ARTICLE 3 CO-OPERATION AND COORDINATION 1. 2. State Parties shall co-operate and co-ordinate exchange control policies in order to: (a) liberalise current account transactions amongst State Parties; (b) liberalise capital and financial account transactions between State Parties; (c) achieve convergence and full currency convertibility between State Parties; and (d) improve the availability of information regarding cross-border foreign exchange flows between State Parties. State Parties shall conclude multilateral agreements between themselves to provide for the conversion and repatriation of State Parties' banknotes through the forum of their respective Central Banks. ARTICLE 4 INSTITUTIONAL ARRANGEMENTS 1. To achieve the objectives stated in Article 2 of this Annex, the State Parties shall establish a SADC Exchange Control Committee. 2. Each State Party shall be represented on the SADC Exchange Control Committee by one representative from the Ministry of that State Party responsible for finance and investment and one representative from the Central Bank of that State Party. 3. Decisions of the SADC Exchange Control Committee shall be by consensus. 4. Each State Party shall respond promptly to any recommendation made to that State Party by the SADC Exchange Control Committee and if that State Party, after consultation (where consultation is required) with its Ministry responsible for finance and investment, decides to implement such recommendation, that State Party shall do so promptly. 5. The SADC Exchange Control Committee shall report to the Committee of Senior Treasury Officials and to the CCBG. ARTICLE 5 FUNCTIONS OF THE SADC EXCHANGE CONTROL COMMITTEE 1. In order to facilitate and ensure continued compliance with this Annex , State Parties shall hold regular consultations among themselves with a view to reconciling their respective interests in the formulation, modification and implementation of exchange control policies for the 53