Deputies of Verkhovna Rada (the Parliament of Ukraine) have approved the Law No0127 On Ratification of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Republic of Korea and the Report on the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Republic of Korea as regards commercial shipping. The decision was supported by 351 deputies of 440 of those registered, RBC-Ukraine reports.
According to the Agreement, each party ensures that attitude to the vessels of the other party is equal to that to its own vessels engaged in international transportation when it comes to free approach to ports available for foreign vessels, port charges and taxes, use of ports for handling of cargo and servicing of passengers, implementation of general commercial operations and disposition of services for navigability.
The Agreement will be in force for 5 years with a possibility of its tacit extension for another 5-year period until any of the parties notifies the other party in writing of the intention to terminate the Agreement in 6 months before the date of its expiry.
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