Pakistan and Cuba to sign agreement for JEC

Pakistan and Cuba to sign agreement for JEC
MUSHTAQ GHUMMAN

ISLAMABAD (May 17 2009): Pakistan and Cuba are to sign an agreement for
the establishment of a Joint Economic Commission (JEC), official sources
told Business Recorder here on Saturday. They said that Federal Cabinet
in its decision on April 23, 2008 had allowed the Economic Affairs
Division (EAD) to start negotiations on the draft agreement that would
establish the JEC between the two countries.

Accordingly, the draft agreement was negotiated through diplomatic
channels between Pakistan and Cuba. The Ministries of Foreign Affairs
and the Law and Justice proposed major changes in the first version of
the agreement, which have been incorporated in the final version.
Sources said that the Ministry of Industries and Production had proposed
inclusion of specific/priority areas like co-operation in small and
medium enterprises (SMEs) sector in the agreement.

The EAD was of the view that since the JEC agreement would be an
umbrella agreement for economic co-operation, it should cover the entire
gamut of economic co-operation and specific areas/agenda may be decided
at the time of holding of the JEC meeting. As such, it is not necessary
to mention each and every sector in the main agreement.

Under the above agreement, co-operation will be undertaken in accordance
with the national laws of both contracting parties pursuant to general
principle of international law and will include;

(a) the undertaking of feasibility studies to identify viable investment
projects;

(b) incorporation of international economic associations;

(c) the granting of scholarships for specialised studies, professional
development, technical education and vocational training;

(d) the provision or exchange of specialists and other professionals to
provide services for defined projects and programmes on mutually agreed
terms and conditions by the parties;

(e) the provision or exchange of the required equipment and appliances
for the implementation of defined programs and projects of technical
co-operation; and;

(f) any other co-operation modality that is convenient and of mutual
interest to the parties. Sources said the final draft of the proposed
agreement had been submitted to the Federal Cabinet in its meeting on
May 6, 2009, which was approved as recommended by the EAD.

Business Recorder [Pakistan's First Financial Daily] (18 May 2009)

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