TITLE IV
ECONOMIC AND SUSTAINABLE DEVELOPMENT
Article 9
Dialogue and global leadership on economic issues
Recognising that sustainable globalisation and greater prosperity can only be achieved through an open world economy, based on market principles, effective regulations and strong global institutions, the Parties shall endeavour to:
(a) demonstrate leadership in promoting sound economic policies and prudent financial management both domestically and through their regional and international engagement;
(b) hold a regular senior-level policy dialogue on macro-economic issues, including central bank representatives as appropriate, with the aim of cooperating on issues of mutual concern;
(c) encourage, as appropriate, timely and effective dialogue and cooperation on global economic issues of common interest in multilateral organisations and fora in which the Parties participate, such as the OECD, the G-7, the G-20, the International Monetary Fund (IMF), the World Bank and the World Trade Organisation (WTO).
Article 10
Promoting free trade and enhancing investment
1. The Parties will cooperate in order to promote a sustainable increase and development of trade and investment between them to their mutual advantage, as provided for in a comprehensive economic and trade agreement.
2. The Parties shall endeavour to cooperate in order to further strengthen the WTO as the most effective framework for a strong, inclusive and rules-based global trading system.
3. The Parties shall continue to engage in customs cooperation.
Article 11
Cooperation on taxation
With a view to strengthening and developing their economic cooperation, the Parties adhere to and apply the principles of good governance in the tax area, i.e., transparency, exchange of information and avoidance of harmful tax practices in the frameworks of the OECD Forum on harmful tax practices and the Union Code of Conduct on business taxation, as applicable. The Parties shall endeavour to work together to promote and improve the implementation of these principles internationally.
Article 12
Sustainable development
1. The Parties reaffirm their commitment to meet the needs of today without compromising the needs of future generations. They recognise that, to be viable over the longer term, economic growth should respect the principles of sustainable development.
2. The Parties shall continue to promote the responsible and efficient use of resources and raise awareness of the economic and social costs of environmental damage and its associated impact on human well-being.
3. The Parties shall continue to encourage efforts to promote sustainable development through dialogue, the sharing of best practices, good governance and sound financial management.
4. The Parties share a common goal of reducing poverty and supporting inclusive economic development around the globe, and shall endeavour to work together whenever possible to achieve this aim.
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