Representatives of structures uniting entrepreneurs, manufacturers and businessmen of GUUAM Participating States, represented by the Heads of Chambers of Trade and Commerce, hereinafter referred to as “the Parties”,

Being guided by the goals and principles of Yalta Charter of GUUAM,

Realizing considerable business potential of GUUAM Participating States,

Taking into account the need for deepening multilateral cooperation among the representatives of business circles of GUUAM Participating States,

Desirous to improve investment and business climate, ensure permanent forum for discussion of the problems of development of business within GUUAM region and active involvement of business community into the processes of GUUAM cooperation,

Have agreed as follows:

Article 1

The Business Council of GUUAM, hereinafter referred to as “the Council”, as a part of organizational structure of the Grouping, shall be established.

Article 2

The Council shall facilitate implementation of agreements concluded within the framework of GUUAM, agreements on development of cooperation among business circles and business entities of GUUAM Participating States.

Article 3

The Council shall be guided by the basic documents of GUAAM, treaties concluded among GUUAM Participating States, decisions of the Heads of States of GUUAM and by this Agreement.

Article 4

The Council shall coordinate its activities with executive and working bodies of GUUAM.

Article 5

The Council shall render assistance to deepening comprehensive economic cooperation within GUUAM, realization of free trade regime, ensuring favorable conditions for transition to a higher level of economic cooperation based on free movement of goods, services and capitals, development of cooperation ties and scientific/technical cooperation among enterprises of GUUAM Participating States, trade, investment activity, rendering services in the sphere of manufacturing and business activities.

Article 6

The Council shall create conditions for permanent exchange of business proposals, search for partners for cooperation, discussion of urgent problems of economic and legal character at the level of businessmen, detection of obstacles preventing active realization of this cooperation, elaboration of proposals to the Governments of GUUAM Participating States on removal of such obstacles.

Article 7

The main functions of the Council shall be:

  1. Elaboration of proposals on activation of economic ties among GUUAM Participating States, as well as of proposals on the ways of intensification of business ties in the interests of business entities;
  2. Elaboration of proposals aimed at development of multilateral cooperation, in particular, in the fields of transportation and energy;
  3. Elaboration of proposals on improvement of national legislation of GUUAM Participating States in the field of economic relations aimed at stimulation of cooperation business circles;
  4. Promotion of integration of GUUAM Participating States into the global business system, development of cooperation with business circles of other countries;
  5. Exchange of information in the field of economic cooperation and investment, formation of common market of business information;
  6. Promotion of organization of specialized exhibitions, seminars, conferences, business-forums etc.;
  7. Other functions, which may be useful for the achievement of goals of the Council.

Article 8

The Council shall be guided by the Rules of Procedure.

Article 9

This Agreement shall be of unlimited duration; it shall enter into force upon signature.

Any Party may withdraw from this Agreement by mutual notification of other Parties on such intention.

This Agreement shall be terminated with regard to such Party on receipt of the aforementioned notification by other Parties.

Done at Yalta on 20 July 2002 in four original copies in the English and Russian languages, all texts being equally authentic.