Treaties of the South Majatra Economic Cooperation Organization (SOMECO)

[Rogue]

As a important regional economic organization SOMECO always looks for opportunities to work with new partners and increase trade on the continent. As part of this effort, SOMECO members have agreed to conduct trade negotiations largely through the bloc, allowing comprehensive agreements to be reached. Below are the agreements signed by SOMECO members and their partners, all in the effort of free trade and prosperity. 

Treaties:
SOMECO–Egelion Trade and Economic Cooperation Agreement (SETECA)

[Rogue]

SOMECO–Egelion Trade and Economic Cooperation Agreement (SETECA)
Preamble

The South Majatran Economic Cooperation Organization (SOMECO) and the Kingdom of Egelion (hereinafter “the Parties”),
desiring to strengthen mutual prosperity through trade and investment,
affirming respect for sovereignty and the protection of vital national sectors,
and determined to deepen financial and economic cooperation,

agree as follows:

Article I — Objectives

1. To expand trade and investment between the Parties.

2. To progressively reduce barriers to trade, except in vital sectors related to security, energy, and public welfare.

3. To promote financial, technological, and industrial cooperation.

Article II — Trade and Investment

1. The Parties shall work toward freer movement of goods, services, and capital.

2. Tariffs and non-tariff barriers shall be reduced through phased implementation.

3. Investors from each Party shall enjoy fair and transparent treatment.

4. Each Party may maintain limited protections for essential industries.

5. The Parties reserve the right to regulate trade in dual-use and strategic goods to safeguard national security and essential interests.

Article III — Cooperation Mechanisms

1. The Parties shall collaborate in:

2. Infrastructure and sustainable development,

3. Finance and capital markets,

4. Science, innovation, and education.

5. Fiscal cooperation and mutual assistance in tax matters.

Article IV — Entry into Force and Duration

This Agreement enters into force upon ratification by both Parties.

It shall remain in effect for ten (10) years and renew automatically unless either Party gives notice six (6) months before expiry.

Article V — Oversight Organization

The Parties hereby establish the SOMECO–Egelion Trade and Cooperation Council (SETCC) to oversee implementation of this Agreement.

The SETCC shall:
Supervise compliance with the provisions of this Agreement,
Review trade and investment developments,
Facilitate dialogue between governments and private sectors,
Recommend adjustments or new measures to the Parties.

The Council shall meet annually, alternating between the Kingdom of Egelion and SOMECO headquarters, and may establish working groups as needed.