MEMORANDUM OF UNDERSTANDING ON ECONOMIC, COMMERCIAL AND TECHNICAL COOPERATION BETWEEN THE GOVERNMENT OF THE STATE OF QATAR AND THE GOVERNMENT OF BERMUDA

The Government of the State of Qatar and the Government of Bermuda hereinafter referred to as “The Parties",
Desiring to expand and strengthen relationship between the two countries in the areas of economic, commercial and technical cooperation for the mutual benefits of the Parties.
The Parties have agreed as the followings:
ARTICLE (1)
The Parties shall cooperate with each other in accordance with their respective laws and regulations, on the basis of equality, friendship and mutual benefits, in the economic, commercial and technical fields, including industry, mines energy, agriculture, communications, transport, construction, labor and tourism.
ARTICLE (2)
The Parties shall promote and facilitate export and import of their industrial and agricultural products, services, as well as raw materials excluding those prohibited by their respective laws and regulations.
ARTICLE (3)
The Parties shall encourage and facilitate the transport of mutual goods and provision of services between the two Countries via all means belonging to each of them whenever and wherever possible.
ARTICLE (4)
Method of payment and currency used for transactions concluded between natural and legal persons of the Parties within the framework of this Understanding shall be encouraged, the utilization of any international method of payment and freely usable currencies to be agreed upon between the parties concerned.
ARTICLE (5)
Each Party shall:
1. Encourage and facilitate the participation of the businessmen, and representatives of the Chamber of Commerce and Industry and other similar institutions as well as government officials in international fairs and exhibitions which are hold in the territory of the other Party.
2. Permit the other Party to organize fairs and exhibitions in each country and provide each other with all necessary facilities and assistance if possible to achieve its objectives within the framework of their respective laws and regulations.
3. Exempt, subjected to their respective laws and regulations in force, from customs duty or any other fiscal charges for the following items importing in the territory of the Contracting Party which are not intended for sales, namely:
a. Goods and materials for temporary fairs and exhibition which must be returned to the country of origin after the event.
b. Samples of merchandise used for the above mentioned event with no commercial value.
ARTICLE (6)
Each Party shall encourage cooperation and exchange of visits between the representatives of the Chamber of Commerce and Industry and other similar institutions as well as between businessmen in both countries.
ARTICLE (7)
Each Party shall:
1. Encourage cooperation between their governmental and the private institutions and agencies of public interests engaged in technical activities, to set up joint technical and economic projects, as well as exchange of delegates engaging in different technical disciplines to provide required assistance and support.
2. Encourage and facilitate their respective citizens to participate in training and orientation programs relating to the technical and economic fields and coordinate efforts and initiatives in research and development as well as related studies of these domains.
ARTICLE (8)
For the effective implementation of the provisions of this Understanding, and to settle problems which may arise during its execution, the Parties agree to establish a joint trade committee for Economic, Commercial and Technical Cooperation to meet alternatively on periodic basis, as agreed by both parties, in the territory of the two countries following a request from either party to:
1. Propose procedures to facilitate the execution of the provisions of this Understanding,
2. Study possibilities required to enhance the Economic, Commercial and Technical Cooperation between the two countries,
3. Expand and promote commercial relationship and efforts to eliminate obstacles related trade and economic cooperation,
4. Agree to amicably solve problems arising from the interpretation and execution of this Understanding,
5. Agree to suggest any proposals, if necessary, concerning the amendment of this Understanding in pursuing of expanding the scope of commercial and economic relationship between the two countries.
ARTICLE (9)
The Parties hereby agree to undertake all possible means to settle the differences that may arise in relation to the implementation of this Understanding through amicable consultations and negotiations.
ARTICLE (10)
This Understanding shall not take prejudice over other agreements already concluded or will be concluded by either Party or / and with other third party.
ARTICLE (11)
Any supplementary and other amendments to this Understanding shall be made based on mutual consent of the Parties. Such supplementary and other amendments shall be made in the form of separate instruments and will be considered as an integral part of this Understanding, and shall enter into force in accordance with the provisions of Article 12 of this Understanding.
ARTICLE (12)
This Understanding will enter into force upon the date of last notification of its ratification according to legal procedures in force in both countries and it shall remain valid for period of five (5) years and is renewed automatically for a period or periods other similar, unless either party notifies the other party in writing of its intention to terminate it, at least six (6) months prior to the date of expiration or termination through diplomatic channels.
And in case of termination or expiration of this understanding, all the undertakings and obligations arising thereof from any dealing concluded in accordance with the provisions of this Understanding shall remain valid and binding until its final effects agreed upon by the concerned parties.
IN WITNESS WHEREOF the undersigned duly authorized thereto by their respective Governments, have signed this Understanding.
Done in duplicate copy at ? on this day of .../.../14.... corresponding to 9/5/2012, each in Arabic, and English language, All texts are equally authentic, in case of divergent in interpretation, English text shall prevail.

For the Government of
Bermuda
For the Government of
the State of Qatar