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INTERNATIONAL INVESTMENT LAW
JUDGE JOAN DONOGHUE
Research Guide for International Investment Law
Basic reference materials
1. South African Development Community (SADC) Model Bilateral Investment Treaty
Template with Commentary, July 2012
2. United States Model Bilateral Investment Treaty, 2012
3. Office of the Spokesperson of the U.S. Department of State, Fact Sheet on the United
States Model Bilateral Investment Treaty, 20 April 2012
Other background materials (only available in electronic format)
A. UNCTAD Series on Issues in International Investment Agreements (“Pink Series”)
4. International Investment Agreements: Key Issues, vol. I, 2004, UNCTAD Series on
issues in international investment agreements (United Nations publication, Sales No. E.05.II.D.6)
5. International Investment Agreements: Key Issues, vol. II, 2004, UNCTAD Series on
issues in international investment agreements (United Nations publication, Sales No.
E.05.II.D.6)
6. International Investment Agreements: Key Issues, vol. III, 2005, UNCTAD Series on
issues in international investment agreements (United Nations publication, Sales No.
E.05.II.D.6)
7. Key Terms and Concepts in IIAs: A Glossary, UNCTAD Series on issues in
international investment agreements (United Nations publication, Sales No.
E.04.II.D.31)
8. State Contracts, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E.04.II.D.5)
9. Dispute Settlement: Investor-State, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E.03.II.D.5)
10. Dispute Settlement: State-State, UNCTAD Series on issues in international
investment agreements (United Nations publication, Sales No. E.03.II.D.6)
11. Home Country Measures, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E.01.II.D.19.)
12. Host Country Operational Measures, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E. 01.II.D.18)
13. National Treatment, UNCTAD Series on issues in international investment
agreements, vol. IV (United Nations publication, Sales No. E.99.II.D.16)
14. International Investment Agreements: Flexibility for Development, UNCTAD Series
on issues in international investment agreements (United Nations publication, Sales No. E.00.II.D.6)
15. Taking of Property, UNCTAD Series on issues in international investment
agreements, (United Nations publication, Sales No. E.00.II.D.4)
16. Admission and Establishment, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E.99.II.D.10)
17. Trends in International Investment Agreements: an Overview, UNCTAD Series on
issues in international investment agreements (United Nations publication, Sales No. E.99.II.D.23)
18. Lessons from the MAI, UNCTAD Series on issues in international investment agreements (United Nations publication, Sales No. E. 99.II.D.26)
19. Fair and Equitable Treatment, UNCTAD Series on issues in international investment
agreements, vol. III (United Nations publication, Sales No. E. 99.II.D.15)
20. Scope and Definition, UNCTAD Series on issues in international investment agreements, vol. II (United Nations publication, Sales No. E. 99.II.D.9)
21. Most-Favoured-National Treatment, UNCTAD Series on issues in international
investment agreements, vol. III (United Nations publication, Sales No. E.99.II.D.11)
B. UNCTAD Series on Issues in International Investment Agreements II
22. Expropriation, UNCTAD Series on issues in international investment agreements II,
(United Nations publication, Sales No. E.12.II.D.7)
23. Scope and Definition (A Sequel), UNCTAD Series on issues in international
investment agreements II (United Nations publication, Sales No. E.11.II.D.9)
24. Most-Favoured-National Treatment (A Sequel), UNCTAD Series on issues in
international investment agreements II (United Nations publication, Sales
No. 10.II.D.19)
25. Fair and Equitable Treatment (A Sequel), UNCTAD Series on issues in international
investment agreements II (United Nations publication, Sales No. E.11.II.D.15)
26. Investor-State Dispute Settlement (A Sequel), UNCTAD Series on issues in
international investment agreements II (United Nations publication, Sales No. 13
II.D.8
C. UNCTAD Series on International Investment Policies for Development
27. Investor-State Disputes: Prevention and Alternatives to Arbitration II: Proceedings
of Symposium held on 29 March 2010, UNCTAD Series on International Investment
Policies for Development (United Nations publication)
28. Investor-State Disputes: Prevention and Alternatives to Arbitration, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.10.II.D.11)
29. The Role of International Investment Agreements in Attracting Foreign Direct
Investment to Developing Countries, UNCTAD Series International Investment
Policies for Development (United Nations publication, Sales No. E.09.II.D.20)
30. The protection of national security in IIAs, UNCTAD Series on International
Investment Policies for Development (United Nations publication, Sales No.
E.09.II.D.12)
31. International Investment rule-making: stocktaking, challenges and the way forward,
UNCTAD Series on International Investment Policies for Development (United
Nations publication, Sales No. E.08.II.D.1)
32. Identifying core elements in investment agreements in the APEC region, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.08.II.D.27)
33. Investment Promotion Provisions in International Investment Agreements, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.08.II.D.5)
34. Investor-State Dispute Settlement and Impact on Investment Rulemaking, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.07.II.D.10)
35. Preserving Flexibility in IIAs: the Use of Reservations, UNCTAD Series on
International Investment Policies for Development (United Nations publication,
Sales No. E.06.II.D.14)
36. International Investment Arrangements: Trends and Emerging Issues, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.06.II.D.3)
37. Investor-State Disputes Arising from Investment Treaties: A Review, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.06.II.D.1)
38. South-South Cooperation in International Investment Arrangements, UNCTAD
Series on International Investment Policies for Development (United Nations
publication, Sales No. E.5.II.D.26)
39. International Investment Agreements in Services, UNCTAD Series on International
Investment Policies for Development (United Nations publication, Sales No.
E.05.II.D.15)
40. The REIO Exception in MFN Treatment Clauses, UNCTAD Series on International
Investment Policies for Development (United Nations publication, Sales No.
E.05.II.D.1)
41. Investment Policy Framework for Sustainable Development, revised in 2015,
available at http://unctad.org/en/PublicationsLibrary/diaepcb2012d5Rev1_en.pdf
(last visited 16/11/2015)
D. UNCTAD Issues Notes
42. Reform of the IIA Regime: Four Paths of Action and a Way Forward, UNCTAD IIA
Issues Note, No. 3, June 2014
E. International Institute for Sustainable Development
43. Howard Mann et al., IISD Model International Agreement on Investment for
Sustainable Development: Negotiator’s Handbook, International Institute for
Sustainable Development, 2d. ed., 2006
44. Nathalie Bernasconi-Osterwalder et al. (eds.), International Investment Law and
Sustainable Development: Key Cases from 2000-2010, International Institute for
Sustainable Development, 2011, p. 178
45. Nathalie Bernasconi-Osterwalder et al. (eds.), Investment Treaties and Why They
Matter to Sustainable Development, International Institute for Sustainable
Development, 2012, p. 54
Research Guide for International Investment Law
RESEARCH GUIDE FOR INTERNATIONAL INVESTMENT LAW
(All URLs last checked on 30 November 2015)
This document offers an overview of freely available online services and resources in the
field of international investment law generally and investor-state dispute settlement, in
particular.
I. Finding investment treaties
1. United Nations Conference on Trade and Development (UNCTAD)
Investment Instruments Online
Under its Investment Instruments Online program, UNCTAD offers several ways for
locating the texts of international investment agreements (IIAs). The regularly updated
database is based on electronic versions of bilateral investment agreements (BITs) made
available by a number of countries on their official websites, as well as the printed
versions available from official national and international collections and publications.
The collection may include texts of BITs that are no longer in force or agreements that
have not yet entered into force. Although this is the most comprehensive freely available
collection of investment treaty texts, it does not provide an exhaustive or authoritative
listing of all IIAs. The UNCTAD database offers the following specific resources:
A. IIA Compendium
http://www.unctadxi.org/templates/DocSearch.aspx?id=780
The IIA Compendium is a collection of bilateral, regional and
multilateral instruments relating to cross-border investment. The
Compendium is searchable by keywords (e.g. “expropriation”), countries,
the type of instrument, and the year of conclusion.
B. BITs Search Engine
http://www.unctadxi.org/templates/DocSearch____779.aspx
The BITs search engine provides a user-friendly way to retrieve
the text of: (i) all BITs signed by one country; or, (ii) a specific BIT
between two countries.
C. Country-Specific Lists of BITs
http://unctad.org/en/pages/DIAE/International%20Investment%20
Agreements%20(IIA)/IIA-Tools.aspx
This regularly updated resource provides a country-wise list of
BITs, as well as their dates of signature and entry into force, for 180
countries (last updated on 1 June 2012). It does not provide the full text of
the treaties, but only an exhaustive list of treaties signed or in force.
2. Websites of National Governments and Ministries
Since the UNCTAD database is not exhaustive, it is often useful to consult the websites
of the relevant national governments. In some cases, the official websites of national
governments (e.g., the websites of the ministries of foreign affairs, economic affairs,
commerce, or foreign trade), provide a list and texts of all BITs concluded by a country.
Sometimes government websites also include the text of a “model” BIT. Further, since
investment agreements are not always concluded in the form of self-contained BITs and
are often included in trade agreements as investment “chapters”, it may be useful to look
at the texts of these trade agreements, also usually available on the websites of the
national ministries of commerce or foreign trade.
3. Investment Treaty Arbitration (ITA)
http://italaw.com/investment-treaties
In addition to BITs and trade agreements with investment chapters, ITA provides the
texts of several model BITs and links to the relevant websites of several national
governments and ministries.
II. Finding arbitral awards and decisions
1. Investment Treaty Arbitration (ITA)
http://italaw.com
Italaw, managed by Professor Andrew Newcombe of the University of Victoria, provides
access to all publicly available investment treaty arbitration awards and decisions. The
database covers proceedings under several arbitration rules and fora (e.g., International
Centre for Settlement of Investment Disputes (ICSID), Permanent Court of Arbitration
(PCA), United Nations Commission on International Trade Law (UNCITRAL) Rules,
etc.), as well as enforcement proceedings in different jurisdictions. The database is
searchable by several criteria, such as the claimant, respondent state, governing treaty,
and the date of the award. The site also provides a free subscription for regular email
updates of latest awards and decisions.
2. Digest of International Investment Law Jurisprudence
http://www.investment-law-digest.com/
This resource by the University of Cologne provides a user-friendly way of locating
statements and observations made by different arbitral tribunals on specific legal issues
and treaty provisions.
3. International Investment Arbitration + Public Policy (IIAPP)
http://www.iiapp.org/cases-regulatory-impacts/
IIAPP, run by Professor Gus Van Harten of Osgoode Hall Law School, provides a free,
searchable database of all publicly known investment treaty arbitration cases up to May
2010. In addition to the usual search criteria of claimants, respondent states and treaties,
the database can be searched by arbitrators, and the different areas of the host State’s
national regulatory policy at issue (e.g., agriculture, public health, water, indigenous
rights, land use, etc.).
III. News and Commentary
1. Investment Treaty News (ITN)
http://www.iisd.org/itn/
ITN is a free quarterly newsletter published by the International Institute for Sustainable
Development providing news, analysis and opinion on arbitration proceedings and
developments relating to investment treaties, arbitration rules and negotiations. The
newsletter offers a free subscription service.
2. UNCTAD Investment Policy Hub (IPH)
http://investmentpolicyhub.unctad.org/
The UNCTAD IPH provides a useful collection of resources and publications on
international investment law and investment policy:
A. Investment Policy Framework for Sustainable Development
http://investmentpolicyhub.unctad.org/Views/Public/IndexIPFSD.a
spx
Building upon UNCTAD’s accumulated expertise on national and
international investment policymaking, the IPFSD provides guidelines for
designing national investment policies and options for the design and use
of international investment agreements.
B. UNCTAD Investment Policy Review (IPR)
http://unctad.org/en/Pages/DIAE/Investment%20Policy%20Revie
ws/Investment-Policy-Reviews.aspx
The IPR provides an objective evaluation of countries’ legal,
regulatory and institutional framework to attract foreign direct investment
(FDI), including a review of FDI entry and establishment requirements,
treatment and protection of investment, taxation, and other sectoral
regulations.
C. UNCTAD Best Practices on Investment for Development
http://unctad.org/en/Pages/DIAE/Investment%20Policy%20Revie
ws/Best-practices-on-Investment-for-Development.aspx
This series provides advice on best practices in investment policies
which can maximize the contribution of FDI inflow to national
development strategies.
D. UNCTAD Investment Policy Monitor (IPM)
http://unctad.org/en/Pages/DIAE/Research%20on%20FDI%20and
%20TNCs/Investment-Policy-Monitor.aspx
The IPM is a periodic newsletter published by UNCTAD reporting
on the latest developments in national and international investment law
and policy.
E. UNCTAD Series on International Investment Agreements (IIA):
The “Pink Series” (1999-2005) and IIA II (2011- )
IIA I (1999-2005):
http://unctad.org/en/Pages/DIAE/International%20Investment%20
Agreements%20(IIA)/UNCTAD-Series-on-issues-on-
international-investment-agreements.aspx
IIA II (2011- ):
http://unctad.org/en/Pages/DIAE/International%20Investment%20
Agreements%20(IIA)/Issues-in-International-Investment-
Agreements-II.aspx
This series of booklets explores key legal concepts and issues
related to international investment agreements. Each booklet focuses on a
particular issue (e.g., MFN, expropriation, etc.), and includes an analysis
of state practice and investment arbitration awards, in addition to offering
policy options and advice.
F. UNCTAD International Investment Agreements: Issue Notes
http://unctad.org/en/pages/publications/Intl-Investment-
Agreements---Issues-Note.aspx
These occasional Issue Notes provide a brief analysis and
commentary on select developments relating to international investment
agreements and investor-state dispute settlement.
3. Organization for Economic Co-operation and Development (OECD)
Working Papers on International Investment
http://www.oecd.org/daf/inv/investment-policy/working-papers.htm
The OECD Working Paper series publishes selected studies by the OECD Investment
Committee, OECD Investment Division staff, or by outside consultants working on
OECD Investment Committee projects. The series covers a variety of issues under
international investment agreements and investment arbitration, apart from national
investment policies.
4. Columbia FDI Perspectives
http://www.vcc.columbia.edu/content/columbia-fdi-perspectives-0
The FDI Perspectives is an occasional series by the Columbia Center on Sustainable
Investment at Columbia University providing topical analysis and commentary on issues
relating to FDI.
5. Kluwer Arbitration Blog
http://kluwerarbitrationblog.com/
This blog provides commentary by lawyers and academics on current developments in
international investment law and arbitration proceedings, in particular.
6. A Canon for Arbitration and Investment Law
http://arbitrationandinvestmentlaw.wordpress.com/
This blog provides a collection (a “canon”) of significant scholarship in the field of
international investment law and arbitration, along with a review of these works.
IV. Mailing Lists
Mailing lists (also known as “list-servs”) are a useful way of interacting with
international lawyers, academics and other professionals working in the field of
international investment law across the world. As a member one can participate in
discussions and share information through email exchanges. Membership requires an
application, and must be approved. There are two free mailing lists that focus on
international investment law:
1. Young-OGEMID
http://www.transnational-dispute-management.com/young-ogemid/
Young-OGEMID is a mailing list for younger professionals practicing in the field of
international investment law and international arbitration. Although covering a variety of
issues, it maintains a strong focus on the practice of dispute settlement.
V. Multimedia
1. UN Audiovisual Library of International Law (AVL)
http://www.un.org/law/avl/
The UN AVL is a multimedia collection of lectures delivered by leading international
law scholars and practitioners covering a range of international law fields and issues.
Some lectures are accompanied by a suggested list for further reading and research. The
section on “Foreign Investment” under “International Economic Law” contains lectures
directly relevant to international investment law. Other categories also contain lectures on
related issues such as the protection of individuals, international arbitration, state
responsibility and dispute settlement, etc. The AVL is updated regularly to include new
lectures.
VI. Further Research and Reading
1. Columbia Center on Sustainable Investment
http://ccsi.columbia.edu/
The Vale Columbia Center offers a variety of guides, reports and publications on cross-
border investment flows. In addition, as part of the International Investment Law
Syllabus Project, the Center provides model syllabi for academic courses on international
investment law.
2. UN AVL Research Library
http://www.un.org/law/avl/
The Research Library of the AVL provides links to other web-based international law-
related resources. Specifically, it covers: resources relating to treaties and treaty status
information; materials concerning the jurisprudence of international courts and tribunals;
access to selected United Nations publications and to repositories of official
documentation; and selected scholarly writings in international law, including
publications and journal articles. A collection of significant scholarly works is provided
by HeinOnline and can be accessed through the AVL Research Library for free
(http://heinonlinebackup.com/HOLtest/UNLAV).
3. Electronic Research Guides
Several institutions offer comprehensive research guides on international investment law
and investment arbitration, covering free and paid, online and print resources:
A. The American Society of International Law Guide to Electronic
Resources for International Economic Law
http://www.asil.org/resources/electronic-resource-guide-erg
B. The Peace Palace Library Research Guide for FDI
http://www.peacepalacelibrary.nl/research-guides/economic-and-
financial-law/foreign-direct-investment/
C. The Georgetown Law Library International Investment Law
Research Guide
http://guides.ll.georgetown.edu/InternationalInvestmentLaw
D. The Washington University Law Library International Investment
Law Guide
http://law.wustl.edu/library/pages.aspx?id=1373#_1_4
**
Judge Joan Donoghue
Shashank Kumar
December 2012
(Updated November 2015)
South African Development Community (SADC) Model Bilateral Investment Treaty Template (with commentary), 2012
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a,
Mo
zam
biq
ue
an
d t
he
Se
yc
he
lle
s a
lso
pa
rtic
ipa
ted
in
th
e fi
na
l d
raft
ing
co
mm
itte
e m
ee
tin
g o
f M
ay
20
12.
