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Agreement on Economic and Technical Co-operation Between the Government of the Republic of Vanuatu and the Government of the Peoples Republic of China (Ratification) Act 1995

Commencement:

REPUBLIC OF VANUATU

AGREEMENT ON ECONOMIC AND TECHNICAL CO-OPERATION
BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU
AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA
(RATIFICATION) ACT
NO. 1 OF 1995

Arrangement of Sections

1. Ratification
2. Commencement

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REPUBLIC OF VANUATU

AGREEMENT ON ECONOMIC AND TECHNICAL CO-OPERATION
BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU
AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA
(RATIFICATION) ACT
NO. 1 OF 1995

An Act to provide for the ratification of the Agreement on Economic and Technical Co-operation between the Government of the Republic of Vanuatu and the Government of the People’s Republic of China signed in Port Vila on 20 December, 1994.

BE IT ENACTED by the President and Parliament as follows: -

RATIFICATION

1. (1) The Agreement on Economic and Technical Co-operation Between the Government of the Republic of Vanuatu and the Government of the People’s Republic of China signed in Vanuatu on the 20^th day of December, 1994 which is set out in the Schedule hereto is hereby ratified.
   

(2) The Agreement referred to in subsection (1) shall be binding on the Republic of Vanuatu in accordance with the terms thereof.

COMMENCEMENT

2. This Act shall come into force on the date of its publication in the Gazette.

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"SCHEDULE"

AGREEMENT ON ECONOMIC AND TECHNICAL COOPERATION
BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU
AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA

The Government of the Republic of Vanuatu and the Government of the People’s Republic of China, with a view to further developing the friendly relations and the economic and technical cooperation between the two countries, have agreed as follows:

Article I

In accordance with the needs of the Government of the Republic of Vanuatu, the Government of the People’s Republic of China shall provide the Government of the Republic of Vanuatu with an interest free loan of FIFTEEN MILLION RENMINVI YUAN (RMBY15,000,000) in three years from January 1, 1995 to December 31, 1997.

Article II

The above-mentioned loan shall be used to make up for the shortage of the construction funds for the project of Law Department of University of South Pacific.

Article III

The above-mentioned loan shall be repaid in installments by the Government of Vanuatu with such Vanuatu’s exports or in convertible currencies as to be discussed and agreed upon between the two governments within a period of ten years from January 1, 2002 to December 31, 2011. The annual repayment shall be one tenth of the total amount of the loan.

Article IV

Detailed accounting procedures in connection with the implementation of this Agreement shall be concluded separately between the Department of Finance of the Government of Vanuatu and the Bank of China.

Article V

This Agreement shall enter into force after going through necessary legal procedures by the two signatory parties and duly notifying each other, and shall remain in force until the fulfillment by the two parties of all their obligations stipulated hereinabove.

Done in duplicate in Port Vila on 20^th December 1994 in the English and Chinese languages, each side keeping one original and both texts being equally authentic.

____________________ ______________________
For the Government of For the Government of the
the Republic of Vanuatu People’s Republic of China

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