Economic Agreement with Poland
Government of State of Kuwait and Government of Peoples' Republic of Poland desire to develop economic and technical relations between the two countries based on the observance of principles of sovereignty, national autonomy and non-interference in internal matters, equality in rights and mutual interests. We two governments agreed upon the following:
The two contracting parties agreed for establishing long-tern cooperation to develop and implement projects in both countries in the fields of chemical, petrochemical, civil and industrial constructions, and tourism, likewise in any other fields of mutual benefits. This co-operation shall be in various forms and of joint projects. As such co-operation is possible to extend to cover the establishment of joint projects in other countries.
To implement what has been mentioned in clause (1) the concerned Polish firms will supply machinery, industrial tools and equipment, fabricated materials, industrial raw materials in Poland. So as they will carry out studies, research and prepare technical & technological plans and documents. They will provide technical assistance in installing and procuring machinery equipment and industrial supplies exported by them. As these firms will give technical training to the citizens who will work on these projects.
The two contracting parties agreed that the payments towards these works and services rendered by Polish side to Kuwaiti side containing this agreement, shall be in convertible currency.
Delivery clauses, payment conditions and any other obligations of either party in respect of implementation of co-operation projects, will be fixed through independent contracts which will be signed for each project on behalf of the companies and firms to be decided by the two contracting parties.
The value of the delivered materials, works and services shall be fixed according to this agreement in convertible currency on competitive basis in accordance with the rates of similar or resembling products in the world markets. These rates shall be fixed by the companies and firms who will be decided by the two contracting parties through direct negotiations.
The two contracting parties agreed, as per limit of the systems observed in their countries, to grant mutual facilities in respect of investment of capitals in other party's country.
Each contracting party, as per limit of the systems observed in their countries, is allowed to grant mutual facilities in respect of investment of capitals in other party's country.
The two contracting parties agreed to form a joint committee for economical and technical co-operation which will supervise the implementation of the items of this agreement and check the possibilities of developing the relations of economical and technical co-operation between the two countries.
The provisions hereof shall be in effect for five years renewable automatically for another five years till either party asks to terminate it by a written note three months before its validity date expires.