Economic Relations Clause Samples

Economic Relations. 1. Viewing economic development and prosperity as pillars of peace, security and harmonious relations between states, peoples and individual human beings, the Parties, taking note of understandings reached between them, affirm their mutual desire to promote economic co-operation between them, as well as within the framework of wider regional economic co-operation. 2. In order to accomplish this goal, the Parties agree to the following: a. to remove all discriminatory barriers to normal economic relations, to terminate economic boycotts directed at each other, and to co-operate in terminating boycotts against either Party by third parties; b. recognising that the principle of free and unimpeded flow of goods and services should guide their relations, the Parties will enter into negotiations with a view to concluding agreements on economic co- operation, including trade and the establishment of a free trade area, investment, banking, industrial co- operation and labour, for the purpose of promoting beneficial economic relations, based on principles to be agreed upon, as well as on human development considerations on a regional basis. These negotiations will be concluded no later than 6 months from the exchange the instruments of ratification of this Treaty. c. to co-operate bilaterally, as well as in multilateral forums, towards the promotion of their respective economies and of their neighbourly economic relations with other regional parties.

Economic Relations. 1. Viewing economic development and prosperity as pillars of peace, security and harmonious relations between states, peoples and individual human beings, the Parties, taking note of understandings reached between them, affirm their mutual desire to promote economic co-operation between them, as well as within the framework of wider regional economic co- operation. 2. In order to accomplish this goal, the Parties agree to the following: a. to remove all discriminatory barriers to normal economic relations, to terminate economic boycotts directed at each other, and to co-operate in terminating boycotts against either Party by third parties; b. recognising that the principle of free and unimpeded flow of goods and services should guide their relations, the Parties will enter into negotiations with a view to concluding agreements on economic co- operation, including trade and the establishment of a free trade area, investment, banking, industrial co- operation and labour, for the purpose of promoting beneficial economic relations, based on principles to be agreed upon, as well as on human development considerations on a regional basis. These negotiations will be concluded no later than 6 months from the exchange the instruments of ratification of this Treaty. c. to co-operate bilaterally, as well as in multilateral forums, towards the promotion of their respective economies and of their neighbourly economic relations with other regional parties.

Economic Relations. Affirming their commitment to the mutual viability of both the Republic of South Sudan and the Republic of Sudan; Resolving to promote socio-economic interactions and cooperation between the two States and their peoples; Mindful of the need to maintain a mutually beneficial environment for the economies of the two States and promotion of peace and stability in the region; Desiring to achieve a win-win situation in reaching an agreement on the economic issues and to pursue common economic and strategic cooperation to maximize, rather than prejudice, the growth and potential of each State; Affirming a shared recognition that it is in the mutual best interest of the two States to reach agreements that will provide for the continued, uninterrupted and sustainable exploitation of petroleum resources in both nations in accordance Affirming a mutual interest of the two States to cooperate between themselves and with their neighbours – on the basis of respect for each other’s sovereignty, territorial integrity, and common pursuit of sustainable development and mutual benefit; The Parties do hereby agree to the following Part and its associated annex with the aim of promoting friendly relations and cooperation between the two States in pursuit of their stability, prosperity and mutual viability:

Economic Relations a) The parties agree to have a preferential economic relationship based on a free trade agreement which includes the removal of all tariffs and non tariff barriers, ensure the free movement of agricultural and manufactured goods, labor, services and investment and allows for the use of sea ports and airports of both parties for transit of goods to other countries. b) Furthermore, both parties agree to establish joint industrial zones in cooperation with concerned regional and international parties.

