MEMORANDUM OF UNDERSTANDING BETWEEN THE GOVERNMENT OF THE FEDERATIVE REPUBLIC OF BRAZIL AND THE GOVERNMENT OF GEORGIA ON ECONOMIC COOPERATION
The Government of the Federative Republic of Brazil
The Government of Georgia (hereinafter referred to as the “Parties”),
Aiming to strengthen and develop economic relations between their countries,
Have agreed as follows:
1. The Parties will promote the development of mutually beneficial bilateral economic cooperation in accordance with the legislation of their respective States
2. Cooperation implemented under the present Memorandum of Understanding aims:
a) to use the economic potential of the Parties for strengthening bilateral economic relations; and
b) to intensify bilateral economic relations, inter alia in trade, investment and innovation spheres.
1. Cooperation specified in Article 1 of this Memorandum of Understanding will be implemented as follows:
a) cooperation between economic organizations of the Parties;
b) promotion of different forms of experience sharing in economic and trade spheres, including exchange of experts and technical staff and organization of trainings; and
c) facilitation of participation in exhibitions and fairs, business missions and other promotion events organized on the State territories of the Parties.
2. Cooperation between the Parties will not be limited to the forms specified in this Article and may also be implemented in other ways.
1. Relevant bodies of the Parties will promote the establishment and the activities of representative offices, branches and subsidiaries of companies from the territory of the State of one Party in the territory of the State of the other Party.
2. Procedures for the establishment and implementation of activities of representative offices, branches and subsidiaries will be determined by the legislation of the Party, on whose territory these organizations carry out their activities.
Relevant bodies of the Parties will, in accordance with the legislation of the Parties, exchange information related to:
1. legislation regarding conditions for economic activity, investments, technical requirements and conformity assessment procedures, issuance of licenses, permits, protection of industrial and intellectual property rights and other areas of common interest; and
2. activities aimed at strengthening relations between companies and business associations of the Parties, including organization of international exhibitions, fairs and business missions.
1. This Memorandum of Understanding will not lead either Party to take any actions that is contrary to, or inconsistent with, its international obligations or its domestic legislation.
2. This Memorandum of Understanding does not involve any transfer of funds from one of the Parties to the other or any other activity that may represent a burden to their national treasuries, beyond regular diplomatic and trade promotion activities.
3. This Memorandum of Understanding will come into effect on the date of its signature and will remain valid indefinitely.
4. This Memorandum of Understanding may be amended by mutual consent of the Parties through diplomatic channels.
5. Either Party may, at any time, notify the other through diplomatic channels of its decision to discontinue this Memorandum of Understanding. The Memorandum of Understanding will be terminated ninety (90) days after the date of receipt of the notification.
Done in Brasilia, on 16 April 2012, in duplicate, in Portuguese, Georgian and English languages, all texts being equally authentic. In case of divergence of interpretation the English text shall prevail.