Law of Ukraine
"On Ratification of the Agreement between the Government of Ukraine and the Government of the Republic of Albania on Trade and Economic Cooperation"
Date of entry into force:
November 22, 2008
The present Law ratifies the agreement between the Government of Ukraine and the Government of the Republic of Albania on trade and economic cooperation, signed October 25, 2002 in Tirana ("the Agreement").
Article 1 of the Agreement states that the Government of Ukraine and the Government of the Republic of Albania ("the Parties") shall actively cooperate with the objective of further development of their trade and economic cooperation, in accordance with their respective legislations, norms of international law, based on principles of equality and mutual advantage of the Parties, as well as in conformance with the provisions of the Agreement.
According to Article 2 of the Agreement, the Parties shall grant each other the most favored treatment in all issues related to export and import of goods originating from the countries of the Parties, according to the principles of the General Agreement on Tariffs and Trade (GATT) and the Agreement Establishing the World Trade Organization (WTO). It is envisaged that the provisions of the Agreement shall not include the privileges and benefits that are or may be granted by either of the Parties:
- to neighboring countries, in order to facilitate cross border trading;
- to countries with which either of the Parties has concluded or will conclude a customs union agreement or a free trade agreement.
It is envisaged that the Parties shall facilitate development of trade and production, investment and other forms of economic cooperation in the fields of electric power industry, machine building, chemical industry, metallurgy, consumer goods production, exploration and mining, transportation, telecommunications, construction, information technologies, agriculture, food processing industry, tourism, services and other spheres of mutual interest (Article 3 of the Agreement).
According to Article 4 of the Agreement, export and import of goods services as a form of economic cooperation between the Parties shall be done based on contracts and other agreements concluded between legal entities and natural persons of the Party states according to the current legislation of the Party states.
Articles 5 and 6 of the Agreement state that the Parties shall encourage development of cooperation through facilitation and mutual protection of investment, avoiding double taxation and using other measures acceptable for them. The Parties shall also encourage the following:
- contact and development of economic cooperation between legal entities and natural persons of each of the Party states;
- participation of legal entities and natural persons of the Party states in exhibitions and fairs organized by them, exchange of expert delegations in the field of economics and trade, exchange of information, particularly in relation to changes in legislation and governmental economic programs, as well as other forms of working contacts that facilitate cooperation.
According to Article 7 of the Agreement, during mutual cooperation in the financial, banking and insurance spheres, the Parties shall use principles accepted in international practice and act according to the current legislation of each of the Party states.
It is established that payments between legal entities and natural persons of the Party states shall be done in hard currency, according to the current legislation of each of the Party states. For potential increase of the goods turnover and expansion of product groups, legal entities and natural persons of each of the Party states may also use other forms of trade operations, including compensation or barter operations, according to the standard international trade practices (Article 8 of the Agreement).
It is envisaged that each Party, according to the current legislation of its state, shall provide for the maximum favorable conditions for transporting, temporary storage and transit trade of goods originating from the other Party state (Article 9 of the Agreement).
Article 10 of the Agreement states that in order to implement the Agreement, the Parties create a Joint Commission, which shall include representatives of each Party. The Joint Commission shall:
- monitor the dynamics of the Agreement implementation and make suggestions for resolving difficulties in bilateral economic relations;
- explore other possibilities for expanding trade and economic cooperation;
- hold annual sessions at specified times, in Ukraine and the Republic of Albania in turn.
It is established that any amendment or addition to the Agreement can only be introduced by written consent of the Parties. Such amendments or additions are drafted as separated protocols, which shall be an integral part of the Agreement. Each Party shall respond to the suggestion of amendments and additions submitted by the other Party, within 60 days from receipt of such suggestion (Article 11 of the Agreement).
According to Article 12 of the Agreement, it takes effect on the day of receipt of the last written notice of the Parties completing the internal procedures required for the Agreement to take effect. The Agreement remains in force for 5 years and will be automatically prolonged by 1 year after that term, unless either of the Parties informs the other Party in writing of its wish to terminate the Agreement, no later than 3 months before the planned termination date.