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1 THIS MEMORANDUM OF AGREEMENT AND COOPERATION is made the 24th d-ay of July, 1991 between THE CHINA EXTERflJAL TRADE DEVELOPIMENTCOUNCIL OF TAIWAN, THE REPUBLIC OF CHINA having its registeredaddress on 4-8 Floors, 333, Keelung Road, Section 1, Taipei, Ta-iwan 105, Republic of China, hereinafter referred to as "CETRA"and THE KOREA CHAMBER OF COMMERCE AND INDUSTRY having its regis-tered address at 45, Namdaemunno 4-ga, Chung-gu, Seoul, Korea h-ereinafter referred to as the "KCCI", both hereinafter called t-he "Contracting Parties".WHEREAS:CETRA and KCCI have been authorized by the customs authoritiesof their respective countries to act as the sole issuing and gu-aranteeing organizations in the mutual implementation of the A.T. A. Carnet system in order to facilitate the procedures for t-he temporary duty-free importation of goods AND WHEREAS CETRA a-nd KCCI wish to formally lay down a Memorandum of Agreement andCooperation between themselves.IT IS THEREFORE HEREBY AGREED that CETRA and the KCCI agree tothe following:1 The present Memorandum relates to the temporary admission ofall goods which can circulate freely for international tradepurposes under the following conventions and according to themodalities set forth therein:- Customs Convention to facilitate the importation of commerc-ial samples and advertising material, signed in Geneva on 7November 1952;- Customs Convention on the temporary importation of professi-onal equipment, done at Brussels on 8 June 1961;- Customs Convention concerning facilities for the importationof goods for display or use at exhibitions, fairs, meetingsor similar events, done at Brussels on 8 June 1961;- Customs Convention on the ATA Carnet for the temporary admi-ssion of goods (ATA Convention), done at Brussels on 6 Dece-mber 1961;- All other international conventions or agreements between c-ustoms administrations relating to temporary admission oper-ations under the laws and/or regulations applicable in theterritory of temporary admission.The Memorandum will be implemented according to the rules laiddown:- in the ATA Convention,- in the statement of the International Bureau of Chambers ofCommerce of the International Chamber of Commerce and its i-mplementing directives-present and future,- and in the present Memorandum.2. For the purposes of the present Memoranduma) the term "import duties" means customs duties and all oth-er duties and taxes payable on or in connection with impo-rtation, and shall include all internal taxes and exciseduties chargeable on imported goods, but shall not includefees and charges which are limited in amount to the appro-ximate cost of services rendered and do not represent anindirect protection to domestic products or a taxation ofimports for fiscal purposes;b) the term "temporary admission" means temporary importati-on free of import duties in accordance with tltne conditi-ons laid down by the above Conventions or by the nationallaws and regulations of the country of importation;c) the term "transit' means the conveyance of goods from a c-ustoms office in the territory of a Contracting Party toanother customs office within the same territory, in acco-rdance with the conditions laid down in the national laws and regulations of that contracting party;d) the term "temporary admission carnet" means the documen- ts issued and accepted by either of the Contracting Parti-es, and its form will be determined by the Contracting Pa-rties through further discussion.3. When both parties have been approved by their national custo-ms authorities for the purpose of guaranteeing the payment ofimport duties in respect of goods which are the subject of t-he present Memorandum, both parties are entitled to guaranteethe payment of import duties in respect of goods despatchedby their nationals to each other's country.Both parties shall obtain approval in advance from their res-pective foreign exchange control offices for the settlementof all debts contracted visa-vis on account of these guarant-ees.4. The conditions for the grant of guarantee shall be freely de-termined by each party. When the guarantee is granted, the a-uthorized guarantor organization shall affix its visa in acc-ordance with a model form confirmed by both parties on the t-emporary admission carnet before issuing it to the bearer.5. The guarantee granted shall be surety for the payment of the import duties which would be due to the customs authoritiesof the importing country in the event of the goods in questi-on introduced into the said country not being re-exported wi-thin the prescribed period. The guarantee shall further cov-er, up to 10% of the amount of the import duties, the paymentof any other sum which would have had to be deposited by theimporter if there had been no guarantee.6. When the goods covered by the guarantee given by the authori-zed guarantor organization in the country of origin are intr-oduced into the country of destination, the guarantee of theauthorized guarantor organization in the latter country shallimmediately and automatically be substituted for the originalguarantee.7. Should the merchandise covered by the guarantee not be dulyre-exported from the importing country within the presdribedperiod and thus become liable for import duties, the authori-zed guarantor organization in that country shall pay the imp-ort duties due to the creditor customs administration.8. The party which shall thus have settled the import duties inrespect of merchandise covered by the guarantee shall requestthe other party to refund the duties paid on behalf of the i-mporter.9. Calls for repayment shall be accompanied by proof of payment(customs receipts) in original or dulycertified photocopy.Repayment shall be made within two months after receipt of p-roof of payment.Both parties may, however, decide to stride a balance of thesums repaid which are inferior to US$10,000, in such a casesettlement may be made by bilateral compensation or set-off,the accounts being submitted twice a year, in June and Decem-ber.10. All differences, disputes or contestations between the Cont-racting Parties in connection with the implementation of the present Memorandum shall, upon failure to reach agre-ement thereon, be finally settled by one or more arbitratorsto be appointed by the Contracting Parties on a case-by-casebasis.11. This Memorandum shall come into force on the date of signat-ure thereof and shall remain in force until the expiry of 90days from the date on which either of the parties shall havegiven the other party notice in writing of its intention toterminate the Memorandum.Any revision of this Memorandum, or the termination thereof,shall be effected without any prejudice to any rights or ob-ligations accruing or incurred under this Memorandum priorto the effective date of such revision or termination.SIGNED SEALED AND DELIVERED by the said AGUSTIN TINGTSU LIUSecretary General of the CHINA EXTERNAL TRADE DEVELOPMENT C-OUNCIL [Signed]SIGNED SEALED AND DELIVERED by the said CHA SANG-PIL Execut-ive Vice President of the KOREA CHAMBER OF COMMERCE AND IND-USTRY (Signed)