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should be sufficient to permit the flag State to exercise
effectively its jurisdiction and control over the ships
flying its flag.
3.
(a)
Joint ventures
States Parties to this Agreement, in
conformity with their national policies,
legislation and the conditions of
registration of ships contained in this
Agreement, should promote joint ventures
between shipowners of different countries and
should, to this end, adopt appropriate
arrangements, inter alia, by safeguarding
contractual rights of the parties to joint
ventures, to further the establishment of
such joint ventures in order to develop the
national shipping industry.
(b) Regional and international financial
institutions and aid agencies should be
invited to contribute, as approprate, to the
establishment and/or strengthening of joint
ventures in shipping in developing countries, particularly in the least developed among
them.