The Brochure of Afro-Asian Economic Council (AAEC) Independent International Economic Council www.afroasian-ec.org
Index The Vision The Message Chapter 1: The foundation of the Economic Council and its purposes Chapter 2: The Formation of The Afro-Asian Economic Council (AAEC) Chapter 3 : The Executive Bureau of the Council Chapter 4: The Afro-Asian Businessmen and women Council (Congress) CHAPERT 5 : Dissolution of the Council CHAPTER 6: Fund Resources and Fiscal Year CHAPTER 7 : Auditor CHAPTER 8: Reconciliation and Trade Arbitration Regulation CHAPTER 9: Court Validity CHAPTER 10: Membership Fees, Payrolls and Cut-offs CHAPTER 11: Public Services and Special Privileges for Members of the Council CHAPTER 12: Council s Committees CHAPTER 13: Legal Responsibility CHAPTER 14: Works Prohibited to the Council CHAPTER 15: Deposit of Instruments of the Statute CHAPTER 16: Membership Fees for Founders and Members CHAPTER 17: Facilitation rights in banks 4 5 8 9 11 13 14 14 15 15 15 15 15 16 16 16 16 17 17 1
Introduction The Afro-Asian Economic Council (AAEC) was founded in 2015, as an independent international economic council, it was officially approved in New York in February 2018 to connect Asia and Africa economically. The council is concerned with developing economy, investment and guaranteeing investments and projects, particularly in the Gulf and North Africa countries to turn them into international gates for investment in Gulf, Arab Countries, and Africa. It generally encourages the freedom of transfer of finance between the countries of Asia and Africa upon the initiative of businesspersons. It enjoys independent legal personality, financial and administrative independence and aims at developing the African and Asian investment relations in different economic aspects and activities. The Council is managed by influential businesspersons who have an economic vision and interest in developing investment in the Gulf countries, Arab countries, Africa and Asia. The members also include a number of managers of banks, finance, investment, industrial, real estate and major contracting companies in African and Asian states. The members also include representatives of banks, telecommunications, airlines and technology companies. The foundation of the Afro-Asian Economic Council (AAEC) was initiated by business persons, in response to the growing business associated with the economy, the environment, the future energy, and the telecommunications and information technology witnessed in the financial and business sector around the globe in general, and the African and Asian continents in particular. The aim of the Council is to support and revive the economies of African countries overlooking the Mediterranean, turning them into developmental economic centers that attract Asian and international investments, acting as the gate of the world to investment in the Gulf countries, Arab countries, Africa and Asia. The Afro-Asian Economic Council (AAEC) is affiliated by an international businessmen and women council from all African and Asian countries and is held annually. This introduction is a part of the Statute of the Afro-Asian Economic Council (AAEC), which consists of Thirty-Six articles divided over fifteen chapters. Definitions The following terms and phrases, wherever found in the statute, are intended to define the set of meaning in front each of which, unless the context requires otherwise:- The Economic Council: The Afro-Asian Economic Council (AAEC) The Statute: The Statute of the Afro-Asian Economic Council (AAEC) The General Assembly: The General Assembly of the Afro-Asian Economic Council (AAEC) The Bureau: The executive bureau of the Afro-Asian Economic Council (AAEC) The Chairman: The Chairman of the Board of Directors of the Afro-Asian Economic Council (AAEC) The Vice Chairman: The Vice Chairman of the Afro-Asian Economic Council (AAEC) The Secretary General : The Secretary General of the Afro-Asian Economic Council (AAEC) The Treasurer: The Treasurer of the Afro-Asian Economic Council (AAEC) The Congress: The Afro-Asian Businessmen and women Council (AAEC) 2
3
Vision For the Afro-Asian Economic Council (AAEC) to become the strategic partner to turn the Gulf countries, Arab countries and North Africa into economic centers that attract Arab and global investment. The Afro-Asian Economic Council (AAEC) 4
Message Providing sustainable consultancies for the Gulf countries, Arab countries, and North Africa to create a strong economy in the zone that attracts global investment through marketing them as global gates for investment. The Afro-Asian Economic Council (AAEC) 5
6 The Afro-Asian
Economic Council 7
