PAI

Government of the State of Kuwait and Government of Polish People's Republic, desiring to develop economic and technical cooperation relationship between their two countries, based on observing the principles of sovereignty, national independence, non-interference in internal affairs, equality of rights and mutual benefits, have agreed on the following:

Article (1)

The two contracting parties agreed to establish a long-term cooperation to develop and implement projects in both countries in chemical/petrochemical industry, civil, industrial buildings and tourism fields, as well as any other field of common benefits. This cooperation can also be extended to cover establishment of joint projects in other countries.

Article (2)

To implement contents of first article, specialized Polish institutions shall supply State of Kuwait with machines, equipment, industrial supplies, manufactured materials and industry requirements of raw materials in Poland. As will providing research and studies, prepare drawings, technical documents, machines fixing & preparations, equipment and industrial supplies provided by them, and it also provides technical training for citizens who will work on these projects.

Article (3)

The two contracting parties agreed that payments for above jobs and services provided by the Polish party to the Kuwaiti party within this agreement shall be in a convertible currency.

Article (4)

Terms of delivery, terms of payment, as well as any obligations of either contracting parties, about the implementation of cooperation projects, shall be determined by independent contracts signed for each project by the companies and institutions specified by the two contracting parties.

Article (5)

Prices of the delivered materials, works and services provided in accordance with this agreement shall be decided on a competitive basis in accordance with the prices of similar products in worldwide markets, in a convertible currency, by the companies and institutions determined by the two contracting parties through direct negotiations.

Article (6)

The two contracting parties agreed to grant reciprocal facilities in respect of capital investments in the country of the other party in accordance with the enforceable regulations conducted in their countries.

Article (7)

Each of the contracting parties shall allow to grant reciprocal facilities in respect of capital investments in the country of the other party in accordance with the enforceable regulations conducted in their countries.

Article (8)

The two contracting parties agreed to form a joint committee for economic and technical cooperation to supervise implementation of this agreement’ articles and to examine development possibilities of economic and technical cooperation relationship between the two countries.

Article (9)

The provisions of this Agreement shall be valid for a period of five years, automatically renewed for another five years, unless one of the parties’ requests terminations by a written note three months prior to date of entry into force. The termination of this agreement will not affect completion of projects under implementation, nor the guarantees issued on basis of this agreement.

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Economic Agreement with Poland