Article III Economic cooperation

The Contracting Parties, in the light of the complementarity of their economies and of their capabilities and long-term economic aspirations, shall foster mutual economic cooperation in all fields deemed suitable by the Contracting Parties. Among the objectives of such cooperation shall be:

• the development and prosperity of their respective industries,

• the encouragement of technological and scientific progress,

• the opening up of new sources of supply and new markets,

• the creation of new employment opportunities,

• the reduction of regional disparities,

• the protection and improvement of the environment,

• generally to contribute to the development of their respective economies and standards of living.

As means to such ends, the Contracting Parties shall as appropriate encourage and facilitate inter alia:

• broader inter-corporate links between their respective industries, especially in the form of joint ventures,

• greater participation by their respective firms in the industrial development of the Contracting Parties on mutually advantageous terms,

• increased and mutually beneficial investment,

• technological and scientific exchanges,

• joint operations by their respective firms and organizations in third countries.

The Contracting Parties will as appropriate encourage the regular exchange of industrial, agricultural and other information relevant to commercial and economic cooperation as well as the development of contacts and promotion activities between firms and organizations in these areas in the Communities and Canada.

Without prejudice to the relevant provisions of the Treaties establishing the Communities, the present Agreement and any action taken thereunder shall in no way affect the powers of the Member States of the Communities to undertake bilateral activities with Canada in the field of economic cooperation and to conclude, where appropriate, new economic cooperation agreements with Canada.