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Long Term Agreement on the Development of Trade, Economic and Industrial Cooperation between the Government of Canada and the Government of the People's Republic of Bulgaria [1990] CATSer 11 (22 May 1990)

E101212 - CTS 1990 No. 6

LONG TERM AGREEMENT ON THE DEVELOPMENT OF TRADE, ECONOMIC AND INDUSTRIAL COOPERATION BETWEEN THE GOVERNMENT OF CANADA AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF BULGARIA

The Government of Canada and the Government of the People's Republic of Bulgaria, hereinafter called the Parties,

Recalling their Trade Agreement signed on 12 February 1973 and guided by the objectives and principles of the General Agreement on Tariffs and Trade;

Noting with satisfaction the expansion of trade and economic relations between the two countries;

Wishing to develop, promote and expand further trade, economic and industrial cooperation between the two countries on the basis of mutual benefit, and desiring to create appropriate conditions for its development;

Recognizing the importance of long term cooperation aimed at the creation of close and lasting ties between organizations, enterprises and firms of both countries;

Stressing the importance of improving the exchange of trade, economic and industrial information;

Wishing to take better advantage of the potential for co-operation created by the technical progress of the two countries; and

Guided by the significance they attach to the Final Act of the Conference on Security and Cooperation in Europe, signed in Helsinki on August 1, 1975, and by their determination to act in accordance with its principles and provisions,

Have agreed as follows:

ARTICLE 1

1. The Parties, on the basis of their Trade Agreement of February 12, 1973, shall continue to direct their efforts towards intensifying, strengthening and diversifying long-term trade, economic and industrial cooperation, on the basis of mutual benefit; they will provide all necessary facilities with the aim of maximizing the potential for cooperation created by the economic development of the two countries.

2. Cooperation under the present Agreement shall be effected by the Parties in accordance with their international obligations, and the laws and regulations in force in each respective country.

ARTICLE 2

Both sides recognize that potential exists for mutually beneficial economic and industrial cooperation between Canadian and Bulgarian organizations and firms, including, but not limited to, the following sectors:

a) agriculture and food-processing industries,

b) chemical, pharmaceutical and biotechnological industries,

c) electronics, telecommunications and software programming,

d) metallurgy and mining,

e) forestry and pulp and paper industries; and

f) tourism.

ARTICLE 3

Both sides shall endeavour to promote the expansion of bilateral cooperation in traditional trade as well as market development activities, through new forms of industrial and financial cooperation, including joint investment activities, in their respective countries as well as in third countries. Among the objectives of such cooperation shall be:

1. to contribute to the development of their respective economies;

2. to encourage technical and scientific progress on a commercial level;

3. the protection and improvement of the environment through the supply of ecologically sound processes, equipment and services.

ARTICLE 4

1. The rights and obligations arising out of contracts and commercial, economic and industrial cooperation arrangements entered into between organizations and enterprises of the Parties shall be the responsibility of such organizations and enterprises only.

2. Termination of this Agreement shall not affect the fulfillment of obligations or undertakings arising from contracts and other commercial, economic and industrial cooperation arrangements entered into during the period the Agreement was in force.

ARTICLE 5

Recognizing the importance of financing facilities for the further development of economic relations, the Parties shall make efforts to extend credits to one another on favourable conditions.

ARTICLE 6

1. A Mixed Commission on economic, trade and industrial cooperation is hereby established. The Commission shall consist of representatives designated by their respective Governments.

2. The Mixed Commission shall:

a) review the implementation of this Agreement, and consider measures which might be taken with a view to fulfilling its provisions;

b) review the development of trade and economic relations between the two countries;

c) explore the possibilities of increasing and diversifying trade and economic relations, including industrial and investment cooperation, on the basis of mutual benefit, and identify new areas for such cooperation;

d) consider and formulate proposals for a continuing and substantial increase in trade between the two countries, as well as for long-term cooperation between Bulgarian and Canadian organizations and enterprises, including the establishment of joint ventures in the territories of the two countries; and

e) consult regarding problems which may arise in the course of the development of economic and trade relations including industrial cooperation between the two countries.

3. The Mixed Commission shall submit to the Parties reports and recommendations relating to the above-mentioned matters.

4. The Mixed Commission shall meet on a regular basis, alternately in Canada and the People's Republic of Bulgaria and on mutually agreed dates.

5. Between the regular meetings of the Mixed Commission, the Parties shall, on the initiative of either of them, conduct consultations through their designated representatives on matters of particular importance to

a) the implementation of the present Agreement or of agreements related to it; and

b) the development of economic and trade relations including industrial cooperation between the two countries.

ARTICLE 7

The present Agreement does not affect the validity of any other Agreement concluded and in force between the two countries.

ARTICLE 8

This Agreement shall enter into force on signature and shall remain in force for a period of ten years. The Agreement shall be automatically extended for each following one-year period, unless either Party requests its review or termination not less than six months prior to the expiry of the respective validity period. The present Agreement may be amended by mutual agreement of both Parties.

IN WITNESS WHEREOF, the undersigned, duly authorized by their respective Governments, have signed this Agreement.

DONE in duplicate at Sofia, this 22nd day of May 1990, in the English, French and Bulgarian languages, each version being equally authentic.

Terence C. Bacon

FOR THE GOVERNMENT OF CANADA

Peter Bashikarov

FOR THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF BULGARIA