Th
e S
AD
C S
ec
reta
ria
t fa
cil
ita
ted
th
e p
roc
ess
. T
he
SA
DC
Mo
de
l B
IT T
em
pla
te w
as
sup
po
rte
d
by
th
e E
U f
un
de
d F
IP P
roje
ct
an
d t
he
De
uts
ch
e G
ese
llsc
ha
ft f
ür
Inte
rna
tio
na
le Z
usa
mm
en
arb
eit
(GIZ
) G
mb
H o
n b
eh
alf
of
the
Ge
rma
n G
ov
ern
me
nt.
167
p.4
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Tabl
e of
Con
tent
sPr
eam
ble .
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.5
Part
1: C
omm
on P
rovi
sion
s ....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
7
A
rtic
le 1
: O
bje
cti
ve
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
....8
A
rtic
le 2
:
De
fin
itio
ns
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
8
A
rtic
le 3
: A
dm
issi
on
of
Inv
est
me
nts
of
Inv
est
ors
of
the
Oth
er
Pa
rty
.....
......
......
......
......
......
..15
Part
2: I
nves
tor R
ight
s Po
st-E
stab
lishm
ent .
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
19
A
rtic
le 4
: N
on
-Dis
cri
min
ati
on
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.....
20
A
rtic
le 5
: Fa
ir a
nd
Eq
uit
ab
le T
rea
tme
nt .
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
22
A
rtic
le 6
: E
xp
rop
ria
tio
n ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
..2
4
A
rtic
le 7
: S
en
ior
Ma
na
ge
me
nt
an
d E
mp
loy
ee
s ...
......
......
......
......
......
......
......
......
......
......
......
......
.26
A
rtic
le 8
: R
ep
atr
iati
on
of
Ass
ets
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
..27
A
rtic
le 9
: P
rote
cti
on
an
d S
ec
uri
ty ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
..2
9
Part
3: R
ight
s an
d O
blig
atio
ns o
f Inv
esto
rs a
nd S
tate
Par
ties .
......
......
......
......
......
......
......
......
......
......
..3
1
A
rtic
le 1
0:
Co
mm
on
Ob
lig
ati
on
ag
ain
st C
orr
up
tio
n ..
......
......
......
......
......
......
......
......
......
......
......
..32
A
rtic
le 1
1:
Co
mp
lia
nc
e w
ith
Do
me
stic
La
w ..
......
......
......
......
......
......
......
......
......
......
......
......
......
.....3
3
A
rtic
le 1
2:
Pro
vis
ion
of
Info
rma
tio
n...
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.33
A
rtic
le 1
3:
En
vir
on
me
nta
l a
nd
So
cia
l Im
pa
ct
Ass
ess
me
nt .
......
......
......
......
......
......
......
......
......
...3
4
A
rtic
le 1
4:
En
vir
on
me
nta
l M
an
ag
em
en
t a
nd
Im
pro
ve
me
nt .
......
......
......
......
......
......
......
......
......
..35
A
rtic
le 1
5:
Min
imu
m S
tan
da
rds
for
Hu
ma
n R
igh
ts, E
nv
iro
nm
en
t a
nd
La
bo
ur .
......
......
......
....3
6
A
rtic
le 1
6:
Co
rpo
rate
Go
ve
rna
nc
e S
tan
da
rds
......
......
......
......
......
......
......
......
......
......
......
......
......
....3
7
A
rtic
le 1
7:
Inv
est
or
Lia
bil
ity
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.37
A
rtic
le 1
8:
Tra
nsp
are
nc
y o
f C
on
tra
cts
an
d P
ay
me
nts
.....
......
......
......
......
......
......
......
......
......
......
.38
A
rtic
le 1
9:
Re
lati
on
to
Dis
pu
te S
ett
lem
en
t ....
......
......
......
......
......
......
......
......
......
......
......
......
......
....3
9
A
rtic
le 2
0:
Rig
ht
of
Sta
tes
to R
eg
ula
te ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
..3
9
A
rtic
le 2
1:
Rig
ht
to P
urs
ue
De
ve
lop
me
nt
Go
als
.....
......
......
......
......
......
......
......
......
......
......
......
......
40
A
rtic
le 2
2:
Ob
lig
ati
on
s o
f S
tate
s o
n E
nv
iro
nm
en
t a
nd
La
bo
ur
Sta
nd
ard
s ...
......
......
......
......
.....
41
Part
4: G
ener
al P
rovi
sion
s ....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.....
43
A
rtic
le 2
3:
Co
op
era
tio
n i
n P
rom
oti
on
of
Inv
est
me
nt .
......
......
......
......
......
......
......
......
......
......
......
.44
A
rtic
le 2
4:
Tra
nsp
are
nc
y o
f In
ve
stm
en
t In
form
ati
on
.....
......
......
......
......
......
......
......
......
......
......
...4
5
A
rtic
le 2
5:
Exc
ep
tio
ns
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
...4
6
A
rtic
le 2
6:
De
nia
l o
f B
en
efi
ts ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.48
A
rtic
le 2
7:
Pe
rio
dic
Re
vie
w o
f th
is A
gre
em
en
t ....
......
......
......
......
......
......
......
......
......
......
......
......
...4
9
Part
5: D
ispu
te S
ettle
men
t ....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
....5
1
A
rtic
le 2
8:
Sta
te-S
tate
Dis
pu
te S
ett
lem
en
t ....
......
......
......
......
......
......
......
......
......
......
......
......
......
....5
2
A
rtic
le 2
9:
Inv
est
or-
Sta
te D
isp
ute
Se
ttle
me
nt.
......
......
......
......
......
......
......
......
......
......
......
......
......
.55
A
rtic
le 3
0:
Inte
rpre
tiv
e S
tate
me
nt
of
the
Sta
te P
art
ies
......
......
......
......
......
......
......
......
......
......
....6
9
A
rtic
le 3
1:
Go
ve
rnin
g L
aw
in
Dis
pu
te S
ett
lem
en
t ...
......
......
......
......
......
......
......
......
......
......
......
....7
0
A
rtic
le 3
2:
Se
rvic
e o
f D
oc
um
en
ts ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.....
71
Part
6: F
inal
Pro
visi
ons.
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
...7
3
A
rtic
le 3
3:
En
try
in
to F
orc
e ..
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.....
74
A
rtic
le 3
4:
Pe
rio
d i
n F
orc
e a
nd
Te
rmin
ati
on
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
..74
A
rtic
le 3
5:
Am
en
dm
en
t ....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
...7
5
A
rtic
le 3
6:
Sc
he
du
les
an
d N
ote
s P
art
of
Tre
aty
.....
......
......
......
......
......
......
......
......
......
......
......
......
..76
A
rtic
le 3
7:
Au
the
nti
c T
ex
t ...
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
76
Sche
dule
1:
Excl
uded
/Inc
lude
d Se
ctor
s fo
r Inv
estm
ent L
iber
aliz
atio
n, If
App
licab
le ..
......
......
....7
7
Sche
dule
2:
Excl
uded
/Inc
lude
d Se
ctor
s fo
r Pos
t-Es
tabl
ishm
ent I
nves
tor P
rote
ctio
ns,
If A
pplic
able
.....
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
......
.....7
7
Sche
dule
3:
List
on
Nat
iona
l Aut
horit
ies
and
Cont
act P
oint
s ...
......
......
......
......
......
......
......
......
......
......
77
Sche
dule
4:
Proc
edur
e fo
r Am
icus
Cur
iae
Subm
issi
ons .
......
......
......
......
......
......
......
......
......
......
......
......
..77
168
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
p.
5
Prea
mbl
eT
he
Go
ve
rnm
en
t o
f a
nd
th
e G
ov
ern
me
nt
of
,
Des
iring
to s
tren
gthe
n th
e b
on
ds
of
frie
nd
ship
an
d c
oo
pe
rati
on
be
twe
en
th
e S
tate
Pa
rtie
s;
Reco
gniz
ing
the
imp
ort
an
t c
on
trib
uti
on
inv
est
me
nt
ca
n m
ake
to
th
e s
ust
ain
ab
le d
ev
elo
pm
en
t o
f th
e
Sta
te P
art
ies,
in
clu
din
g t
he
re
du
cti
on
of
po
ve
rty,
in
cre
ase
of
pro
du
cti
ve
ca
pa
cit
y, e
co
no
mic
gro
wth
,
the
tra
nsf
er
of
tec
hn
olo
gy,
an
d t
he
fu
rth
era
nc
e o
f h
um
an
rig
hts
an
d h
um
an
de
ve
lop
me
nt;
Seek
ing
to p
rom
ote,
enc
oura
ge a
nd in
crea
se in
ve
stm
en
t o
pp
ort
un
itie
s th
at
en
ha
nc
e s
ust
ain
ab
le
de
ve
lop
me
nt
wit
hin
th
e t
err
ito
rie
s o
f th
e S
tate
Pa
rtie
s;
Und
erst
andi
ng t
ha
t su
sta
ina
ble
de
ve
lop
me
nt
req
uir
es
the
fu
lfilm
en
t o
f th
e e
co
no
mic
, so
cia
l a
nd
en
vir
on
me
nta
l p
illa
rs t
ha
t a
re e
mb
ed
de
d w
ith
in t
he
co
nc
ep
t;
Reaffi
rmin
g th
e r
igh
t o
f th
e S
tate
Pa
rtie
s to
re
gu
late
an
d t
o i
ntr
od
uc
e n
ew
me
asu
res
rela
tin
g t
o
inv
est
me
nts
in
th
eir
te
rrit
ori
es
in o
rde
r to
me
et
na
tio
na
l p
oli
cy
ob
jec
tiv
es,
an
d—
tak
ing
in
to a
cc
ou
nt
an
y a
sym
me
trie
s w
ith
re
spe
ct
to t
he
me
asu
res
in p
lac
e—
the
pa
rtic
ula
r n
ee
d o
f d
ev
elo
pin
g c
ou
ntr
ies
to e
xe
rcis
e t
his
rig
ht;
Seek
ing
an
ov
era
ll b
ala
nc
e o
f th
e r
igh
ts a
nd
ob
lig
ati
on
s a
mo
ng
th
e S
tate
Pa
rtie
s, t
he
in
ve
sto
rs,
an
d
the
in
ve
stm
en
ts u
nd
er
this
Ag
ree
me
nt;
Ha
ve
ag
ree
d a
s fo
llo
ws:
Co
mm
ent
ary
The
prea
mbl
e of
an
inte
rnat
iona
l agr
eem
ent
of a
ny t
ype
prov
ides
an
intr
oduc
tion
to t
he
goal
s an
d th
inki
ng o
f th
e dr
afte
rs o
f th
e ag
reem
ent.
It al
so p
rovi
des
an in
trod
uctio
n fo
r
this
per
spec
tive
is th
e ro
le a
rbitr
ator
s m
ay lo
ok to
a p
ream
ble
to p
lay
as th
ey in
terp
ret a
nd
appl
y th
e tr
eaty
in a
n ar
bitr
atio
n co
ntex
t bet
wee
n an
inve
stor
and
a S
tate
.
In t
hese
circ
umst
ance
s, t
here
hav
e be
en s
ever
al in
stan
ces
whe
re a
rbitr
al t
ribun
als
have
ex
amin
ed t
he p
ream
ble
of a
giv
en t
reat
y an
d fo
und
only
ref
eren
ces
to t
he p
rom
otio
n of
in
vest
men
t and
the
prov
isio
n of
inve
stor
righ
ts u
nder
the
trea
ty. A
s a
resu
lt, th
e pr
eam
ble
has
been
hel
d to
est
ablis
h a
pres
umpt
ion
that
the
sol
e pu
rpos
e of
the
tre
aty
is t
he
prot
ectio
n of
the
inve
stor
in o
rder
, pre
sum
ably
, to
attr
act h
ighe
r le
vels
of i
nves
tmen
t. Th
is
pres
umpt
ion
in f
avou
r of
bro
ader
ove
r na
rrow
er r
ight
s fo
r th
e in
vest
or,
few
er a
nd m
ore
limite
d rig
hts
for g
over
nmen
t reg
ulat
ory
activ
ity in
rela
tion
to a
n in
vest
men
t, an
d an
ove
rall
pres
umpt
ion
of in
vest
or-fr
iend
ly in
terp
reta
tions
.
Alth
ough
the
re a
re s
ever
al a
rbitr
atio
ns t
hat
have
rej
ecte
d th
is a
ppro
ach
and
it ha
s be
en
the
subj
ect o
f muc
h ac
adem
ic a
nd o
ther
pro
fess
iona
l crit
icis
m, i
t con
tinue
s to
be
used
in
som
e in
stan
ces.
Thi
s in
clud
es in
dec
isio
ns m
ade
as r
ecen
tly a
s in
201
0 a
nd 2
011.
As
a re
sult,
the
prea
mbl
e se
t out
abo
ve is
cra
fted
to:
169
p.6
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Be
bala
nced
, as
bet
wee
n de
velo
pmen
t ob
ject
ives
and
inv
esto
r in
tere
sts,
so
as t
o pr
eclu
de u
nint
ende
d ex
pans
ive
inte
rpre
tatio
n of
sub
stan
tive
prov
isio
ns i
n fa
vour
of
inve
stor
s on
the
bas
is o
f th
e in
tent
to
prot
ect
inve
stor
s ex
pres
sed
in t
he p
ream
ble,
as
seen
in s
ever
al a
rbitr
atio
ns.
The
para
grap
h on
the
rig
ht t
o re
gula
te a
nd t
he r
ecog
nitio
n of
asy
mm
etry
iss
ues,
with
has
all
deve
lope
d co
untr
ies
as S
tate
Par
ties.
Thi
s sh
ould
enh
ance
its
acc
epta
bilit
y in
a
nort
h–so
uth
nego
tiatin
g co
ntex
t. At
leas
t in
som
e m
easu
re,
asym
met
ry is
par
t of
the
po
licy
mix
for
dev
elop
ing
Stat
es’ d
evel
opm
ent
polic
y bu
ildin
g. T
his
prea
mbl
e re
cogn
izes
su
ch a
sym
met
ries
as p
art
of t
his
mix
for
int
erna
tiona
l in
vest
men
t la
w p
urpo
ses,
whi
ch
170
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
7
Part
1: C
omm
on P
rovi
sion
s
ART
ICLE
1 O
bjec
tive .
......
......
......
......
......
......
......
.8
ART
ICLE
2
Defi
nitio
ns ...
......
......
......
......
......
......
..8
ART
ICLE
3
Adm
issi
on o
f Inv
estm
ents
of
Inve
stor
s of
the
Oth
er P
arty
......
.....1
5
171
p.8
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
1: C
omm
on P
rovi
sion
s
ART
ICLE
1 O
bjec
tive
Th
e m
ain
ob
jec
tiv
e o
f th
is A
gre
em
en
t is
to
en
co
ura
ge
an
d in
cre
ase
in
ve
stm
en
ts [
be
twe
en
in
ve
sto
rs
of o
ne
Sta
te P
art
y in
to t
he
te
rrit
ory
of th
e o
the
r S
tate
Pa
rty
] th
at
sup
po
rt t
he
su
sta
ina
ble
de
ve
lop
me
nt
of
ea
ch
Pa
rty,
an
d i
n p
art
icu
lar
the
Ho
st S
tate
wh
ere
an
in
ve
stm
en
t is
to
be
lo
ca
ted
.
Co
mm
ent
ary
subs
tant
ive
text
, th
e tr
eaty
’s m
ain
goal
. Th
is g
ives
add
ed w
eigh
t to
the
obj
ectiv
e as
an
inte
rpre
tatio
nal g
uide
, bey
ond
that
whi
ch is
nor
mal
ly a
ttrib
uted
to th
e pr
eam
ble.
The
link
to th
e de
velo
pmen
t obj
ectiv
es o
f eac
h St
ate
and
the
regi
on a
s a
who
le, r
athe
r tha
n si
mpl
y be
ing
an e
nd in
itse
lf.
appr
opria
te, b
ut th
e te
xt re
ads
mor
e di
rect
ly a
nd s
ucci
nctly
with
out t
he b
rack
eted
lang
uage
.
ART
ICLE
2
Defi
nitio
nsFo
r th
e p
urp
ose
s o
f th
is A
gre
em
en
t:
Hom
e St
ate
me
an
s, i
n r
ela
tio
n t
o
1.
a n
atu
ral
pe
rso
n,
the
Sta
te P
art
y o
f n
ati
on
ali
ty o
r p
red
om
ina
nt
resi
de
nc
e o
f th
e i
nv
est
or
in
ac
co
rda
nc
e w
ith
th
e l
aw
s o
f th
at
Sta
te P
art
y
2.
a l
eg
al
or
juri
dic
al
pe
rso
n,
the
Sta
te P
art
y o
f in
co
rpo
rati
on
or
reg
istr
ati
on
of
the
in
ve
sto
r in
ac
co
rda
nc
e w
ith
th
e l
aw
s o
f th
at
Sta
te P
art
y
[an
d d
ec
lare
d a
s th
e H
om
e S
tate
at
the
tim
e o
f re
gis
tra
tio
n w
he
re r
eq
uir
ed
un
de
r th
e l
aw
of
the
Ho
st S
tate
].
