LAW OF TURKMENISTAN

of August 16, 2014 No. 103-V

About foreign economic activity

Chapter I. General provisions

Article 1. Main objectives of this Law

Main objectives of this Law is providing conditions for effective integration of Turkmenistan into world economy, stimulation of development of national economy when implementing foreign economic activity and ensuring economic safety of Turkmenistan.

Article 2. Foreign economic activity

Foreign economic activity is understood as set of practical actions of public authorities, other legal entities, the physical persons of Turkmenistan directed to establishment and development of mutually advantageous commercial ties with foreign states, their legal entities and physical persons, the international organizations.

Article 3. Legislation of Turkmenistan on foreign economic activity

1. The legislation of Turkmenistan on foreign economic activity is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. Application of provisions of this Law to the relations in the field of investigation, production and realization of hydrocarbonic resources is performed taking into account provisions of the Law of Turkmenistan "About hydrocarbonic resources".

3. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 4. External economic policy of Turkmenistan

1. The relations of Turkmenistan with foreign states in the field of foreign economic activity are under construction on the basis of respect for the conventional principles and rules of international law.

2. When implementing the external economic policy Turkmenistan takes measures for protection of the domestic market and interests of domestic producers taking into account the international obligations of the country, and also promotes promotion of domestic goods on the foreign markets.

3. Turkmenistan according to the legislation of Turkmenistan and rules of international law has the right to participate on voluntary basis in free trade areas and other interstate economic educations.

Article 5. The basic principles of foreign economic activity in Turkmenistan

The basic principles of foreign economic activity in Turkmenistan are:

1) observance of the rights and legitimate interests of subjects of foreign economic activity, domestic manufacturers and consumers of goods;

2) mutual benefit when implementing foreign economic activity;

3) freedom of enterprise and economic independence of subjects of foreign economic activity;

4) equality and non-admission of discrimination of subjects of foreign economic activity;

5) non-interference to internal affairs of partners in foreign economic activity;

6) fair accomplishment of obligations assumed under the external economic agreements;

7) ensuring economic safety of Turkmenistan;

8) respect for the universally recognized norms of international law.

Article 6. Main directions of foreign economic activity

The main directions of foreign economic activity are:

1) international economic and financial cooperation;

2) foreign trade activity;

3) attraction of foreign investments;

4) investing activities outside Turkmenistan.

Article 7. International economic and financial cooperation

The international economic and financial cooperation represents implementation of the vneshneyoekonomichesky activities directed to establishment and expansion of mutually advantageous communications of subjects of foreign economic activity of Turkmenistan with legal entities and physical persons of foreign states, and also the international organizations in the field of production, finance, banking and insurance activity, education and training, tourism, health care, scientific and technical, cultural, ecological, humanitarian and other spheres according to the procedure, established by the legislation of Turkmenistan.

Article 8. Foreign trade activity

1. Foreign trade activity are activities in the field of the international exchange (purchase and sale) of goods.

The commodity resources of all types, works, services made in all industries of economy, any property, including the intellectual property items which are subjects to exchange (purchase and sale), except for goods which the legislation of Turkmenistan are forbidden to be used in foreign trade activity belong to goods of the international exchange (purchase and sale).

2. Foreign trade activity is performed by export and commodity import.

Article 9. Attraction of foreign investments

Attraction of foreign investments in the territory of Turkmenistan is performed according to the legislation of Turkmenistan.

Article 10. Investing activities outside Turkmenistan

1. The investing activities outside Turkmenistan can be performed according to the legislation of the state in the territory of which these activities are performed interstate agreements, and also the legislation of Turkmenistan in the way:

1) creations of legal entities or equity in their authorized funds (capitals);

2) organizations of representations, branches and other separate divisions outside Turkmenistan, acquisitions of securities, including the debt obligations emitted by residents of foreign states; acquisitions of concessions, including concessions on investigation, development, production or use of natural resources; acquisitions of property right, and also rights of possession and uses of the earth and other natural resources.

2. The investing activities outside Turkmenistan can be performed also by different ways, stipulated by the legislation foreign state, the legislation and the international doyogovor of Turkmenistan.

Chapter II. State regulation of foreign economic activity

Article 11. The bodies performing state regulation of foreign economic activity

State regulation of foreign economic activity is performed by the Cabinet of Ministers of Turkmenistan, the Ministry of Trade and foreign economic relations of Turkmenistan, and also other executive bodies within their competence (further – authorized bodies).

Article 12. Competence of the Cabinet of Ministers of Turkmenistan in state regulation of foreign economic activity

The Cabinet of Ministers of Turkmenistan in the field of state regulation of foreign economic activity:

1) determines state policy;

2) publishes regulatory legal acts of Turkmenistan;

3) takes measures for ensuring economic safety and protection of economic interests of Turkmenistan;

4) signs the international agreements of Turkmenistan;

5) provides protection of the rights and legitimate interests of subjects of foreign economic activity, including foreign investors in the territory of Turkmenistan;

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