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Law 13.964
TRADE CONVENTION WITH DINAMARCA
BUENOS AIRES, September 18, 1950
The Senate and the Chamber of Deputies of the Argentine Nation,
in Congress, etc.
_
Article 1.- Approve the agreement on trade and payment regime between the Argentine Republic and the Kingdom of Denmark, signed on 14 December 1948, in the city of Buenos Aires.
Art. 2.- Contact the Executive.
WHOLE - CAMPORA - Zavalla Carbó.
Annex A: Agreement between the Argentine Republic and the Kingdom of Denmark signed on December 14, 1948 in the City of Buenos Aires.
CHAPTER I. General provisions
Art. 1.- The High Contracting Parties declare their intention to strengthen their economic linkages and encourage the exchange of their products by ensuring permanent markets in accordance with their respective national needs.
Art. 2.- The Governments of Denmark and the Argentine Republic ensure the application of strict reciprocity treatment for all commercial and financial operations between the two countries. They will study and resolve with the greatest benevolence the proposals that are mutually formulated to facilitate and increase their economic relations.
Art. 3.- The High Contracting Parties undertake to provide the maximum facilities, consistent with their respective legislation, to natural or manufactured products originating from the territory of one of the two countries that are imported into the other, in the area of rights, fees, taxes or tax charges, and in respect of the administrative procedures and procedures to which the import, circulation, transport and distribution of the same are subject.
Art. 4.- The Governments of Denmark and the Argentine Republic shall take the necessary measures to ensure, within the spirit of the relevant provisions and treaties, respect for the designations of origin and quality that correspond to the exclusive products of one of the two countries, by repressing with application of appropriate sanctions the circulation and sale of those produced in its own territory or in third countries with false denominations of origin, quality or type.
CHAPTER II. Product exchange
Art. 5.- The Argentine Republic will grant facilities to Denmark to enable this country, to the extent of its needs, to acquire within one year of the date on which it begins to govern this Convention, among others, the following Argentine products for the minimum values indicated: PRODUCTS. Value (in thousands of Danish) Cereals for forages, oleaginous cakes, suffocation, meat flour, bone flour and/or blood flour ............................
... 25,000 Crab extract...... 1,000 Lana... 5,000 Vegetable oils......... 6,000 Cueros de vacuno (frigorífico) .. 2,000 different products, such as those specified in Annex Nro. 1 1,000
Art. 6.- Denmark may purchase in the Argentine Republic, within one year, from the date of its commencement of the present Convention, greater quantities of the products indicated in Article 5, to the extent permitted by the Argentine exportable balances, and to a total value of 25,000.000 Danish kronor. These purchases will be paid under the conditions specified in the arts. 18 and 19.
Art. 7.- Denmark will grant facilities to the Argentine Republic to enable this country, to the extent of its needs, to acquire within one year, from the date on which it begins to govern this Convention, among others, the following Danish products for the minimum values indicated: PRODUCTS. Value (in thousands of cor. danesas) Potatoes for seed ....... 1,500 Seeds forages, seeds for vegetables.....................
750 Seeds of cereals...... P. M. PRODUCTS. Value (in thousands of Danish cor.) Cost........................ 1,000 Natural Croilite......... 600 White cement......... P. M. Fishing boats with diesel engine and frigorific installations ..
2000 Machines, apparatuses and works of iron and other metals, including: Diesel and semi-diesel engines for ships and fixed with accessories and spare parts, machines and frigorphic installations with accessories and spare parts, machinery for the dairy industry, separators for milking machines, machinery for refineries of fats and fats, machinery for the construction of roads, installations for the manufacture of fish oil and fish flour, machinery for the extraction of 2 . 30,000 Other industrial products including, chemical and pharmaceutical products ..................... 1,000 various products such as those specified in Annex Nro. 3 . 2,000
Art. 8.- The products indicated in the arts. 5 and 6 will be acquired by Danish-based agencies or firms, or with the intervention of the Argentine Institute for the Promotion of Exchange, unless this Agency prefers to be purchased from another institution or export firms established in the Argentine Republic.
Art. 9.- The products indicated in art. 7 will be acquired by the Argentine Institute for the Promotion of Exchange, other Argentine official agencies or by importing firms established in the Argentine Republic.
Art. 10.- Argentine and Danish products that are exchanged between Denmark and the Argentine Republic will be invoiced at the contractually established prices.
Art. 11.- Exports of Argentine products to Denmark and exports of Danish products to the Argentine Republic shall be subject to the general provisions governing the exporting country at the time of each operation. Imports in Denmark of Argentine products and imports in the Argentine Republic of Danish products shall be subject to the general provisions in force in the importing country at the time of shipment to the marketplace.