Hos
t Sta
te m
ea
ns
the
Sta
te P
art
y w
he
re t
he
in
ve
stm
en
t is
lo
ca
ted
.
ICSI
D m
ea
ns
the
In
tern
ati
on
al C
en
tre
fo
r S
ett
lem
en
t o
f In
ve
stm
en
t D
isp
ute
s, e
sta
bli
she
d u
nd
er
the
Co
nv
en
tio
n o
n t
he
Se
ttle
me
nt
of
Inv
est
me
nt
Dis
pu
tes
be
twe
en
Sta
tes
an
d N
ati
on
als
of
Oth
er
Sta
tes.
Inve
stm
ent
SP
EC
IAL
NO
TE
: T
he
de
fin
itio
n o
f in
vest
me
nt
is v
ery
cri
tica
l a
nd
sti
ll v
ery
co
ntr
ove
rsia
l. T
hre
e o
pti
on
s a
re
incl
ud
ed
he
re i
n f
ull
: a
n e
nte
rpri
se-b
ase
d d
efi
nit
ion
, a
clo
sed
-lis
t a
sse
t-b
ase
d a
pp
roa
ch,
an
d a
n o
pe
n-l
ist
ass
et-
ba
sed
ap
pro
ach
. Th
ese
are
pre
sen
ted
in o
rde
r fr
om
th
e le
ast
to
th
e m
ost
ex
pa
nsi
ve in
te
rms
of
wh
at
the
y c
ove
r. T
he
pro
s a
nd
co
ns
of
ea
ch w
ill b
e f
ull
y e
xp
lain
ed
in t
he
fin
al c
om
me
nta
ry o
f A
rtic
le 2
.
172
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
9
I. EN
TERP
RISE
-BA
SED
DEF
INIT
ION
Inve
stm
ent m
ea
ns
an
en
terp
rise
wit
hin
th
e t
err
ito
ry o
f o
ne
Sta
te P
art
y e
sta
bli
she
d, a
cq
uir
ed
or
ex
pa
nd
ed
by
an
inv
est
or
of
the
oth
er
Sta
te P
art
y, in
clu
din
g t
hro
ug
h t
he
co
nst
itu
tio
n, m
ain
ten
an
ce
or
ac
qu
isit
ion
of
a j
uri
dic
al
pe
rso
n o
r th
e a
cq
uis
itio
n o
f sh
are
s, d
eb
en
ture
s o
r o
the
r o
wn
ers
hip
inst
rum
en
ts o
f su
ch
an
en
terp
rise
, p
rov
ide
d t
ha
t th
e e
nte
rpri
se i
s e
sta
bli
she
d o
r a
cq
uir
ed
in
ac
co
rda
nc
e
wit
h
the
la
ws
of
the
H
ost
S
tate
[;
an
d
[re
gis
tere
d][
ap
pro
ve
d][
rec
og
niz
ed
] in
ac
co
rda
nc
e w
ith
th
e l
eg
al
req
uir
em
en
ts o
f th
e H
ost
Sta
te].
An
en
terp
rise
ma
y p
oss
ess
ass
ets
suc
h a
s:
1.
Sh
are
s,
sto
ck
s,
de
be
ntu
res
an
d
oth
er
eq
uit
y
inst
rum
en
ts
of
the
e
nte
rpri
se
or
an
oth
er
en
terp
rise
2.
A d
eb
t se
cu
rity
of
an
oth
er
en
terp
rise
3.
Lo
an
s to
an
en
terp
rise
4.
Mo
va
ble
or
imm
ov
ab
le p
rop
ert
y a
nd
oth
er
pro
pe
rty
rig
hts
su
ch
as
mo
rtg
ag
es,
lie
ns
or
ple
dg
es
5.
Cla
ims
to m
on
ey
or
to a
ny
pe
rfo
rma
nc
e u
nd
er
co
ntr
ac
t h
av
ing
a fi
na
nc
ial
va
lue
6.
Co
py
rig
hts
, k
no
w-h
ow
, g
oo
dw
ill
an
d i
nd
ust
ria
l p
rop
ert
y r
igh
ts s
uc
h a
s p
ate
nts
, tr
ad
em
ark
s,
ind
ust
ria
l d
esi
gn
s a
nd
tra
de
na
me
s, t
o t
he
ex
ten
t th
ey
are
re
co
gn
ize
d u
nd
er
the
la
w o
f th
e
Ho
st S
tate
7.
Rig
hts
co
nfe
rre
d b
y l
aw
or
un
de
r c
on
tra
ct,
in
clu
din
g l
ice
nc
es
to c
ult
iva
te,
ex
tra
ct
or
ex
plo
it
na
tura
l re
sou
rce
s
For
gre
ate
r c
ert
ain
ty, I
nv
est
me
nt
do
es
no
t in
clu
de
:
1.
De
bt
sec
uri
tie
s is
sue
d b
y a
go
ve
rnm
en
t o
r lo
an
s to
a g
ov
ern
me
nt
2.
Po
rtfo
lio
in
ve
stm
en
ts
3.
Cla
ims
to m
on
ey
th
at
ari
se s
ole
ly f
rom
co
mm
erc
ial
co
ntr
ac
ts f
or
the
sa
le o
f g
oo
ds
or
serv
ice
s b
y a
na
tio
na
l o
r e
nte
rpri
se i
n t
he
te
rrit
ory
of
a P
art
y t
o a
n e
nte
rpri
se i
n t
he
te
rrit
ory
of
an
oth
er
Pa
rty,
or
the
ex
ten
sio
n o
f c
red
it i
n c
on
ne
cti
on
wit
h a
co
mm
erc
ial
tra
nsa
cti
on
, o
r
an
y o
the
r c
laim
s to
mo
ne
y t
ha
t d
o n
ot
inv
olv
e t
he
kin
d o
f in
tere
sts
set
ou
t in
su
bp
ara
gra
ph
s
(a)
thro
ug
h (
g)
ab
ov
e.
II. A
SSET
-BA
SED
OPT
ION
1: C
LOSE
D-L
IST,
EX
HA
UST
IVE
TEST
(B
ASE
D O
N C
AN
AD
IAN
MO
DEL
BIT
)In
vest
men
t me
an
s th
e f
oll
ow
ing
ass
ets
ad
mit
ted
or
est
ab
lish
ed
in a
cc
ord
an
ce
wit
h t
he
law
s a
nd
reg
ula
tio
ns
of
the
Pa
rty
in
wh
ose
te
rrit
ory
th
e i
nv
est
me
nt
is m
ad
e:
1.
An
en
terp
rise
2.
An
eq
uit
y s
ec
uri
ty o
f a
n e
nte
rpri
se
3.
A d
eb
t se
cu
rity
of
an
en
terp
rise
(a
) w
he
re t
he
en
terp
rise
is
an
affi
lia
te o
f th
e i
nv
est
or,
or
(b
) w
he
re t
he
ori
gin
al
ma
turi
ty o
f th
e d
eb
t se
cu
rity
is
at
lea
st t
hre
e y
ea
rs,
bu
t d
oe
s n
ot
inc
lud
e a
de
bt
sec
uri
ty, r
eg
ard
less
of
ori
gin
al
ma
turi
ty, o
f a
Sta
te o
r S
tate
en
terp
rise
173
p.10
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
4.
A l
oa
n t
o a
n e
nte
rpri
se
(a
) w
he
re t
he
en
terp
rise
is
an
affi
lia
te o
f th
e i
nv
est
or,
or
(b
) w
he
re t
he
ori
gin
al m
atu
rity
of
the
loa
n is
at
lea
st t
hre
e y
ea
rs, b
ut
do
es
no
t in
clu
de
a lo
an
,
reg
ard
less
of
ori
gin
al
ma
turi
ty, t
o a
Sta
te e
nte
rpri
se
5.
An
in
tere
st i
n a
n e
nte
rpri
se t
ha
t e
nti
tle
s th
e o
wn
er
to s
ha
re i
n i
nc
om
e o
r p
rofi
ts o
f th
e
en
terp
rise
6.
An
in
tere
st i
n a
n e
nte
rpri
se t
ha
t e
nti
tle
s th
e o
wn
er
to s
ha
re i
n t
he
ass
ets
of
tha
t e
nte
rpri
se
on
dis
solu
tio
n,
oth
er
tha
n a
de
bt
sec
uri
ty o
r a
lo
an
exc
lud
ed
fro
m s
ub
pa
rag
rap
hs
(3)
or
(4)
of
this
Art
icle
7.
Re
al
est
ate
or
oth
er
pro
pe
rty,
ta
ng
ible
or
inta
ng
ible
, a
cq
uir
ed
in
th
e e
xp
ec
tati
on
or
use
d f
or
the
pu
rpo
se o
f e
co
no
mic
be
ne
fit
or
oth
er
bu
sin
ess
pu
rpo
ses
8.
Inte
rest
s a
risi
ng
fro
m t
he
co
mm
itm
en
t o
f c
ap
ita
l or
oth
er
reso
urc
es
in t
he
te
rrit
ory
of
a P
art
y
to e
co
no
mic
ac
tiv
ity
in
su
ch
te
rrit
ory
, su
ch
as
un
de
r
(a
) c
on
tra
cts
in
vo
lvin
g t
he
pre
sen
ce
of
an
in
ve
sto
r’s
pro
pe
rty
in
th
e t
err
ito
ry o
f th
e P
art
y,
inc
lud
ing
tu
rnke
y o
r c
on
stru
cti
on
co
ntr
ac
ts, o
r c
on
ce
ssio
ns,
or
(b
) c
on
tra
cts
wh
ere
re
mu
ne
rati
on
de
pe
nd
s su
bst
an
tia
lly
on
th
e p
rod
uc
tio
n,
rev
en
ue
s o
r
pro
fits
of
an
en
terp
rise
9.
For
gre
ate
r c
ert
ain
ty,
an
in
ve
stm
en
t fo
r th
e p
urp
ose
s o
f th
is A
gre
em
en
t d
oe
s n
ot
inc
lud
e
ass
ets
th
at
are
so
lely
in t
he
na
ture
of
po
rtfo
lio
inv
est
me
nts
; go
od
wil
l; m
ark
et
sha
re, w
he
the
r
or
no
t it
is
ba
sed
on
fo
reig
n o
rig
in t
rad
e,
or
rig
hts
to
tra
de
; c
laim
s to
mo
ne
y d
eri
vin
g s
ole
ly
fro
m c
om
me
rcia
l co
ntr
ac
ts f
or
the
sa
le o
f g
oo
ds
or
serv
ice
s to
or
fro
m t
he
te
rrit
ory
of
a P
art
y
to t
he
te
rrit
ory
of
the
oth
er
Pa
rty,
or
a l
oa
n t
o a
Pa
rty
or
to a
Sta
te e
nte
rpri
se;
a b
an
k l
ett
er
of
cre
dit
; th
e e
xte
nsi
on
of
cre
dit
in
co
nn
ec
tio
n w
ith
a c
om
me
rcia
l tr
an
sac
tio
n, su
ch
as
tra
de
fin
an
cin
g;
or
a l
oa
n t
o, o
r d
eb
t se
cu
rity
iss
ue
d b
y a
Sta
te P
art
y o
r a
Sta
te e
nte
rpri
se t
he
reo
f.
10.
In
ord
er
to
qu
ali
fy
as
an
in
ve
stm
en
t u
nd
er
this
A
gre
em
en
t,
an
a
sse
t m
ust
h
av
e
the
ch
ara
cte
rist
ics
of
an
in
ve
stm
en
t, s
uc
h a
s th
e [
sub
sta
nti
al]
co
mm
itm
en
t o
f c
ap
ita
l o
r o
the
r
reso
urc
es,
th
e e
xp
ec
tati
on
of
ga
in o
r p
rofi
t, t
he
ass
um
pti
on
of
risk
, a
nd
sig
nifi
ca
nc
e f
or
the
Ho
st S
tate
’s d
ev
elo
pm
en
t.
OR
III. A
SSET
-BA
SED
OPT
ION
2: N
ON
-EX
HA
UST
IVE
ASS
ET-B
ASE
D T
EST
(B
ASE
D O
N U
.S. M
OD
EL T
EXT)
Inve
stm
ent m
ea
ns
ass
ets
ad
mit
ted
or
est
ab
lish
ed
in
ac
co
rda
nc
e w
ith
th
e l
aw
s a
nd
re
gu
lati
on
s
of
the
Pa
rty
in
wh
ose
te
rrit
ory
th
e i
nv
est
me
nt
is m
ad
e, a
nd
in
clu
de
s:
1.
Mo
va
ble
an
d im
mo
va
ble
pro
pe
rty
an
d o
the
r re
late
d p
rop
ert
y r
igh
ts s
uc
h a
s m
ort
ga
ge
s, li
en
s
an
d p
led
ge
s
2.
Cla
ims
to m
on
ey,
go
od
s, s
erv
ice
s o
r o
the
r p
erf
orm
an
ce
ha
vin
g e
co
no
mic
va
lue
3.
Sto
ck
s, s
ha
res
an
d d
eb
en
ture
s o
f e
nte
rpri
ses
an
d in
tere
st in
th
e p
rop
ert
y o
f su
ch
en
terp
rise
s
4.
Inte
lle
ctu
al
pro
pe
rty
rig
hts
, te
ch
nic
al
pro
ce
sse
s, k
no
w-h
ow
, g
oo
dw
ill
an
d o
the
r b
en
efi
ts o
r
ad
va
nta
ge
s a
sso
cia
ted
wit
h a
bu
sin
ess
op
era
tin
g i
n t
he
te
rrit
ory
of
the
Pa
rty
in
wh
ich
th
e
inv
est
me
nt
is m
ad
e
174
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
11
5.
Bu
sin
ess
co
nc
ess
ion
s c
on
ferr
ed
by
la
w o
r u
nd
er
co
ntr
ac
t, i
nc
lud
ing
(a
) c
on
tra
cts
to
b
uil
d,
op
era
te,
ow
n/
tra
nsf
er,
re
ha
bil
ita
te,
ex
pa
nd
, re
stru
ctu
re
an
d/o
r
imp
rov
e i
nfr
ast
ruc
ture
, an
d
(b
) c
on
ce
ssio
ns
to s
ea
rch
fo
r, c
ult
iva
te, e
xtr
ac
t o
r e
xp
loit
na
tura
l re
sou
rce
s
6.
For
gre
ate
r c
ert
ain
ty,
an
in
ve
stm
en
t fo
r th
e p
urp
ose
s o
f th
is A
gre
em
en
t d
oe
s n
ot
inc
lud
e
ass
ets
th
at
are
so
lely
in
th
e n
atu
re o
f p
ort
foli
o i
nv
est
me
nt;
go
od
wil
l; m
ark
et
sha
re,
wh
eth
er
or
no
t it
is
ba
sed
on
fo
reig
n o
rig
in t
rad
e,
or
rig
hts
to
tra
de
; c
laim
s to
mo
ne
y d
eri
vin
g s
ole
ly
fro
m c
om
me
rcia
l co
ntr
ac
ts f
or
the
sa
le o
f g
oo
ds
or
serv
ice
s to
or
fro
m t
he
te
rrit
ory
of
a P
art
y
to t
he
te
rrit
ory
of
the
oth
er
Pa
rty,
or
a lo
an
to
a P
art
y o
r to
a S
tate
en
terp
rise
; a b
an
k le
tte
r o
f
cre
dit
; o
r th
e e
xte
nsi
on
of
cre
dit
in
co
nn
ec
tio
n w
ith
a c
om
me
rcia
l tr
an
sac
tio
n, su
ch
as
tra
de
fin
an
cin
g.
7.
In
ord
er
to
qu
ali
fy
as
an
in
ve
stm
en
t u
nd
er
this
A
gre
em
en
t,
an
a
sse
t m
ust
h
av
e
the
ch
ara
cte
rist
ics
of
an
in
ve
stm
en
t, s
uc
h a
s th
e [
sub
sta
nti
al]
co
mm
itm
en
t o
f c
ap
ita
l o
r o
the
r
reso
urc
es,
th
e e
xp
ec
tati
on
of
ga
in o
r p
rofi
t, t
he
ass
um
pti
on
of
risk
, a
nd
sig
nifi
ca
nc
e f
or
the
Ho
st S
tate
’s d
ev
elo
pm
en
t.
Inve
stm
ent
auth
oriz
atio
n m
ea
ns
an
y g
ov
ern
me
nt
pe
rmit
, a
uth
ori
zati
on
, li
ce
nc
e,
reg
istr
ati
on
ce
rtifi
ca
te o
r si
mil
ar
leg
al in
stru
me
nt
tha
t e
nti
tle
s a
n in
ve
sto
r to
est
ab
lish
, ex
pa
nd
, ac
qu
ire
, ow
n
or
op
era
te a
n i
nv
est
me
nt.
