The Governments of Bolivia, Colombia, Ecuador, Peru and Venezuela, Member States of the Andean Community, as one Party, and the Government of the United States of America, as the other Party:

1) Wishing to strengthen the ties of friendship and the spirit of cooperation existing between the Parties;

2) Highlighting the importance of trade and investment to the economies of the Parties;

3) Underscoring the importance of a stable and transparent environment for international trade and investment;

4) Recognizing that it is desirable that trade and investment problems between the Parties should be resolved by mutual agreement as expeditiously as possible;

5) Desiring to work together, in a manner that is consistent with the Marrakesh Agreement establishing the World Trade Organization ("WTO Agreement") and is complementary to the process for the creation of the Free Trade Area of the Americas (FTAA), to identify the steps that would intensify the economic relationships between the Parties;

6) Recognizing the importance of providing adequate and effective protection and enforcement of intellectual property rights, and taking into account the Parties commitments to the protection of intellectual property rights in conventions and agreements to which they are parties;

7) Desiring to ensure that trade liberalization and environmental policies are mutually supportive in furtherance of sustainable development, while avoiding disguised restrictions on trade, in accordance with the WTO and other international obligations;

8) Recognizing the significance to the economic welfare of all Parties provided by working toward observance and promotion of the internationally recognized rights of workers; and

9) Considering that the establishment of a trade and investment council between the Parties would result in mutual benefits.

To this end, the Parties agree as follows:

ARTICLE ONE

To establish between the Governments of Bolivia, Colombia, Ecuador, Peru and Venezuela, Member States of the Andean Community, and the Government of the United States of America, a Trade and Investment Council (hereinafter called "the Council").

The Council shall be multilateral in nature and shall operate in a manner that is complementary to the existing bilateral Trade and investment Councils.

ARTICLE TWO

The Council shall have the following objectives:

1) Promote a dialogue concerning the exchange of goods and services and the flows of investment between the Parties;

2) Identify and propose the adoption of mechanisms that facilitate trade and investment;

3) Promote measures to improve the effectiveness of the Andean Trade Preference Act (ATPA);

4) Identify and work toward the elimination of restrictions on trade and investment, consistent with the WTO Agreement and complementary to the negotiation of the Free Trade Area of the Americas (FTAA), including through bilateral, multilateral, and regional trade agreements;

5) Exchange and review information on our trade and investment relations in order to conduct periodic evaluations of the evolution of said relations;

6) Coordinate efforts in multilateral and regional fora and bodies, such as the FTAA and the WTO;

7) Encourage the organization of business meetings and other complementary activities that broaden trade and investment relations between our respective countries;

8) Consult as appropriate, in a timely and expeditious manner, on any matter of mutual interest to the Parties.

ARTICLE THREE.

The Council shall be composed of ministerial-level representatives of both Parties. In the case of Bolivia, Colombia, Ecuador, Peru and Venezuela, it shall be composed of the Heads of Delegation to the Commission of the Andean Community, and in, the case of the United States, of the United States Trade Representative.

To support their participation in the Council, the Member States of the Andean Community may be assisted by the General Secretariat of the Andean Community.

ARTICLE FOUR

Me Council shall meet at least once every two years and occasionally whenever Parties so agree.

ARTICLE FIVE

The Council shall have the support of an Executive Committee at the senior official level composed of representatives of the Governments of Bolivia, Colombia, Ecuador, Peru and Venezuela, as one Party, and by representatives of the Government of the United States of America, as the other Party. This Committee shall prepare a Work Plan on matters of trade and investment of interest to the Parties and shall carry out the tasks assigned to it by the Council.

To support their participation in the Executive Committee, the Member States of the Andean Community may be assisted by the General Secretariat of the Andean Community.

ARTICLE SIX

The Parties may, in accordance with their internal mechanisms, consult the private sector and other relevant groups of their respective countries on matters related to the work of the Council.

ARTICLE SEVEN

This Agreement is without prejudice to the rights and obligations under the Parties domestic laws and procedures and under international agreements including:

1) The WTO Agreement;

2) Regional agreements and other international instruments to which the Parties are signatories; and

3) The bilateral agreements in matters of trade and investment signed between the Member States of the Andean Community and the United States.

ARTICLE EIGHT

This Agreement shall enter into force on the date of its signature and shall remain in force unless terminated by mutual consent of the Parties or by either Party upon six months written notice to the other Party.

TRANSITIONAL PROVISION

The Executive Committee shall prepare a Work Plan, as referenced in Article Five, within 90 days from the signing of this Agreement.

IN WITNESS WHEREOF, the undersigned, being duly authorized by their respective governments, have signed this Agreement.

Signed at Washington, D.C., in twelve copies, in Spanish and English versions, each being equally valid, on the thirtieth of October of 1998.

For the Andean Community

Government of the Republic of Bolivia
Government of the Republic of Colombia
Government of the Republic of Ecuador
Government of the Republic of Peru
Government of the Republic of Venezuela
 

For the Government of the United States of America