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by Al ghaliboun. . 30 reads.

Terms Of Foreign Investment In The Grand Development Program

TERMS OF FOREIGN INVESTMENT
IN THE GRAND DEVELOPMENT PROGRAM
_______________

        PREAMBLE
        _______________

            THE SUPREME IMAM OF THE ABBASIYAH REPUBLIC,

            THE PRESIDENT OF THE ABBASIYAH REPUBLIC,

            THE MINISTER OF ECONOMICS & COMMERCE,

            THE MINISTER OF ENERGY,

            THE MINISTER OF INFRASTRUCTURE,

            THE SECRETARY GENERAL OF THE COUNCIL OF EGYPTIAN-ASIAN ECONOMIC RELATIONS,

            RESOLVED to ensure the economic and social progress of all contracting parties by common
            action to innovate and reform modes of global trading networks,

            AFFIRMING as the essential objective of their efforts the constant improvement of the
            living and working conditions of Egyptian citizens,

            ANXIOUS to strengthen and develop a new and more efficient trade network between
            Asia and Europe utilizing Egyptian geographic strengths and the forging of a close working partnership between
            Egypt and all contracting parties,

            DESIRING to contribute, by means of a common investment policy, to the progressive
            abolition of trading monopolies that favour non-Asian powers,

            INTENDING to confirm the solidarity which binds Egypt and Asia
            and desiring to ensure the development of their prosperity, in accordance with the
            principles of the Charter of the United Nations, and fiscal wills of all parties in subordination
            to legal Egyptian economic laws,

            RESOLVED by thus pooling their resources to preserve and strengthen peace and
            liberty, and calling upon the other peoples of the Middle East and by extension Asia who share their ideal to join in
            their efforts,

            HAVE DECIDED to create the Council of Egyptian-Asian Economic Relations



            PART 1

            GOVERNING PRINCIPLES OF FOREIGN INVESTMENT
            _______________

            Article 1
            By this Treaty, the HIGH CONTRACTING PARTIES establish among themselves a COUNCIL OF EGYPTIAN-ASIAN ECONOMIC RELATIONS

            Article 2
            All foreign investment shall have as its task, providing the financial and technical expertise towards the full realization of THE GRAND DEVELOPMENT PROGRAM. The contracting parties involved, wether public or private ventures, shall comply and not contradict the domestic economic wills and laws of the Abbasiyah Republic. Hereby, all foreign investment from all parties shall be pooled into a joint investment fund, that shall be managed by the Council of Egyptian-Asian Economic Relations (CEAEC), as to ensure financial accountability, corruption protection and the effective and efficient usage of financial resources as to guarantee economic advancement for all involved parties as well as fairness. The CEAEC shall be the primary representative of Egypt when negotiating investment contracts of any kind with other contracting parties.

            Article 3
            1. For the purposes set out in Article 2, the activities of the CEAEC shall include, as provided in this Treaty and in accordance with the following governing principles:
            (a) the maintenance of the full economic independence of all involved countries as the core goal of the CEAEC;
            (b) a common investment policy;
            (c) an investment market characterized by full parity and knowledge of financial transactions to all contracting parties;
            (d) measures concerning the entry and movement of persons as provided by Egyptian law and regulation;
            (e) a common policy in the sphere of infrastructure development;
            (f) a common policy in the sphere of agricultural development;
            (g) a system ensuring that investment competition in the program is not distorted;
            (h) the approximation of the laws of contracting to the extent required for the functioning of investment programs;
            (i) the promotion of coordination between investment policies of the contracting parties with a view to enhancing their effectiveness by developing a coordinated strategy for participation in Egyptian development;
            (j) a policy in the industrial sphere comprising an Egyptian Industrial Fund;
            (k) the strengthening of economic cohesion between participants;
            (l) a policy in the sphere of the environment;
            (m) the strengthening of the competitiveness of Egyptian industry and trading networks;
            (n) the promotion of research and technological development;
            (o) encouragement for the establishment and development of trans-Egyptian networks in rail, sea and other modes;
            (p) a contribution to the attainment of a high level of health protection for all employees and labourers, in accordance with Egyptian law;
            (q) a contribution to education and training of quality of Egyptian labourers to take on the roles required for a successful accomplishment of the projects;
            (r) a policy in the sphere of development cooperation;
            (s) the association of the overseas countries and territories in order to increase trade and promote jointly economic and social development in Egypt;
            (t) a contribution to the strengthening Egypt as the linch-pin of trade between Asia and Europe;
            (u) measures in the spheres of energy, civil protection and tourism as well as Asian participation in the planned tax free and economic exclusive zones.