Inve
stor
me
an
s a
na
tura
l p
ers
on
or
a j
uri
dic
al
pe
rso
n o
f th
e H
om
e S
tate
Pa
rty
ma
kin
g a
n
inv
est
me
nt
into
th
e t
err
ito
ry o
f th
e H
ost
Sta
te P
art
y, p
rov
ide
d t
ha
t:
1.
the
na
tura
l p
ers
on
, if
a d
ua
l c
itiz
en
, is
pre
do
min
an
tly
a r
esi
de
nt
of
the
Ho
me
Sta
te[,
an
d i
n
an
y e
ve
nt
is n
ot
a n
ati
on
al
of
the
Ho
st S
tate
Pa
rty
as
we
ll]
2.
for
a ju
rid
ica
l pe
rso
n, [
it is
a le
ga
lly
inc
orp
ora
ted
en
terp
rise
un
de
r th
e la
ws
of t
he
Ho
me
Sta
te.]
[it
is a
le
ga
lly
in
co
rpo
rate
d e
nte
rpri
se u
nd
er
the
la
ws
of
the
Ho
me
Sta
te a
nd
is
eff
ec
tiv
ely
ow
ne
d o
r c
on
tro
lle
d b
y a
na
tura
l o
r ju
rid
ica
l p
ers
on
of
the
Ho
me
Sta
te P
art
y.][
it i
s a
le
ga
lly
inc
orp
ora
ted
en
terp
rise
un
de
r th
e l
aw
s o
f th
e H
om
e S
tate
, a
nd
co
nd
uc
ts [
sub
sta
nti
al]
[su
bst
an
tiv
e]
bu
sin
ess
ac
tiv
ity
in t
he
Ho
me
Sta
te P
art
y.]
[it
is a
leg
all
y in
co
rpo
rate
d e
nte
rpri
se
un
de
r th
e l
aw
s o
f th
e H
om
e S
tate
, is
eff
ec
tiv
ely
ow
ne
d o
r c
on
tro
lle
d b
y a
na
tura
l o
r ju
rid
ica
l
pe
rso
n o
f th
e H
om
e S
tate
Pa
rty
an
d c
on
du
cts
[su
bst
an
tia
l][s
ub
sta
nti
ve
] b
usi
ne
ss a
cti
vit
y in
the
Ho
me
Sta
te P
art
y.]
[Opt
iona
l add
ition
: T
he
pro
vis
ion
s o
f th
is A
gre
em
en
t sh
all
no
t a
pp
ly t
o i
nv
est
me
nts
ow
ne
d o
r
co
ntr
oll
ed
by
Sta
te-o
wn
ed
en
terp
rise
s o
r so
ve
reig
n w
ea
lth
fu
nd
s.]
Mea
sure
me
an
s a
ny
fo
rm o
f le
ga
lly
bin
din
g g
ov
ern
me
nta
l a
ct
dir
ec
tly
aff
ec
tin
g a
n i
nv
est
or
or
its
inv
est
me
nt,
an
d i
nc
lud
es
an
y l
aw
, re
gu
lati
on
, p
roc
ed
ure
, re
qu
ire
me
nt,
fin
al
jud
icia
l d
ec
isio
n,
or
bin
din
g e
xe
cu
tiv
e d
ec
isio
n [
sub
jec
t to
th
e e
xc
lusi
on
of
me
asu
res
of
a [
sta
te][
pro
vin
cia
l]
[mu
nic
ipa
l] l
ev
el
go
ve
rnm
en
t].
Port
folio
inve
stm
ent m
ea
ns
inv
est
me
nt
tha
t c
on
stit
ute
s le
ss t
ha
n 1
0 p
er
ce
nt
of
the
sh
are
s o
f
the
co
mp
an
y o
r o
the
rwis
e d
oe
s n
ot
giv
e t
he
po
rtfo
lio
inv
est
or
the
po
ssib
ilit
y t
o e
xe
rcis
e e
ffe
cti
ve
ma
na
ge
me
nt
or
infl
ue
nc
e o
n t
he
ma
na
ge
me
nt
of
the
in
ve
stm
en
t.
Stat
e Pa
rty
or P
arty
me
an
s a
Sta
te t
ha
t is
pa
rty
to
th
is A
gre
em
en
t.
175
p.12
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Terr
itory
in r
ela
tio
n t
o a
Sta
te m
ea
ns
the
to
tal
lan
d a
rea
of
tha
t S
tate
Pa
rty
an
d, i
n r
ela
tio
n t
o [
a
co
ast
al
Sta
te]
, in
clu
de
s, i
n a
dd
itio
n,
the
te
rrit
ori
al
sea
an
d a
ny
ma
riti
me
are
a
situ
ate
d b
ey
on
d t
he
te
rrit
ori
al s
ea
th
at
ha
s b
ee
n d
esi
gn
ate
d, o
r th
at
ma
y in
fu
ture
be
de
sig
na
ted
,
un
de
r th
e la
w o
f a
nd
in a
cc
ord
an
ce
wit
h in
tern
ati
on
al l
aw
, as
an
are
a o
ve
r w
hic
h
ma
y e
xe
rcis
e r
igh
ts w
ith
re
ga
rd t
o t
he
se
a b
ed
, su
bso
il o
r n
atu
ral
reso
urc
es.
Tran
sfer
s m
ea
ns
inte
rna
tio
na
l p
ay
me
nts
an
d t
ran
sac
tio
ns
in c
ash
or
ele
ctr
on
ic f
orm
.
UN
CITR
AL
Arb
itrat
ion
Rule
s m
ea
ns
the
arb
itra
tio
n r
ule
s o
f th
e U
nit
ed
Na
tio
ns
Co
mm
issi
on
on
Inte
rna
tio
na
l T
rad
e L
aw
as
ap
pro
ve
d a
t th
e t
ime
an
arb
itra
tio
n i
s c
om
me
nc
ed
pu
rsu
an
t to
th
e
sub
mis
sio
n o
f a
no
tic
e o
f a
rbit
rati
on
un
de
r su
ch
Ru
les,
inc
lud
ing
an
y r
ule
s o
r a
nn
exe
s sp
ec
ific
to
inv
est
or-
Sta
te a
rbit
rati
on
pro
ce
sse
s.
Co
mm
ent
ary
that
they
are
nee
ded.
Bel
ow a
re s
ome
com
men
tarie
s on
the
key
issu
es ra
ised
in th
e dr
aft
Inve
stm
ent
the
mos
t ope
n-en
ded
and
broa
dly d
raft
ed. O
ptio
n 1
adop
ts a
n en
terp
rise-
base
d ap
proa
ch.
is n
ot th
e te
st o
f an
inve
stm
ent,
but i
llust
rate
s th
e ty
pes
of a
sset
s an
inve
stm
ent c
over
ed
unde
r the
trea
ty m
ay o
wn
or p
osse
ss.
appr
oach
, but
exp
ands
this
to in
clud
e su
ch a
sset
s as
inte
llect
ual p
rope
rty
right
s, w
heth
er
appr
oach
is b
road
er th
an a
n en
terp
rise-
base
d ap
proa
ch, b
ut h
as th
e vi
rtue
of s
ettin
g ou
t
very
exp
ansi
ve m
anne
r by
trib
unal
s.
mos
t as
sets
to
be c
laim
ed a
s co
vere
d in
vest
men
ts.
This
is
the
mos
t fa
vour
able
to
176
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
13
this
be
reje
cted
for a
ll fu
ture
trea
ties
in fa
vour
of O
ptio
n 1
in p
artic
ular
.
– T
he c
hoic
e of
opt
ions
sho
uld,
we
belie
ve,
also
be
cons
ider
ed i
n lig
ht o
f th
e ov
eral
l ob
ject
ive,
whi
ch i
s be
ing
form
ulat
ed h
ere
from
a d
evel
opin
g co
untr
y pe
rspe
ctiv
e, t
o pr
omot
e in
vest
men
t tha
t is
supp
ortiv
e of
sus
tain
able
dev
elop
men
t, w
hich
dev
elop
men
t
beco
mes
a m
atte
r fo
r ea
ch S
tate
to
dete
rmin
e. R
athe
r, it
sim
ply
mea
ns t
hey
will
be
prot
ecte
d th
roug
h do
mes
tic la
w p
roce
sses
and
not
thro
ugh
inte
rnat
iona
l tre
atie
s.
– T
he s
o-ca
lled
Sal
ini t
est
Sal
ini
of a
n in
vest
men
t, su
ch a
s th
e [s
ubst
antia
l] co
mm
itmen
t of
cap
ital o
r ot
her
reso
urce
s,
optio
n be
caus
e it
star
ts fr
om th
e en
terp
rise-
base
d ap
proa
ch, b
ut c
ould
be
incl
uded
for
grea
ter c
erta
inty
.
Inve
stm
ent
auth
oriz
atio
n is
incl
uded
her
e du
e to
a r
efer
ence
to th
is te
rm in
the
disp
ute
sett
lem
ent
sect
ion.
It
rela
tes
to t
he s
cope
of
disp
ute
sett
lem
ent
unde
r th
e tr
eaty
, in
BIT
, thi
s te
rm is
use
d to
exp
and
the
scop
e of
inve
stor
-Sta
te a
rbitr
atio
n un
der
a tr
eaty
by
incl
udin
g an
y di
sput
e re
late
d to
an
inve
stm
ent a
utho
rizat
ion
with
in th
e sc
ope
of th
e tr
eaty
. Th
us a
dis
pute
ove
r a
regu
lato
ry i
nter
pret
atio
n in
an
envi
ronm
enta
l as
sess
men
t co
uld
from
thi
s, w
hich
cov
ers
alm
ost
all
of t
he U
.S.
auth
oriz
atio
ns.
In t
he p
rese
nt a
ppro
ach,
th
e te
rm is
incl
uded
to n
arro
w th
e sc
ope
of in
vest
or-S
tate
dis
pute
s by
ens
urin
g th
at if
any
in
vest
men
t law
, reg
ulat
ion,
per
mit
or c
ontr
act i
nclu
des
a di
sput
e re
solu
tion
clau
se, i
t mus
t be
resp
ecte
d an
d ut
ilize
d be
fore
any
inve
stor
-Sta
te p
roce
ss c
an b
e in
itiat
ed.
Inve
stor
add
ress
es t
he c
ritic
al is
sues
to
prev
ent
dual
nat
iona
ls f
rom
usi
ng t
he t
reat
y to
actu
ally
don
e, f
or t
he s
ole
purp
ose
of t
akin
g ad
vant
age
of i
nves
tmen
t an
d/or
tax
atio
n tr
eatie
s. T
he p
rovi
sion
s of
the
text
see
k to
fore
stal
l thi
s pr
actic
e.
that
the
inve
stm
ent
be le
gally
ow
ned
or c
ontr
olle
d by
a p
erso
n or
bus
ines
s fr
om t
he
as a
n in
vest
or u
nder
the
trea
ty.
owne
rshi
p an
d co
ntro
l.
177
p.14
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
– T
he te
rms
[sub
stan
tial][
subs
tant
ive]
are
bot
h us
ed in
the
text
in th
is re
gard
. Sub
stan
tial
both
will
be
seen
in c
onte
xt re
lativ
e to
the
natu
re o
f the
ent
erpr
ise
at is
sue.
Bot
h w
ould
en
sure
that
, for
exa
mpl
e, s
impl
y be
ing
inco
rpor
ated
in a
Sta
te w
ith n
o ac
tual
bus
ines
s
purp
oses
.
rela
ting
to a
n ex
clus
ion
of S
tate
-ow
ned
ente
rpris
es. T
his
is a
hig
hly
deba
ted
issu
e. O
ne
can
trea
t th
em t
he s
ame
as a
priv
ate
inve
stor
, w
hich
will
be
done
by
sayi
ng n
othi
ng
An a
dditi
onal
opt
ion,
so
far
unte
sted
, is
to in
clud
e a
refe
renc
e to
the
Sant
iago
Prin
cipl
es
on t
he o
pera
tion
of s
over
eign
wea
lth f
unds
and
Sta
te-o
wne
d en
terp
rises
to
esta
blis
h a
min
imum
exp
ecte
d st
anda
rd o
f co
nduc
t an
d tr
ansp
aren
cy o
f su
ch e
nter
pris
es,
and
pena
lizin
g a
failu
re t
o m
eet
thes
e st
anda
rds
with
a w
ithdr
awal
of
cove
rage
und
er t
he
trea
ty. A
s th
is is
a n
ew a
rea
of d
ebat
e, th
e re
fere
nce
here
can
be
seen
as
a pl
aceh
olde
r to
allo
w fo
r deb
ate
on th
is is
sue
betw
een
the
nego
tiatin
g pa
rtie
s.
Mea
sure
choo
se w
hat
leve
ls o
f go
vern
men
t sh
ould
be
cove
red.
Not
e al
so t
hat
a ju
dici
al d
ecis
ion
wou
ld b
e in
clud
ed i
n th
e lis
t pr
opos
ed.
This
is
com
mon
ly u
nder
stoo
d to
be
with
in t
he
scop
e of
inve
stm
ent t
reat
ies
to a
void
a p
oten
tial m
ajor
loop
hole
.
dire
ctly
aff
ectin
gim
pact
on
or r
elat
ion
to t
he in
vest
men
t, no
t si
mpl
y le
ad to
som
e ta
ngen
tial o
r in
dire
ct
impa
ct u
pon
it. T
his
is s
een
in s
ever
al a
rbitr
atio
ns.
UN
CITR
AL
resu
lting
upd
ated
ver
sion
s.
178
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
15
ART
ICLE
3
Adm
issi
on o
f Inv
estm
ents
of I
nves
tors
of
the
Oth
er P
arty
S
PE
CIA
L N
OT
E:
Th
is a
rtic
le r
ep
lace
s a
ny
oth
er
po
ssib
le a
rtic
le o
n I
nve
stm
en
t Li
be
rali
zati
on
.
Th
e S
tate
Pa
rtie
s sh
all
pro
mo
te a
nd
ad
mit
In
ve
stm
en
ts i
n a
cc
ord
an
ce
wit
h t
he
ir a
pp
lic
ab
le l
aw
, an
d
sha
ll a
pp
ly s
uc
h l
aw
s in
go
od
fa
ith
.
Co
mm
ent
ary
The
trea
tmen
t of
inve
stm
ent
liber
aliz
atio
n pr
ovis
ions
in a
n in
vest
men
t tr
eaty
is a
hig
hly
cont
rove
rsia
l iss
ue. I
n th
e co
ntex
t of
inve
stm
ent
trea
ties,
libe
raliz
atio
n pr
ovis
ions
alm
ost
alw
ays
com
e in
the
for
m o
f al
low
ing
fore
ign
inve
stor
s to
rec
eive
nat
iona
l tr
eatm
ent,
or
the
sam
e tr
eatm
ent
as d
omes
tic i
nves
tors
, in
mak
ing
an i
nves
tmen
t. Th
e co
mm
itmen
t is
oft
en th
en ta
ilore
d to
exc
lude
or
incl
ude
cert
ain
sect
ors
for
whi
ch th
e co
mm
itmen
t will
ap
ply.
Thi
s is
des
crib
ed in
mor
e de
tail
belo
w. T
his
type
of p
rovi
sion
doe
s no
t mea
n th
at a
fo
reig
n in
vest
or is
not
sub
ject
to
regu
latio
n, b
ut r
athe
r th
at t
he r
egul
atio
n ca
nnot
be
any
less
favo
urab
le th
an th
at a
pplie
d to
a d
omes
tic in
vest
or.
It is
als
o im
port
ant
to n
ote
at t
he o
utse
t of
thi
s di
scus
sion
tha
t in
vest
men
t lib
eral
izat
ion
deci
sion
s ta
ke p
lace
thr
ough
a S
tate
’s d
omes
tic l
aw a
nd p
olic
y, a
nd n
ot,
as i
s of
ten
sugg
este
d, in
a t
reat
y. T
hus,
not
inc
ludi
ng a
bin
ding
pro
visi
on i
n a
trea
ty d
oes
not
in a
ny w
ay p
reve
nt a
Sta
te f
rom
tak
ing
any
and
all
mea
sure
s to
ful
ly o
r pa
rtia
lly
open
its
inve
stm
ent
mar
kets
, as
it s
o w
ishe
s.
trea
ty c
an le
gally
pre
clud
e a
Stat
e fr
om la
ter
alte
ring
its d
omes
tic la
w a
s ci
rcum
stan
ces
may
war
rant
, mos
t not
ably
clo
sing
a s
ecto
r th
at is
list
ed a
s op
en in
the
trea
ty if
dom
estic
over
one
’s e
cono
my,
and
it is
for
thi
s re
ason
tha
t th
e re
com
men
datio
n is
not
to
incl
ude
such
a b
indi
ng p
rovi
sion
in a
trea
ty.
assi
st th
ose
gove
rnm
ents
that
do
choo
se to
incl
ude
such
a c
omm
itmen
t. So
me
Stat
es a
re
liber
aliz
atio
n pr
ovis
ions
.