Chapter 1 The foundation of the Economic Council and its purposes ARTICLE 1: Legal formation of the Council The Economic council was founded in New York in 2018 as an independent economic organization, with independent legal personality, as well financial and administrative independence to connect Asia and Africa economically. The Council is exempt from taxes imposed by all countries that embrace its branches. The Council is subject to this statute. ARTICLE 2: Appellation The Economic Council is founded under the name of the Afro-Asian Economic Council (AAEC) ARTICLE 3: Main Headquarters of the Council The Council will be situated in New York, the USA. The headquarters may be relocated to any other address in any of the African or Asian countries upon a resolution of the board members. A representative office may be established in any non-african or Asian countries upon the approval of the board members. ARTICLE 4: Council s Duration of Existence The Economic Council s duration is indefinite and shall be effective from the date of its foundation by the members of the founding committee. ARTICLE 5: Main Purpose of the Council The Economic Council aims to turn the Gulf countries, Arab, and African countries overlooking the Mediterranean into economic centers that attract Asian and international investment through promoting them as international gates for investment in Africa. Article 6: the General objectives of the Council The Council seeks to play a principal role in supporting investments and projects in the Gulf countries, Arab, and African countries overlooking the Mediterranean, through achieving a number of general objects, with the aim of developing and strengthening economic and investment activities related to the sustainable development, energy, information technology, telecommunications, and leadership in the field of economics and investment. These are related to banks, trade, industry, finance and investment. The aim is to support and revive the economies of the Gulf countries, Arab, and African countries overlooking the Mediterranean. In order to achieve these objectives, the Council shall, in particular, tackle the following tasks: 1- The creation of economic alliances between Arab, African, Asian and international financial entities and encouraging them to invest in the Gulf and Africa through investment gates in Gulf countries, Arab, and African countries overlooking the Mediterranean, in order to support and revive the economies of these countries. 2- Signing cooperation protocols with the ministries of economy and investment agencies in the African and Asian continents in order to market investment opportunities in all sectors. 3- Encouraging the concept of establishing areas for export factories in cities and free zones, free from exporting charges in all the Gulf countries, Arab, and African countries overlooking the Mediterranean, as gates for importing to Asia and other countries of the world. 4- Establishing a market for African products. Such products market shall act as an independent African and international market for exchange of African goods of all kinds. 5- Establishing a developmental African-Asian bank for investment and finance of projects in Africa and Asia 6- Holding regular annual investment seminars in major economic countries under the name of the president of the country. The summit shall demonstrate issues related to the development and advancement of financial relations, investment, economic and trade relations in the Gulf countries, Arab, and African countries overlooking the Mediterranean. 8
Chapter 1 The foundation of the Economic Council and its purposes 7- Attracting investors and capitals interested in the reconstruction and development of the infrastructure in countries affected by disasters and wars in African and Asian countries. 8- Organizing shared economic and investment expositions and conferences, meetings, workshops, seminars, sessions and lectures, as well as training programs and activities related to the works, development and support of investment in the Gulf countries, Arab, and African countries overlooking the Mediterranean. 9- Highlighting the capabilities and features of the industrial, agricultural, tourism, health and other investment sectors in the countries of the Gulf countries and North Africa in particular, and Asia in General. 10- Compiling laws and policies, economic and investment regulations in force in the Gulf countries, Arab, and African countries overlooking the Mediterranean in particular, and publishing them on a regular basis on the official website of the Council and relevant social networks. 11- The establishment of an economic and investment information center for the world s trade in cooperation with the competent trade and investment authorities in the Gulf countries, Arab, and African countries overlooking the Mediterranean, as well as issuing a brochure, newsletter or economic periodical magazine targeting investment in the different industrial sectors in these countries using the approved international languages. 