Type:	International treaty
Date of approval :	1427-01-29
accreditation:	Royal Decree
Approval number:	م/8
Type of Accreditation:	Totally
Validity:	Valid
Joining date:	1426-04-22
Summary:	By AI A royal decree was issued by Abdullah bin Masoud, King of the Kingdom of Saudi Arabia, approving a framework agreement for economic cooperation between the Gulf Cooperation Council countries and the Republic of Turkey, signed in Manama on 1466H. The decree was based on articles from the Basic Law of Governance and the Shura Council Law, after reviewing the decisions of the Shura Council and the Council of Ministers related to the agreement. The Deputy Prime Minister and ministers were tasked wit...

FrameworkAgreementon

EconomicCooperation

Between

TheMemberStatesofthe

CooperationCouncilfortheArab

StatesoftheGulf,

and

ttaErm——

Er——r=,w—

Er——

REee.

TheGovernmentsoftheUnitedArabEmirates,theKingdomofBahrain,

|theKingdomofSaudiArabla,theSultanateofOman,theStateofQatar

|andtheStateofKuwait,thatarepartiestotheCharterofthe

CooperationCouncilfortheArabStatesoftheGulf,hereinafterreferred

toas“GCCStates";and

TheGovernmentoftheRepublicofTurkey,

hereinafterreferredtoastheContractingParties

Consideringtheimportanceofthefriendshipalreadyexistingbe(ween

them,and

enAey~

Desiringtoenhanceanddeveloptheeconomiccooperationbetween

themonthebasisofequalityandmutualinterest,and

Takingintoconsiderationthelawsandregulationsinforceintheir

countries,

Haveconcludedthefollowing:

Te——

Article-1

TheContractingPartiesshallpromoteeconomiccooperation

betweentheminvariousfields,andencouragetheexchangeof

informationandnecessarytechnicalexpertiseinthosefields,

reelATY

Article-2

Ne——LE

TheContractingPartiesshallconsiderwaysandmeansforexpanding

andliberalizingtheirtraderelationslucladinginitiatingdiscussionsonthe

feasibilityofaFreeTradeAresbetweenthem,takingintoaccounttheir

|internationalobligationsandtheprinciplesoftheWTO,

Fo—

Article-3

TheContractingPartiesshallseektoprovideaclimatefavorable

UPtheringtradeexchangebetweenthenithrough:—_

aep—men[er——

= Enbancingtheexchangeofinformationonforeigntrade.

-Encouragingbusinesscommuuleationsparticularlybetweenthe

institutionsandorganizationsconcernedwit}foreigntrade.

=Givingattentiontotralningandtechnologytransfer.

Article-4

TheContractingPartlesshallmakeappropriatearrangementsfor

capitalflowsbetweenthem,settingupjointinvestmentprojectsand

facilitatingcorporateinvestmentsinvariousfieldsofeconomy,tradeand

industry.

Article-5

TheContractingPartiesshallencouragetheexchangeofvisitsof

representatives,delegationsandeconomic,commercialandtechuical

missionsbetweenthemangorganizingtemporaryexhibitionsandprovide

necessaryfacilitiesandassistancewithaviewtofurthereconomic

cooperationbetweenthem.

Article-6

AJointCommitteeforEconomicCooperationshallbeformedunder

thisAgreement.ThisCommitteeshallconvenealternativelyinthe

countriesofthetwoPartiesonmutuallyagreedperiodicity.Levelof

participationintheCommitteewillbespecifiedInadvance.Tle

functionsoftheCommitteeshallbe:

-FollowingupimplementationoftheprovisionsofthisAgreementand

otherbilateralagreementsorprotocolsnadebetweenthetwoParties

~basedonthisAgreement.

Interpretation/implementationoftheProvisionsofthisAgreement.

-Adoptingrecommendationsforenhancingeconomic,commercial,

technicalandinvestmentcooperationbetweenthetwocontracting

parties,andfosteringtheireconomicrelationsandIncreasingthe

wi¥2Uwgeoftradebetweenthem.

poi

EcthBeha"a

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Framework Agreement on Economic Cooperation Between he Member States of the Cooperation Council for the Arab States of the Gulf, and The Republic of Turkey