The
shor
t dr
aft
prov
isio
n su
gges
ted
abov
e do
es
not
enta
il an
y in
tern
atio
nal
law
appl
y th
e do
mes
tic la
w r
elat
ing
to a
dmis
sion
s of
inve
stm
ents
in g
ood
faith
. Thi
s, u
nles
s ex
clud
ed fr
om d
ispu
te s
ettle
men
t, w
ould
cre
ate
lega
l obl
igat
ions
und
er th
e tr
eaty
for h
ow
the
gove
rnm
ent t
reat
s a
pote
ntia
l inv
esto
r.
licen
ce b
y co
rrup
tion,
the
oth
er w
ould
hav
e a
poss
ible
cla
im u
nder
thi
s pr
ovis
ion
for
inve
stm
ent,
incl
udin
g po
ssib
le s
ever
al m
illio
ns f
or a
sses
smen
ts, e
nviro
nmen
tal r
evie
ws,
179
p.16
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
the
abov
e dr
aft
prov
isio
n do
es h
ave
a le
gal
impa
ct,
thou
gh n
ot o
ne o
f m
anda
tory
in
vest
men
t lib
eral
izat
ion.
incl
ude
in a
ccor
danc
e w
ith tr
eaty
obl
igat
ions
that
are
in fo
rce
for t
he S
tate
.
entr
y in
to a
sec
tor
once
it h
as b
een
open
ed t
o fo
reig
n in
vest
ors
of t
he o
ther
Sta
te. I
t is
hi
ghly
rec
omm
ende
d th
at s
uch
a pr
ovis
ion,
if p
ropo
sed
in a
neg
otia
tion,
not
be
adop
ted,
as
it p
rodu
ces
the
sam
e lo
ss o
f fut
ure
polic
y sp
ace
as a
dire
ct li
bera
lizat
ion
com
mitm
ent.
risks
of i
nadv
erte
nt e
rror
.
If a
Stat
e do
es c
hoos
e to
ado
pt le
gally
bin
ding
inve
stm
ent l
iber
aliz
atio
n co
mm
itmen
ts, t
he
Dra
ftin
g C
omm
itte
e st
rong
ly r
ecom
men
ded
that
it
shou
ld f
ollo
w t
he G
ATS
“lis
t-in
” m
odel
.
sche
dule
that
exc
lude
s ce
rtai
n se
ctor
s or
sub
sect
ors.
esta
blis
hmen
t na
tiona
l tr
eatm
ent
prov
isio
n se
en i
n dr
aft
Artic
le 4
, be
low
. Th
is i
s do
ne
is c
ritic
al to
wat
ch o
ut fo
r th
e in
clus
ion
of th
ese
wor
ds in
any
dra
ft te
xt p
rese
nted
as
part
of
a n
egot
iatio
n.
and
for
inco
nsis
tent
mea
sure
s w
ould
nee
d to
be
incl
uded
. Thu
s, a
pro
perly
con
stru
cted
pr
ovis
ion
for i
nves
tmen
t lib
eral
izat
ion
wou
ld in
clud
e th
ree
rela
ted
elem
ents
:
A lis
t of s
ecto
rs in
clud
ed fo
r the
libe
raliz
atio
n co
mm
itmen
t
A lis
t of s
ubse
ctor
s th
at a
re e
xclu
ded
from
the
com
mitm
ent
A lis
t of
exi
stin
g or
fut
ure
pote
ntia
l mea
sure
s th
at a
re e
xclu
ded
from
the
sco
pe o
f th
e tr
eaty
, at t
he n
atio
nal l
evel
, plu
s a
clea
r sta
tem
ent o
n ho
w a
ny e
xist
ing
non-
conf
orm
ing
mea
sure
s at
sub
natio
nal l
evel
s ar
e to
be
trea
ted.
Thi
s ex
clus
ion
list
shou
ld a
lso
note
th
at a
ny a
men
dmen
ts t
o th
ese
mea
sure
s w
ould
rem
ain
excl
uded
as
long
as
they
are
no
t mor
e in
cons
iste
nt th
an a
llow
ed b
y th
e or
igin
al e
xclu
sion
.
an i
mpr
oper
com
mitm
ent
that
can
ser
ious
ly c
onst
rain
fut
ure
gove
rnm
ent
mea
sure
s. I
n
incl
udes
ove
r 10
0 p
ages
of
such
exc
lusi
ons
from
cov
erag
e un
der
its in
vest
men
t ru
les.
It
is n
orm
al a
nd p
rude
nt p
ract
ice
for
Sta
tes
to c
lear
ly a
ddre
ss t
hese
issu
es in
a t
reat
y te
xt.
It is
als
o no
t con
trar
y to
oth
er in
tern
atio
nal l
aw to
do
so.
Two
addi
tiona
l alte
rnat
ives
rela
ting
to in
vest
men
t lib
eral
izat
ion
may
be
note
d:
180
PART
1: C
OM
MO
N P
RO
VIS
ION
S
p.
17
It is
pos
sibl
e to
incl
ude
an in
vest
men
t lib
eral
izat
ion
com
pone
nt, b
ut e
xclu
de it
fro
m a
ny
form
al d
ispu
te s
ettle
men
t sys
tem
. Thi
s re
duce
s th
e ris
k of
pot
entia
l arb
itrat
ion
by w
ould
-be
inve
stor
s.
exis
ting
inve
stor
wou
ld r
emai
n fu
lly p
rote
cted
, thi
s w
ould
allo
w t
he t
erm
inat
ion
of f
utur
e
Addi
tiona
lly, t
here
are
rela
ted
issu
es re
late
d to
ens
urin
g th
at n
o pr
ohib
ition
s on
per
form
ance
deve
lopm
ent.
reco
mm
ende
d th
at a
ny a
ccep
tanc
e of
a li
bera
lizat
ion
prov
isio
n sh
ould
be
tied
to e
nsur
ing
bind
ing.
Thi
s co
uld
be p
art
of a
dev
elop
men
t pa
ckag
e in
rel
atio
n to
suc
h a
prov
isio
n an
d
181
p.18
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
NO
TES
182
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
19
Part
2: I
nves
tor R
ight
s
Post
-Est
ablis
hmen
t
ART
ICLE
4
Non
-Dis
crim
inat
ion
......
......
......
.....2
0
ART
ICLE
5
Fai
r and
Equ
itabl
e Tr
eatm
ent .
......
.22
ART
ICLE
6
Exp
ropr
iatio
n ...
......
......
......
......
......
.24
ART
ICLE
7
Sen
ior M
anag
emen
t an
d Em
ploy
ees .
......
......
......
......
......
.26
ART
ICLE
8
Rep
atria
tion
of A
sset
s ....
......
......
...27
ART
ICLE
9
Pro
tect
ion
and
Secu
rity
......
......
.....
29
183
p.20
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
2: I
nves
tor R
ight
s Po
st-E
stab
lishm
ent
ART
ICLE
4
Non
-Dis
crim
inat
ion
4.1.
S
ub
jec
t to
pa
rag
rap
hs
4.3
-4.5
, ea
ch
Sta
te P
art
y s
ha
ll a
cc
ord
to
Inv
est
ors
an
d t
he
ir In
ve
stm
en
ts
tre
atm
en
t n
o le
ss f
av
ou
rab
le t
ha
n t
he
tre
atm
en
t it
ac
co
rds,
in li
ke c
irc
um
sta
nc
es,
to
its
ow
n in
ve
sto
rs
an
d t
he
ir in
ve
stm
en
ts w
ith
re
spe
ct
to t
he
ma
na
ge
me
nt,
op
era
tio
n a
nd
dis
po
siti
on
of
Inv
est
me
nts
in
its
terr
ito
ry.
4.2.
Fo
r g
rea
ter
ce
rta
inty
, re
fere
nc
es
to “
like
cir
cu
mst
an
ce
s” i
n p
ara
gra
ph
4.1
re
qu
ire
s a
n o
ve
rall
ex
am
ina
tio
n o
n a
ca
se-b
y-c
ase
ba
sis
of
all
th
e c
irc
um
sta
nc
es
of
an
In
ve
stm
en
t in
clu
din
g, i
nte
r a
lia
:
(a)
its
eff
ec
ts o
n t
hir
d p
ers
on
s a
nd
th
e l
oc
al
co
mm
un
ity
;
(b)
its
eff
ec
ts o
n t
he
loc
al,
re
gio
na
l or
na
tio
na
l en
vir
on
me
nt,
inc
lud
ing
th
e c
um
ula
tiv
e e
ffe
cts
of
all
in
ve
stm
en
ts w
ith
in a
ju
risd
icti
on
on
th
e e
nv
iro
nm
en
t;
(c)
the
se
cto
r th
e I
nv
est
or
is i
n;
(d)
the
aim
of
the
me
asu
re c
on
ce
rne
d;
(e)
the
re
gu
lato
ry p
roc
ess
ge
ne
rall
y a
pp
lie
d i
n r
ela
tio
n t
o t
he
me
asu
re c
on
ce
rne
d;
an
d
(f)
oth
er
fac
tors
dir
ec
tly
re
lati
ng
to
th
e I
nv
est
me
nt
or
Inv
est
or
in r
ela
tio
n t
o t
he
me
asu
re
co
nc
ern
ed
.
Th
e e
xa
min
ati
on
re
ferr
ed
to
in
th
is p
ara
gra
ph
sh
all
no
t b
e l
imit
ed
to
or
be
bia
sed
to
wa
rd a
ny
on
e f
ac
tor.
4.3.
N
on
-co
nfo
rmin
g m
ea
sure
s a
nd
exc
lud
ed
se
cto
rs:
(a)
This
Art
icle
sh
all
no
t a
pp
ly t
o t
he
me
asu
res,
pre
sen
t o
r fu
ture
, o
r se
cto
rs a
nd
ac
tiv
itie
s
set
ou
t in
th
e S
ch
ed
ule
s to
th
is A
gre
em
en
t.
[N
OT
E: T
he
Sch
ed
ule
s w
ill i
ncl
ud
e, t
o b
e li
ste
d o
n a
Sta
te-b
y-S
tate
ba
sis:
–
M
ea
sure
s,
incl
ud
ing
a
ll
exis
tin
g
no
n-c
on
form
ing
g
ove
rnm
en
t m
ea
sure
s,
futu
re
am
en
dm
en
ts t
o s
am
e, a
nd
oth
er
po
ssib
le a
rea
s, in
clu
din
g p
erf
orm
an
ce r
eq
uir
em
en
ts.
–
S
ect
ors
o
r su
bse
cto
rs
to
be
ex
clu
de
d
fro
m
po
st-e
sta
bli
shm
en
t n
ati
on
al
tre
atm
en
t
ob
lig
ati
on
s.]
(b)
Un
less
o
the
rwis
e
set
ou
t in
th
e
Sc
he
du
les,
P
ara
gra
ph
4
.1
sha
ll
no
t a
pp
ly
to
no
n-
co
nfo
rmin
g m
ea
sure
s, i
f a
ny,
ex
isti
ng
at
the
da
te o
f e
ntr
y i
nto
fo
rce
of
this
Ag
ree
me
nt
ma
inta
ine
d b
y e
ac
h S
tate
Pa
rty
un
de
r it
s la
ws
an
d r
eg
ula
tio
ns
or
an
y a
me
nd
me
nt
or
mo
difi
ca
tio
n t
o s
uc
h m
ea
sure
s, p
rov
ide
d t
ha
t th
e a
me
nd
me
nt
or
mo
difi
ca
tio
n d
oe
s n
ot
de
cre
ase
th
e c
on
form
ity
of
the
me
asu
re a
s it
ex
iste
d im
me
dia
tely
be
fore
th
e a
me
nd
me
nt
or
mo
difi
ca
tio
n.
Su
bje
ct
to p
ara
gra
ph
4.3
(a),
tre
atm
en
t g
ran
ted
to
in
ve
stm
en
t o
nc
e
ad
mit
ted
sh
all
in
no
ca
se b
e l
ess
fa
vo
ura
ble
th
an
th
at
gra
nte
d a
t th
e t
ime
wh
en
th
e
ori
gin
al
inv
est
me
nt
wa
s m
ad
e.
4.4.
N
otw
ith
sta
nd
ing
an
y o
the
r p
rov
isio
n o
f th
is A
gre
em
en
t, t
he
pro
vis
ion
s o
f th
is A
rtic
le s
ha
ll
no
t a
pp
ly t
o c
on
ce
ssio
ns,
ad
va
nta
ge
s, e
xe
mp
tio
ns
or
oth
er
me
asu
res
tha
t m
ay
re
sult
fro
m:
(a)
a b
ila
tera
l in
ve
stm
en
t tr
ea
ty o
r fr
ee
tra
de
ag
ree
me
nt
[th
at
en
tere
d in
to f
orc
e p
rio
r to
th
is
ag
ree
me
nt]
; o
r
(b)
an
y m
ult
ila
tera
l o
r re
gio
na
l a
gre
em
en
t re
lati
ng
to
in
ve
stm
en
t o
r e
co
no
mic
in
teg
rati
on
in
wh
ich
a S
tate
Pa
rty
is
pa
rtic
ipa
tin
g o
r m
ay
pa
rtic
ipa
te.
184
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
21
4.5.
Ex
cept
ion
for f
orm
aliti
es
No
thin
g i
n t
his
Art
icle
sh
all
be
co
nst
rue
d t
o p
rev
en
t a
Sta
te P
art
y f
rom
ad
op
tin
g o
r m
ain
tain
ing
a
me
asu
re t
ha
t p
resc
rib
es
spe
cia
l fo
rma
liti
es
in c
on
ne
cti
on
wit
h t
he
In
ve
stm
en
ts o
f In
ve
sto
rs,
suc
h
as
a r
eq
uir
em
en
t th
at
the
ir I
nv
est
me
nts
be
le
ga
lly
co
nst
itu
ted
un
de
r th
e l
aw
s o
r re
gu
lati
on
s o
f th
e
Sta
te P
art
y, p
rov
ide
d t
ha
t su
ch
fo
rma
liti
es
do
no
t m
ate
ria
lly
im
pa
ir t
he
pro
tec
tio
ns
aff
ord
ed
by
a
Sta
te P
art
y t
o I
nv
est
ors
of
the
oth
er
Sta
te P
art
y a
nd
th
eir
In
ve
stm
en
ts p
urs
ua
nt
to t
his
Ag
ree
me
nt.
4.6.
A
pplic
atio
n to
Agr
eem
ent
Th
is A
rtic
le s
ha
ll c
on
stit
ute
th
e d
efi
nit
ion
an
d s
co
pe
of
all
re
fere
nc
es
to n
on
-dis
cri
min
ati
on
or
na
tio
na
l tr
ea
tme
nt
[or
Mo
st F
av
ou
red
Na
tio
n t
rea
tme
nt]
fo
r a
ll p
urp
ose
s u
nd
er
this
Ag
ree
me
nt.
An
y r
efe
ren
ce
to
an
y s
uc
h t
erm
els
ew
he
re i
n t
his
Ag
ree
me
nt
sha
ll b
e a
pp
lie
d a
nd
in
terp
rete
d i
n
ac
co
rda
nc
e w
ith
th
is A
rtic
le.
Co
mm
ent
ary
It
is
crit
ical
to
no
te
that
th
e sc
ope
of
cove
rage
fo
r po
st-e
stab
lishm
ent
non-
disc
rim
inat
ion
is ju
st a
s im
port
ant
to s
et o
ut a
s th
e sc
ope
of a
ny p
re-e
stab
lishm
ent
righ
ts in
a t
reat
y. I
ndee
d, t
he m
ost
adva
nced
agr
eem
ents
incl
ude
man
y ex
cept
ions
to
nat
iona
l tr
eatm
ent
or M
FN c
over
age
post
-est
ablis
hmen
t. S
uch
incl
usio
ns a
nd
excl
usio
ns c
an r
elat
e to
sec
tors
or
subs
ecto
rs a
nd to
exi
stin
g or
new
mea
sure
s th
at m
ay
be in
cons
iste
nt w
ith th
e no
n-di
scrim
inat
ion
oblig
atio
ns. T
his
is s
imila
r to
wha
t is
desc
ribed
sam
e ty
pes
of e
xclu
sion
lis
ts s
houl
d be
cre
ated
in
ever
y tr
eaty
for
pos
t-est
ablis
hmen
t
In a
dditi
on t
o th
e ex
clus
ions
and
lim
its t
hat
wou
ld b
e in
clud
ed in
a s
ched
ule,
the
re a
re
seve
ral e
xclu
sion
s fr
om n
atio
nal t
reat
men
t se
t ou
t di
rect
ly in
the
text
of t
he a
rtic
le, m
ost
nota
bly
the
excl
usio
n of
any
adv
anta
ges
give
n to
an
inve
stor
due
to
othe
r in
tern
atio
nal
agre
emen
ts r
elat
ing
to i
nves
tmen
t. A
broa
d ap
proa
ch t
o do
ing
this
is
set
out
abov
e in
appr
oach
see
n in
a n
umbe
r of
ear
lier
arbi
trat
ions
. Thi
s ad
ditio
nal t
ext,
also
see
n in
the
The
exce
ptio
ns fo
r non
-con
form
ing
mea
sure
s an
d th
e ex
clud
ed s
ecto
rs h
ave
two
elem
ents
.
exce
ptio
n fr
om th
e no
n-di
scrim
inat
ion
oblig
atio
n. T
he s
econ
d el
emen
t is
a gr
andf
athe
ring
clau
se th
at re
duce
s th
e ne
ed fo
r Sta
tes
to li
st a
ll ex
istin
g no
n-co
nfor
min
g m
easu
res
of th
e ce
ntra
l and
oth
er le
vels
of
gove
rnm
ent.
