Liberia - United States TIFA (2007) - Electronic Database of Investment Treaties (EDIT)

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Liberia - United States TIFA (2007)

Title

TRADE AND INVESTMENT FRAMEWORK AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE REPUBLIC OF LIBERIA

Preamble

The Government of the United States of America and the Government of The Republic of Liberia (individually a "Party" and collectively the "Parties"):

Desiring to enhance the bonds of friendship and spirit of cooperation between the Parties;

Recognizing the importance of fostering an open and predictable environment for international trade and investment;

Recognizing the benefits the Parties can derive from increased international trade and investment, and that trade-distorting investment measures and protectionist trade barriers can reduce these benefits;

Seeking to promote transparency and to eliminate bribery and corruption in international trade and investment;

Recognizing the essential role of private investment, both domestic and foreign, in furthering growth, creating jobs, expanding trade, improving technology, and enhancing economic development;

Recognizing the increased importance of services in trade between their economies;

Recognizing the importance of providing adequate and effective protection and enforcement of intellectual property rights and of membership in and adherence to intellectual property rights conventions;

Recognizing the importance of providing adequate and effective protection and enforcement of worker rights in accordance with each Party's own labor laws and of improving the observance of internationally recognized core labor standards;

Desiring to ensure that trade and environmental policies are mutually supportive;

Desiring to encourage and facilitate contacts between enterprises and other private sector groups in each other's territories;

Acknowledging the desirability of resolving trade and investment problems as expeditiously as possible;

Desiring that this Trade and Investment Framework Agreement reinforce the multilateral trading system by strengthening efforts to complete successfully the Doha Development Agenda;

Acknowledging the longstanding relationship between the United States of America and The Republic of Liberia;

Seeking to create a mechanism for further dialogue on initiatives for expanding their trade through cooperation and more comprehensive agreements,

HA VE AGREED as follows:

Body

Article One.

The Parties affirm their desire to promote an attractive investment climate and to expand and diversify trade in products and services between the Parties.

Article Two.

1. The Parties hereby establish a United States-Liberia Council on Trade and Investment ("The Council"), comprising representatives of each Party. The U.S. side shall be chaired by the Office of the U.S. Trade Representative (USTR) and the Liberian side shall be chaired by the Ministry of Commerce & Industry. Both Parties may be assisted by officials of other government entities as circumstances require.

2. The Council shall meet at such times and in such places as the Parties agree. The Parties shall endeavor to meet no less than once every two years.

Article Three.

The Council shall:

1. Monitor trade and investment relations between the Parties, identify opportunities for expanding trade and investment, and identify relevant issues, such as those related to the protection of intellectual property rights, worker rights, and the environment, that may be appropriate for negotiation in an appropriate forum.

2. Consider specific trade and investment matters of interest to the Parties;

3. Identify and work to remove impediments to trade and investment between the Parties; and

4. Seek the advice of the private sector and civil society, where appropriate, on matters related to the work of the Council.

Article Four.

A Party may refer a specific trade or investment matter to the Council by delivering a written request to the other Party that includes a description of the matter concerned. The Council shall take up the matter promptly after the request is delivered unless the requesting Party agrees to a later date. Each Party shall endeavor to provide an opportunity for the Council to consider a matter before taking actions that could adversely affect trade or investment interests of the other Party.

Article Five.

This Agreement shall be without prejudice to the domestic law of either Party or to the rights and obligations of either Party under any other agreement to which it is a party.

Article Six.

This Agreement shall enter into force on the date of its signature.

Article Seven.

Either Party may withdraw from this Agreement by providing written notice of withdrawal to the other Party. The withdrawal shall take effect on a date on which the Parties agree or, if the Parties cannot agree, 180 days after the date on which the notice of withdrawal is delivered.