Economic Relations. The Trade Agreement signed between India and Trinidad & Tobago in January 1997 accords Most Favored Nation (MFN) status to each other. Bilateral trade registered a record high of US$ 368.96 million in FY 2023-24. Major items of Indiaʼs Exports to Trinidad and Tobago include: Vehicles, Rolling Stock, Parts and Accessories; Iron and Steel; Pharmaceutical Products; Plastic and Articles etc. Major items of Indiaʼs Imports from Trinidad & Tobago for the period 2023-24 include: Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes;

Economic Relations. See Annex 12

Economic Relations. South Korea and Germany have strong economic ties, which is the foundation of today’s close bilateral relationship. Globally, South Korea ranked 23rd for imports and 19th for exports among Germany’s trading partners in 2018 (GTAI 2019). In East Asia, South Korea is Germany’s third largest export destination, after China and Japan, and Germany is South Korea’s most important export market in Europe. The bilateral trade volume in 2018 was about 30 billion euros and 273 German companies employ around 34,000 South Koreans. This is remarkable, since production costs in South Korea are higher than elsewhere in Asia, and it shows that there are pull factors for FDI other than low wages and taxes, such as a high level of education, political stability and the rule of law including protection of intellectual property rights, as well as the quality of life for expats. Likewise, Germany is an attractive FDI destination for South Korean enterprises, and many South Korean conglomerates such as Hyundai, LG, and Samsung have their European headquarters in Germany. The two countries have signed an investment promotion and protection agreement (in 1967) and a double taxation treaty (in 2003) (▇▇▇▇▇▇▇▇ 2017, 260). In 2015, German-South Korean economic relations were adversely affected by the aftermath of the 2015 Diesel-Gate where Volkswagen had used emissions cheating software in 11 million diesel-powered cars worldwide. In response, the South Korean government fined Volkswagen with penalties of around 45 million euros and banned 80 of its models from the Korean market. This resulted in Volkswagen’s almost complete discontinuation of business operations in South Korea, including brands such as Audi, Porsche, and Bentley (▇▇▇▇ 2016; ▇▇▇▇▇▇▇▇ 2017, 271). Germany’s most important export goods to South Korea are machinery, automotive vehicles and vehicle parts, chemical products, and data processing equipment. The most important import goods are data processing equipment, electric and optical products, other (non-automotive) vehicles, machinery, and chemical products. As can be seen, the total trade volume in goods has been continuously growing throughout the past eight years. Germany has furthermore developed a pronounced trade surplus with South Korea in the years 2010 to 2015. Since then South Korea has halved the deficit down to a little over 5 billion euros in 2018. Germany’s export-oriented companies initially benefitted significantly from the 2011 EU-Republic of Korea F...

Economic Relations. With a view towards enhancing the prosperity of the peoples of Palestine and Israel, the Parties shall agree as part of the Treaty an Agreement on Economic & Trade Relations (the Economic Agreement) based on the following framework: 1. The Parties agree that the future economic and trade relations between Palestine and Israel shall be based on two independent economies and the recognition of the sovereign authority of each State to conduct its internal and external economic affairs. 2. The Agreement shall insure free trade in agricultural and manufactured products; this will include, inter alia, the removal of all tariff and non tariff barriers on trade in these products between the parties. It will be compatible with established rules and principles of the global trading system, particularly those of the World Trade Organization. It will allow for preferential access of Palestinian labor, including professional laborers, to Israel's labor market according to an agreed quota. It will provide for the use of land crossings, seaports and airports of both Palestine and Israel for transit of goods to other countries. The agreement will also specify the regime that will govern investments and trade in services and cover all other aspects of economic and trade relations between the parties.. 3. Israel and Palestine shall maintain an effective agreed international border between them. Border crossings shall be operated as efficient commercial crossings allowing for the free and unencumbered secure movement of vehicles, cargo and people. 4. Israel and Palestine shall only apply restrictive economic measures to protect legitimate and essential interests in national security in accordance with detailed and defined factors and criteria agreed upon by the two states, including the requirements of necessity and proportionality. 5. Israel and Palestine shall establish institutions, rules, and procedures both for mandatory consultations and binding and effective arbitration in all areas of trade and economic relations, including the application of security exceptions.

Economic Relations. In order to accomplish this goal, the parties agree to the following: