Memorandum of Understanding between BICC and IBCCIM

Memorandum of Understanding between BICC and IBCCIM

The IBCCIM and BICC hereinafter called "the Parties" - having taken into account the common aspiration of both Chambers of Commerce, agree to develop mutual co-operation and beneficial relations within the limits of the law of their respective countries:

ARTICLE 1

The Parties shall be co-operative and endeavour to enhance further bi-lateral trade, commerce, services and transport links to include joint economic cooperation; and (as new opportunities emerge) with other countries. This will include the sharing of technology, where appropriate, and the encouragement of investment in joint venture projects.

ARTICLE 2

The Parties shall regularly exchange information and views on the expansion of bi-lateral trade in support of their members. It is agreed further that each Party shall supply the other with all relevant trade information and publications.

ARTICLE 3

The Parties shall endeavour to assist in the resolution of all matters relating to bi-lateral trade.

ARTICLE 4

Letters of introduction from one Party to the other shall be mutually respected and procedures to facilitate and accelerate joint economic trade will be entered into. When necessary, the Parties may offer mediation to assist in the resolution of matters in the best interests of bi-lateral co-operation

ARTICLE 5

The Parties shall assist each other with the organization of pre-agreed promotional arrangements, including in-country reception arrangements and participation in trade exhibitions, fairs and symposia.

ARTICLE 6

The Parties agree to support and encourage the exchange of trade delegations and missions of either individual business representatives or groups.

ARTICLE 7

The Parties shall take all necessary actions to ensure that this Memorandum of Understanding is of mutual benefit at all times and will be reviewed jointly from time to time.

ARTICLE 8

The Memorandum of Understanding shall come into effect as from its date of signing by both Parties.

Signed by duly authorised persons on this (15th) Fifteenth day of November 1999 Tehran.