Agreement

 AGREEMENT ESTABLISHING
THE ASIAN CLEARING UNION

The central banks and monetary authorities of regional members and associate members of the UNITED NATIONS ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC (ESCAP) as well as central banks and monetary authorities of non-ESCAP members,

DESIRING to establish a facility to settle payments related to import and export of goods and services, as well as payments mutually agreed between two or more participants within the ESCAP and non-ESCAP regions on a multilateral basis,

RECOGNIZING that such a facility would contribute to the expansion of trade and the promotion of monetary co-operation among their countries,

RECOGNIZING further that a facility designed to promote the use of the participants' currencies would reduce the use of extra-regional currencies to settle payments related to import and export of goods and services, as well as payments mutually agreed between two or more participants within ESCAP and non-ESCAP regions and thereby effect economies in the use of foreign exchange and reduce the cost of making payments for such transactions,

REALIZING that regions-wide clearing facility could co-exist and function in cooperation with sub-regional or less than regional arrangements in Asia and the Pacific and other regions,

CONVINCED that the regional clearing facility must be established and operated in a manner that will not prejudice the principles of multilateral trade and payments,

ON WHOSE BEHALF this AGREEMENT has been signed, HAVE AGREED as follows:

 

 

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