12- Setting up economic, investment and trade partnerships with business men and women of influence as well as with financial and investment companies, and banks in African countries overlooking the Mediterranean, and giant international economic entities to exchange investment interests of all kinds to achieve profit. 13- The establishment of subsidiary trade chamber of the Council to tackle issues of the sustainable development and investment, and holds international arbitration reference. 14- Assigning international appreciation awards to governmental and non-governmental business leadership to encourage successful economic contributions of the Gulf countries, Arab, and African countries overlooking the Mediterranean. 15- Granting medals and accolades to significant presidents, governments, and persons on the African and Asian level, and to other Arab and global persons who support the African and Asian economy and the work of the Council. 16- To pay attention to the culture, education and humanitarian fields in general and to support the visions of future youth in the field of development, finance, business, investment and industry. Chapter 2 The Formation of The Afro-Asian Economic Council (AAEC) ARTICLE 7: Members of the Council Afro-Asian Economic Council consists of: 1- Founding Members: Those who paid a cut off share on their membership to the council when founded to support the fees of establishment on joining the council. 2- Active Members: Joined the council after foundation, as they pay membership fees and pay full annual subscription fees, which are considered a current-year subscription for any member to approve during the fiscal year. 3- Members of Honor and honorary members: Provide financial and in-kind contributions to the Council in order of obtaining the title of member of honor/ honorary member. 4- Members of the Afro-Asian Businessmen and women Council (Congress): Consists of all the members of the Afro-Asian Economic Council 9
Chapter 2 The Formation of The Afro-Asian Economic Council (AAEC) ARTICLE 8: Active Members and Members of Honor Include Business men and women along with financial or investment establishments and others that engage in investment, industrial, agricultural activities or others investment sectors. They are considered active members after they pay the full annual fees imposed by the Council. The membership is offered in the Gulf countries, Arab, Africa and Asia for the following categories: 1-Financial, industrial, contracting, agricultural, investment and tourism institutions, and banks; telecommunications, insurance and finance companies; land, maritime and air freight companies and any other institution related to finances, economy and investment. 2-Businessmen and women. As to members of honor: The Board of Directors has the right, solely, to approve their choice of who provides financial and in-kind contributions to the economic council: 1-Key figures prominent in trade, finance and economy on the Gulf, Arab, African and Asian level. 2-Former and current ministers of finances, investment, economy, energy, and foreign affairs of the Gulf, Arab, African and Asian countries. 3-Board members are liable to choose members of honor amongst former government heads or public renowned figures, and also of the institutions that contributed highly to the council or those which supported the Gulf, Arab, African and Asian economy. 4-Members of honor are invited to attend any private ceremonies held by the council or any of board members meetings provided that their opinions are deemed as non-binding and advisory. ARTICLE 9: Procedures and Mechanism of the membership application process Economic council membership applications are to be submitted either by hand or filling out the application form via the official website. They have to be signed and authorized by the applicant for membership in the Economic Council, addressed to the Secretary General, who shall refer, with his opinion expressed, to the chairman and board members. The members have absolute authority to accept or reject any applicant request in the Economic council without need for declaring reasons. ARTICLE 10: Terms and conditions of membership of the Council Membership of the council is only based on the approval of the founding members. ARTICLE 11: Demise of membership status Membership is to immediately demise in the following cases: 1-Upon the death of natural persons, liquidation or dissolution for any reason for legal persons. 2-The resignation the member notifies by a guaranteed letter to the Chairman and the demise of membership status shall take place by the end of fiscal year. 3-Default in paying the full fees and annual subscription of the council membership. 4-When abusing or damaging either the interests and reputation of the council or the reputation of the country of headquarter or the interests of the members and showing non-compliance with to the regulations and Statute of the Economic Council. 10
