Agreement on creation of Business council of GUUAM

of July 20, 2002

Representatives of the structures combining entrepreneurs, producers and business people of the State Parties of GUUAM on behalf of heads of Chambers of Commerce and Industry (further - the Parties).

being guided by the principles and the purposes of the Yalta charter of GUUAM,

realizing the considerable entrepreneurial capacity of the State Parties of GUUAM,

in view of need of deepening of multilateral cooperation between representatives of business community of the State Parties of GUUAM,

for the purpose of improvement of investment and business climate, providing permanent forum for discussion of problems of development of entrepreneurship in the region of GUUAM and active involvement of business community in processes of cooperation of GUUAM,

agreed as follows:

Article 1

Create Business council of GUUAM (further - Council) as link of organizational structure of Consolidation.

Article 2

Council promotes agreement performance, the agreements on development of cooperation between entrepreneurial circles and business entities of the State Parties of GUUAM accepted within GUUAM.

Article 3

Council in the activities is guided by fundamental documents GUUAM, agreements signed between the State Parties GUUAM, decisions of Heads of states of GUUAM, this agreement.

Article 4

Council coordinates the activities with executive and working bodies of GUUAM.

Article 5

Council renders assistance to deepening of versatile economic cooperation within GUUAM, to realization of free trade regime, providing favorable conditions for transition to higher level of the economic cooperation based on free movement of goods, services and the capitals, to development of cooperation bonds and sci-tech cooperation between the companies of the participating countries of GUUAM, trade, investing activities, to provision of services in the field of productive and business activity.

Article 6

Council is urged to create conditions for permanent exchange of business offers, search of partners for cooperation, discussion at the entrepreneurial level of pressing problems of economic and legal nature, identification of the obstacles interfering the active implementation of this cooperation, development of offers to the governments of the State Parties of GUUAM about elimination of these obstacles.

Article 7

The main functions of Council are:

(1) development of offers on activation of commercial ties between the State Parties of GUUAM, and also offers on ways of intensification of business contacts for the benefit of business entities;

(2) development of the offers aimed at the development of multilateral cooperation, in particular in transport and energy spheres;

(3) preparation of offers on enhancement of national legal systems of the State Parties of GUUAM in the field of the economic relations directed to stimulation of cooperation of entrepreneurial circles;

(4) assistance of integration of the State Parties of GUUAM into world economic system, to development of cooperation with business community of other countries;

(5) exchange of information in the field of economic cooperation and investments, forming of the total market of business information;

(6) assistance to the organization of specialized exhibitions, seminars, conferences, business forums, etc.;

(7) other functions which can be useful to goal achievement of Council.

Article 8

Council is guided in the activities by Regulations.

Article 9

This agreement is signed sine die and becomes effective from the date of signing.

The either party can leave this agreement by the written notice of other Parties of such intention.

This agreement for this Party is terminated from the moment of receipt of the above-stated notification by other Parties.

It is made in Yalta on July 20, 2002 in four authentic copies in the English and Russian languages, and all texts are equally authoritative.

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