The Government of the Kingdom of Saudi Arabia and the Government of the Republic of Latvia (hereinafter referred to as the Parties), based on their desire to enhance the friendly relations existing between them, and recognizing the mutual benefits that can be achieved through expanding the scope of economic cooperation in accordance with the applicable laws and regulations in their countries, have agreed to the following:

1- The Parties shall, within the framework of the laws and regulations of their respective countries, and with due regard to their international obligations, develop and enhance economic cooperation between them and diversify it on the basis of mutual benefit in all areas of common interest.

2- The cooperation referred to in paragraph (1) of this article aims to achieve the following:

• A- Strengthening and diversifying the economic ties between the Parties.

• B- Encouraging cooperation between institutions and enterprises in both countries, including small and medium-sized enterprises, in order to enhance investments and joint projects, as well as other forms of cooperation between them.

1- The cooperation - agreed upon between the parties in Article (1) of this Agreement includes the following sectors without limitation:

• A- Trade.

• B- Investment.

• C- Financial sector.

• D- Industry.

• هـ - Agriculture and food production.

• F- Transport and logistics.

• ر- Sciences, technologies, and innovations.

• H- Tourism.

• I- Pharmaceutical products and cosmetics.

• J- Information and communication technologies.

• K- Other sectors of mutual interest that would enhance economic cooperation.

2- The parties shall consult with each other to determine the priority sectors in their cooperation and to include new sectors within the economic cooperation.

In pursuit of achieving the objectives of this Agreement, the Parties shall facilitate and promote the following:

• A- Communication and cooperation between government institutions.

• B- Developing links between professional organizations, chambers of commerce, and cooperative societies.

• C- Organizing visits and holding events aimed at enhancing cooperation among individuals, officials, and economic organizations.

• D- Involving citizens and companies from their countries in markets, exhibitions, and seminars held in either of their countries.

• E- Establishing joint projects and other forms of joint economic activities.

• F- Involving small and medium enterprises in bilateral economic relations.

• G- Trade promotion activities.

1- The parties shall regularly exchange information related to trade, investment, financial services, and other information necessary to enhance and facilitate economic cooperation.

2- The parties recognize the importance of effective protection of intellectual property rights and shall regularly exchange information regarding the laws and procedures governing the protection of intellectual property rights in both countries.

1- The parties shall establish a Joint Committee for the purpose of performing the tasks stipulated in Article (1) of this Agreement.

2- The Joint Committee shall consist of representatives from the relevant authorities in both countries.

3- The Joint Committee shall meet, as needed, alternately in the Kingdom of Saudi Arabia and the Republic of Latvia, at a time agreed upon by the parties through diplomatic channels.

4- The Joint Committee may invite representatives from the business sectors of each party to participate in its activities.

The main tasks of the Joint Committee are:

• A- To monitor the progress of this Agreement and to discuss any issues that may arise in the context of its implementation.

• B- To consider recommendations aimed at enhancing and solidifying economic cooperation between the Parties, and increasing the volume of trade and investment between them.

• C- To discuss problems that may hinder the development of economic and commercial cooperation between the Parties.

• D- To provide recommendations regarding amendments and supplementary additions to this Agreement.

Disputes that may arise between the parties as a result of the interpretation or execution of this Agreement shall be resolved through negotiation between them.

1- This Agreement shall enter into force from the date of the last mutual notification between the Parties - through diplomatic channels confirming the completion of the necessary internal legal procedures for its approval.

2- The duration of this Agreement is (five) years from the date it enters into force, and it shall automatically renew for similar periods unless one Party notifies the other Party in writing - through diplomatic channels - of its desire to terminate or not renew it at least (six) months prior to the specified termination date.

3- This Agreement may be amended by mutual consent of the Parties through independent protocols that shall form an integral part of this Agreement, and such protocols shall enter into force in accordance with the provisions of the first paragraph of this article.

4- This Agreement does not affect any rights or obligations arising from other international agreements previously concluded by either Party, nor does it affect the other international obligations of the Parties under international law.

5- In the event of termination of this Agreement, its provisions shall remain in effect concerning the programs and projects that arose under it, unless the Parties agree otherwise.

This Agreement was drafted in the city of Riyadh, on 18/11/1444 AH, corresponding to June 7, 2023 AD, in two original copies in Arabic, Latvian, and English, and all texts are equal in authority, and in case of any discrepancy in interpretation, the English text shall prevail.