Agreement On Long-Term Economic, Scientific, Technical And Industrial Cooperation Between The Government Of The Republic Of Latvia And The Government Of The Republic Of Cyprus

The Government of the Republic of Latvia and the Government of the Republic of Cyprus:

— Animated by desire to secure and further strengthen friendly relations between the peoples of their two countries, on the basis of mutual respect for sovereignty, independence, territorial integrity and non - interference in the internal affairs;

— Desirous of strengthening their economic, scientific, technical and industrial cooperation to their mutual advantage;

— Recognizing the need of adopting measures and procedures for longer period of time within the framework of the domestic legislation of either country, with a view to achieving favorable results in the cooperation between Latvia and Cyprus.

Have agreed as follows:

Article 1

The Contracting Parties shall continue their efforts aimed at promoting their economic, scientific, technical and industrial cooperation to mutual benefit.

Article 2

Within the framework of the constitutional provisions in force in their respective countries the two Contracting Parties shall support and facilitate the development of the Latvian–Cypriot economic, scientific, technical and industrial cooperation of their respective organizations and eneterprises in the implementation and execution of the development plans, programs and projects of the country.

Article 3

Cooperation within the scope of the present Agreement shall include:

a) The setting up of industrial complexes to meet mutual economic interests and the expansion and modernization of industrial enterprises;

b) The financing, on the basis of long-term arrangements, of development plans and projects;

c) The exchange of techical experts and scientific research equipment;

d) Cooperation in construction, infrastructure industry and investment project as well as other forms of economic, scientific and technical cooperation, in conformity with the needs of the two countries, subject to prior agreement between the two Parties;

e) Cooperation in the field of tourism.

Article 4

To this end and subject to the laws and regulations in force in their respective countries, the Contracting Parties shall encourange cooperation and conclusion of agreements and contracts between Latvian and Cypriot natural and legal persons and shall provide the necessary facilities for this purpose.

Article 5

The Contracting Parties may determine, on the basis of mutual agreement, other fields of cooperation in which expansion of cooperation is deemed to be desirable, taking into account in particular their needs in manpower, raw materials, equipment and technology.

Article 6

The Contracting Parties shall, in accordance with the Agreement, encourage the aforementioned cooperation between their organizations and enterprises in third countries.

Article 7

A permanent Latvian–Cypriot Intergovernmental Commission shall be established on the basis of this Agreement to follow up the development of cooperation in the fields agreed upon, as well as to make recommendations for the implementation of this Agreement and, in particular, recommendations concerning measures to be taken for the purpose of supporting, facilitating and encouraging such cooperation and of making periods reviews of progress.

Article 8

The present Agreement shall enter into force on the date of the exchange of Notes confirming that the internal procedures necessary for bringing this Agreement into force have been completed, and shall remain in force for a period of ten years. Thereafter, it shall continue in force unless denounced by either Party by six months notice in writing.

Done at Riga, 5 September, 1997, in two original copies in the English language, both texts being equally authentic.

For the Government of For the Government of

the Republic of Latvia the Republic of Cyprus

Minister of Foreign Affairs Minister of Foreign Affairs

Valdis Birkavs Ioannis Kasoulides