Agreement on Economic Cooperation between the Government of the Republic of Latvia and the Government of the People's Republic of China

The Government of the Republic of Latvia and the Government of the People's Republic of China (hereinafter referred to as "the Contracting Parties"),

Noting with satisfaction the development of friendly relations between the Republic of Latvia and the People's Republic of China,

Considering that the Agreement between the Government of the Republic of Latvia and the Government of the People's Republic of China on Trade and Economic Cooperation, signed on 19^th of December 1994, has been satisfactorily applied,

Realising that the Republic of Latvia is becoming a member of European Union,

Inspired by their common will to introduce a new stage into their trade and economic relations,

Desiring, on the basis of equality and mutual advantage, to intensify and diversify their trade and actively develop economic and technical co-operation in line with their mutual interests,

Have decided to conclude this agreement, the terms of which are as follows:

Article 1

The two Contracting Parties will endeavour, within the framework of their respective existing laws and regulations and in accordance with the principles of equality and mutual advantages:

- to encourage the steady expansion of economic co-operation;

- to promote and intensify trade between them.

Article 2

The two Contracting Parties, considering the current state and perspectives of economic relations, agree that favourable conditions for potential long-term cooperation exist, inter alia, in the following areas:

- industry and mining;

- agriculture, including agro-industry;

- science and technology;

- energy;

- communication;

- transport;

- tourism;

- environmental protection;

- other sectors which promote further expansion of economic cooperation.

Article 3

In order to attain the objectives of this Agreement, the two Contracting Parties shall endeavour to facilitate and promote, among other things:

- communication and co-operation between governmental institutions;

- links between professional organizations, chambers, and associations;

- visits, contact and activities designed to promote co-operation, between individuals, delegations and economic organizations;

- the organization of fairs and exhibitions;

- the organization of seminars and symposia;

- consultancy services;

- co-operation between financial institutions;

- the forming of joint ventures and other form of joint economic activities;

- participation of small and medium-size sector enterprises in bilateral economic relations.

Article 4

The two Contracting Parties will regularly exchange information about trade, commerce, investment and financial services and other information, necessary for trade promotion and facilitation.

Article 5

The two Contracting Parties recognize the importance of effective protection of intellectual property rights in economic, industrial and technological co-operation. The Contracting Parties will exchange information on a regular basis on laws and procedures governing the protection of intellectual property rights in their respective counties.

Article 6

1. The two Contracting Parties shall set up, under this Agreement, a Joint Committee, comprising representatives of the governmental institutions of the Republic of Latvia and of the governmental institution of the People's Republic of China.

2. The tasks of the Joint Committee shall be as follows:

- to monitor and examine the functioning of this Agreement and review the various co-operation schemes implemented;

- to examine any questions that may arise in the implementation of this Agreement;

- to examine problems that could hinder the development of economic co-operation and trade between the two Contracting Parties;

- to examine ways to improve the structure of their trade in order to diversify it further;

- to examine means and new opportunities of developing economic co-operation;

- to make recommendations that may help to attain the objectives of this Agreement, in the areas of common interest.

3. The Joint Committee shall meet in Beijing and Riga in turn at least once in two years. Where both Parties consider it necessary, the Joint Committee may set up working groups to assist it in its work.

4. The Joint Committee shall make recommendation on the amendments and changes of this Agreement.

Article 7

The legal liability of enterprises of the two Contracting Parties, whether before or during the period of validity of this Agreement, shall not be affected by entry into force, amendment and termination of this Agreement.

Article 8

This Agreement shall apply without prejudice to the obligations flowing from Latvia's membership in the European Union. The provisions of the Agreement may not be invoked or interpreted in such a way to invalidate or otherwise affect the obligations imposed by the Treaty of European Union or by the agreement between the People's Republic of China and the European Community.

Article 9

This Agreement shall enter into force on the first day of the month following the date on which the Contracting Parties have notified each other of the completion of the legal procedure necessary for this purpose. It is concluded for an indefinite period of time. It shall remain in force until any of the Contracting Parties has given 6 months prior notice of termination of the Agreement.

The Agreement may be amended by mutual consent of the two Contracting Parties.

Done at Bejing on 15th of April 2004, in two copies in the Latvian, Chinese and English, each text being equally authentic. In case of divergence of interpretation of this Agreement, the English text shall prevail.