Key Benefits:
Law 14.423
ADOPTION OF TRADE PROTOCOL AND CONVENTION ON REGIME OF PAGOS WITH AUSTRIA.
Good morning, 1955.
The Senate and the Chamber of Deputies of the Argentine Nation,
in Congress, etc. _
Article 1. Approve the Commercial Protocol and the Agreement on the Payment Regime between the Argentine Republic and the Republic of Austria, which was signed in the city of Buenos Aires on 24 March of the Year of the Liberator General San Martín, 1950.
Art. 2. Contact the Executive.
TEISAIRE-Reales-Rocamora-Oliver
Annex A: Agreement on payment regime between the Argentine Republic and the Republic of Austria, signed in Buenos Aires on 24 March 1950.- 1950
Art. 1. All payments of any kind, corresponding to direct operations between the Republic of Austria and the Argentine Republic, shall be made in United States dollars under the conditions provided for in this convention and in accordance with the rules of change governing both countries.
Art. 2. All payments referred to in Art. 1 will be made by the credit or debit, as appropriate, of a US dollar account called "Count C. A. A.
(Argentine Austrian Convention)" that the Central Bank of the Argentine Republic, acting on behalf of the Argentine Government, will open on behalf of the Austrian National Bank, which will act on behalf of the Austrian Government. Payment orders will be issued directly between the Central Bank of the Argentine Republic and the National Austrian Bank, but may also be carried out through institutions authorized to operate in change if the two institutions agree.
Art. 3. Notwithstanding the provisions of article 1, by common agreement between the Central Bank of the Argentine Republic and the National Austrian Bank, the above-mentioned payments may be made in another currency than that provided for in the aforementioned article.
Art. 4. Payments from Argentina in favour of residents in Austria for the purchase of goods and other concepts provided for in this agreement shall be made by credit in the account referred to in article. 2. Austria ' s payments in favour of residents in Argentina for the purchase of goods and other concepts provided for in this agreement shall be made through the debit in the account referred to in article. 2 and only to the extent that availability exists in the said account.
Art. 5. Notwithstanding the provisions of the previous article, in order to facilitate Austria ' s acquisition of Argentine products in the first four months of the present convention, the "Country C. A. A." (Argentine Austrian Convention) may issue a debtor balance in favour of Argentina, which at no time during the course of the aforementioned period may exceed the amount of $2,000.000. From that date, and until the total cancellation of the debtor balance that the aforementioned "Count C.A.A. Dollars." (Austrian Argentinian Convention) is due to expire, Austria will only be able to make payments in Argentina for 80% of the funds that enter the same period.
Art. 6. The funds that may be accumulated in the "C.A. A. Dollar Account" in favour of Austria may only be used to make the payments provided for in this agreement and that country may not require reimbursement in another way.
Art. 7. The creditor or debtor balance that until its total cancellation issues the account referred to in the article. 2 will earn or pay interest only to the amount of USD C.A.A. 2,000,000 and only for the amounts exceeding USD C.A.A. 5,000.000.
Interests will be calculated at a rate of 2.75 per cent per year, which will be settled and accounted for at the end of each calendar semester in the Central Bank of the Argentine Republic on behalf of the National Austrian Bank.
Art. 8. At the expiration of this agreement, payments resulting in the liquidation of obligations incurred prior to their expiry, as well as payments made following new business operations that may be concluded only in order to cancel the balance of the account referred to in Article 2, shall be made through that account and in accordance with the provisions of this agreement, which shall remain in force for that purpose, for a period of six months after the termination of the agreement. The Austrian National Bank and the Central Bank of the Argentine Republic shall jointly agree on the procedure to be followed for the liquidation of the obligations arising from the operations provided for in this convention that had not been liquidated within six months and whose expiry would occur after that period. The total balance to be paid to the end of the six-month period amounts to the article ' s account. 2 will be paid in the goods that both governments agree or, in common, in any other way.
Art. 9. Payments provided for in art. 1 will understand: (a) The value of goods originating in the Republics of Austria and Argentina that are exchanged both countries from the date of entry into force of this convention (b) Expenditures payable in the Republics of Austria and Argentina by entities or persons residing in the Argentine Republic and Austria, respectively, related to the exchange referred to in item (a) (c) freight for the transport of goods between the Republics of Austria and Argentina, only when carried out on Argentine and Austrian flagships (d) Remittances of an official nature that the government of one of the High Contracting Parties must make in the territory of the other (e) Any other transfer corresponding to direct operations between the two countries, that a resident in the territory of one of the High Contracting Parties shall make to one resident in the territory of the other. All transfers between the two countries shall be in accordance with the provisions and regulations on the control of changes and the movement of funds with the outside in force in each country at the time of its implementation.
