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The Government of the Republic of the Philippines and the Government of the Hellenic Republic hereinafter referred to as the Contracting Parties,

DESIRING to strengthen economic cooperation between them in accordance with their development objectives based on equitable and mutually beneficial arrangements;

Have agreed as follows:

1. The Contracting Parties shall, within the framework of the laws and regulations effective in their respective countries, promote and strengthen economic cooperation in the following areas:

industry
ship-building and ship repairing
agriculture, including agro-industry
construction and housing
transport, including maritime transport
banking, insurance and other financial services
tourism
vocational training and management training
other service activities of mutual interest

2. The Contracting Parties shall appoint their respective negotiating panels within six months after the signing of this Memorandum of Understanding to discuss, negotiate and conclude an agreement on economic cooperation based on, but not limited to the aforecited sectors.

SIGNED in Athens on day of June 1997.

FOR THE GOVERNMENT OF
THE REPUBLIC OF THE PHILIPPINES

FOR THE GOVERNMENT OF THE HELLENIC REPUBLIC

Entry into Force: June 24, 1997

June 24, 1997

MEMORANDUM OF UNDERSTANDING BETWEEN THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES AND THE HELLENIC REPUBLIC ON ECONOMIC AND TECHNOLOGICAL COOPERATION