The five-year agreement establishes a legal framework for audiovisual co-productions, with the goal of enhancing cooperation in the film sector.

The umbrella agreement sets the financial contributions (usually ranging between 20 - 80%) and states that both parties must treat the coproductions as national productions.

The agreement also covers filming and animation work, including storyboard, layout, key animation, sound recording, and laboratory processing activities, and facilitates movement of film equipment and infrastructure required for coproduction. It also facilitates the entry and work permits for personnel including producers, screenwriters, directors, technicians, and actors in each other's country.