Art. 12.- With three months in advance of the expiration of each period of one year in force of this Convention, the High Contracting Parties shall determine Argentine and Danish products which shall be the subject of special exchange between the two countries during the subsequent period of twelve months.
CHAPTER III. Financial arrangements and payment regime
Art. 13.- All payments of any kind pertaining to direct operations between Denmark and the Argentine Republic shall be made in Danish kronor under the conditions provided for in this Convention, and in accordance with the rules of change governing both countries. The payments referred to in article are exempt from the provisions of the preceding paragraph. 18.
Art. 14.- All payments referred to in art. 13, with the exception of the purchases of Argentine products provided for in art. 6, they will be made by the credit or debit, as appropriate, of an account in Danish crowns entitled "special Argentinean account A" that the Danmarks National bank acting on behalf of the Danish Government, will open on behalf of the Central Bank of the Argentine Republic, which will act on behalf of the Argentine Government. The operations may be carried out, either directly between the two named Institutes or through banks or institutions of each country authorized to operate in changes, to which effect the Danish banks will open on behalf of their Argentine correspondents "special accounts" that will be considered sub-accounts of the special account A that the Danmarks National bank will open on behalf of the Central Bank of the Argentine Republic.
Art. 15.- During the validity of this Convention, the creditor Institute shall not request any refund of the total net balance in its favour that may disclose the accounts referred to in the Article. 14, until such time that total net balance does not exceed 40 million Danish kronor.
Art. 16.- The total net balance, creditor or debtor, of the set of special accounts referred to in article 14, shall not earn or pay interest to the amount of thirteen million Danish kronor. The surpluses of this amount will earn or pay interest until their complete cancellation, at the rate of 2 1/2 % per year, which will be settled and accounted for at the end of each calendar quarter in the special A account opened in the Danmarks National bank on behalf of the Central Bank of the Argentine Republic.
Art. 17.- When the total net balance in Danish crowns of the accounts referred to in art. 14, exceeds the limit set in art. 15, the creditor Institute may request, by minimum quotas of one million kronor, the conversion and payment of the surplus in the conditions specified in article. 21.
Art. 18.- Additional purchases of Argentine products referred to in art. 6 will be paid by the Government of Denmark in United States dollars of free availability, up to 15,000.000 Danish crowns.
Art. 19.- Where the Government of Denmark has made full and effective purchases in United States dollars of free availability, referred to in the previous article, the Argentine Government will authorize the acquisitions by the remnant of Danish crowns 10,000.000. These purchases will be settled in Danish crowns that will be credited to a "special Argentinean B account" that will be opened in the Danmarks National bank on behalf of the Central Bank of the Argentine Republic.
Art. 20.- The credit balance of the "Argentina special account B" will accrue interest until its total cancellation, at the rate of 2 1/2 % per year, those that will be liquidated and accounted at the end of each calendar quarter in the "Argentina special account A".
Art. 21.- At the expiration of the time limit of the present Convention, which shall occur in accordance with the provisions contained in the article. 41, the debtor Institute shall cancel the total net balance of the Argentine special accounts A, referred to in article 14, in United States dollars of free availability.
For the conversion to that currency of the balances in Danish crowns, consideration shall be given to the contribution of the United States dollar in Copenhagüue, referred to in Article 28. By common agreement between the Central Bank of the Argentine Republic and the Danmarks National bank, it may be decided that the payment will be made in tuned gold or in good delivery bars or in other currencies.
Art. 22.- It will be used to cancel the credit that the "special Argentinean account B" deposits at the end of the period of validity of this Convention, the value in Danish crowns of the Danish goods that are imported in Argentina from the day after that of that maturity.
Art. 23.- If two years have elapsed since the date of expiration of this Convention, the "Argentinian special account B" shall be credited in affixed gold or in good-delivery bars or in United States dollars of free availability, on the option of the debtor Institute.
Art. 24.- The debtor Institute may at any time fully or partly amortize the balances to its office that would disclose the accounts referred to in the Articles. 14 and 19, the payments must be made under the conditions set out in art. 21.
Art. 25.- The Central Bank of the Argentine Republic will notify the Danmarks National bank on a daily basis of the total Argentine position in Danish crowns, which will include the overall balance in that currency and the balance in the operations to be settled through the accounts referred to in the Articles. 14 and 19. The total cash balance will include the cash positions corresponding to the "Argentine Special Accounts A and B". In case of modification of the price of gold established with the elements indicated in Art. 27, the total Argentine position in Danish crowns will be adjusted by the Danmarks National bank or by the Danish Government in the proportion of the variation. The readjustment will be made through a global seat in the credit or debit, as appropriate, of the "special accounts A and B" of the Central Bank of the Argentine Republic in the Danmarks National bank. The maximum limit in Danish crowns to which the total balance of the accounts may be reached shall also be amended as provided by the Articles. 15 and 19, so that the new limit to the new price of gold equals a quantity of that metal equal to that which represented the previous one to the devaluation or valorization that occurred. The provisions of this article shall apply to the balance of the Argentine special account B and to the transactions that are carried out through it, until they have been completed and that balance is fully cancelled.
