In December 2008 the Republic of Cyprus and the Republic of Korea, one of the world's leading shipbuilding centres, signed a cooperation agreement in the field of maritime transport. Following ratification, the agreement entered into force on 10 July 2009. Its main provisions are as follows:
- Each of the contracting parties agrees to grant vessels of the other contracting party the same treatment as it affords to its own vessels engaged in international maritime transport in respect of free access to ports, levying of port dues and taxes, use of ports for loading and unloading cargoes and for embarking and disembarking passengers.
- Each contracting party agrees to recognise seafarers' identity documents issued by the other contracting party.
- Crew members of ships of one contracting party visiting ports of the other contracting party will be permitted to go ashore and stay for temporary shore leave in the municipality in which the port is situated, as well as in the adjacent municipalities, on production of their identity documents, without any visa being required
- Each contracting party agrees to take all possible measures of rescue and assistance regarding the cargo, the vessel and all onboard any vessel of the other contracting party (including vessels chartered by a shipping company of that contracting party) in the event that it suffers any accident in its territorial waters or ports.
- The proceeds of the shipping activities of companies of either contracting party arising from shipping services rendered in the territory of the other contracting party may, in accordance with the laws and regulations of the other Contracting Party, be used for making payments in the territory of the host contracting party or transferred abroad in freely convertible currencies at the market exchange rate prevailing on the date of transfer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
