Egypt - Yemen BIT (1988) - Electronic Database of Investment Treaties (EDIT)

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Egypt - Yemen BIT (1988)

Title

AGREEMENT FOR THE PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE ARAB REPUBLIC OF EGYPT AND THE GOVERNMENT OF THE ARAB REPUBLIC OF YEMEN

Preamble

The Government of the Arab Republic of Yemen and the Government of the Arab Republic of Egypt desire to strengthen the existing fraternal ties and recognizing the growing mutual interest in the development of economic relations and the desire to develop and strengthen economic and technical cooperation between the two brotherly countries on the basis of equality and mutual respect. At its meetings held in Cairo in October 1988, we agreed on the following:

Body

Article 1.

In order to achieve the goals of this Agreement, the Parties endeavor to promote and deepen cooperation between them in the economic and technical fields and to encourage and protect investments by all means and possibilities.

Article 2.

Considering the laws in force in both countries, economic cooperation takes the following forms:

1. Preparing economic studies for development and investment projects in both countries.

2. Establishment of joint economic projects.

3. To carry out joint projects in a third country.

4. Any other form of cooperation agreed between the parties.

The cooperation between them includes all technical and technological fields, both in the execution and improvement of existing ones, or in the use of advanced technology through the training and the preparation of technical and administrative staff, Providing aid and assistance, the exchange of patents, performance rights and experts, As well as any other area agreed upon.

Article 3.

The Parties allows the exchange of agricultural and animal products freely, living animals and natural resources of local origin in both countries in accordance with the laws and regulations in force.

Article 4.

Within the limits of the available possibilities to the two countries, the two sides will exchange experts in the field of administration and in any other fields. Each Party must also provide a number of scholarships and training to the other party in the fields of specialization (agricultural, industrial, specifications, standards, prices, marketing).

Article 5.

For the development of economic relations, the transport between the two countries is preferable to the national transport institutions in each of them.

Article 6.

The two sides exchanges information and experience and develop relations in the areas of planning, statistics, health, telecommunications, postal services and electricity. Each Party should endeavor to strengthen relations in these or other areas in accordance with what is agreed upon.

Article 7.

a. The two governments establish joint investment companies and coordinate their activities in various fields of agriculture, land reclamation, industrial, tourist, urban and other fields of common interest, which are agreed between the two sides in accordance with the laws and regulations in both countries.

b. The national construction companies in each country will have the right of preference in the other country in the establishment and implementation of road projects, construction, reconstruction and other projects, either through direct contracting or by granting them priority while issuing international tenders in accordance with the regulations and rules in force in both countries.

Article 8.

The joint investment projects executed in accordance with the provisions of this agreement will benefit from all facilities and privileges which decided by the laws and regulations in force in both countries relating to investment.

Article 9.

The Parties have to allow the capital invested by each of them or their nationals in the territory of the other Party to be transferred abroad and must allow the transfer of the profits of such funds or their interest and proceeds in any convertible currency, and to be in accordance with the laws and regulations in force in both countries.

Article 10.

A joint committee of representatives of the two countries will be formed for supervising the good implementation of this Agreement annually in Egypt and Yemen, alternately or whenever necessary, and submits its recommendations to the competent authorities to take appropriate decisions thereon.

Article 11.

This Agreement is done of two originals in Arabic and will be effective as of the date of the exchange of instruments of ratification for a period of three years. The Agreement will then be automatically renewed for a similar period Unless one of the Contracting Parties informs the other party in writing of its desire to terminate working with this Agreement at least three months before the end of its validity date. The termination of this Agreement does not affect the subordination of the projects established under it to the provisions prescribed in that agreement from.

In other words ( the termination of this agreement shall not affect the implementation of the its provisions upon the subordination projects which has been done while the agreement was effective)