Agreement Between The Republic Of Latvia And The Republic Of Hungary On Amendments To The Protocol 3 On Rules Of Origin To The Free Trade Agreement Between The Republic Of Latvia And The Republic Of Hungary
The Republic of Latvia (hereinafter called Latvia) and Republic of Hungary (hereinafter called Hungary),
Having regard to the Free Trade Agreement between the Republic of Latvia, of the one part, and the Republic of Hungary, of the other part, signed in Budapest on 10 June 1999,
Whereas the definition of the term "originating products" needs to be amended to ensure the proper operation of the extended system of cumulation which permits the use of materials originating in the European Community, Poland, Hungary, the Czech Republic, the Slovak Republic, Bulgaria, Romania, Latvia, Lithuania, Estonia, Slovenia, Turkey, the European Economic Area (hereinafter referred to as the EEA), Iceland, Norway and Switzerland;
Whereas it would seem advisable to revise the Articles concerning the amounts in order to fully take into consideration the entry into force of the euro;
Whereas, to take account of changes in processing techniques and shortages of certain raw materials, some corrections must be made to the list of working and processing requirements which non-originating materials have to fulfil to qualify for originating status,
HAVE DECIDED AS FOLLOWS:
Protocol 3 concerning the definition of the concept of "originating products" and methods of administrative cooperation is hereby amended as follows:
1. In Articles 21 and 26 the word "ECU" shall be replaced by "euro".
2. Article 30 shall be replaced by the following:
Amounts expressed in euro
1. Amounts in the national currency of the exporting country equivalent to the amounts expressed in euro shall be fixed by the exporting country and communicated to the importing country.
2. When the amounts exceed the corresponding amounts fixed by the importing country, the latter shall accept them if the products are invoiced in the currency of the exporting country. When the products are invoiced in the currency of another country referred to in Articles 3 and 4, the importing country shall recognise the amount notified by the country concerned.
3. The amounts to be used in any given national currency shall be the equivalent in that national currency of the amounts expressed in euro as at the first working day of October 1999.
4. The amounts expressed in euro and their equivalents in the national currencies of Latvia and Hungary shall be reviewed by the Joint Committee at the request of Latvia or Hungary. When carrying out this review, the Joint Committee shall ensure that there will be no decrease in the amounts to be used in national currency and shall furthermore consider the desirability of preserving the effects of the limits concerned in real terms. For this purpose, it may decide to modify the amounts expressed in euro".
3. Annex II shall be amended as follows:
This Agreement shall enter into force on the date of entering into force of the Free Trade Agreement between the Republic of Latvia and the Republic of Hungary.
Done at Budapest this 10th day of December, 1999 in two authentic copies in the English language.
The Representative The Representative
of the Republic of Latvia of the Republic of Hungary
Tiesību akta pase
Publicēts:"Latvijas Vēstnesis", 446/451, 30.12.1999.