Chapter 3 The Executive Bureau of the Council 1-2- 3-4- 5- ARTICLE 12: The Executive Bureau Executive Bureau shall be composed of Chairman, Vice-Chairman, Secretary General, and a number of members chosen by the founding members after paying the established fees. ARTICLE 13: Council Meetings Meetings of executive bureau are considered valid if attended by half of the members in the beginning of the meeting. If the quorum is not completed, the Chairman has the right to cancel the meeting and set a new date that no later than a month after the date of the cancelled meeting. The member of the executive bureau has the right to delegate a representative among the members, and members of the executive bureau can not by any means hold more than two accreditations. The meeting could be held among the executive bureau members through the usage of modern technology communications or via satellite, with the condition of providing unequivocally high-definition transmission through audio-video for the member of the executive bureau, and to guarantee the same outcomes for attending the real meetings. This to be done through a presented and authorized hand-form request via official e-mail for the member, or any other means presented by the member to the Secretary-General clarifying the reasons for this request. Decisions are to be held with the majority of the attendees, in case of tie, the voice of Chairman is considered preponderant and on general terms the executive bureau undertakes the actions it deems appropriate to make a complete agreement among all members whom to gather at least twice a year in regular meetings on the invitation of the Chairman. A possibility to hold exceptional meetings is lying ahead upon the request of the Chairman or the Secretary-General, on the condition of sending the invitation with at least 15 days before the fixed date. Other members of the executive bureau can ask for meetings on exceptional terms with the condition they are at least 10 members, and in all cases, a reason must be declared. The Secretary-General or his representative shall record minutes of meeting in a special registry and the minutes is not to be authorized until most of the members of the executive bureau approve on, thereafter, it shall be signed by the Chairman and the Secretary-General to be effective and valid. A replica is to be sent to all the members of the executive bureau by the Secretary General. 11
Chapter 3 The Executive Bureau of the Council ARTICLE 14: Board Validities 1-The Board has wide range of validities to undertake all Operations. Its first duty to undertake is the ratification of the next year general budget and reviewing the final budget for the previous year. 2-The executive bureau allows the Chairman or whom in delegate of the members of the executive bureau, to handle all purchases, transfer a property or rent necessary for the work process in the executive bureau. 3-Determines the fees, compensation, salaries, and bonuses that could be rightful for the members of the executive bureau or the heads and members of the Commissariats following the Board or to others outside the Economic Council, in return for their efforts, activities and international transportation. ARTICLE 15: Duties and Validities of Chairman 1-The Chairman is the head of the executive bureau and shall be responsible for calling the executive bureau members for meetings, as their head. In case of absence or sickness, the Vice-Chairman of the Economic Council is in replacement and to have the full validities of the chairman. 2-Head of the Economic Council shall represent the council in all civil proceedings before all other parties, and before general authorities and international organizations. He is also allowed to defend the council before Law. 3-Head of the Economic Council or whom he authorizes can issue decrees for establishing regional offices or representative Office and appoint the Heads of this offices after the Executive Bureau approval. 4-Money transactions of the council as opening bank accounts inside and outside country of headquarter or any other, deposits, current accounts or current postal accounts and all money transactions regarding council accounts, all are under the responsibility of the Head of the Economic Council but subjected to the signature of Treasurer or his representatives upon the resolution of the Head of the Economic Council. ARTICLE 16: Duties and Validities of Secretary-General 1-Secretary-General is the official speaker for the council and directly responsible for managing the affairs of the secretariat general business and directing them and supervises on all aspects of activities and executes all tasks entrusted to him by the Chairman or the Bureau. And point some Assistant Secretaries to assist him in managing all tasks of secretariat general of council and do some liabilities and represent him and attend on his behalf in any local and international event. 2-Secretary-General takes charge of executive management for the council and administrative works. He is also responsible of council s decrees and has sole right to appoint who finds best qualified in the executive management. 3-Has the right to attend any of the Regional offices meetings and permitted to authorize whom he sees appropriate from his Assistant Secretaries or others of the council stuff to attend those meetings instead of him. 12