This
set
s ou
t an
exe
mpt
ion
for
all e
xist
ing
non-
185
p.22
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
conf
orm
ing
mea
sure
s, in
clud
ing
futu
re a
men
dmen
ts a
s lo
ng a
s th
e am
endm
ents
are
not
m
ore
disc
rimin
ator
y in
nat
ure.
Thi
s au
tom
atic
exe
mpt
ion
can
then
be
supp
lem
ente
d fo
r
prev
ious
par
agra
ph. T
his
appr
oach
is d
raw
n fr
om t
he r
ecen
tly c
oncl
uded
Jap
an–
Kor
ea–
The
incl
usio
n of
par
agra
ph 4
.6 e
nsur
es th
at fu
rthe
r ref
eren
ces
to n
on-d
iscr
imin
atio
n in
the
text
do
not c
reat
e ad
ditio
nal o
r al
tern
ativ
e, fr
eest
andi
ng, l
egal
obl
igat
ions
rela
ting
to n
on-
The
lang
uage
in t
he a
rtic
le is
lim
ited
to t
he m
anag
emen
t, o
pera
tion
and
dis
posi
tion
of
excl
uded
are
the
term
s re
ferr
ing
to p
re-e
stab
lishm
ent r
ight
s no
ted
abov
e: e
stab
lishm
ent,
ac
quis
itio
n an
d ex
pans
ion.
The
incl
usio
n of
thes
e w
ords
wou
ld e
xten
d th
e ar
ticle
to p
re-
esta
blis
hmen
t rig
hts
of n
atio
nal t
reat
men
t fo
r in
vest
ors.
Tha
t sa
id, t
here
is s
ome
deba
te
proc
ess,
in p
artic
ular
whe
n it
is th
e ac
tual
exp
ansi
on o
f pro
duct
ive
capa
city
as
oppo
sed
to
war
rant
ed, w
hen
it ca
n be
so
limite
d, a
nd s
ubje
ct to
any
oth
er la
ws
such
as
thos
e re
latin
g to
com
petit
ion
prac
tices
and
con
sum
er p
rote
ctio
n.
The
Dra
ftin
g C
omm
itte
e no
ted
that
the
se
shou
ld b
e bi
late
ral t
reat
ies
and
that
, as
suc
h, t
hey
shou
ld n
ot e
stab
lish
unin
tend
ed
mul
tila
tera
lizat
ion
thro
ugh
the
MFN
pro
visi
on.
This
is e
ven
mor
e im
port
ant
shou
ld a
inte
rpre
ted
in a
rbitr
atio
ns, m
akin
g it
very
unp
redi
ctab
le in
pra
ctic
e. T
his
pose
s un
nece
ssar
y ris
ks fo
r Sta
tes,
esp
ecia
lly d
evel
opin
g co
untr
ies.
num
berin
g an
d cr
oss
refe
renc
es to
the
rem
aini
ng p
arag
raph
s:
4.2
. M
ost
Favo
ured
Nat
ion
Trea
tmen
t: S
ubje
ct t
o pa
ragr
aphs
4.4
-4.6
, eac
h St
ate
Part
y sh
all a
ccor
d to
Inve
stor
s an
d th
eir I
nves
tmen
ts tr
eatm
ent n
o le
ss fa
vour
able
than
th
e tr
eatm
ent i
t acc
ords
, in
like
circ
umst
ance
s, to
inve
stor
s of
any
oth
er S
tate
and
thei
r in
vest
men
ts w
ith re
spec
t to
the
man
agem
ent,
oper
atio
n an
d di
spos
ition
of I
nves
tmen
ts
in it
s te
rrito
ry.
ART
ICLE
5
Fai
r and
Equ
itabl
e Tr
eatm
ent
SP
EC
IAL
NO
TE
: Th
e f
air
an
d e
qu
ita
ble
tre
atm
en
t p
rovi
sio
n is
, ag
ain
, a h
igh
ly c
on
tro
vers
ial p
rovi
sio
n. T
he
Dra
ftin
g C
om
mit
tee
re
com
me
nd
ed
ag
ain
st i
ts i
ncl
usi
on
in
a t
rea
ty d
ue
to
ve
ry b
roa
d i
nte
rpre
tati
on
s in
a n
um
be
r o
f a
rbit
ral
de
cisi
on
s. I
t re
qu
est
ed
th
e i
ncl
usi
on
of
an
alt
ern
ati
ve f
orm
ula
tio
n o
f a
pro
visi
on
on
“Fa
ir A
dm
inis
tra
tive
Tre
atm
en
t.”
Bo
th o
pti
on
s a
re n
ow
se
t o
ut
be
low
.
Art
icle
5: O
ptio
n 1:
Fai
r and
Equ
itabl
e Tr
eatm
ent
5.1.
E
ac
h S
tate
Pa
rty
sh
all
ac
co
rd t
o I
nv
est
me
nts
or
Inv
est
ors
of
the
oth
er
Sta
te P
art
y f
air
an
d
eq
uit
ab
le t
rea
tme
nt
in a
cc
ord
an
ce
wit
h c
ust
om
ary
in
tern
ati
on
al
law
on
th
e t
rea
tme
nt
of
ali
en
s.
186
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
23
5.2.
Fo
r g
rea
ter
ce
rta
inty
, p
ara
gra
ph
5.1
re
qu
ire
s th
e d
em
on
stra
tio
n o
f a
n a
ct
or
ac
tio
ns
by
th
e
go
ve
rnm
en
t th
at
are
an
ou
tra
ge
, in
ba
d f
ait
h,
a w
ilfu
l n
eg
lec
t o
f d
uty
or
an
in
suffi
cie
nc
y s
o f
ar
sho
rt
of
inte
rna
tio
na
l st
an
da
rds
tha
t e
ve
ry r
ea
son
ab
le a
nd
im
pa
rtia
l p
ers
on
wo
uld
re
ad
ily
re
co
gn
ize
its
insu
ffic
ien
cy.
Art
icle
5: O
ptio
n 2:
Fai
r Adm
inis
trat
ive
Trea
tmen
t
5.1.
T
he
Sta
te P
art
ies
sha
ll e
nsu
re t
ha
t th
eir
ad
min
istr
ati
ve
, le
gis
lati
ve
, an
d j
ud
icia
l p
roc
ess
es
do
no
t o
pe
rate
in
a m
an
ne
r th
at
is a
rbit
rary
or
tha
t d
en
ies
ad
min
istr
ati
ve
an
d p
roc
ed
ura
l [j
ust
ice
][d
ue
pro
ce
ss]
to i
nv
est
ors
of
the
oth
er
Sta
te P
art
y o
r th
eir
in
ve
stm
en
ts [
tak
ing
in
to c
on
sid
era
tio
n t
he
lev
el
of
de
ve
lop
me
nt
of
the
Sta
te P
art
y].
5.2.
In
ve
sto
rs o
r th
eir
In
ve
stm
en
ts, a
s re
qu
ire
d b
y t
he
cir
cu
mst
an
ce
s, s
ha
ll b
e n
oti
fie
d in
a t
ime
ly
ma
nn
er
of
ad
min
istr
ati
ve
or
jud
icia
l p
roc
ee
din
gs
dir
ec
tly
aff
ec
tin
g t
he
In
ve
stm
en
t(s)
, un
less
, du
e t
o
exc
ep
tio
na
l c
irc
um
sta
nc
es,
su
ch
no
tic
e i
s c
on
tra
ry t
o d
om
est
ic l
aw
.
5.3.
A
dm
inis
tra
tiv
e d
ec
isio
n-m
ak
ing
pro
ce
sse
s sh
all
in
clu
de
th
e r
igh
t o
f [a
dm
inis
tra
tiv
e r
ev
iew
]
[ap
pe
al]
of
de
cis
ion
s, c
om
me
nsu
rate
wit
h t
he
le
ve
l o
f d
ev
elo
pm
en
t a
nd
av
ail
ab
le r
eso
urc
es
at
the
dis
po
sal
of
Sta
te P
art
ies.
5.4.
T
he
In
ve
sto
r o
r In
ve
stm
en
t sh
all
ha
ve
ac
ce
ss t
o g
ov
ern
me
nt-
he
ld i
nfo
rma
tio
n i
n a
tim
ely
fash
ion
an
d in
ac
co
rda
nc
e w
ith
do
me
stic
law
, an
d s
ub
jec
t to
th
e li
mit
ati
on
s o
n a
cc
ess
to
info
rma
tio
n
un
de
r th
e a
pp
lic
ab
le d
om
est
ic l
aw
.
5.5.
S
tate
Pa
rtie
s w
ill
pro
gre
ssiv
ely
str
ive
to
im
pro
ve
th
e t
ran
spa
ren
cy,
effi
cie
nc
y, i
nd
ep
en
de
nc
e
an
d a
cc
ou
nta
bil
ity
of
the
ir le
gis
lati
ve
, re
gu
lato
ry, a
dm
inis
tra
tiv
e a
nd
jud
icia
l pro
ce
sse
s in
ac
co
rda
nc
e
wit
h t
he
ir r
esp
ec
tiv
e d
om
est
ic l
aw
s a
nd
re
gu
lati
on
s.
Co
mm
ent
ary
that
wou
ld b
e a
new
app
roac
h to
add
ress
ing
key
issu
es in
a m
ore
rest
ricte
d an
d ca
refu
l
rece
nt t
reat
ies
to p
rovi
de in
terp
reta
tiona
l gui
danc
e in
the
eve
nt o
f fu
ture
dis
pute
s. T
he
inte
rpre
tatio
ns b
y ar
bitr
ator
s.
Nee
r ca
se,1
but
appl
ied.
A r
efer
ence
to
cust
omar
y in
tern
atio
nal l
aw, o
r ev
en t
he c
usto
mar
y in
tern
atio
nal
law
on
the
trea
tmen
t of a
liens
, doe
s no
t app
ear,
as a
resu
lt of
som
e ar
bitr
al d
ecis
ions
and
1 N
ee
r v
Me
xic
o, O
pin
ion
, 15
Oc
tob
er
192
6, 4
RII
A (
192
6)
60
187
p.24
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
draf
ted
and
that
the
exp
ansi
ve in
terp
reta
tions
sin
ce p
rovi
ded
by s
ome
trib
unal
s ha
d no
t be
en a
ntic
ipat
ed.
of S
outh
Afr
ica
has
deve
lope
d an
d pr
opos
ed th
e fo
rmul
atio
n of
a d
iffer
ent s
tand
ard
on fa
ir ad
min
istr
ativ
e tr
eatm
ent.
This
alte
rnat
ive
appr
oach
see
ks to
avo
id th
e m
ost c
ontr
over
sial
this
cou
ld b
e a
cons
truc
tive
alte
rnat
ive
appr
oach
.
Som
e ke
y el
emen
ts i
n th
e ap
proa
ch i
nclu
de c
hang
ing
the
focu
s of
the
lan
guag
e fr
om
inve
stor
righ
ts to
a fo
cus
on g
over
nanc
e st
anda
rds.
Thi
s sh
ould
hel
p al
ter t
he in
terp
reta
tiona
l ap
proa
ch in
the
eve
nt o
f an
arb
itrat
ion.
Sec
ond,
the
tex
t re
fers
to
just
one
par
t of
wha
t
brea
ch o
f nat
ural
just
ice.
usef
ul p
rote
ctio
n fo
r in
vest
ors,
whi
le li
miti
ng th
e ris
ks o
f the
exp
ansi
ve r
ulin
gs a
ssoc
iate
d
ART
ICLE
6
Exp
ropr
iatio
n6.
1.
A S
tate
Pa
rty
sh
all
no
t d
ire
ctl
y o
r in
dir
ec
tly
na
tio
na
lize
or
ex
pro
pri
ate
in
ve
stm
en
ts i
n i
ts
terr
ito
ry e
xc
ep
t:
(a)
in t
he
pu
bli
c i
nte
rest
;
(b)
in a
cc
ord
an
ce
wit
h d
ue
pro
ce
ss o
f la
w;
an
d
(c)
on
pa
ym
en
t o
f fa
ir a
nd
ad
eq
ua
te c
om
pe
nsa
tio
n w
ith
in a
re
aso
na
ble
pe
rio
d o
f ti
me
.
6.2.
O
ptio
n 1:
Th
e a
sse
ssm
en
t o
f fa
ir a
nd
ad
eq
ua
te c
om
pe
nsa
tio
n s
ha
ll b
e b
ase
d o
n a
n e
qu
ita
ble
ba
lan
ce
be
twe
en
th
e p
ub
lic
in
tere
st a
nd
in
tere
st o
f th
ose
aff
ec
ted
, h
av
ing
re
ga
rd f
or
all r
ele
va
nt
cir
cu
mst
an
ce
s a
nd
ta
kin
g i
nto
acco
un
t th
e c
urr
en
t a
nd
pa
st u
se o
f th
e p
rop
ert
y, t
he
his
tory
of
its
ac
qu
isit
ion
, th
e fa
ir m
ark
et
va
lue
of t
he
pro
pe
rty,
th
e p
urp
ose
of t
he
ex
pro
pri
ati
on
, th
e e
xte
nt
of p
rev
iou
s
pro
fit
ma
de
by
th
e f
ore
ign
inve
sto
r th
rou
gh
th
e in
vest
me
nt,
an
d t
he
du
rati
on
of
the
inve
stm
en
t.
6.2.
O
ptio
n 2:
Fa
ir a
nd
ad
eq
ua
te c
om
pe
nsa
tio
n s
ha
ll n
orm
all
y b
e a
sse
sse
d i
n r
ela
tio
n t
o t
he
fair
ma
rke
t v
alu
e o
f th
e e
xp
rop
ria
ted
in
ve
stm
en
t im
me
dia
tely
be
fore
th
e e
xp
rop
ria
tio
n t
oo
k p
lac
e
(“d
ate
of
ex
pro
pri
ati
on
”) a
nd
sh
all
no
t re
fle
ct
an
y c
ha
ng
e i
n v
alu
e o
cc
urr
ing
be
ca
use
th
e i
nte
nd
ed
ex
pro
pri
ati
on
ha
d b
ec
om
e k
no
wn
ea
rlie
r. H
ow
ev
er,
wh
ere
ap
pro
pri
ate
, th
e a
sse
ssm
en
t o
f fa
ir a
nd
ad
eq
ua
te c
om
pe
nsa
tio
n s
ha
ll b
e b
ase
d o
n a
n e
qu
ita
ble
ba
lan
ce
be
twe
en
th
e p
ub
lic
in
tere
st a
nd
inte
rest
of
tho
se a
ffe
cte
d,
ha
vin
g r
eg
ard
fo
r a
ll r
ele
va
nt
cir
cu
mst
an
ce
s a
nd
ta
kin
g a
cc
ou
nt
of:
th
e
cu
rre
nt
an
d p
ast
use
of
the
pro
pe
rty,
th
e h
isto
ry o
f it
s a
cq
uis
itio
n,
the
fa
ir m
ark
et
va
lue
of
the
inv
est
me
nt,
th
e p
urp
ose
of
the
ex
pro
pri
ati
on
, th
e e
xte
nt
of
pre
vio
us
pro
fit
ma
de
by
th
e f
ore
ign
inv
est
or
thro
ug
h t
he
in
ve
stm
en
t, a
nd
th
e d
ura
tio
n o
f th
e i
nv
est
me
nt.
188
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
25
6.2.
O
ptio
n 3:
Fa
ir a
nd
ad
eq
ua
te c
om
pe
nsa
tio
n s
ha
ll b
e a
sse
sse
d i
n r
ela
tio
n t
o t
he
fa
ir m
ark
et
va
lue
of
the
ex
pro
pri
ate
d i
nv
est
me
nt
imm
ed
iate
ly b
efo
re t
he
ex
pro
pri
ati
on
to
ok
pla
ce
(“d
ate
of
ex
pro
pri
ati
on
”) a
nd
no
t re
fle
ct
an
y c
ha
ng
e i
n v
alu
e o
cc
urr
ing
be
ca
use
th
e i
nte
nd
ed
ex
pro
pri
ati
on
ha
d b
ec
om
e k
no
wn
ea
rlie
r.
6.3.
A
ny
pa
ym
en
t sh
all
be
ma
de
in
a f
ree
ly c
on
ve
rtib
le c
urr
en
cy.
Pa
ym
en
t sh
all
in
clu
de
sim
ple
inte
rest
at
the
[L
IBO
R r
ate
][c
urr
en
t c
om
me
rcia
l ra
te o
f th
e H
ost
Sta
te]
fro
m t
he
da
te o
f e
xp
rop
ria
tio
n
un
til
the
da
te o
f a
ctu
al
pa
ym
en
t. O
n p
ay
me
nt,
co
mp
en
sati
on
sh
all
be
fre
ely
tra
nsf
era
ble
.
