(1)

As from 14 October 2020, or any other subsequent date from the signing of this exchange of letters, the arrangements in force during the final year of the Protocol will be renewed under the same conditions for a maximum period of one year.

(2)

The Union's financial contribution for vessels to have access to the Cook Islands' waters under the extension will correspond to the annual amount provided for under Article 2 of the Protocol. That payment will be made in a single instalment no later than three months from the date this exchange of letters is provisionally applied.

(3)

Under this extension agreement, sectoral support amounts to EUR 350 000. The Joint Committee provided for under Article 6 of the Sustainable Fisheries Partnership Agreement will approve the programming for this amount according to the provisions set out in Article 3 of the Protocol no later than four months from the date of application of this exchange of letters. The conditions referred to in Article 3 of the Protocol relating to the implementation and payment of sectoral support will apply mutatis mutandis.

(4)

In the event that the negotiations to renew the Protocol result in this being signed and subsequently entering into force prior to the expiry of the one‐year period provided for under point 1 above, payment of the financial contribution referred to in points 2 and 3 above will be reduced pro rata temporis. The corresponding amount already paid will be deducted from the first financial contribution due under the new Protocol.

(5)

During the application period of this extension agreement, fishing licences will be allocated within the limits set under the Protocol by means of fees or advances corresponding to those set in the Annex, Chapter II, Section 5, to the Protocol, for the last year of its application.

(6)

This exchange of letters will apply provisionally as from 14 October 2020, or any other subsequent date from its being signed, pending its entry into force. It will enter into force on the date on which the Parties notify each other that they have completed the necessary procedures for that purpose.

(1)

As from 14 October 2020, or any other subsequent date from the signing of this exchange of letters, the arrangements in force during the final year of the Protocol will be renewed under the same conditions for a maximum period of one year.

(2)

The Union's financial contribution for vessels to have access to the Cook Islands' waters under the extension will correspond to the annual amount provided for under Article 2 of the Protocol. That payment will be made in a single instalment no later than three months from the date this exchange of letters is provisionally applied.

(3)

Under this extension agreement, sectoral support amounts to EUR 350 000. The Joint Committee provided for under Article 6 of the Sustainable Fisheries Partnership Agreement will approve the programming for this amount according to the provisions set out in Article 3 of the Protocol no later than four months from the date of application of this exchange of letters. The conditions referred to in Article 3 of the Protocol relating to the implementation and payment of sectoral support will apply mutatis mutandis.

(4)

In the event that the negotiations to renew the Protocol result in this being signed and subsequently entering into force prior to the expiry of the one‐year period provided for under point 1 above, payment of the financial contribution referred to in points 2 and 3 above will be reduced pro rata temporis. The corresponding amount already paid will be deducted from the first financial contribution due under the new Protocol.

(5)

During the application period of this extension agreement, fishing licences will be allocated within the limits set under the Protocol by means of fees or advances corresponding to those set in the Annex, Chapter II, Section 5, to the Protocol, for the last year of its application.

(6)

This exchange of letters will apply provisionally as from 14 October 2020, or any other subsequent date from its being signed, pending its entry into force. It will enter into force on the date on which the Parties notify each other that they have completed the necessary procedures for that purpose.