A G R E E M E N T
BETWEEN THE GOVERNMENT OF THE REPUBLIC OF ARMENIA AND THE GOVERNMENT OF THE ARGENTINE REPUBLIC ON ECONOMIC COOPERATION
The Government of the Republic of Armenia and the Government of the Argentine Republic (hereinafter referred to as the “Parties”),
Wishing to further strengthen the longstanding relations of friendship and cooperation between both states,
Aspiring to develop and intensify their economic cooperation on the basis of mutual benefit,
Convinced that the consolidation of an appropriate legal framework will establish favorable and compatible conditions for better cooperation,
Within the framework of their respective legislations in force and in accordance with the principles of international law,
Have agreed as follows:
Article 1
Objectives
The Parties, within the framework of this Agreement, their respective legislations in force and in accordance with the principles of international law, will promote the expansion and diversification of mutually beneficial economic cooperation relations in all areas related to economic development, especially by;
1. Promoting activities aimed at developing bilateral economic cooperation,
2. Maintaining and generating business contacts,
3. Facilitating the expansion of bilateral investments and, particularly, identifying economic and investment opportunities in their respective states,
4. Strengthening cooperation in order to reinforce economic relations between both states.
Article 2
Economic Cooperation
The Parties undertake to promote and facilitate greater cooperation between their natural and legal persons, including business organizations, institutions and agencies, in pursuance of the laws and regulations in force in the respective territories of their states. For such purpose, they agree to:
1. Exchange information on economic development and bilateral trade, as well as on economic projects, predictions and strategies,
2. Inform each other about trade fairs, exhibitions, business missions and other promotional activities,
3. Facilitate the exchange of experts, technicians, investors and business representatives of the private and public sectors,
4. Explore and promote the possibilities for joint businesses arising from the partnership of Armenian and Argentine companies in third countries.
Article 3
Cooperation Mechanisms
The Parties, within the framework of their respective legislations in force, will strive to expand and intensify cooperation through:
a) Strengthening the links between their governmental institutions, specialized organizations, business associations, chambers of commerce, regional and local entities, which are responsible for economic development, fostering the exchange of economic information of mutual interest as well as organizing visits by their representatives and other delegations involved in the economy,
b) Accelerating the establishment of new contacts and strengthening the existing ones in business circles of both states by promoting visits, meetings and other means of interaction between persons and companies,
c) Exchanging business information, promoting the participation in fairs and exhibitions, organizing events, seminars, symposia and business conferences,
d) Promoting more active participation of small and medium sized enterprises in bilateral economic relations,
e) Fostering cooperation in consultancy, marketing, and provision of expert services in areas of mutual interest,
f) Encouraging the financial institutions and banks of their states to establish closer contacts and strengthen cooperation,
g) Promoting interregional cooperation in areas of mutual interest,
h) Cooperating in third markets.
Article 4
Joint Intergovernmental Commission
1. With the purpose of performing the provisions set out in this Agreement, the Parties will establish the Armenian-Argentinean Joint Intergovernmental Commission on Economic Cooperation (hereinafter referred to as "the Intergovernmental Commission").
2. The Intergovernmental Commission will be composed of representatives of respective state authorities of the Parties under the chairmanship of the heads of the corresponding ministries of the Parties and/or an equivalent government agency of each Party.
3. The Intergovernmental Commission will hold sessions when necessary, but not less than once in two years alternatively in the Republic of Armenia and in the Argentine Republic.
4. The Intergovernmental Commission may invite representatives of business circles of the Parties to take part in its work.
5. The main mandates of the Intergovernmental Commission are the following:
a) Monitoring and examining the functioning of the present Agreement and any questions that may arise in the implementation of this Agreement;
b) Discussing programs of economic cooperation in the spheres of mutual interest;
c) Examining obstacles that could hinder the development of economic cooperation and trade between the Parties.
Article 5
Amendments and supplements
This Agreement may be amended and supplemented by mutual agreement of the Parties. Such amendments and supplements will be formulated as additional Protocols, which will constitute an integral part of this Agreement and will enter into force in accordance with the procedure described in Article 7 of this Agreement.
Article 6
Dispute Resolution
Any dispute arising between the Parties in relation to the implementation or interpretation of this Agreement will be resolved by means of negotiations through diplomatic channels.
Article 7
Final Provisions
1. This Agreement will enter into force on the date of receipt of the last written notification through diplomatic channels by which the Parties inform each other that the internal procedures necessary for its entry into force have been fulfilled.
2. This Agreement is concluded for a period of five (5) years and it will be renewed automatically for successive periods, unless any of the Parties notifies the other about its intention to terminate it, in writing and through diplomatic channels, at least six months before its termination date.
DONE and signed in Buenos Aires on July 7, 2014 in two originals in Armenian, Spanish and English languages, both texts are being equally authentic. In case of any divergence in interpretation, the English text shall prevail.
The Agreement has entered into force on 10 December 2014.
