Agreement between the Republic of Latvia and the Kingdom of Denmark on the Development of Economic, Industrial and Technical Co-operation

The Government of the Republic of Latvia and the Government of the Kingdom of Denmark, hereafter referred to as the Parties,

- desiring to make a new contribution to the expansion and intensification of their mutual economic relations on the basis of equal rights and mutual advantage;

- wishing to make full use of the new possibilities for the further strenghthening of their co-operation;

- recognizing in their mutual trade their relevant international obligations;

- emphasizing their desire to secure continuity in Latvian-Danish co-operation, taking into account the Agreement on the Establishment of a Joint Contact Group on Economic, Industrial and Technical Co-operation between the Department of Foreign Economic Affairs of the Council of Ministers, Republic of Latvia (Riga) and the Trade Department of the Ministry of Foreign Affairs of Denmark (Copenhagen) of November 27, 1990,

have agreed as follows.

Article 1

The Contracting Parties will seek to develop and encourage the economic, industrial and technical co-operation between interested institutions, organizations and enterprises in the two countries. This co-operation will take place in various sectors of the economic life, as well as in the field of applied science and technology in the following fields of activity:

a) co-operation on projects of common interest, including capital investment, license and know-how arrangements between Latvian and Danish enterprises and institutions in the two countries and on third markets;

b) studies and visits, with a view to the implementation of common projects;

c) implementation of courses and conferences for specialists;

d) exchange of specialists and trainees;

e) exchange of technical documentation and information;

f) other mutually advantageous forms of co-operation.

Article 2

The Parties shall actively assist in identifying areas and projects of particular importance to the development of democratic institutions and market economy in the Republic of Latvia. The implementation of such projects should take into account the experience of Danish public institutions and enterprises.

The Parties will seek to identify projects, which might be financed under existing bilateral and multilateral programmes of assistance.

Article 3

Taking into account the structure of the economies of the two countries, particularly promising areas of economic co-operation could be found within the sectors of industrial production, agriculture, food processing, forestry, fishery, energy, infrastructure, transport and logistics, communication, informatics, health, construction, consulting, services, tourism, development of the public sector, the financial sector, professional and vocational training of personnel, and protection of the environment.

Other sectors of mutual interest may be identified by the Parties.

Article 4

A joint Latvian-Danish High Level Consultation Group shall be established, composed of representatives of relevant government bodies, as well as central organizations of trade, industry and finance in the two countries.

Within the framework of its possibilities, the High Level Consultation Group shall:

- review the economic and business environment of the two countries;

- consider proposals submitted by either side;

- determine and specify potential fields for economic, industrial, and technical co-operation on a long-term basis between the Republic of Latvia and Denmark;

- promote favourable conditions for the strengthening and extention of such co-operation;

- attract the attention of relevant enterprises and organizations towards specific possibilities for trade and co-operation;

- encourage participation of relevant enterprises and organizations in joint economic activities;

- review and actively assist in the implementation of Article 2 of this Agreement;

- endeavour to remove possible obstacles encountered in the course of the implementation of the Agreement.

Article 5

The High Level Consultation Group may set up permanent or temporary working-groups of experts to consider specific issues.

The High Level Consultation Group shall convene by mutual agreement, alternately in Latvia and in Denmark.

At the request of either side, meetings between the Co-Chairmen of the High Level Consultation Group may be held to discuss specific issues.

When receiving representatives of the other party, each party undertakes to facilitate the performance of their duties.

Article 6

Each party shall appoint a Permanent Secretariat of the High Level Consultation Group.

Article 7

This Agreement shall enter into force on the date of signature.

The Agreement may be terminated at the end of a calendar year, subject to 6 months' notice.

A notice of termination shall have no effect on the fulfilment of contracts and agreements concluded under the provisions of the present Agreement.

With effect from the date of signature of this Agreement, the Agreement on the Establishment of a Joint Contact Group on Economic, Industrial and Technical Co-operation between the Department of Foreign Economic Affairs of the Council of Ministers, Republic of Latvia (Riga) and the Trade Department of the Ministry of Foreign Affairs of Denmark (Copenhagen) of November 27, 1990, shall be abrogated.

Done in Riga on July 30, 1992, in two original copies, each in the Latvian, Danish and English language, the three versions having equal authenticity. In case a dispute with regard to the interpretation of these versions may arise, the English version will have precedence.