Chapter 3 The Executive Bureau of the Council ARTICLE 17: Executive Bureau of the Council First: Formation of the Executive Bureau: Executive Bureau of the Council shall be composed of Chairman, Vice-Chairman, Secretary General, and Treasurer, and a number of members chosen by the founding members. Second: Meeting and deliberations of the Bureau: The Bureau of the Council shall meet at least once every three months or whenever necessary, upon the Chairman s invite. Decisions are to consider valid and influential with the majority of members. Chapter 4 The Afro-Asian Businessmen & women Council (Congress) ARTICLE 18: Formation The congress shall be including all founding and active members of the Economic Council who have paid their full annual subscription and membership fees posed by the council. The Congress shall meet every year in an African or Asian country or any place chosen by the executive bureau of the Council. ARTICLE19: Invitations The Congress members shall meet once every calendar year upon the call of the Chairman of the Economic Council in annual ceremony in honor of the members of the Congress in the country of headquarters or any place chosen by the executive Bureau. The call for Congress meeting should be made a month earlier, by minimum, from the date fixed to the meeting. The invitations should include the country, venue and time of the meeting with an agenda for the meeting in addition to the topics enlisted on the agenda by the executive Bureau, after paying the annual membership fees by each Congress member. ARTICLE20: The Capacity The Congress's capacity is advisory for the Economic Council. 13
Chapter 5 Dissolution of the Council ARTICLE 21: The decision to dissolve the Council shall be taken by the majority of the founding members. ARTICLE 22: In case of dissolution, the founding members undertake the mission of liquidation and are given absolute validities to enable them to sell the assets and pay off the debts. The founding members shall also make their decisions about the distribution of assets and funds that should be referred to public utility groups in order to improve economic, trade and investment relations in Africa and Asia. Chapter 6 Fund Resources and Fiscal Year ARTICLE 23: Resources of Funds for Economic Council Resources of the Council consist of: 1-Registration and membership fees of the Economic Council 2-Property of the council, its affiliated buildings, finance returns and deposits and interests at banks, money institutions and others. 3-Membership and subscription fees of the Congress 4-Annual subscriptions paid by the members 5-Grants, donations, endowments and both official and private aids by individuals and companies 6-Various yields, including but are not limited to, yields of consultancy for countries, governments, organization and others, financial portfolios of the Council, conferences, seminars, workshops training programs, and periodicals the council publish, Commercials contained in the periodicals or official web sites that belong to the council and affiliate satellite channels. Moreover, Usufructs, exclusive brand name yields, and trade, economic and agricultural information. 7-Income from offering special aids in regards of the completion of official transactions for members of the Council and other investment and consultation services among others. 8-Real-estate and endowments income, investments, deposits and assets that the Council runs inside and outside the country of headquarter. 9-Incomes and fees for trade arbitrations for the Council. ARTICLE 24: Fiscal Year for the Economic Council Fiscal year for Economic Council begins on the first of January and ends on the last day of December of each calendar year. 14
Chapter 7 Auditor ARTICLE 25: In its first meeting after the election of members, the executive Bureau shall appoint an independent experienced auditor who takes the responsibility of monitoring the accounts of the Council in cooperation with the Treasurer according to the terms specified by the rules and laws of the profession. Chapter 8 Reconciliation and Trade Arbitration Regulation ARTICLE 26: Arbitration and reconciliation chamber affiliated to the Economic Council is to be established and approved by International Chambers of Commerce, and the executive Bureau shall formulate the organization regulation and specifies its legation fees. Chapter 9 Court Validity ARTICLE 27: The competent court to decide on all matters relating to Economic Council is the court headed in Switzerland Geneva. Chapter 10 Membership Fees, Payrolls and Cut-offs ARTICLE 28: The executive Bureau shall make a special regulatory of membership fees for the member of the Council, the Congress and associate members in addition to organizing a regulatory for wages, salaries, and privileges for employees of the Economic Council. Chapter 11 Public Services & Special Privileges for Members of the Council ARTICLE 29: The executive Bureau of the Council shall carry out a regulatory for social services, privileges, salaries, bonuses and insurance system for the members of the Economic Council. 15
