Agreement between the Government of the Republic of Latvia and the Government of the Hellenic Republic on economic and technological co-operation

The Government of the Republic of Latvia and the Government of the Hellenic Republic,

Hereinafter referred tos as "the Parties",

Desiring to promote the development of economic and technological co-operation between them, in areas of mutual interest, on the basis of equality, mutual benefit and reciprocity,

Recognizing the importance of long-term measures for the successful development of the co-operation and the strengthening of ties between them at various levels and, in particular, at the level of their economic operators,

Have agreed as follows:

Article 1

1. The Parties shall, within the framework of their respective national laws and regulations and taking into account their international obligations, as well as the Agreements between the Republic of Latvia and the European Community, make every effort to develop and strengthen economic and technological co-operation, on as broad a basis as possible, in all fields deemed to be in their mutual interest and benefit.

In applying this Agreement, the Hellenic Republic shall respect the obligations arising from its membership to the European Union.

2. Such co-operation shall be aimed in particular at:

- strengthening and diversifying economic links between the Parties,

- opening up new markets,

- encouraging co-operation between economic operators, including small and medium sized enterprises, with a view to promote investment, joint ventures, licensing agreements and other forms of co-operation between them.

Article 2

1. The co-operation provided for in Article 1, shall extend, in particular, in the following sectors:

- industry,

- ship-building and ship repairing,

- agriculture, including agro-industry,

- construction and housing,

- transport, including maritime transport,

- banking, insurance and other financial services,

- tourism,

- vocational training.

2. The Parties shall consult in order to identify the priority sectors in their co-operation as well as new sectors of economic and technological co-operation.

Article 3

1. The economic co-operation provided for in this Agreement, shall be carried out, mainly, on the basis of agreements and contracts between Latvian and Greek enterprises, organizations and firms, according to the national legislation of each Party.

2. The Parties shall make every effort to facilitate this activity by creating favourable conditions for economic co-operation, in particular, by:

- developing a favourable climate for investment,

- facilitating the exchange of commercial and economic information,

- facilitating the exchanges and contacts between their economic operators,

- facilitating the organization of fairs, exhibitions, symposia etc.,

- encouraging trade promotion activities.

Article 4

1. The Parties shall create favourable conditions for the development of technological co-operation between them, as well as between their respective organizations of firms, according to their national priorities and in accordance with their legislation.

2. This co-operation may take the form of, among other:

- the elaboration of common research programmes,

- the organization of visits and study tours for specialized delegations,

- the organization of training programmes in fields of mutual interest,

- the provision of technical and scientific expertise,

- the convening of symposia and meetings.

Article 5

1. A Joint Committee is hereby established, with the aim of ensuring the implementation of this Agreement.

2. The Joint Committee shall be composed of representatives of the Parties and shall meet, at the request of either Party, at a place and time to be mutually agreed upon, through diplomatic channels.

3. The Joint Committee shall review the progress made towards achieving the objectives of this Agreement and, if necessary, formulate recommendations for its implemetation.

4. The Joint Committee, if necessary, shall decide to create subcommittees and working groups to facilitate implementation of its objectives.

Article 6

1. This Agreement shall enter into force thirty days after the date when the Parties notify each other that the procedures, required by the respective laws to this end, have been completed. It shall remain in force until any of the Parties has given 6 months prior notice of termination of the Agreement.

2. In the event of termination of this Agreement all its relevant provisions shall continue to apply to all contracts concluded within the framework and during the effective time of the Agreement until the complete implementation of obligations arising therefrom.

Done in duplicate in Athens on March 17, 1999 in the Latvian, Greek and English languages, all texts being equally authentic. In case of divergence the English text shall prevail.

For the Government For the Government

of the Republic of Latvia of the Hellenic Republic

Valdis Birkavs Yannos Kranidiotis

Minister of Foreign Affairs Alternate Minister for Foreign Affairs