Impact Study: UNESCO-Aschberg Programme for Artists and Cultural Professionals

CHAPTER 2 Commercial presence Article 65 Definitions For purposes of this Chapter:

date of entry into force of this Agreement with the aim of enhancing the overall commitments undertaken under this Title. Article 63 Application to the Commonwealth of the Bahamas and the Republic of Haiti With a view to incorporating in Annex IV the commitments of the Commonwealth of the Bahamas and the Republic of Haiti, which shall be compatible with the relevant requirements under the General Agreement on Trade in Services (hereinafter the GATS), the Parties and the Signatory CARIFORUM States shall make changes to this Annexe by decision of the CARIFORUM-EC Trade and Development Committee no later than six months after the signature of this Agreement. Pending the adoption of such decision, the preferential treatment granted by the EC Party under this Title shall not be applicable to the Commonwealth of the Bahamas and the Republic of Haiti. Article 64 Regional CARIFORUM integration 1. The Parties recognise that economic integration among CARIFORUM States, through the progressive removal of remaining barriers and the provision of appropriate regulatory frameworks for trade in services and investment will contribute to the deepening of their regional integration process and the realisation of the objectives of this Agreement. 2. The Parties further recognise that the principles set in Chapter 5 of this Title to support the progressive liberalisation of investment and trade in services between the Parties provide a useful framework for the further liberalisation of investment and trade in services between CARIFORUM States in the context of their regional integration.

(a) “commercial presence”means any type of business or professional establishment through: (i) the constitution, acquisition or maintenance of a juridical person 2 , or (ii) the creation or maintenance of a branch or representative office within the territory of the EC Party or of the Signatory CARIFORUM States for the purpose of performing an economic activity; (b) “investor”means any natural or juridical person that performs an economic activity through setting up a commercial presence; (c) “investor of a Party”means a natural or juridical person of the EC Party or a natural or juridical person of a Signatory CARIFORUM State that performs an economic activity through setting up a commercial presence; (d) “economic activity” does not include activities carried out in the exercise of governmental authority, i.e. activities carried out neither on a commercial basis nor in competition with one or more economic operators; 2. The terms ‘constitution’and ‘acquisition’of a juridical person shall be understood as including capital participation in a juridical person with a view to establishing or maintaining lasting economic links. When the juridical person has the status of a company limited by shares, there is a lasting economic link where the block of shares held enables the shareholder, either pursuant to the provisions of national laws relating to companies limited by shares or otherwise, to participate effectively in the management of the company or in its control. Long-term loans of a participating nature are loans for a period of more than five years which are made for the purpose of establishing or maintaining lasting economic links; the main examples being loans granted by a company to its subsidiaries or to companies in which it has a share and loans linked with a profit-sharing arrangement.

78

Culture in the CARIFORUM-EU EPA