ANNEX 7 COOPERATION IN THE AREA OF INFORMATION AND COMMUNICATIONS TECHNOLOGY AMONGST CENTRAL BANKS PREAMBLE The High Contracting Parties: RECALLING the provisions of Chapter Five of the Protocol which requires cooperation in the area of information and communications technology amongst Central Banks; RECOGNISING that the utilisation of modern information and communication technology solutions is critical in enabling and supporting modern and flexible central banking and financial systems operations within each State Party and within the Region; RECOGNISING that the current level of utilisation of information and communications technology solutions within Central Banks is low compared to developed countries; RECOGNISING that by utilising information and communications technology solutions Central Banks can attain and maintain high levels of effectiveness, efficiency, performance and sustainable global competitiveness; RECOGNISING the need to co-operate through policy co-ordination, capacity building and the utilisation of information and communications technology in modern business functions and operations in order to support and enable current and future goals of Central Banks and financial systems within the Region; and RECOGNISING the necessity of co-ordination in the utilisation of modern information and communications technology solutions to enable and support the modernisation of Central Bank and financial system operations; HEREBY AGREE as follows: ARTICLE 1 DEFINITIONS 1. In this Annex, terms and expressions defined in Article 1 of the Protocol shall bear the same meaning unless the context otherwise requires. 2. In this Annex, unless the context otherwise requires: "ICT" means Information Technology; 69 and Communications