specifically set out hereinafter;
CONSIDERING Enterprise development, cross-border trade and investment are major areas of cooperation between the Parties;
NOTING that the Republic of Serbia is the candidate for membership and the Kingdom of Eswatini is a member of the World Trade Organisation (WTO):
NOW, THEREFORE, the Parties do hereby agree as follows:
ARTICLE 1
The Competent Authorities responsible for the implementation of this MOU shall be:
a. in the case of the Republic of Serbia, the Ministry of Internal and Foreign Trade (hereinafter referred to as the "MIFT"); and
b. in the case of the Kingdom of Eswatini, the Ministry of Commerce, Industry and Trade (hereinafter referred to as the "MCIT").
ARTICLE 2
The objective of this MOU is to promote cross-border trade, investment, industry and private sector development, between the Parties on equitable terms by setting tasks to be performed and obligations to be met by either Party in order to facilitate an increased flow of Foreign Direct Investment and the enhancement of trade, as well as industry and institutional cooperation as generally and specifically set out hereinafter.
ARTICLE 3
3.1 The scope of cooperation between the Parties with respect to the defined projects within the Republic of Serbia or Kingdom of Eswatini shall include identifying technically competent organisations which are capable of driving development-oriented industrial projects and sensitising organisations in the Republic of Serbia or the Kingdom of Eswatini that have the financial and technical capacity to implement those projects in partnership with their Serbian or Swati counterparts.
3.2 The Parties shall encourage Private Sector Institutions to explore investment opportunities in their countries;
3.3 The Competent Authorities shall continue to identify other emerging industrial enterprises, projects and project ideas that may be of interest to investors in either Party, respectively, and shall make available to either Party all relevant general and detailed information for use in promoting those enterprises, projects and project ideas in their respective countries.
3.4 With a view generally to promote industrial cooperation, the Parties agree that the
Competent Authorities shall sensitise potential investors who are residents of the Parties, and who are willing and capable of establishing, completing and rehabilitating projects in the mutually agreed sectors.
ARTICLE 4
4.1 The parties shall under this MOU cooperate on Trade, Industry and Investment.
4.2 Cooperation between the Parties shall also be aimed at encouraging joint ventures by institutions Enterprises and citizens of the Parties in a manner that enhances sustainable growth, industrial development and employment creation.
ARTICLE 5
5.1 The Parties shall intensify efforts to promote trade between themselves, with a view to expanding the volume of trade.
5.2 In order to take advantage of the existing vast trade opportunities in both countries, the following specific actions shall be carried out:
a. the Parties shall sensitise, encourage and assist trade operators to undertake joint promotional activities including, but not confined to, participation in the national trade fairs organised in both countries, mounting of solo exhibitions and closer cooperation between Industry Associations and Chambers of Commerce of the two countries; and
b. the Parties shall, in line with the provisions of the WTO, endeavour to eliminate non-tariff barriers to trade and the removal of possible technical barriers which preclude trade.
ARTICLE 6
COOPERATION IN THE DEVELOPMENT OF PHYSICAL AND ECONOMIC INFRASTRUCTURE
The Parties shall endeavour to identify strategic infrastructure development projects which shall be jointly or as individual parties, undertaken, in order to enhance the competitiveness of the economies of the Parties.
ARTICLE 7
COLLABORATION IN PUBLIC PRIVATE PARTNERSHIPS
With a view to strengthening collaboration in Public Private Partnerships (hereinafter referred to as "PPPs") investment, the Parties shall cooperate in building PPPs capacity in their respective countries, through instituting the respective PPP Regulatory Frameworks. The promotion of capacity building programmes shall be fostered to enable a better sharing of PPPs information and effective networking.
ARTICLE 8
The Patties shalt endeavour to mutually/jointly develop industrial and technical cooperation including, but not confined to the following fields:
i. science and research;
ii. enterprise development;
iii. technology transfer and mentoring support to entrepreneurs;
iv. development of micro credit; and
v. skills development in, inter alia, the areas of-industrial inspections and certification of products;
a. economic policy formulation and implementation;
b. trade and investment promotion;
c. incentives design for business and investment purposes; and
d. promoting linkages between relevant institutions in particular through exchange programmes.
