The Parties will, within the limits of their available financial means and within the framework of their respective procedures and instruments, make available funds to facilitate the achievement of the aims set out in the agreement. Within its financial planning of cooperation activities, the Community will take into account the need to ensure an appropriate balance in the geographical distribution of its commitments.

The Parties will ensure that actions undertaken within the framework of development cooperation are consistent with development strategies agreed in concertation with the Bretton Woods institutions.

Article 5

Economic cooperation

Both Parties will undertake, in accordance with their respective policies and objectives and within their available resources, to foster economic cooperation for mutual benefit and will determine together and to their mutual advantage, within the limits of their respective competences, the areas and priorities for economic cooperation programmes and activities within the context of a clear cooperation strategy. In addition, in order further to strengthen economic relations between the Community and the Republic of Yemen, a regular economic dialogue will be set up between the two parties, covering all areas of macro-economic policy and including, within the limits of their respective competence, budgetary policy, balance of payments and monetary policy. The aim of this dialogue is to bring about closer cooperation between the authorities responsible for carrying out economic policies in their areas of competence.

Cooperation in these areas will involve the following broad fields of action:

(a) develop a creative competitive and sustainable economic environment in the Republic of Yemen by facilitating access to Community know-how and technology,

inter alia,

in the fields of standards, quality control and telecommunications;

(b) facilitate business to business contacts, exchange of information and other measures designed to promote and protect commercial exchanges including the promotion of Yemeni exports;

(c) create an environment propitious for the development of Yemeni SMEs and facilitate exchange of information on enterprise and SME policy, particularly in respect of improving the business environment and encouraging closer contacts not only between SMEs, with a view to promoting trade and industrial cooperation opportunities, but also between the relevant Community authorities and those Yemeni authorities responsible for the implementation of macroeconomic adjustment;

(d) conduct a dialogue on economic cooperation between the Republic of Yemen and the Community including the exchange of information on the macro-economic situation and prospects and on development strategies;

(e) reinforce mutual understanding of their respective economic environments and business culture as a basis for effective cooperation;

(f) improve, within the limits of their respective competences, cooperation in standards and regulatory issues between the respective authorities, especially with respect to professional training, the simplification and harmonization of standards;

(g) strengthen management training in the Republic of Yemen with a view to develop business operators who are able to interact effectively with the European business environment;

(h) promote dialogue between the Republic of Yemen and the Community in the field of energy policy, transfer of technology and technology cooperation;

(i) support Yemen's efforts to modernise and restructure industry through encouraging the diversification of industrial output and improving the relevant legal and administrative framework;

(j) promote the involvement of the private sector in cooperation programmes in order to strengthen economic and industrial cooperation between the Parties. To this effect, the Parties shall take measures to

— encourage the private sector of both Parties to develop business cooperation, and