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Trade Agreement Between the Government of the Cook Islands and the Government of the People's Republic of China [1998] PITSE 12 (16 November 1998)

TRADE AGREEMENT BETWEEN THE GOVERNMENT OF THE COOK ISLANDS AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA

(Beijing, 16 November 1998)

ENTRY INTO FORCE: 16 NOVEMBER 1998

THE GOVERNMENT OF THE COOK ISLANDS AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA, HEREINAFTER REFERRED TO AS THE CONTRACTING PARTIES,

FOR THE PURPOSE of promoting the further development and strengthening of economic and trade relations between their two countries on the basis of equality and mutual benefit; and

FOR THE PURPOSE of enhancing mutual understanding and friendship between the peoples of the two countries;

HAVE AGREED AS FOLLOWS:

Article I

The Contracting Parties shall take appropriate measures to promote the growth of economic relations and trade between the two countries, and endeavour to reduce and eliminate gradually all obstacles to the exchange of goods and provision of labor services in accordance with their respective laws and regulations in force.

Article lI

1. The Contracting Parties shall accord to each other most-favored-nation treatment with respect to products originating in or destined for the other Contracting Party regarding:

(1) customs duties, charges and internal taxes applied to importation or exportation of goods;

(2) regulations, procedures and formalities concerning importation or exportation of goods;

(3) administrative formalities for issuance of import or export licenses.

2. However, the provisions of paragraph 1 shall not apply in the case of.

(1) advantages and preferences which have been accorded to or will be accorded to neighbouring countries by either Contracting Party for the purpose of facilitating border trade;

(2) advantages and preferences which have been accorded to or will be accorded to members by either Contracting Party which has been or will be a member of any customs union, free trade zone, regional organization or interim agreement leading to the formation of a customs union or a free trade zone; or

(3) such measures as either Contracting Party may take to safeguard its national security, or human, animal or plant life or health.

Article III

The Contracting Parties shall encourage their enterprises and corporations involved in foreign trade to negotiate and sign contracts according to regular commercial terms.

Article IV

The Contracting Parties shall encourage their enterprises and corporations to develop various forms of economic and trade co-operation (including export of complete sets of equipment and labor services), and establish favourable conditions for such co-operation in accordance with their respective laws and regulations in force.

Article V

1. The payment for the transactions conducted between the two countries shall be made, in accordance with their respective laws and regulations of foreign currency in force, with any freely convertible currency.

2. In order to facilitate trade, other payment arrangements agreed upon by parties of contract are not excluded.

Article VI

The Contracting Parties agree to facilitate exchange of visits by trade and/or industrial groups or delegations, and fairs and exhibitions for the purpose of promoting commerce and trade in accordance with their respective laws and regulations in force.

Article VII

1. The Contracting Parties agree to consult at the request of either Contracting Party to review the operation of this Agreement and other relevant aspects of the relations between the two Parties.

2. At the request of either Contracting Party, the Contracting Parties shall seek solutions to any problems that may arise from the implementation of this Agreement through negotiation and in the spirit of co-operation and mutual understanding.

3. The Contracting Parties shall decide through consultations on the time and place of the negotiation referred to in paragraph 2 of this Article.

Article VIII

1. This agreement shall enter into force on the date of signature and shall remain in force for five years. If, six months before the expiration of this Agreement, neither of the Contracting Parties has notified the other in writing of its intention to terminate this Agreement, it shall continue in force until six months after the receipt by one Contracting Party of notice from the other of its intention to terminate this Agreement. Notice of termination shall be transmitted through diplomatic channels.

2. In the event of termination of this Agreement, all unfulfilled obligations arising from the operation of this Agreement shall be fulfilled in accordance with the provisions thereof.

3. This Agreement may be amended by consent of the Contracting Parties.

DONE at Beijing on November 16, 1998, in duplicate in the English and Chinese languages, both texts being equally authentic.