Montenbourg-Omnibus Free Trade Agreement MOFTA



  •                                                                                              KINGDOM OF MONTENBOURG AND OMINBUS FREE TRADE AGREEMENT

    The Kingdom of Montenbourg, and the Government of the Omnibus, resolved to:

    STRENGTHEN the special bonds of friendship and cooperation among their nations;

    CONTRIBUTE to the harmonious development and expansion of world trade and provide a catalyst to broader international cooperation;

    CREATE an expanded and secure market for the goods and services produced in their territories;

    REDUCE distortions to trade;

    ESTABLISH clear and mutually advantageous rules governing their trade; 

    ENSURE a predictable commercial framework for business planning and investment; 

    BUILD on their respective rights and obligations under the General Agreement on Tariffs and Trade and other multilateral and bilateral instruments of cooperation of the World Assembly;

    ENHANCE the competitiveness of their firms in global markets; 

    FOSTER creativity and innovation, and promote trade in goods and services that are the subject of intellectual property rights;

    CREATE new employment opportunities and improve working conditions and living standards in their respective territories; 

    UNDERTAKE each of the preceding in a manner consistent with environmental protection and conservation;

    PRESERVE their flexibility to safeguard the public welfare; 

    PROMOTE sustainable development; 

    STRENGTHEN the development and enforcement of environmental laws and regulations; and 

    PROTECT, enhance and enforce basic workers' rights; 

    HAVE AGREED as follows: 

    Article 101: Establishment of the Free Trade Area The Parties to this Agreement, hereby establish a free trade area. 

    Article 102

    Objectives 1. The objectives of this Agreement, as elaborated more specifically through its principles and rules, including national treatment, most-favored-nation treatment and transparency, are to:

    a) eliminate barriers to trade in, and facilitate the cross-border movement of, goods and services between the territories of the Parties;

    b) promote conditions of fair competition in the free trade area;

    c) increase substantially investment opportunities in the territories of the Parties;

    d) provide adequate and effective protection and enforcement of intellectual property rights in each Party's territory;

    e) create effective procedures for the implementation and application of this Agreement, for its joint administration and for the resolution of disputes; and

    f) establish a framework for further trilateral, regional and multilateral cooperation to expand and enhance the benefits of this Agreement. 

    1. The Parties shall interpret and apply the provisions of this Agreement in the light of its objectives set out in paragraph 1 and in accordance with applicable rules of international law.

      Article 302: Tariff Elimination

    1. Except as otherwise provided in this Agreement, no Party may increase any existing customs duty, or adopt any customs duty, on an originating good. 

    1. Except as otherwise provided in this Agreement, each Party shall progressively eliminate its customs duties on originating goods.

    Article 2202: Amendments

    1. The Parties may agree on any modification of or addition to this Agreement. 
    1. When so agreed, and approved in accordance with the applicable legal procedures of each Party, a modification or addition shall constitute an integral part of this Agreement. 

    Article 2203: Entry into Force This Agreement shall enter into force on March 31, 2018, on an exchange of written notifications certifying the completion of necessary legal procedures.

    Article 2204: Accession 

    1. Any country or group of countries may accede to this Agreement subject to such terms and conditions as may be agreed between such country or countries and the Commission and following approval in accordance with the applicable legal procedures of each country.

    2. This Agreement shall not apply as between any Party and any acceding country or group of countries if, at the time of accession, either does not consent to such application.

    Article 2205: Withdrawal A Party may withdraw from this Agreement six months after it provides written notice of withdrawal to the other Parties. If a Party withdraws, the Agreement shall remain in force for the remaining Parties. 

    Article 2206: Authentic Texts The English, French, Spanish and Gaelic texts of this Agreement are equally authentic.

    IN WITNESS WHEREOF,

    the undersigned, being duly authorized by their respective Governments, have signed this Agreement.

    Shane Raimi,                                                                                                Grace II

    President of Omnibus                                                                                  Queen of Montenbourg


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