Art. 26.- For the adjustment of the Argentine position in Danish crowns, provided for in the previous article, the following procedure shall apply: 1. The adjustment will be made on the position counted and on term telegraphically notified by the Central Bank of the Argentine Republic to the Danmarks National bank at the closing of the operations of the day prior to the modification of the gold price established according to Art. 27 2. Position counted: The Danmarks National bank or the Danish Government will immediately credit or debit, in the special accounts A and B of the Central Bank of the Argentine Republic, the necessary amount of Danish crowns so that the new balance of the Argentinean counted position at the modified price of gold equals a quantity of that metal equal to that represented the balance prior to the devaluation or valuation incurred 3. Position to term: (a) The operations completed on the date of a change in the gold price will be recorded in a new future position (b) The adjustment of the balance of the position at the end of Argentina, prior to the date of a change in the value of the gold, shall be made as the respective operations are liquidated and the foreign exchange in the Argentinean counted position. The Danmarks National bank, or the Danish Government, will increase or decrease the amount of Danish kronor entering the special A and B accounts of the Central Bank of the Argentine Republic, in proportion to the devaluation or valorization that occurred.
Art. 27.- For the application of arts. 17, 18, 21, 23, 24, 25 and 26 of this Convention, the price of gold to be taken into consideration will be determined by the parity of the Danish crown with respect to the US dollar reported by the Danmarks National bank to the International Monetary Fund (now the Danish crown equals 0.185178 grams of fine gold and 1 US dollar equals 4,799 kronor).
Art. 28.- For the implementation of this Convention, the rate of exchange between the Argentine peso and the Danish crown will be that of the US dollar, respectively, in Buenos Aires and Copenhagüue. The type of US dollar in Buenos Aires that will be taken into consideration will be: (a) With respect to the operations that in Argentina should be carried out by the market called the Official Exchange Market, the type that governs in the Market for the operation referred to (b) With respect to the operations that should be carried out in Argentina by the market called the Free Exchange Market, the type of the day in the market. The type of US dollar in Copenhagüue that will be taken into consideration will be the parity of the Danish crown with respect to the US dollar reported by the Danmarks National bank to the International Monetary Fund (currently: 1 Danish crown equals 0,185178 grams of fine gold, and 1 US dollar equals 4,799 kroner).
Art. 29.- When payments are to be made between Denmark and the Argentine Republic and vice versa, pursuant to contracts stipulated in a third currency, the conversion to Danish crowns shall be made: 1. With regard to the operations in the Argentine Republic to be carried out by the market known as the Official Exchange Market on the basis of the type in force in Buenos Aires: (a) With respect to exports to Denmark, the day of payment, and (b) With regard to imports from Denmark on the day of the commencement of the customs clearance order in the Argentine Republic 2. With respect to the operations in the Argentine Republic to be carried out by the market called the Free Exchange Market, according to the parity of the Danish crown with respect to the US dollar reported by the Danmarks National bank to the International Monetary Fund (currently: 1 Danish crown equal to 0 185178 grams of fine gold, and 1 US dollar equal to 4,799 kronor).
Art. 30.- The account that the Central Bank of the Argentine Republic maintains on the date of this Convention in the Danmarks National bank will be closed and its balance transferred to the new Argentine special account.
Art. 31.- The High Contracting Parties agree to: (a) To ensure that the transfers of funds between Denmark and the Argentine Republic made pursuant to this chapter relate exclusively to direct operations between the two territories (b) Authorize the current payments between Denmark and the Argentine Republic, in accordance with the provisions in force in each country regarding changes at the time of the respective transfers (c) To consult with the aim of controlling transfers of capital, in accordance with the principles of their respective policies, especially to prevent transfers that do not have a useful economic purpose (d) To exchange any useful information in order to ensure better control of the implementation of the regulations of changes in force in each of the two countries, and (e) To remain in touch with a view to examining jointly all the technical issues that arise in the implementation of the provisions contained in this chapter and to agree on all the measures that the circumstances make necessary.
Art. 32.- Current payments, provided for in subparagraph (b) of the previous article, include in particular: Official payments Commercial payments, including fixtures and ship expenses Wages, services, subsidies and maintenance expenses Pensions, rents, interests and benefits Exploitation costs, contractual amortizations Rights and expenses for patents and licenses, copyrights Taxes and fines Insurance and reinsurance payments (first and compensation) and any other payment that may be made jointly by the Danmarks National bank and the Central Bank of the Argentine Republic.
