Economic Relations. The economic relations between the two sides are set out in the Protocol on Economic Relations, signed in Paris on April 29, 1994, and the Appendices thereto, and the Supplement to the Protocol on Economic Relations, all attached as Annex V, and will be governed by the relevant provisions of this Agreement and its Annexes.
Economic Relations. 1. Viewing economic development and prosperity as pillars of peace, security and harmonious relations between states, peoples and individual human beings, the Parties, taking note of understandings reached between them, affirm their mutual desire to promote economic co-operation between them, as well as within the framework of wider regional economic co-operation.
Economic Relations. Affirming their commitment to the mutual viability of both the Republic of South Sudan and the Republic of Sudan; Resolving to promote socio-economic interactions and cooperation between the two States and their peoples; Mindful of the need to maintain a mutually beneficial environment for the economies of the two States and promotion of peace and stability in the region; Desiring to achieve a win-win situation in reaching an agreement on the economic issues and to pursue common economic and strategic cooperation to maximize, rather than prejudice, the growth and potential of each State; Affirming a shared recognition that it is in the mutual best interest of the two States to reach agreements that will provide for the continued, uninterrupted and sustainable exploitation of petroleum resources in both nations in accordance with international law and states’ best practices; Affirming a mutual interest of the two States to cooperate between themselves and with their neighbours – on the basis of respect for each other’s sovereignty, territorial integrity, and common pursuit of sustainable development and mutual benefit; The Parties do hereby agree to the following Part and its associated annex with the aim of promoting friendly relations and cooperation between the two States in pursuit of their stability, prosperity and mutual viability:
Economic Relations a) The parties agree to have a preferential economic relationship based on a free trade agreement which includes the removal of all tariffs and non tariff barriers, ensure the free movement of agricultural and manufactured goods, labor, services and investment and allows for the use of sea ports and airports of both parties for transit of goods to other countries.
Economic Relations. See Annex 12
Economic Relations. South Korea and Germany have strong economic ties, which is the foundation of today’s close bilateral relationship. Globally, South Korea ranked 23rd for imports and 19th for exports among Germany’s trading partners in 2018 (GTAI 2019). In East Asia, South Korea is Germany’s third largest export destination, after China and Japan, and Germany is South Korea’s most important export market in Europe. The bilateral trade volume in 2018 was about 30 billion euros and 273 German companies employ around 34,000 South Koreans. This is remarkable, since production costs in South Korea are higher than elsewhere in Asia, and it shows that there are pull factors for FDI other than low wages and taxes, such as a high level of education, political stability and the rule of law including protection of intellectual property rights, as well as the quality of life for expats. Likewise, Germany is an attractive FDI destination for South Korean enterprises, and many South Korean conglomerates such as Hyundai, LG, and Samsung have their European headquarters in Germany. The two countries have signed an investment promotion and protection agreement (in 1967) and a double taxation treaty (in 2003) (Xxxxxxxx 2017, 260). In 2015, German-South Korean economic relations were adversely affected by the aftermath of the 2015 Diesel-Gate where Volkswagen had used emissions cheating software in 11 million diesel-powered cars worldwide. In response, the South Korean government fined Volkswagen with penalties of around 45 million euros and banned 80 of its models from the Korean market. This resulted in Volkswagen’s almost complete discontinuation of business operations in South Korea, including brands such as Audi, Porsche, and Bentley (Xxxx 2016; Xxxxxxxx 2017, 271). Germany’s most important export goods to South Korea are machinery, automotive vehicles and vehicle parts, chemical products, and data processing equipment. The most important import goods are data processing equipment, electric and optical products, other (non-automotive) vehicles, machinery, and chemical products. As can be seen, the total trade volume in goods has been continuously growing throughout the past eight years. Germany has furthermore developed a pronounced trade surplus with South Korea in the years 2010 to 2015. Since then South Korea has halved the deficit down to a little over 5 billion euros in 2018. Germany’s export-oriented companies initially benefitted significantly from the 2011 EU-Republic of Korea F...
Economic Relations. ... 2. In order to accomplish this goal, the parties agree to the following:
Economic Relations. With a view towards enhancing the prosperity of the peoples of Palestine and Israel, the Parties shall agree as part of the Treaty an Agreement on Economic & Trade Relations (the Economic Agreement) based on the following framework:
