Legislative Council of Seleyan Economic Area

Re: Legislative Council of Seleyan Economic Area

Postby Yolo04 » Thu Feb 07, 2019 2:48 pm

Yolo04 wrote:
Bill Proposal # 3: Trade Agreement Between Kafuristan and the S.E.A

This treaty is to provide strong trade and relations between Kafuristan and the SEA

Article 1: Market Access
Retail goods to non-corporate consumers from Kafuristan and the SEA shall receive a duty of 0%.

Article 2: Economic Cooperation
Both parties agrees to promote mutual economic and social cooperation in support of the economic integration of the parties and the economic and social development of the parties.

Article 3: Double Taxation
With further bilateral agreements, both parties agree to work towards the prevention of double taxation.

Article 4: Trade Promotion
The contracting parties pledge to establish trade promotion programmes, facilitate private and public trade missions and promote the continuous exchange of information, market studies and activities leading to the maximum utilisation of opportunities offered by the liberalisation of trade.

Article 5: Investment
The parties agree to promote, protect and facilitate investment between each other through the development and implementation of an agreement on the asymmetrical promotion and protection of investments.

Article 6: Products of Trade
Any material with origin from either signatory nations shall be considered originating regardless of the material and its production origins. These include fuel, electrical energy, gloves, protective eye masks, footwear, apparel, security, military equipment and accessories, spare parts, lubricants, oil, and natural gas.

Article 7: Compensation for Losses
The contracting parties whose investments are lost to nationalisation or other such state confiscation not ordered by a duly constituted court of law in pursuance of criminal prosecution made by a due process of law are obligated to file a Compensation Request with the Ministry of Foreign Affairs and the Ministry of Trade and Industry of the confiscating nation. The confiscating nation is obligated to compensate all loss of assets, intrinsic value, and goodwill.

Article 8: Trade in Finances
The parties recognise the important role of trade financing in the development/fostering of trade. The parties agree to encourage banks and other financial institutions engaged in foreign trade to increase their support to exporters/importers in the respective territories of the parties. The support mentioned shall include the establishment of lines of credit, the establishment of export credit insurance, the establishment of a joint finance committee with the aims of reviewing the competitiveness of credit terms and financial cooperation.

Article 9: Friendship
Both parties pledge friendship and good relations with each other.

This bill has passed with 1 nation voting yes, the remaining nations abstained
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