The Council facilitates implementation of agreements concluded within the framework of GUAM, agreements on development of cooperation among business circles and business entities of GUAM Participating States.
The Council is guided by the basic documents of GUAM, treaties concluded among GUAM Participating States, decisions of the Heads of States of GUAM and by this Agreement.
The Council coordinates its activities with executive and working bodies of GUAM.
The Council renders assistance to deepening comprehensive economic cooperation within GUAM, 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 GUAM Participating States, trade, investment activity, rendering services in the sphere of manufacturing and business activities.
The Council creates 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 GUAM Participating States on removal of such obstacles.
The main functions of the Council are:
1. Elaboration of proposals on activation of economic ties among GUAM 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 GUAM Participating States in the field of economic relations aimed at stimulation of cooperation business circles;
4. Promotion of integration of GUAM 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.
The Council is guided by the Rules of Procedure.