Art. 10. The Federal Government of the Republic of Austria empowers the National Austrian Bank, and the Government of the Argentine Republic authorizes the Central Bank of the Argentine Republic to agree on the following: (a) Any modifications that it deem appropriate to the mechanism established by this agreement to transfer between the two contracting countries (b) The technical and complementary provisions necessary for the realization of such transfers.
Art. 11. Goods originating from third countries that one of the High Contracting Parties acquires in the other cannot be paid through the account created by this agreement unless it is agreed in each case by the Central Bank of the Argentine Republic and the National Austrian Bank.
Art. 12. In order to facilitate the financing of imports in the Argentine Republic of Austrian products, the Central Bank of the Argentine Republic will empower the Argentine authorized institutions to open documentary credits and, reciprocally, the Austrian National Bank will allow Austrian banks to open documentary credits to finance Argentine exports to the Republic of Austria. These operations will be carried out, as until now according to banking practices. Reimbursement should be made through the open account at the Central Bank of the Argentine Republic on behalf of the National Austrian Bank and in accordance with the procedure agreed upon by both institutions.
Art. 13. The Argentine Government reserves the right to ensure in Argentine companies the Argentine goods that are exported to Austria and the Austrian products that are imported in Argentina, when the risks of transport are taken into account by the seller or the buyer, respectively. The Federal Government of Austria reserves the right to ensure Austrian goods exported to Argentina and Argentine products imported in Austria, where the risks of transport are taken into account by the seller or the buyer, respectively.
Art. 14. This agreement shall be ratified in accordance with the constitutional procedure of each High Contracting Party and the exchange of its ratifications shall be made in Vienna as soon as possible. Without prejudice to its timely ratification, the present convention shall begin to govern provisionally the day after its signature and shall govern for one year. After the first year of validity it will be renewable from year to year by tacit reconduction, unless one of the High Contracting Parties reports it three months in advance of the expiry of any year of its validity. In such a case, the provisions of the arts shall continue in force until the total cancellation of the balance of the account referred to in article 2. 4 and 5
In faith of which the plenipotentiaries mentioned above sign the present agreement in two copies of the same tenor, in the Spanish and German languages, equally valid, in Buenos Aires on the twenty-four days of the month of March of the Year of the Liberator General San Martín, a thousand nine hundred and fifty. By the Austrian government, Ricardo Alexander. By the Argentine Government, Hipólito J. Paz, Roberto A. Ares, Alfredo Gómez Morales, José Constantino Barro.
Annex B: Commercial protocol between the Argentine Republic and the Republic of Austria, signed in Buenos Aires on March 24, 1950-
1. Both Governments shall provide the maximum facilities consistent with their respective laws, original natural or manufactured products, from the territory of one of the two countries that are imported into the other, with respect to tax duties, fees or tax charges, and with respect to the administrative procedures and procedures to which the import, circulation, transport and distribution of such goods are subject.
2. The Government of the Republic of Austria will provide facilities for Argentina to purchase the products listed in List A within one year, at prices that are contractually established in each case and at the minimum amounts indicated.
3. The Government of the Argentine Republic will provide facilities for Austria to purchase the products listed in the annexed list B for one year, at the contractually established prices in each case and at the minimum amounts indicated.
4. Both Governments will seek to maintain the balance of values between exports and imports listed in the "A" and "B" lists.
5. The Government of the Republic of Austria is prepared to grant, subject to a particular study in each case of the competent agencies, within the provisions of the regulations in force, the necessary permits for the imports of Argentine products covered by the "B" table and, for its part, the Government of the Argentine Republic is prepared to grant, following a particular study in each case of the competent agencies, within the provisions of the regulations in force, the necessary permits for the imports.
6. In order to expand the commercial exchange of the products provided for in the "A" and "B" tables between the two countries, and to incorporate others into such trade, both Governments will study with the greatest spirit of cooperation the possibility of granting import and export permits outside those provided for in the aforementioned lists. This protocol shall be ratified in accordance with the constitutional procedure of each High Contracting Party and the redemption of its ratifications shall be carried out in Vienna as soon as possible. Without prejudice to its timely ratification, this protocol will begin to govern provisionally the day after its signature.
By the Austrian government, Ricardo Alexander. By the Argentine Government, Hipólito J. Paz - Roberto A. Ares, Alfredo Gómez Morales - José Constantino Barro.