            2. In all the activities referred to in this Article, the shall aim to eliminate inequalities, and to promote equality, between men and women in the workforce used.

            Article 4
            These activities of the contracting parties shall entail compliance with the following guiding principles: stable prices, sound public finances and monetary conditions and a sustainable balance of payments.

            Article 5
            The CEAEC shall act within the limits of the powers conferred upon it by this agreement and of the objectives assigned to it therein within sole respect to Egyptian land, airspace and territorial waters.

            Article 6
            Environmental protection requirements must be integrated into the definition and implementation of the actions of member policies and activities referred to in Article 3, in particular with a view to promoting sustainable development.

            Article 7
            Contracting parties shall take all appropriate measures, whether general or particular, to ensure fulfilment of the obligations arising out of this Treaty or resulting from action taken by the institutions of the project. They shall facilitate the achievement of the CEAEC's tasks.

            They shall abstain from any measure which could jeopardize the attainment of the objectives of this agreement.

            Article 10
            Within the scope of application of this agreement, and without prejudice to any special provisions contained therein, any discrimination on grounds of nationality shall be prohibited.


            PART 2
            TITLE I
            ENHANCING ASIAN TRADE TO EUROPE IN RELATION TO EGYPT
            _______________

            Article 11
            1. The constructed infrastructure with investment help shall provide Asian economies a more efficient trading networks to markets in Europe and Africa, cutting down on time and fuel costs for transport mechanisms, thereby making Asian exports more competitive, while benefitting Egypt via the construction and main domestic beneficiary of such construction and the flow of trade within such networks. Stating this aim to be the core purpose of investment in Egypt, within the wider framework of this agreement.

            2. The provisions of the agreement of this title shall apply to products originating in contracting parties and to products coming from third countries which are in free circulation in global markets via the usage of Egyptian trade networks.

            3. Stating that the CEAEC's tasks do not manage or hold influence over the decision of the Egyptian Government to enhance direct trading relations with contracting parties, instead Egypt seeks to be the main artery of Asian trade to European markets and beyond, and benefit from that position.

            Article 12
            Products coming from a third country shall be considered to be in free circulation in the network if the import formalities have been complied with and any customs duties or charges having equivalent effect which are payable have been levied in Egypt, and if Egypt has not benefited from a total or partial drawback of such duties or charges.

            PART 3
            MEANS OF LEGAL ENFORCEMENT
            _______________

            Article 13
            All contracting parties agree to accept and give precedent to Egyptian law and legal mechanisms, and that a violation of the law (including the provisions of the CEAER) or refusal to comply with Egypt's sovereignty, shall provoke the below articles. All contracting parties accept legal liability for their actions before the law and the CEAER.

            Article 14
            The immediate freezing of fiscal and technical investment assets within Egypt by the Egyptian Government, so long as such violations are not dealt within the context of Egyptian legal decrees, which include compensation towards Egypt at a base line of 51% of the original investment's value, however detailing that such a percentage is subject to change per the wills of Egyptian legal enforcing mechanisms.

            Article 15
            Should any contracting party wish to end its participation in the CEAER and by extension their investment in the GRAND DEVELOPMENT PROGRAM :

            (a) full financial compensation, of at least 51% of the total value of the 'withdrawn investment', towards Egypt and other participants in the individual project(s) that has been formally-supported by the party in question;
            (b) the beginning of negotiations between Egypt and the party in question regarding further details of withdrawal, including a timetable of such withdrawal, which is subject to the desire of Egypt per the compensation highlighted in section 'a' of Article 15;
            (c) the requirements of the party in question to disclose the nature of its withdrawal to the CEAER;
            (d) the need to avoid serious disturbances in the investment program by ensuring the full repatriation and transfer of assets previously dedicated to the project as to not compromise its wider success with relation to the remaining contracting parties.

Al ghaliboun

Edited:

RawReport