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Recomendation No 1/2000 Of The Joint Committee On The Baltic Common Transit Of 27 September 2000 Replacement Of The Sign Of The Monetary Unit "ECU" By "EUR" In The Text Of The Agreement Of 10 July 1998 On The Baltic Common Transit Procedure

THE JOINT COMMITTEE,

Having regard to the Agreement of 10 July 1998 on the Baltic Common Transit Procedure and in particular Article 15 (2) (a) thereof,

Whereas Article 10 (3) and Article 15 (3) b of the Agreement contain provisions regarding ECU;

Whereas after introduction of euro the amounts expressed in ECU shall be replaced in the common currency of European Monetary Union (euro),

HEREBY RECOMMENDS:

that the Contracting Parties to the Agreement amend it, with effect from 1 January 2001, along the lines set out in the proposal annexed to this recommendation.

Done at Riga, on 27 September 2000

Aivars Krastiņš

Chairman of the Joint Committee

Annex

Proposed amendments to the Agreement on the Baltic Common Transit Procedure among the Republic of Estonia, the Republic of Latvia and the Republic of Lithuania

The Agreement on the Baltic Common Transit Procedure among the Republic of Estonia, The Republic of Latvia, The Republic of Lithuania is hereby amended as follows:

Article 1

Article 10 (3) shall be replaced by the following text:

"3. For the purposes of the flat-rate guarantee as provided for in Appendices I and II, the ECU means the amount of national currency of the Contracting Party in question calculated by using exchange rate of the EUR established by the National Bank of that Contracting Party on the first working day of the month of October, and shall be applied from 1 January of the following year.

If a rate is not available for a particular national currency, the rate to be applied shall be that of the first day for which a rate has been established after the first working day of October, the rate to be applied shall be that of the last day prior to that date for which a rate has been established."

Article 2

Article 15 (3) (b) shall be replaced by the following text:

"(b) amendments to the definition of EUR as set out in Article 10 (3);".