Trade Agreement between Government of State of Kuwait and Government of Republic of Turkey.
Government of State of Kuwait and Government of Republic of Turkey (referred to them herein after as two parties) desiring to develop trade relations between them agreed as follows: Clause (1)
Two parties declare their mutual interest of developing and diversifying trade relations between their countries as per laws, rules and regulations effective in each of these two countries.
Concerned authorities of two parties shall issue the licenses for importing and exporting goods, which requires prior permission as per laws, rules and regulations effective in their countries.
The delivery of goods will be executed as per laws, rules and regulations effective in their countries on the basis of the contracts executed between individuals / corporate bodies authorized to carry out the operations of export/import in both countries.
The rates of the goods to be delivered shall be negotiated hereby and decided by individuals/corporate bodies of both countries through the contracts executed between these persons based on freely convertible currency rates.
The two parties shall work for facilitating and encouraging contribution of each of them in fair and international markets which will be organized in region of any country as well as organizing of special exhibitions in both countries.
The two parties shall allow to import and export the following products with exemption from customs duties, taxes and other similar duties within limits of laws, rules and regulations effective in both countries:
I- Samples of goods and publicity items (catalogues, pamphlets and pictures etc.) required for purchased orders.
II- Products and goods required for exhibitions and international markets subject to their re-export.
All payments between the two countries shall be made in any freely convertible currency as per regulations of exchange rates and concerned laws, rules and regulations in force in each of two concerned countries.
The two parties shall form a joint committee comprising the delegates representing each of two countries. The committee will deal in:
1. Settlement of problems which may arise during the implementation of hereof.
2. Suggestion of the steps aiming strengthening and expansion of trade relations between two countries.
3. Suggestion any amendments or addition of appendices hereof.
The Join Committee may be convened by any of the two parties by rotation in their countries.
Any amendments or supplementary provisions hereto have to be agreed in writing by two parties and included such amendments/provisions till execution as provided by first Para of clause (10).
This agreement shall be in effect from the date of last notice declaring therein any party to other party of completion of his legal procedures necessary to implement this agreement.
This agreement shall be in force for five years and renewed automatically for a period or equal periods, till either party does not notify other party in writing of his desire to terminate it, six months before the expiry of first period or any successive period.