LAW OF TURKMENISTAN

of May 19, 1992 No. 697-XII

About foreign economic activity

This Law determines the basic principles and precepts of law of foreign economic activity in Turkmenistan, procedure for state regulation, and also power of state bodies of Turkmenistan in the field of foreign economic activity.

Operation of this Law extends to all types and forms of foreign economic relations.

Article 1. Foreign economic activity

Foreign economic activity of Turkmenistan is understood as set of practical actions of state bodies, the legal entities and physical persons of Turkmenistan directed to establishment and development of the external economic cooperation with foreign states, their legal entities and physical persons, international organizations.

Article 2. The basic principles of the relations of Turkmenistan with foreign states in the field of foreign economic activity

Turkmenistan performs foreign economic activity, being guided by the principles:

- mutual benefit of cooperation with all states, foreign legal entities and physical persons, international organizations;

- equalities of the parties;

- non-interference to internal affairs of partners in foreign economic relations;

- accomplishment of the cross liabilities assumed under agreements with foreign states and the international organizations;

- other universally international standards, rules and conditions.

Article 3. The legislation regulating foreign economic activity

Foreign economic activity in Turkmenistan is regulated by this Law, international agreements of Turkmenistan, and also other legal acts of Turkmenistan which are not contradicting this Law, the international rules and regulations.

Article 4. System of state regulation of foreign economic activity

The system of state regulation of foreign economic activity includes:

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