The central banks and monetary authorities of regional members and associate members of the UNITED NATIONS ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC (ESCAP),

DESIRING to establish a facility to settle payments for current international transactions within the ESCAP region on a multilateral basis,

RECOGNIZING that such a facility would contribute to the expansion of trade and the promotion of monetary co-operation among their countries,

RECOGNIZING further that a facility designed to promote the use of the participants' currencies would reduce the use of extra-regional currencies to settle current international transactions within the region and thereby effect economies in the use of foreign exchange and reduce the cost of making payments for such current international transactions,

REALIZING that a region-wide clearing facility could co-exist and function in co-operation with sub-regional or less than regional arrangements in Asia and the Pacific,

CONVINCED that the regional clearing facility must be established and operated in a manner that will not prejudice the principles of multilateral trade and payments,

ON WHOSE BEHALF this AGREEMENT has been signed, HAVE AGREED as follows:





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