MEMORANDUM OF UNDERSTANDING BETWEEN GOVERNMENT OF THE REPUBLIC OF SENEGAL AND THE GOVERNMENT OF THE REPUBLIC Of THE PHILIPPINES ON TRADE COOPERATION

Desiring to promote further trade relations between the two countries within the framework of South-South Cooperation; and

After bilateral discussion during the working visit of His Excellency Abdou Diouf to the Philippines to explore and pursue various avenues of cooperation;

Have agreed as follows:

I
The Government of the Republic of Senegal and the Government of the Republic of the Philippines shall continue to explore ways and means to further improve the levels of trade between the two countries.

II
Under the terms of ·this Memorandum of Understanding, both Parties have agreed to pursue a concept that should allow the Philippines to send fertilizer products to a third country for the account of Senegal in exchange for an additional volume of phosphate rock that the Philippines will obtain from Senegal through the Senegalese Phosphate Co.

III
The Government of the Republic of the Philippines express its interest to ship up to 100,000 m.t. of various Philippine manufactured phosphates fertilizer under the 3-way concept provided for in the preceding article.

IV
The Government of the Republic of Senegal expresses its interest to increase its supply of phosphate rock made to the Philippines under the same concept. It is further understood that the phosphate rock that will be obtained pursuant to this Memorandum of Understanding will be over and above the present level of phosphate rock purchases by the Philippine Phosphate Fertilizer Corporation.

V
Both Parties agreed to designate the appropriate agencies who shall meet at the earliest possible date to discuss and pursue the modalities of the three (3) way concept.

VI
This Memorandum of Understanding shall take effect upon signature and shall continue to be in force for a period of five years unless sooner terminated by either Government by six months prior notice in writing.

VII

This Memorandum of Understanding may be amended at any time with the mutual concept of both Governments.

VIII

Any dispute arising out of the interpretation or implementation of this Memorandum of Understanding shall be settled amicably by consultation or negotiation between the two Governments.

Done in Manila, this 4th day of June 1990.

  

FOR THE GOVERNMENT OF THE REPUBLIC OF SENEGAL	FOR THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES
(Sgd.) SEYDINA OUMAR SY Minister of Foreign Affairs	(Sgd.) RAUL S. MANGLAPUS Secretary of Foreign Affairs US

Entry into Force: June 4, 1990