WHEREAS, the Governments of the Republic Indonesia, Malaysia, the Republic of the Philippines, the Republic of Singapore and the Kingdom of Thailand have on the seventh day of November 1983 signed the Basic Agreement on ASEAN Industrial joint Ventures (BAAIJV); and
WHEREAS, Brunei Darussalam, has since subscribed to the Basic Agreement on ASEAN Industrial joint Ventures (BAAIJV) and the supplementary Agreement to the BAAIJV; and
WHEREAS, under paragraph 3 of Article V f the Agreement amendments may be made to the Agreement; and
WHEREAS, the parties desire to make certain amendments to the Agreement.
NOW THE PARTIES HAVE AGREED AS FOLLOWS:
(1) Tha the minimum fifty per cent (50%) margin of tariff preference preferred to in paragraph 7 of Article 1 and paragraph 1 of Article III of the Agreement be amended to reflect a minimum seventy-five per cent (75%) margin of tariff preference. The amended version of paragraph 7 of Article I and paragraph 1 of Article III of the Agreement is to read as follows:
“7. The approval by the AEM of the final list carries carries it the pre-commitment to extend a minimum seventy-five per cent (75%) margin of tariff preference for AIJV products by participating countries as provided for in Article III paragraphs 1 and 6.”
“1. Where an application for the production of an AIJV product has been approved by any participating country, and due notification thereof has been given to COIME, all participating countries shall extend a minimum margin of tariff preference of seventy-five per cent (75%) for the AIJV product within ninety (90) days of its commercial production.”
(2) That this Supplementary Agreement shall come into force on the date on which it shall receive the approval of the Contracting Parties.
IN WITNESS WHEREOF, the undersigned, being duly authorized thereto by their respective Governments have signed this Supplementary Agreement.
DONE at Singapore in the English Language- this sixteenth day of June 1987.