|
|
|
ARTICLE 48 |
| Subject to the provisions of Articles
51
and
52,
current payments connected with the movement of goods, persons, services and capital
within the framework of this Agreement shall be free of restrictions. |
|
ARTICLE 49 |
| 1. | Within the framework of the
provisions of this Agreement, subject to the provisions of Articles 50
and 51,
and without prejudice to Annex VI referred to
in Article 30(2)(a),
there shall be no restrictions on the movement of capital from the Community to Jordan and
on the movement of capital involving direct investment from Jordan to the Community. |
| 2. | The outflow of Jordanian capital to the
Community, other than direct investment, shall be subject to the prevailing laws in
Jordan. |
| 3. | The
Parties will hold consultations with a view to achieving complete liberalization of
capital movements as soon as conditions are met. |
|
ARTICLE 50 |
Subject to other provisions in this
Agreement and other international obligations of the Community and Jordan, the provisions
of Article 49 shall be without
prejudice to the application of any restrictions which exist between them on the date of
entry into force of this Agreement, in respect of the movement of capital between them
involving direct investment, including real estate, and establishment. |
However, the transfer abroad of investments made in
Jordan by Community residents or in the Community by Jordanian residents and of any
profits stemming therefrom shall not be affected. |
|
ARTICLE 51 |
Where, in exceptional circumstances,
movements of capital between the Community and Jordan cause, or threaten to cause, serious
difficulties for the operation of exchange rate policy or monetary policy in the Community
or Jordan, the Community or Jordan respectively may, in conformity with the conditions
laid down within the framework of the GATS and with Articles VIII and XIV of the Articles of Agreement of the
International Monetary Fund, take safeguard measures with regard to movements of capital
between the Community and Jordan for a period not exceeding six months if such measures are strictly
necessary. |
|
ARTICLE 52 |
Where one or more Member States of the
Community or Jordan face or risk facing serious difficulties concerning balance of
payments, the Community and Jordan respectively may, in conformity with the conditions
laid down within the framework of the GATT and with Articles VIII and XIV of the Articles of Agreement of the
International Monetary Fund, take restrictive measures with regard to current payments if
such measures are strictly necessary. The
Community or Jordan, as appropriate, shall inform the other Party immediately thereof and
shall provide as soon as possible a timetable for the removal of such measures. |
CHAPTER 2 |
|
ARTICLE 53 |
| 1. | The
following are incompatible with the proper functioning of the Agreement, insofar as they
may affect trade between the Community and Jordan: |
|
(a) |
all agreements between undertakings, decisions by associations of
undertakings and concerted practices between undertakings which have as their object or
effect the prevention, restriction or distortion of competition; |
|
(b) |
abuse by one or more undertakings of a dominant position in the
territories of the Community or Jordan as a whole or in a substantial part thereof; |
|
(c) |
any public aid which distorts or threatens to distort competition
by favouring certain undertakings or the production of certain goods. |
|
| 2. | Any practice contrary to this Article shall be assessed on the basis of the criteria resulting from the application of the rules contained in Articles 85, 86 and 92 of the Treaty establishing the European Community, and, for products covered by the Treaty establishing the European Coal and Steel Community, by those contained in Articles 65 and 66 of that Treaty and the Community rules on State aids, including secondary legislation. |
| 3. | The Association Council shall, within five
years of the entry into force of the Agreement, adopt by decision the necessary rules for
the implementation of paragraphs 1 and 2. |
| Until these rules are
adopted, the provisions of the Agreement on interpretation and application of Articles VI, XVI and XXIII of the
GATT shall be applied as the rules for the implementation of paragraph 1(c)
and the relevant parts of paragraph
2. |
| 4. | (a) |
For the purposes of applying
the provisions of paragraph 1(c),
the Parties recognize that, during the first five years of the
entry into force of the Agreement, any public aid granted by Jordan to undertakings shall
be assessed taking into account the fact that Jordan shall be regarded as an area
identical to those areas of the Community where the standard of living is abnormally low
or where there is serious underemployment, as described in Article 92(3)(a)
of the Treaty establishing the European Community. |
|
| (b) | Each Party shall ensure
transparency in the area of public aid, inter alia by reporting annually to the other
Party on the total amount and the distribution of the aid given and by providing, upon
request, information on aid schemes. Upon
request by one Party, the other Party shall provide information on particular individual
cases of public aid. |
||
| 5. | With regard to products referred to in
Title II, Chapter 2: |
||
- |
Paragraph 1(c)
does not apply; |
||
- |
any practices
contrary to paragraph 1(a)
shall be assessed according to the criteria established by the Community on the basis of
Articles 42
and 43
of the Treaty establishing the European Community and in particular those established in
Council Regulation |
||
| 6. | If
the Community or Jordan considers that a particular practice is incompatible with the
terms of paragraph 1, and: |
- |
is not
adequately dealt with under the implementing rules referred to in paragraph 3,
or |
||
| in the absence of such rules,
and if such practice causes or threatens to cause serious prejudice to the interest of the
other Party or material injury to its domestic industry, including its services industry, |
it may take appropriate measures after consultation
within the Association Committee or after thirty working days following referral for such
consultation. With reference to practices incompatible with paragraph 1(c) of this Article, such appropriate measures, when the GATT is applicable to them, may only be adopted in accordance with the procedures and under the conditions laid down by the GATT or by any other relevant instrument negotiated under its auspices and applicable to the Parties. |
| 7. | Notwithstanding any provisions to the
contrary adopted in conformity with paragraph 3, the Parties shall
exchange information taking into account the limitations imposed by the requirements of
professional and business secrecy. |
|
ARTICLE 54 |
|
| The Member States and Jordan
shall progressively adjust, without prejudice to their commitments respectively taken or
to be taken under the GATT, any State monopolies of a commercial character, so as to
ensure that, by the end of the fifth year following
the entry into force of this Agreement, no discrimination regarding the conditions under
which goods are procured and marketed exists between nationals of the Member States and
Jordan. The Association Committee will be
informed about the measures adopted to implement this objective. |
|
|
ARTICLE 55 |
|
| With regard to public enterprises and
enterprises to which special or exclusive rights have been granted, the Association
Council shall ensure that as from the fifth year following the date of entry into
force of this Agreement there is neither enacted nor maintained any measure distorting
trade between the Community and Jordan to an extent contrary to the Parties' interests.
This provision should not obstruct the performance
in law or in fact of the particular tasks assigned to these enterprises. |
|
|
ARTICLE 56 |
|
| 1. | Pursuant to the provisions of this Article and of Annex VII, the Parties shall grant and ensure
adequate and effective protection of intellectual, industrial and commercial property
rights in accordance with the highest international standards, including effective means
of enforcing such rights. |
| 2. | The implementation of this Article and of Annex VII shall be regularly reviewed by the
Parties. If problems in the area of
intellectual, industrial and commercial property affecting trading conditions were to
occur, urgent consultation shall be undertaken, at the request of either Party, with a
view to reaching mutually satisfactory solutions. |
|
ARTICLE 57 |
| The
Parties shall aim to reduce differences in standardization and conformity assessment.
To this end the Parties shall conclude where
appropriate agreements on mutual recognition in the field of conformity assessment. |
|
ARTICLE 58 |
The Parties agree on the objective of a gradual
liberalization of public procurement. The
Association Council will hold consultations on the
implementation of this objective. |