Magazine article International Trade Forum

Joint Venture Contracts: Fifty-Five Minds for a Model

Magazine article International Trade Forum

Joint Venture Contracts: Fifty-Five Minds for a Model

Article excerpt

A worldwide premiere: ITC joint venture model contracts for SMEs.

It is September 2002. In a large conference room in Geneva, under the supervision of ITC, top lawyers and legal experts on joint ventures from developed and developing economies, as well as international institutions like the Union Economique et Monetaire Ouest Africaine, the Common Market for Eastern and Southern Africa, the European Bank for Reconstruction and Development, the Commonwealth Secretariat, the Organization of the Black Sea Economic Cooperation and the African Development Bank, are debating the wording of provisions for model contracts on international joint ventures involving small and medium-- sized enterprises (SMEs). All continents are represented. It is the first time ever that such an exercise is undertaken by an international organization.

ITC initiated this project to respond to a survey made earlier in 125 countries, whose results showed that 77% of trade promotion organizations requested joint venture model contracts and considered them a priority.

ITC has been keen to make sure that the specific legal contexts and interests of emerging economies and developing countries are taken into consideration and integrated into the final document, so that SMEs from these countries can set up stable and legally balanced joint ventures. …

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