6.4.
A
wa
rds
tha
t a
re s
ign
ific
an
tly
bu
rde
nso
me
on
a H
ost
Sta
te m
ay
be
pa
id y
ea
rly
ov
er
a t
hre
e-
ye
ar
pe
rio
d o
r su
ch
oth
er
pe
rio
d a
s a
gre
ed
by
th
e p
art
ies
to t
he
arb
itra
tio
n, s
ub
jec
t to
inte
rest
at
the
rate
est
ab
lish
ed
by
ag
ree
me
nt
of
the
pa
rtie
s to
th
e a
rbit
rati
on
or
by
a t
rib
un
al f
ail
ing
su
ch
ag
ree
me
nt.
6.5.
T
his
Art
icle
sh
all
no
t a
pp
ly t
o t
he
iss
ua
nc
e o
f c
om
pu
lso
ry l
ice
nc
es
gra
nte
d i
n r
ela
tio
n t
o
inte
lle
ctu
al p
rop
ert
y r
igh
ts, o
r to
th
e r
ev
oc
ati
on
, lim
ita
tio
n o
r c
rea
tio
n o
f in
tell
ec
tua
l pro
pe
rty
rig
hts
,
to t
he
ex
ten
t th
at
suc
h i
ssu
an
ce
, re
vo
ca
tio
n,
lim
ita
tio
n o
r c
rea
tio
n i
s c
on
sist
en
t w
ith
ap
pli
ca
ble
inte
rna
tio
na
l a
gre
em
en
ts o
n i
nte
lle
ctu
al
pro
pe
rty.
6.6.
A
[n
on
-dis
cri
min
ato
ry]
me
asu
re
of
ge
ne
ral
ap
pli
ca
tio
n
sha
ll
no
t b
e
co
nsi
de
red
a
n
ex
pro
pri
ati
on
of
a d
eb
t se
cu
rity
or
loa
n c
ov
ere
d b
y t
his
Ag
ree
me
nt
sole
ly o
n t
he
gro
un
d t
ha
t th
e
me
asu
re i
mp
ose
s c
ost
s o
n t
he
de
bto
r th
at
ca
use
it
to d
efa
ult
on
th
e d
eb
t.
6.7.
A
[n
on
-dis
cri
min
ato
ry]
me
asu
re o
f a
Sta
te P
art
y t
ha
t is
de
sig
ne
d a
nd
ap
pli
ed
to
pro
tec
t o
r
en
ha
nc
e l
eg
itim
ate
pu
bli
c w
elf
are
ob
jec
tiv
es,
su
ch
as
pu
bli
c h
ea
lth
, sa
fety
an
d t
he
en
vir
on
me
nt,
do
es
no
t c
on
stit
ute
an
in
dir
ec
t e
xp
rop
ria
tio
n u
nd
er
this
Ag
ree
me
nt.
6.8.
T
he
In
ve
sto
r a
ffe
cte
d b
y t
he
ex
pro
pri
ati
on
sh
all
ha
ve
a r
igh
t u
nd
er
the
la
w o
f th
e S
tate
Pa
rty
ma
kin
g t
he
ex
pro
pri
ati
on
to
a r
ev
iew
by
a j
ud
icia
l o
r o
the
r in
de
pe
nd
en
t a
uth
ori
ty o
f th
at
Sta
te P
art
y
of
his
/it
s c
ase
an
d t
he
va
lua
tio
n o
f h
is/
its
inv
est
me
nt
in a
cc
ord
an
ce
wit
h t
he
pri
nc
iple
s se
t o
ut
in
this
Art
icle
.
Co
mm
ent
ary
Para
grap
h 6
.1 fo
llow
s m
ost e
xist
ing
mod
els
in re
latio
n to
exp
ropr
iatio
n, w
ith th
e ex
cept
ion
that
the
oft
en-s
een
cond
ition
tha
t an
exp
ropr
iatio
n m
ust
be n
on-d
iscr
imin
ator
y ha
s be
en
part
ies
to a
neg
otia
tion
wer
e to
wis
h to
rein
sert
this
con
ditio
n, it
is s
tron
gly
reco
mm
ende
d th
at i
t be
tie
d to
the
obl
igat
ion
of n
on-d
iscr
imin
atio
n se
t ou
t in
the
act
ual
trea
ty t
ext,
as o
ppos
ed t
o cr
eatin
g an
add
ition
al s
tand
-alo
ne o
blig
atio
n ju
st f
or t
he e
xpro
pria
tion
test
s. T
his
is a
lread
y bu
ilt i
n w
ith t
he i
nclu
sion
of
para
grap
h 4
.6 i
n th
e Ar
ticle
on
non-
disc
rimin
atio
n.
valu
atio
n of
an
expr
opria
tion
have
bee
n ad
ded
here
.
com
pens
atio
n to
be
paid
in a
reas
onab
ly ti
mel
y m
anne
r. Th
is te
xt le
aves
ope
n th
e po
ssib
ility
189
p.26
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
out
in t
he o
ptio
n. T
he S
tate
bea
rs t
he b
urde
n of
doi
ng s
o. T
his
prov
ides
a m
ore
bala
nced
resp
ond
to r
ealit
ies
on t
he g
roun
d, t
hat
dete
rmin
ing
com
pens
atio
n m
ay t
ake
som
e tim
e,
incl
udin
g fo
r a n
egot
iate
d ag
reem
ent.
for i
nter
est r
ates
in s
ome
Stat
es.
The
excl
usio
n of
com
puls
ory l
icen
sing
mea
sure
s by
a S
tate
, or o
ther
rem
oval
s of
inte
llect
ual
is c
onsi
sten
t w
ith m
any,
man
y tr
eatie
s. T
his
is e
spec
ially
im
port
ant
for
med
icin
es t
hat
leav
ing
open
pos
sibi
litie
s fo
r inv
esto
rs to
arg
ue o
ther
wis
e. T
his
is th
e tr
aditi
onal
cus
tom
ary
text
s. T
he 1
99
0s
and
early
20
00
s’ te
xts
did
not
incl
ude
such
pro
visi
ons,
but
the
se t
ypes
of
cla
uses
are
bec
omin
g in
crea
sing
ly c
omm
on a
nd s
houl
d be
mad
e cl
ear a
nd a
ppar
ent i
n th
e tr
eaty
text
. Ind
eed,
it is
like
ly th
at a
failu
re to
incl
ude
such
a p
rovi
sion
now
wou
ld le
ad
to th
e as
sum
ptio
n th
at s
uch
a cl
ear e
xclu
sion
was
not
mea
nt to
be
incl
uded
and
cre
ate
the
risk
that
a t
ribun
al w
ill h
old
that
by
not
excl
udin
g re
gula
tory
mea
sure
s th
e pa
rtie
s m
eant
to
incl
ude
them
with
in th
e sc
ope
of th
e ex
prop
riatio
n ar
ticle
.
ART
ICLE
7
Sen
ior M
anag
emen
t and
Em
ploy
ees
7.1.
A
Sta
te P
art
y s
ha
ll n
ot
req
uir
e a
n I
nv
est
or
to a
pp
oin
t, t
o s
en
ior
ma
na
ge
me
nt
po
siti
on
s fo
r it
s
Inv
est
me
nt,
in
div
idu
als
of
an
y p
art
icu
lar
na
tio
na
lity
.
7.2.
A
Sta
te P
art
y m
ay
re
qu
ire
th
at
a m
ajo
rity
of
the
bo
ard
of
dir
ec
tors
, or
an
y c
om
mit
tee
th
ere
of,
of
an
In
ve
stm
en
t b
e o
f a
pa
rtic
ula
r n
ati
on
ali
ty, o
r re
sid
en
t in
th
e t
err
ito
ry o
f th
e S
tate
Pa
rty,
pro
vid
ed
tha
t th
e r
eq
uir
em
en
t d
oe
s n
ot
ma
teri
all
y i
mp
air
th
e a
bil
ity
of
the
In
ve
sto
r to
exe
rcis
e c
on
tro
l o
ve
r
its
Inv
est
me
nt.
7.3.
S
ub
jec
t to
its
la
ws,
re
gu
lati
on
s a
nd
po
lic
ies
rela
tin
g t
o t
he
en
try
of
ali
en
s a
nd
en
ga
ge
me
nt
of
no
n-n
ati
on
al
lab
ou
r o
r m
an
ag
em
en
t, e
ac
h S
tate
Pa
rty
sh
all
gra
nt
tem
po
rary
en
try
to
na
tio
na
ls o
f
the
oth
er
Sta
te P
art
y, e
mp
loy
ed
by
an
In
ve
sto
r o
f th
e o
the
r S
tate
Pa
rty,
fo
r th
e p
urp
ose
of
ren
de
rin
g
serv
ice
s to
an
In
ve
stm
en
t o
f th
at
Inv
est
or
in t
he
te
rrit
ory
of
the
Ho
st S
tate
Pa
rty,
in a
ca
pa
cit
y t
ha
t is
sen
ior
ma
na
ge
ria
l o
r e
xe
cu
tiv
e o
r re
qu
ire
s sp
ec
iali
zed
kn
ow
led
ge
.
7.4.
N
otw
ith
sta
nd
ing
an
y p
rov
isio
ns
of
this
Ag
ree
me
nt,
a S
tate
Pa
rty
ma
y r
eq
uir
e a
n I
nv
est
or
of
the
oth
er
Pa
rty
or
its
Inv
est
me
nt,
in
ke
ep
ing
wit
h i
ts s
ize
an
d n
atu
re,
to h
av
e p
rog
ress
ive
in
cre
ase
s
in t
he
nu
mb
er
of
sen
ior
ma
na
ge
me
nt,
exe
cu
tiv
e o
r sp
ec
iali
zed
kn
ow
led
ge
po
siti
on
s th
at
na
tio
na
ls
of
the
Ho
st S
tate
oc
cu
py
; in
stit
ute
tra
inin
g p
rog
ram
s fo
r th
e p
urp
ose
s o
f a
ch
iev
ing
th
e i
nc
rea
ses
190
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
27
set
ou
t in
th
e p
rec
ed
ing
pa
rag
rap
h a
nd
to
Bo
ard
of
Dir
ec
tor
po
siti
on
s; a
nd
to
est
ab
lish
me
nto
rin
g
pro
gra
ms
for
this
pu
rpo
se.
Co
mm
ent
ary
This
is
an a
rtic
le t
hat
mos
t in
vest
ors
wan
t to
see
, ye
t th
at m
ust
be b
alan
ced
with
the
Onl
y th
ese
leve
ls o
f em
ploy
ees
are
cove
red.
But
this
may
rai
se s
ome
issu
es w
here
hig
hly
tech
nica
l but
not
sen
ior
man
agem
ent
posi
tions
are
at
issu
e. T
his
is p
artic
ular
ly s
o w
hen
labo
ur, h
ealth
and
saf
ety,
and
env
ironm
enta
l ris
ks a
re a
t iss
ue. A
llusi
on to
this
is s
een
in
know
ledg
e.
impo
sed
in a
tran
spar
ent a
nd le
gal m
anne
r.
ART
ICLE
8
Rep
atria
tion
of A
sset
s8.
1.
A S
tate
Pa
rty
sh
all
ac
co
rd t
o I
nv
est
ors
th
e r
igh
t to
:
(a)
rep
atr
iate
th
e c
ap
ita
l in
ve
ste
d a
nd
th
e I
nv
est
me
nt
retu
rns;
(b)
rep
atr
iate
fu
nd
s fo
r re
pa
ym
en
t o
f lo
an
s;
(c)
rep
atr
iate
pro
ce
ed
s fr
om
co
mp
en
sati
on
up
on
ex
pro
pri
ati
on
, th
e li
qu
ida
tio
n o
r sa
le o
f th
e
wh
ole
or
pa
rt o
f th
e I
nv
est
me
nt
inc
lud
ing
an
ap
pre
cia
tio
n o
r in
cre
ase
of
the
va
lue
of
the
Inv
est
me
nt
ca
pit
al;
(d)
tra
nsf
er
pa
ym
en
ts f
or
ma
inta
inin
g o
r d
ev
elo
pin
g t
he
In
ve
stm
en
t p
roje
ct,
su
ch
as
fun
ds
for
ac
qu
irin
g r
aw
or
au
xil
iary
ma
teri
als
, se
mi-
fin
ish
ed
pro
du
cts
as
we
ll a
s re
pla
cin
g
ca
pit
al
ass
ets
;
(e)
rem
it t
he
un
spe
nt
ea
rnin
gs
of
ex
pa
tria
te s
taff
of
the
In
ve
stm
en
t p
roje
ct;
(f)
an
y c
om
pe
nsa
tio
n t
o t
he
in
ve
sto
r p
aid
pu
rsu
an
t to
th
is A
gre
em
en
t; a
nd
(g)
ma
ke p
ay
me
nts
ari
sin
g o
ut
of
the
se
ttle
me
nt
of
a d
isp
ute
by
an
y m
ea
ns
inc
lud
ing
ad
jud
ica
tio
n, a
rbit
rati
on
or
the
ag
ree
me
nt
of
the
Sta
te P
art
y t
o t
he
dis
pu
te.
8.2.
E
ac
h S
tate
Pa
rty
sh
all
all
ow
tra
nsf
ers
in
pa
rag
rap
h 8
.1 t
o b
e m
ad
e i
n a
fre
ely
co
nv
ert
ible
cu
rre
nc
y a
t th
e m
ark
et
rate
of
exc
ha
ng
e p
rev
ail
ing
at
the
tim
e o
f tr
an
sfe
r.
191
p.28
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
8.3.
N
otw
ith
sta
nd
ing
pa
rag
rap
hs
8.1
an
d 8
.2,
a S
tate
Pa
rty
ma
y p
rev
en
t o
r d
ela
y a
tra
nsf
er
thro
ug
h t
he
no
n-d
isc
rim
ina
tory
ap
pli
ca
tio
n o
f it
s la
w a
nd
re
gu
lati
on
s re
lati
ng
to
:
(a)
ba
nk
rup
tcy,
in
solv
en
cy,
or
the
pro
tec
tio
n o
f th
e r
igh
ts o
f c
red
ito
rs;
(b)
issu
ing
, tra
din
g o
r d
ea
lin
g i
n s
ec
uri
tie
s, f
utu
res,
op
tio
ns
or
de
riv
ati
ve
s;
(c)
cri
min
al
or
pe
na
l o
ffe
nc
es
an
d t
he
re
co
ve
ry o
f th
e p
roc
ee
ds
of
cri
me
;
(d)
fin
an
cia
l re
po
rtin
g
or
rec
ord
ke
ep
ing
o
f tr
an
sac
tio
ns
wh
en
n
ec
ess
ary
to
a
ssis
t la
w
en
forc
em
en
t o
r fi
na
nc
ial
reg
ula
tory
au
tho
riti
es;
(e)
en
suri
ng
co
mp
lia
nc
e w
ith
ord
ers
or
jud
gm
en
ts i
n j
ud
icia
l o
r a
dm
inis
tra
tiv
e p
roc
ee
din
gs;
(f)
tax
ati
on
;
(g)
soc
ial
sec
uri
ty, p
ub
lic
re
tire
me
nt
or
co
mp
uls
ory
sa
vin
gs
sch
em
es;
(h)
sev
era
nc
e e
nti
tle
me
nts
of
em
plo
ye
es;
an
d
(i)
the
fo
rma
liti
es
req
uir
ed
to
re
gis
ter
an
d s
ati
sfy
th
e C
en
tra
l B
an
k a
nd
oth
er
rele
va
nt
au
tho
riti
es
of
a S
tate
Pa
rty.
8.4.
S
afe
gu
ard
pro
vis
ion
:
(a)
Wh
ere
, in
th
e o
pin
ion
of
a S
tate
Pa
rty,
pa
ym
en
ts a
nd
ca
pit
al
mo
ve
me
nts
un
de
r th
is
Ag
ree
me
nt
ca
use
or
thre
ate
n t
o c
au
se s
eri
ou
s
(i
) d
iffic
ult
ies
for
ba
lan
ce
of
pa
ym
en
t p
urp
ose
s,
(i
i)
ex
tern
al
fin
an
cia
l d
iffic
ult
ies,
or
(i
ii)
diffi
cu
ltie
s fo
r m
ac
roe
co
no
mic
ma
na
ge
me
nt
inc
lud
ing
mo
ne
tary
po
lic
y o
r e
xc
ha
ng
e
rate
po
lic
y,
th
e S
tate
Pa
rty
co
nc
ern
ed
ma
y t
ake
sa
feg
ua
rd m
ea
sure
s w
ith
re
ga
rd t
o c
ap
ita
l mo
ve
me
nts
on
a t
em
po
rary
ba
sis
so a
s to
be
eli
min
ate
d a
s so
on
as
co
nd
itio
ns
pe
rmit
, a
nd
in
an
y
ev
en
t a
s it
re
late
s to
me
asu
res
take
n u
nd
er
pa
rag
rap
hs
(ii)
-(ii
i), f
or
a p
eri
od
of
no
t lo
ng
er
tha
n 1
2 m
on
ths
if i
t c
on
sid
ers
su
ch
me
asu
res
to b
e n
ec
ess
ary
.
