A G R E E M E N T

BETWEEN THE GOVERNMENT OF THE REPUBLIC OF ARMENIA AND THE GOVERNMENT OF ORIENTAL REPUBLIC OF URUGUAY ON ECONOMIC COOPERATION

The Government of the Republic of Armenia and the Government of the Oriental Republic of Uruguay, hereinafter referred to as the "Parties",

In view of the friendly links existing between both countries;

Considering the relevant role that economic cooperation has for both countries;

Guided by the desire to expand and promote cooperation and relations between the Republic of Armenia and the Oriental Republic of Uruguay, based on the principle of mutual benefit, full respect of sovereignty and norms of International Law, and

Have agreed as follows:

ARTICLE 1

The Parties agreed to promote and strengthen economic cooperation between two countries according to their internal legislation.

ARTICLE 2

The economic cooperation within the frame of the present Agreement shall be realized through contracts celebrated between business entities of the Parties, in accordance with the existing legislation of both countries, and the provisions of the present Agreement. Neither contracting Party shall be responsible for the failure of individual and/or legal persons to fulfill the obligations provided by those contracts.

ARTICLE 3

All payments during the period in force of the present Agreement shall be done using free conversion currency, according to the existing legal order in force in each Party unless otherwise agreed upon by the commercial transactions entered into between business entities from both countries.

ARTICLE 4

Each Contracting Party shall promote and contribute to the celebration of trade support activities such as exhibitions, fairs, seminaries and lectures conducted in their territories according to the corresponding legal order in force.

For such purpose, each Party shall take the necessary measures to promote and create favorable conditions to make possible business entities of their countries participate in those activities.

ARTICLE 5

1. The Parties shall promote the economic cooperation in order to:

a) re-enhance and extend their economic relations;

b) operate and develop new markets;

c) promote technology transfer;

d) promote cooperation within the productive sectors of mutual interest;

e) develop cooperation among chambers, associations and commercial and sector corporations;

2. In order to obtain an effective application of the present Agreement, the Parties may elaborate execution programs in the economic area.

ARTICLE 6

1. In order to facilitate the execution of the present Agreement and make recommendations conducted to expand and strengthen the economic cooperation, the Parties create a Joint Commission which will meet at the request and by agreement of either of the Parties.

2. The Joint Commission shall realize control over the implementation of the provisions of the present Agreement, shall review the possibilities of future development and expansion of economic cooperation between both countries.

3. The Joint Commission shall alternately meet in the Republic of Armenia and in the Oriental Republic of Uruguay.

ARTICLE 7

With the objective of promoting and facilitating economic cooperation during the period in force of the present Agreement, the Parties agree to exchange mutual and necessary information regarding the possible supply of goods from their respective countries.

ARTICLE 8

The Parties shall promote the exchange of delegations, groups and commercial agents, shall encourage technological exchange as well as supply facilities to the other Party organizations to make exhibitions and other activities bound to increase commerce in each one of them, according to their corresponding national legislations in force and the usual practices.

ARTICLE 9

When disputes may arise in respect of interpretation or application of the provisions of the present Agreement, the Parties shall settle such disputes through direct negotiations by diplomatic channels, taking into account the norms of International Law.

ARTICLE 10

The provisions of the present Agreement shall not preclude either of the Parties to apply the restrictive measures bound to keep the national security as well as the health of people, animals, plants and to protect the environment and natural exhaustible resources and to preserve the national treasures of artistic, historical or archeological value.

ARTICLE 11

According to the mutual agreement of both Parties amendments and changes will be done in this Agreement and they will be formulated by a Protocol.

The Protocol will become the indivisible part of this Agreement and will come into force in accordance with the determined order of its enforcement.

ARTICLE 12

This Agreement comes into force from the date of last notification, through diplomatic channels, on the completion by the Parties of their internal procedures required for its coming into effect.

The Agreement shall be valid for the period of five years and it shall be automatically prolonged for periods of equal duration. This Agreement may be terminated at any moment by either Party giving six (6) months written notice in advance through diplomatic channels.

In witness whereof, the plenipotentiary, duly authorized by their respective governments, have undersigned the present Agreement.

Done in duplicate, at Montevideo, on 9 July 2014, in three languages: Armenian, Spanish and English, all texts being equally authentic. In case of any divergence connected with the interpretation or application of the provisions of the present Agreement, the English text shall prevail.

The Agreement has entered into force on 08.06.2016.