Framework Agreement on Economic Cooperation
Between
The Republic of India
and
The Member States of the Cooperation
Council for the Arab States of the Gulf
The Government of the Republic of India,
and
The Governments of the United Arab Emirates, the Kingdom of Bahrain, the Kingdom
of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of
Kuwait, that are parties to the Charter of the Cooperation Council for the Arab
States of the Gulf, hereinafter referred to as "GCC States" ;
(Herein after referred to as the Contracting Parties)
Considering the importance of the friendship already existing between them, and
Desiring to enhance and develop the economic cooperation between them on the
basis of equality and mutual interest, and
Taking into consideration the laws and regulations in force in their countries,
Have concluded the following:
Article - 1
The Contracting Parties shall promote economic cooperation between them in
various fields, and encourage the exchange of information and necessary
technical expertise in those fields.
Article - 2
The Contracting Parties shall consider ways and means for expanding and
liberalizing their trade relations including initiating discussions on the
feasibility of a Free Trade Area between them, taking into account their
international obligations and principles of the WTO.
Article - 3
The Contracting Parties shall seek to provide a climate favorable for furthering
trade exchange between them through:
- Enhancing the exchange of information on foreign trade
- Encouraging business communications particularly between the institutions and
organizations concerned with foreign trade
- Giving attention to training and technology transfer.
Article - 4
The Contracting Parties shall make appropriate arrangements for capital flows
between them, setting up joint investment projects and facilitating corporate
investments in various fields of economy, trade and industry.
Article - 5
The Contracting Parties shall encourage the exchange of visits of
representatives, delegations and economic, commercial and technical missions
between them and organizing temporary exhibitions and provide necessary
facilities and assistance with a view to further economic cooperation.
Article - 6
A Joint Committee for Economic Cooperation shall be formed under this Agreement.
This Committee shall convene alternatively in the countries of the two Parties
on mutually agreed periodicity. Level of participation in the Committee will be
specified in advance. Functions of the Committee shall be:
- Following up implementation of the provisions of this Agreement and
other bilateral agreements or protocols made between the two Parties based on this
Agreement.
- Handling any difficulties or disputes that might arise from
interpretation/implementation of the provisions of this Agreement.
- Adopting recommendations for enhancing economic, commercial, technical and
investment cooperation between the two contracting parties, and fostering their
economic relations and increasing the volume of trade between them.
- The Joint Committee is authorized to set up any subcommittees or specialized
working teams, at its discretion and when deemed necessary. The Committee shall
designate the duties and functions of such subcommittees and working teams,
provided that said subcommittees and working teams shall submit their reports
and recommendations to the Joint Committee.
GENERAL PROVISIONS
Article - 7
Without prejudice to the provisions of the GCC Charter and those of the GCC
Economic Agreement, this Agreement and any measures taken hereunder, shall in no
way affect the authority of GCC Member States to individually undertake
bilateral activities with the Republic of India in the fields covered by this
Agreement or conclude bilateral agreements with the Republic of India.
Article – 8
The provisions of this agreement may be amended with mutual consent of the
Contracting Parties.
Article - 9
- This Agreement shall come into effect on the date of the receipt of the last
notification by either Contracting Party indicating the completion of the
internal legal procedures required to bring this Agreement into force.
- This Agreement shall remain valid unless either Contracting Party gives to
the other written notice of its intention to terminate the Agreement at least
six months in advance. Any obligations or commitments undertaken pursuant to
this Agreement shall, however, remain valid and binding on the Parties.
IN WITNESS WHEREOF the undersigned being duly authorized, have signed this
Agreement at New Delhi, on 9 Rajab 1425H, corresponding to 25 August, 2004, in
two originals each in Hindi, Arabic and English languages, all texts being
equally authentic. In case of divergence of interpretation, however, the English
text shall prevail.
For the Government
|
For the Governments of the Member States of the
Cooperation Council for the Arab
States of the Gulf |
of |
(Mohammad Sabah Al-Salem Al-Sabah) |
The Republic of India
|
Foreign Minister |
( Kamal Nath )
|
State of Kuwait |
Minister of Commerce and Industry
|
President-in-Office of the Ministerial |
|
Council of the Co-operation Council |
|
for the Arab States of the Gulf |
|
(Abdulrahman Bin Hamad Al-Attiyah) |
|
Secretary General of the |
|
Council of the Co-operation Council |
|
the Arab States of the Gulf |
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