Chapter 12 Council s Committees ARTICLE 30 : Economic Council shall have a number of permanent commissariats chaired by members of the executive bureau or nominated by the Chairman of the council as follows:- Commissariat responsible for turning the Gulf countries, Arab, and North Africa counties into world s economic center attracting international investments. Commissariat of Consultancy and economic and financial studies. Commissariat of Asian and African electronic trade. Commissariat of arbitration and trade disputes. Commissariat of investment and exchange trade. Commissariat of future energy. Commissariat of contracting and major developing projects. Commissariat of media and foreign trade. Commissariat of allowances, privileges, and incentives for Economic Council. Commissariat of conferences and trainings. Commissariat of support and empower small and medium-sized companies. Commissariat of Businesswomen. Commissariat of Asian-African council for Business Pioneering International Award Commissariat of the Congress for Afro-Asian Businessmen. The Chairman of the Economic Council and the executive Bureau are allowed to establish another permanent or temporal commissariat when necessary, as commissariat studies the topics prescribing their jobs or which were tasked by the Chairman of the Economic Council or referred to by the Bureau and shall submit recommendations on matters referred to it. Chapter 13 Legal Responsibility ARTICLE 31 : No member in the Economic Council, the members of the Congress or any member of the associate commissariats, no matter their statue, is by any means personally responsible for any commitment of the Economic Council, as the only party manages to maintain all financial obligations due to the Economic Council, is the financial resources of the Council. Chapter 14 Works Prohibited to the Council ARTICLE 32 : The Economic Council, the Congress, or affiliate members are obliged to have no link between activity of co-operation among them in terms of religious, partisan or sectarian, tribal, political or intellectual trends that are in conflict with the interests and the law of the country of headquarter or any other country of associate headquarters of the Council. Chapter 15 Deposit of Instruments of the Statute ARTICLE 33 : The Economic Council s executive Bureau shall make deposit and deliverance of a copy the statute of the Economic Council to the competent official authorities that work with the Economic Council in the country of headquarter and to work on obtaining official approval to registration by any Asian or African country looking for embracing the permanent or regional headquarter and opening private bank accounts under the name of the Economic Council. Agreements shall be under the name of the country of headquarter, and headquarter shall have the international capacity and protection of the internationally accredited headquarters in the country of headquarter. 16
Chapter 16 Membership Fees for Founders and Members 1-2- ARTICLE 34 : Membership of the founder: One million dollars non-refundable to be paid once under the name of the council Executive membership: 100,000 $ (One Hundred Thousand US Dollars) to be paid annually under the name of the Economic Council non-refundable 3- Honorary membership: 500,000 $ (Five Hundred Thousand US Dollars) non-refundable 4- Congress membership: 50,000 $ (Fifty Thousand US Dollars) to be paid annually non-refundable. Chapter 17 Facilitation rights in banks ARTICLE 35 : The Chairman of the Council, or whom he authorizes, has the right to open accounts under the name of the Economic Council in local and international banks. He has the right to withdraw, deposit and transfer for the interest of activities and aspects of the Council. 17
INTERNATIONAL ECONOMIC CONFERENCE & EXHIBITION FOR SILK CITY & KUWAIT ISLANDS 28-25 March 2019 The World Visits 2019 18
19
www.afroasian-ec.org 20
The Brochure of Afro-Asian Economic Council (AAEC) CONTACT US: Headquarters New York Washington, D.C South Carolina 7645 Garners Ferry Rd Columbia South Carolina, 29205. 24-34 th St. Astoria, New York 11107. +1-803-3094605 +1-212-545-7208 www.afroasian-ec.org Regional Office 1 Mostafa Kamel Street, Roushdy, Alexandria, Egypt +2 012-23925628