Art. 33.- The freights corresponding to the transport of Argentine and Danish products that are exchanged in both countries can be paid in Danish crowns, only when carried out on Danish or Argentine flagships.
Art. 34.- Goods originating from third countries that one of the High Contracting Parties acquires in the other may not be paid through the special accounts created by this Convention, unless agreed in each case by the Danmarks National bank and the Central Bank of the Argentine Republic.
Art. 35.- Both emission institutes will be consulted, as appropriate, to consider authorizing, in accordance with the other monetary authorities concerned, if any:
(a) The use of existing assets in the credit of the accounts referred to in Article 14 to make payments for persons resident outside Argentina or Denmark (b) The acquisition of such persons in Danish kroner for the purpose of their registration in the credit of such accounts.
Art. 36.- The High Contracting Parties shall revisit the provisions of this Convention to make changes to the case, if necessary as a result of adherence to general monetary conventions.
Art. 37.- In advance of no less than ninety days after the expiration of this Convention, the Danmarks National bank and the Central Bank of the Argentine Republic will agree on the form of liquidation of outstanding transactions at the end of the Convention.
CHAPTER IV. Maritime transport
Art. 38.- Ships of each High Contracting Party shall enjoy the jurisdiction of the other the most favourable treatment provided by their respective laws regarding the port regime and the operations to be verified therein.
Art. 39.- The Danish Government will not prevent or impede the participation of Argentine vessels in maritime traffic between Denmark and Argentina.
CHAPTER V. Final provisions
Art. 40.- Any High Contracting Party may promote negotiations to correct, in common with the other, the difficulties of any kind that may arise from the implementation of the provisions contained in this Convention.
Art. 41.- This Convention shall be adopted in accordance with the constitutional procedure of each High Contracting Party. Without prejudice to its timely adoption, this Convention shall begin to govern provisionally within fifteen days of its signature and shall be valid for five years. However, any High Contracting Party reserves the right to denounce it at any time from the expiration of the first year of validity with a six-month notice. In this case, the provisions contained in the articles. 16, 20, 21, 22, 23, 25, 26 and 27 will remain in force until the total cancellation of the balance to which the accounts referred to in the Articles relate. 14 and 19. In faith of which two copies of the same tenor are signed in the Spanish and Danish languages, equally valid, in the city of Buenos Aires, on the fourteenth day of the month of December of the year thousand nine hundred forty-eight.
Humberto Sosa Molina.- Miguel Miranda.- José Gregorio de Elordy.- Helmuth Moller.
Annex 1
Cardada wool fabrics. Fruits dried and preserved. Retreated curds. Drugs. Toilet articles and articles for health. Linen and hemp cellulose. Yerba mate. Ajos. Special cartons. Foods and pastries. Materials for the manufacture of footwear (sleeps, special cotton fabrics) Corn starch. Shark liver oil. Salt vaccinated meat (Family Beef) Wines. Thin wool. Shot.
Supplementary list of discrimination in the category "Mechanics, apparatuses and works of iron", as contained in art. 7 of the Argentine-Danish agreement
Machines for washing and filling of bottles of beer and mineral waters. Oil and beer separators. Plants for the extraction of shark liver oil. Centrifugal capacity pumps over 3,000.000 liters per hour. Electric meters. Material for air defence. Tissue marking machines. Facilities for the transformation of waste. Encapsulating machines. Electric motors of no less than 30 HP. Dust vacuum cleaners. Fire welding machines and pneumatic paint machines.
Agricultural machines (which are in line with the specifications established by the competent Argentine official agencies).
Small grain mills. Scissors for pruning. Communications receivers. Speakers, microphones, pick-ups and accessories. Phones and accessories. Gramophone machines. Machines for accounting, duplicators and calculating machines (of four operations). Manual machines for chopping meat. Hydraulic presses. Knives to cut tobacco. Spraying machines. Machines for shaving sheets. High voltage material. Low voltage groups and switches. Dental tones. Sewing machines for the manufacturing industry. Filters for sugar and winemaking industries. Metal saws. Mechanical drills. Automatic tonings. Rolling and polishing machines. Machines to rectify cylinders. Industrial compressors. Hydraulic elevators. Air conditioning facilities. Air extractors. Frestors. Electromedical devices. Photocopy and photocopy fittings. Passenger buses for public service companies. Water softeners.
Related to the category "Diverses", which appears in art. 7 of the Argentine-Danish agreement
Goods for high-precision laboratories. Stencils for duplicators. Lands, cements and refractory blocks. Tennis and badminton sticks, not matching. Dust mustard for the industry. Special brushes. Rules for calculations, for engineers. Pedernal. Pianos de cola y común. Chemical and biological products for the dairy industry. Aluminum hydroxide. Pepsina and peptona. Chillery. Pediatric bulls (which conform to the specifications established by the competent Argentine official bodies).
