PAI

Government of the State of Kuwait and Government of the Republic of Turkey (hereinafter referred to as the Parties) desiring to develop commercial relationship between them. Have agreed on the following:

Article (1)

The two parties declare their mutual interest in developing and diversifying commercial relationship between their countries in accordance to the enforceable laws and regulations conducted in both countries.

Article (2)

The competent authorities of both parties shall issue import/export licenses for goods that require prior permission, in accordance to the enforceable laws and regulations conducted in their countries.

Article (3)

Delivery of goods between the two countries is carried out in accordance to the enforceable laws and regulations conducted in both countries and based on contracts concluded natural and/or legal persons authorized to carry out export and/or import operations in both countries.

Article (4)

Prices of goods delivered under this Agreement shall be negotiated and determined by natural and/or legal persons in both countries, within contracts concluded between them, based on convertible currency rates without restrictions.

Article (5)

The two parties shall facilitate and encourage participation in international & markets fairs that are held in the territory of either country, as well as organizing special exhibitions in both countries.

Article (6)

The two parties, within the limits of laws, rules and regulations enforced in both countries, shall allow import/export of the following products exempted from customs duties, taxes, and other similar fees:
A- Samples of merchandise and advertising materials (catalogs, brochures, pictures, etc.) required for purchase orders.
B- Products and merchandise needed for international & markets fairs with condition to re-export it.

Article (7)

All payments between the two countries are made in convertible currency without restriction. In accordance with exchange rate regulations, relevant laws and rules enforced in both countries.

Article (8)

The two parties shall form a joint committee consisting of representatives from both, competences of the following:
   1- Settling problems that may occur during implementation of this Agreement.
   2- Suggesting aimed procedures to strength and expand commercial relationships between both countries.
    3- Make any amendments or add appendixes to this agreement. The Joint Committee shall meet based on either party alternately.

Article (9)

Any amendments or supplemental provisions of this Agreement shall be subject to a written agreement between both parties and shall be enforced according to provisions of the first paragraph of Article 10.

Article (10)

This Agreement shall become effective from date of the last notice in which either party announces fulfilling the legal procedures necessary for implementation of this Agreement.

This agreement shall remain valid for a period of five years and shall be automatically renewed for a similar period or periods, unless either party declares his desire to terminate it six months before expiration of the first period or any subsequent period.

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Commercial Agreement with Turkey