Canadian Treaty Series
E101150 - CTS 1987 No. 38
AGREEMENT ON ECONOMIC, COMMERCIAL AND DEVELOPMENTAL COOPERATION BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF ECUADOR
The Government of Canada and the Government of the Republic of Ecuador, hereinafter referred to as the Contracting Parties;
Desiring to strengthen the ties of friendship that exist between their two countries;
Conscious of the prime importance of economic, commercial and developmental cooperation to the enhancement of their bilateral relationship;
Considering that most favoured nation treatment was accorded on a reciprocal basis under the Commercial Modus Vivendi signed on November 10, 1950;
Have agreed as follows:
The Contracting Parties undertake to strengthen bilateral economic, commercial, industrial, technological and developmental cooperation subject to their respective laws and regulations. In affirming this cooperation, the Contracting Parties recognize that closer and broader links between their respective public end private sectors are of mutual benefit.
1. In order to facilitate the effective implementation of this Agreement, the Contracting Parties shall establish a Joint Economic Committee, consisting of representatives of both countries, including experts, which will meet whenever necessary alternatively in Ottawa and in Quito. The date and the agenda of each session shall be established by mutual agreement through diplomatic channel at least one month in advance of the convening of the Joint Economic Committee.
2. The Joint Economic Committee shall have the following functions:
a) to promote cooperation in accordance with the Agreement;
b) to propose measures to implement the provisions of the Agreement;
c) to identify sectors of common interest in which cooperation may be pursued;
d) to review and discuss possible projects for consideration by the appropriate authorities;
e) to examine periodically in detail the development of their bilateral trade relations and recommend appropriate measures.
1. In order to achieve the objectives and common initiatives of the Agreement, the Contracting Parties undertake to strengthen cooperation in the following economic sectors: agriculture and agro-industry; training and education; forestry; hydro-electricity; manufacturing industry; fisheries; petroleum and mining; and transportation and communications.
2. The Contracting Parties agree that the sectors mentioned above constitute on indicative basis for future cooperation.
To promote the expansion of cooperation between their two countries, as described in Article I:
a) The Contracting Parties shall encourage initiatives leading to the conclusion of arrangements and contracts between organizations and enterprises of both countries;
b) In areas of strong Canadian capability, the various financing agencies of Canada may consider both concessional and commercial export credit financing under the best possible conditions appropriate to the particular projects and in accordance with their operating mandates, for the financing of the supply of Canadian equipment and services to Ecuador for certain projects directly related to Ecuador's social and economic development;
c) The Contracting Parties shall encourage and facilitate joint participation by their respective companies, government agencies and other entities in the economic, commercial and industrial advantageous terms. This co-participation could be achieved through joint ventures and other forms of cooperation including the exchange of economic, commercial, technological and industrial missions.
The Contracting Parties agree to encourage by all appropriate means the flow of reciprocal trade endeavouring to achieve substantial and diversified commercial exchange at adequate, mutually beneficial levels. To that end they undertake to provide information on each other's markets and import regimes, to assist in the identification of trade associations, public sector organizations, exporters and importers. Such information shall include the indication of specific opportunities, industrial projects and sectors of interest that favour the identification of new trade possibilities and the diversification and expansion of exports in their respective markets.
Subject to its laws and regulations governing foreign investment, and without prejudice to the obligations derived from their participation in international, regional or sub-regional organizations, each Contracting Party shall accord fair and equitable treatment to the individuals, companies, government agencies and other entities of the other Contracting Party.
The Contracting Parties may conclude complementary agreements and subsidiary arrangements to develop further their cooperation and to implement specific projects and/or programs.
1. This Agreement shall enter into force on the date on which the Contracting Parties notify each other, by means of an exchange of notes, of the completion of any legal requirements necessary for this purpose, and shall remain in force for five years.
2. The Agreement shall be renewed automatically for further like periods subject to the right of either Contracting Party to terminate it at any time upon twelve months written notice and may be amended by mutual consent. Termination of this Agreement shall mot affect the continuation of any agreements or contracts concluded during the life of the Agreement.
Paul A. Théberge, Ambassador
ON BEHALF OF THE GOVERNMENT OF CANADA
Luis Valencia Rodriguez, Minister of Foreign Affairs
ON BEHALF OF THE GOVERNMENT OF THE REPUBLIC OF ECUADOR