LAW OF TURKMENISTAN

of August 16, 2014 No. 103-V

About foreign economic activity

Chapter I. General provisions

Article 1. Main objectives of this Law

Main objectives of this Law is providing conditions for effective integration of Turkmenistan into world economy, stimulation of development of national economy when implementing foreign economic activity and ensuring economic safety of Turkmenistan.

Article 2. Foreign economic activity

Foreign economic activity is understood as set of practical actions of public authorities, other legal entities, the physical persons of Turkmenistan directed to establishment and development of mutually advantageous commercial ties with foreign states, their legal entities and physical persons, the international organizations.

Article 3. Legislation of Turkmenistan on foreign economic activity

1. The legislation of Turkmenistan on foreign economic activity is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. Application of provisions of this Law to the relations in the field of investigation, production and realization of hydrocarbonic resources is performed taking into account provisions of the Law of Turkmenistan "About hydrocarbonic resources".

3. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 4. External economic policy of Turkmenistan

1. The relations of Turkmenistan with foreign states in the field of foreign economic activity are under construction on the basis of respect for the conventional principles and rules of international law.

2. When implementing the external economic policy Turkmenistan takes measures for protection of the domestic market and interests of domestic producers taking into account the international obligations of the country, and also promotes promotion of domestic goods on the foreign markets.

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