ARTICLE 9
IMPLEMENTATION AND MONITORING MECHANISM
9.1 There shall be a Joint Ministerial Trade and Investment Committee (JMTIC), composed of Senior Government Officials of the Competent Authorities and stakeholders who shall meet at least once a year alternately in the Republic of Serbia or in the Kingdom of Eswatini and to monitor implementation of this MoU and to identify further areas of cooperation.
9.2 The JMTIC shall;
i. review the implementation of the provision of this MoU;
ii. propose solutions for problems which arise or may arise in the implementation of this MOU and in the scope of development of trade and investment between the Parties; and
iii. Consider proposals made by either Party within the framework of this MOU aimed at further expansion and diversification of trade and investment between the Parties.
ARTICLE 10
COMPLIANCE TO LAWS AND REGULATIONS
The implementation of this MOU shall be done with respect to laws in force in either parties’ jurisdiction and without compromising the Parties’ obligations deriving from the international treaties and conventions to which both Parties subscribe.
ARTICLE 11
In entering into this MoU, the Parties agree and hereby declare their intention that this MOU shall operate between them with fairness and without detriment of any prejudice to the interest of any of the Parties and all the provisions herein contained shall be applied in good faith.
ARTICLE 12
The Parties shall not, without the prior written consent of the other Party hereto, divulge to any third party any confidential documents, data, information furnished directly or indirectly by the other Party hereto in connection with the MOU, whether such confidential information has been furnished prior to, during or following completion or termination of this MOU save that it is in the public domain or in fulfilment of a legal obligation.
ARTICLE 13
13.1 This MOU provides a broad basis for cooperation between the Parties, which is intended to stimulate private sector interests and involvement from the Parties. The respective private sector players shall negotiate and conclude detailed operational agreements for the implementation of the identified projects.
13.2 This MOU does not imply that investors of either Party have any exclusive rights to the identified projects.
ARTICLE 14
14.1 This MOU may be amended by mutual consent of the Parties through an exchange of notes between the Parties through diplomatic channels.
14.2 In the event that a dispute may not be amicably settled, either Party may terminate this MoU by giving six (6) months written notice of its intention to terminate this MoU.
ARTICLE 15
ENTRY INTO FORCE, DURATION AND TERMINATION
15.1 This. MoU shall enter into force on the date of signature thereof by the Parties.
15.2 This MOU shall remain in force for a period of five (5) years and renewable for another five (5) years subject to mutual agreement by the Parties, unless earlier terminated by either Party by giving six (6) months’ written notice in advance, through diplomatic channels, of its intention to terminate.
15.3 The termination of this MOU shall not affect the completion of any project undertaken by the Parties prior to the termination thereof, or the full execution of any cooperative activity that has not been fully executed at the time of termination, unless otherwise agreed upon in writing by the Parties.
ARTICLE 16
DOMICILIUM CITANDI ET EXECUTANDI
All correspondence and notices pursuant to this MOU shall be deemed to have been properly given if delivered in writing to the Offices or addresses hereunder:
16.1 For the Republic of Serbia:
Department for Bilateral Economic Cooperation
Ministry of Internal and Foreign Trade
22-26 Nemanjina St, 11000 Belgrade
REPUBLIC OF SERBIA
16.2 For the Kingdom of Eswatini:
The Principal Secretary
Ministry of Commerce, Industry and Trade
G94J+R6M, Mbabane,
KINGDOM OF ESWATINI
IN WITNESS WHEREOF, the undersigned, being the duly nominated and authorized representatives of the Parties hereto have agreed to and signed this MOU.
THUS DONE AND SIGNED at Belgrade on this 19th day of Oktober 2024.
FOR THE GOVERNMENT |
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FOR THE GOVERNMENT |