(b)
Wh
ere
su
ch
me
asu
res
are
ta
ken
un
de
r 4
.1(a
)(ii
) o
r (i
ii),
a S
tate
Pa
rty
sh
all
en
ter
into
co
nsu
lta
tio
ns
wit
h t
he
oth
er
Sta
te P
art
y a
t it
s re
qu
est
, w
ith
a v
iew
to
re
vie
w s
uc
h
me
asu
res
an
d s
ee
k t
he
min
imu
m i
mp
ac
t o
f su
ch
me
asu
res
on
an
in
ve
sto
r.
(c)
Wh
ere
, in
th
e o
pin
ion
of
a S
tate
Pa
rty
th
at
ha
s ta
ken
su
ch
me
asu
res,
it
is n
ec
ess
ary
to
ex
ten
d t
he
m f
or
a f
urt
he
r p
eri
od
du
e t
o t
he
ex
ten
de
d p
eri
od
of
co
nd
itio
ns
de
scri
be
d i
n
pa
rag
rap
h 4
.1(a
), t
he
Sta
te P
art
y s
ha
ll o
ffe
r to
en
ter
into
co
nsu
lta
tio
ns
wit
h t
he
oth
er
Sta
te P
art
y w
ith
a v
iew
to
se
ek
ing
th
e m
inim
um
imp
ac
t o
f su
ch
me
asu
res
on
an
inv
est
or.
Su
ch
me
asu
res
sha
ll a
ga
in b
e t
ake
n o
n a
te
mp
ora
ry b
asi
s so
as
to b
e e
lim
ina
ted
as
soo
n
as
co
nd
itio
ns
pe
rmit
, an
d in
an
y e
ve
nt
for
a p
eri
od
of
no
lon
ge
r th
an
12
mo
nth
s fr
om
th
eir
ren
ew
al.
Co
mm
ent
ary
This
art
icle
pro
vide
s fo
r th
e in
clus
ion
of t
he g
ener
al r
ight
of
an in
vest
or t
o re
patr
iate
its
asse
ts, s
ubje
ct t
o pr
uden
tial m
easu
res,
law
enf
orce
men
t, ta
x ob
ligat
ions
, and
a g
ener
al
192
PART
2: I
NV
ES
TO
R R
IGH
TS
PO
ST
-ES
TA
BL
ISH
ME
NT
p.
29
safe
guar
ds p
rovi
sion
to e
nsur
e th
e ab
ility
of S
tate
s to
repl
y to
em
erge
ncy
situ
atio
ns.
The
lang
uage
in th
e sa
fegu
ards
sec
tion,
par
agra
ph 8
.4 o
f the
Art
icle
, is
broa
der
than
just
grou
nds
for
the
exce
ptio
n, e
ither
by
refe
renc
e to
the
con
ditio
ns s
till b
eing
in e
xist
ence
or
regi
onal
eco
nom
ic c
rises
suc
h as
exp
erie
nced
in A
sia,
or r
espo
ndin
g to
par
ticul
ar im
pact
s
Impo
rtan
tly, t
he s
afeg
uard
s pr
ovis
ion
is a
lso
self-
exec
utin
g. In
oth
er w
ords
, onc
e th
e St
ate
taki
ng t
he s
afeg
uard
mea
sure
dec
lare
s it
to b
e ne
cess
ary,
tha
t is
the
end
of
the
mat
ter:
subj
ect t
o pa
tent
abu
se, t
he d
ecis
ion
cann
ot b
e ch
alle
nged
und
er th
e ar
bitr
atio
n pr
oces
s.
mea
sure
s is
com
pelle
d to
con
sult
with
the
othe
r St
ate
Part
y af
ter
taki
ng s
uch
mea
sure
s,
or p
rior t
o th
eir r
enew
al if
nee
ded.
Thi
s do
es n
ot g
ive
a rig
ht o
f vet
o to
the
othe
r Sta
te P
arty
, bu
t doe
s im
pose
a m
easu
re o
f acc
ount
abili
ty in
the
proc
ess.
ART
ICLE
9
Pro
tect
ion
and
Secu
rity
9.1.
A
Sta
te P
art
y s
ha
ll a
cc
ord
In
ve
stm
en
ts o
f In
ve
sto
rs o
f th
e o
the
r S
tate
Pa
rty
pro
tec
tio
n a
nd
sec
uri
ty n
o l
ess
fa
vo
ura
ble
th
an
th
at
wh
ich
it
ac
co
rds
to i
nv
est
me
nts
of
its
ow
n i
nv
est
ors
or
to
inv
est
me
nts
of
inv
est
ors
of
an
y t
hir
d S
tate
.
9.2.
In
ve
sto
rs o
f o
ne
Sta
te P
art
y w
ho
se I
nv
est
me
nts
in t
he
te
rrit
ory
of
the
oth
er
Sta
te P
art
y s
uff
er
loss
es
as
a r
esu
lt o
f a
bre
ac
h o
f p
ara
gra
ph
9.1
, in
pa
rtic
ula
r o
win
g t
o w
ar
or
oth
er
arm
ed
co
nfl
ict,
rev
olu
tio
n, r
ev
olt
, in
surr
ec
tio
n o
r ri
ot
in t
he
te
rrit
ory
of
the
Ho
st S
tate
sh
all
be
ac
co
rde
d b
y t
he
Ho
st
Sta
te t
rea
tme
nt,
as
reg
ard
s re
stit
uti
on
, in
de
mn
ific
ati
on
, c
om
pe
nsa
tio
n o
r o
the
r se
ttle
me
nt,
no
le
ss
fav
ou
rab
le t
ha
n t
ha
t w
hic
h t
he
Ho
st S
tate
ac
co
rds
to i
nv
est
ors
of
an
y t
hir
d S
tate
.
Co
mm
ent
ary
prov
isio
n, w
ith t
he c
ompe
nsat
ion
for
brea
ch o
f th
e st
anda
rd c
lear
ly s
et o
ut in
the
sam
e
rece
ive
the
sam
e le
vel o
f co
mpe
nsat
ion
in t
he e
vent
of
a br
each
of
the
oblig
atio
n, o
n a
193
p.30
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
NO
TES
194
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
31
Part
3: R
ight
s an
d O
blig
atio
ns o
f Inv
esto
rs
and
Stat
e Pa
rtie
s
ART
ICLE
10
Com
mon
Obl
igat
ion
ag
ains
t Cor
rupt
ion
......
......
......
.....
32
ART
ICLE
11
Com
plia
nce
with
Dom
estic
Law
..33
ART
ICLE
12
Pro
visi
on o
f Inf
orm
atio
n ...
......
.....
33
ART
ICLE
13
Env
ironm
enta
l and
Soc
ial
Impa
ct A
sses
smen
t .....
......
......
.....
34
ART
ICLE
14
Env
ironm
enta
l Man
agem
ent
and
Impr
ovem
ent .
......
......
......
......
35
ART
ICLE
15
Min
imum
Sta
ndar
ds fo
r H
uman
Rig
hts,
Env
ironm
ent
and
Labo
ur ..
......
......
......
......
......
....3
6
ART
ICLE
16
Cor
pora
te G
over
nanc
e
Stan
dard
s ...
......
......
......
......
......
......
37
ART
ICLE
17
Inve
stor
Lia
bilit
y ....
......
......
......
......
37
ART
ICLE
18
Tra
nspa
renc
y of
Con
trac
ts
and
Paym
ents
......
......
......
......
......
..38
ART
ICLE
19
Rel
atio
n to
Dis
pute
Set
tlem
ent .
.39
ART
ICLE
20
Rig
ht o
f Sta
tes
to R
egul
ate .
......
...39
ART
ICLE
21
Rig
ht to
Pur
sue
D
evel
opm
ent G
oals
......
......
......
....4
0
ART
ICLE
22
Obl
igat
ions
of S
tate
s
on E
nviro
nmen
t and
La
bour
Sta
ndar
ds ..
......
......
......
......
41
195
p.32
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
3: R
ight
s an
d O
blig
atio
ns o
f Inv
esto
rs a
nd S
tate
ART
ICLE
10
Com
mon
Obl
igat
ion
agai
nst C
orru
ptio
n10
.1.
Inv
est
ors
an
d t
he
ir I
nv
est
me
nts
sh
all
no
t, p
rio
r to
th
e e
sta
bli
shm
en
t o
f a
n I
nv
est
me
nt
or
aft
erw
ard
s, o
ffe
r, p
rom
ise
or
giv
e a
ny
un
du
e p
ec
un
iary
or
oth
er
ad
va
nta
ge
, w
he
the
r d
ire
ctl
y o
r
thro
ug
h i
nte
rme
dia
rie
s, t
o a
pu
bli
c o
ffic
ial
of
the
Ho
st S
tate
, o
r a
me
mb
er
of
an
offi
cia
l’s f
am
ily
or
bu
sin
ess
ass
oc
iate
or
oth
er
pe
rso
n i
n c
lose
pro
xim
ity
to
an
offi
cia
l, f
or
tha
t o
ffic
ial
or
for
a t
hir
d
pa
rty,
in
ord
er
tha
t th
e o
ffic
ial
or
thir
d p
art
y a
ct
or
refr
ain
fro
m a
cti
ng
in
re
lati
on
to
th
e p
erf
orm
an
ce
of
offi
cia
l d
uti
es,
in
ord
er
to a
ch
iev
e a
ny
fa
vo
ur
in r
ela
tio
n t
o a
pro
po
sed
in
ve
stm
en
t o
r a
ny
lic
en
ce
s,
pe
rmit
s, c
on
tra
cts
or
oth
er
rig
hts
in
re
lati
on
to
an
In
ve
stm
en
t.
10.2
. In
ve
sto
rs a
nd
th
eir
In
ve
stm
en
ts s
ha
ll n
ot
be
co
mp
lic
it in
an
y a
ct
de
scri
be
d in
Pa
rag
rap
h 1
0.1
,
inc
lud
ing
in
cit
em
en
t, a
idin
g a
nd
ab
ett
ing
, an
d c
on
spir
ac
y t
o c
om
mit
or
au
tho
riza
tio
n o
f su
ch
ac
ts.
10.3
. A
bre
ac
h o
f th
is a
rtic
le b
y a
n In
ve
sto
r o
r a
n In
ve
stm
en
t is
de
em
ed
to
co
nst
itu
te a
bre
ac
h o
f th
e
do
me
stic
la
w o
f th
e H
ost
Sta
te P
art
y c
on
ce
rnin
g t
he
est
ab
lish
me
nt
an
d o
pe
rati
on
of
an
in
ve
stm
en
t.
10.4
. T
he
Sta
te P
art
ies
to t
his
Ag
ree
me
nt,
co
nsi
ste
nt
wit
h t
he
ir a
pp
lic
ab
le l
aw
, sh
all
pro
sec
ute
an
d
wh
ere
c
on
vic
ted
p
en
ali
ze
pe
rso
ns
tha
t h
av
e
bre
ac
he
d
the
a
pp
lic
ab
le
law
im
ple
me
nti
ng
this
ob
lig
ati
on
.
Co
mm
ent
ary
a lo
opho
le t
hat
allo
ws
paym
ents
to
be m
ade
to a
fam
ily m
embe
r or
bus
ines
s as
soci
ate
Impl
emen
tatio
n of
the
art
icle
fro
m m
ost
enfo
rcem
ent
and
pena
l per
spec
tives
is t
hrou
gh
inve
stm
ent a
chie
ved
by c
orru
ptio
n in
bre
ach
of th
is a
rtic
le o
r of a
pplic
able
dom
estic
law
is
a br
each
of t
he tr
eaty
and
dom
estic
law
rela
ted
to th
e es
tabl
ishm
ent a
nd o
pera
tion
of th
e
mad
e in
acc
orda
nce
with
dom
estic
law
, it i
s no
long
er a
cov
ered
inve
stm
ent a
nd n
o lo
nger
ha
s di
sput
e se
ttle
men
t rig
hts.
Thi
s is
con
sist
ent
with
rec
ent
arbi
tral
dec
isio
ns r
elat
ing
to
corr
uptio
n in
the
mak
ing
of a
n in
vest
men
t tha
t hav
e ne
gate
d in
vest
men
t arb
itrat
ion
right
s
196
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
33
ART
ICLE
11
Com
plia
nce
with
Dom
estic
Law
Inv
est
ors
an
d I
nv
est
me
nts
sh
all
co
mp
ly w
ith
all
la
ws,
re
gu
lati
on
s, a
dm
inis
tra
tiv
e g
uid
eli
ne
s a
nd
po
lic
ies
of
the
Ho
st S
tate
co
nc
ern
ing
th
e e
sta
bli
shm
en
t, a
cq
uis
itio
n, m
an
ag
em
en
t, o
pe
rati
on
an
d
dis
po
siti
on
of
inv
est
me
nts
.
Co
mm
ent
ary
seek
s on
ly t
o es
tabl
ish
an o
bvio
us le
gal o
blig
atio
n an
d do
es n
ot g
o be
yond
wha
t w
ould
part
ies.
It a
lso
mea
ns th
at a
n in
vest
or c
anno
t ple
ad a
pro
visi
on o
f thi
s ag
reem
ent a
s a
lega
l ex
cuse
for n
ot c
ompl
ying
with
the
dom
estic
law
, tho
ugh
it m
ay s
eek
dam
ages
aft
erw
ards
if
the
law
is in
cons
iste
nt w
ith a
pro
tect
ion
in th
is a
gree
men
t.
ART
ICLE
12
Pro
visi
on o
f Inf
orm
atio
n12
.1.
An
In
ve
sto
r sh
all
pro
vid
e s
uc
h i
nfo
rma
tio
n t
o a
n a
ctu
al
or
po
ten
tia
l H
ost
Sta
te a
s th
at
Sta
te P
art
y m
ay
re
qu
ire
co
nc
ern
ing
th
e I
nv
est
me
nt
in q
ue
stio
n a
nd
th
e c
orp
ora
te h
isto
ry a
nd
pra
cti
ce
s o
f th
e I
nv
est
or,
fo
r p
urp
ose
s o
f d
ec
isio
n m
ak
ing
in
re
lati
on
to
th
at
Inv
est
me
nt
or
sole
ly f
or
sta
tist
ica
l pu
rpo
ses.
12.2
. T
he
ac
tua
l o
r p
ote
nti
al
Ho
st S
tate
sh
all
ha
ve
th
e r
igh
t to
tim
ely
an
d a
cc
ura
te i
nfo
rma
tio
n i
n
this
re
ga
rd.
An
In
ve
sto
r sh
all
no
t c
om
mit
fra
ud
or
pro
vid
e f
als
e o
r m
isle
ad
ing
in
form
ati
on
pro
vid
ed
in a
cc
ord
an
ce
wit
h t
his
Art
icle
.
12.3
. A
ma
teri
al b
rea
ch
of
pa
rag
rap
h 1
2.2
by
an
Inv
est
or
or
an
Inv
est
me
nt
is d
ee
me
d t
o c
on
stit
ute
a
bre
ac
h o
f th
e d
om
est
ic la
w o
f th
e H
ost
Sta
te c
on
ce
rnin
g t
he
est
ab
lish
me
nt,
ac
qu
isit
ion
, ma
na
ge
me
nt,
op
era
tio
n a
nd
dis
po
siti
on
of
Inv
est
me
nts
.
12.4
. T
he
ac
tua
l or
po
ten
tia
l Ho
st S
tate
Pa
rty
ma
y m
ake
su
ch
info
rma
tio
n a
va
ila
ble
to
th
e p
ub
lic
in
the
loc
ati
on
wh
ere
th
e I
nv
est
me
nt
is t
o b
e lo
ca
ted
, su
bje
ct
to o
the
r a
pp
lic
ab
le la
w a
nd
th
e r
ed
ac
tio
n
of
co
nfi
de
nti
al
bu
sin
ess
in
form
ati
on
. T
he
S
tate
P
art
y
sha
ll
pro
tec
t a
ny
c
on
fid
en
tia
l b
usi
ne
ss
info
rma
tio
n f
rom
an
y d
isc
losu
re t
ha
t w
ou
ld p
reju
dic
e t
he
co
mp
eti
tiv
e p
osi
tio
n o
f th
e I
nv
est
or
or
the
Inv
est
me
nt.
12.5
. N
oth
ing
in
th
is A
rtic
le s
ha
ll b
e c
on
stru
ed
to
pre
ve
nt
a S
tate
Pa
rty
fro
m o
the
rwis
e o
bta
inin
g
or
dis
clo
sin
g in
form
ati
on
in c
on
ne
cti
on
wit
h t
he
eq
uit
ab
le a
nd
go
od
fa
ith
ap
pli
ca
tio
n o
f it
s d
om
est
ic
law
or
in c
on
ne
cti
on
wit
h d
isp
ute
s b
etw
ee
n t
he
In
ve
sto
r a
nd
th
e S
tate
re
ga
rdin
g t
he
In
ve
stm
en
t.
Co
mm
ent
ary
This
art
icle
car
ries
forw
ard
the
anti-
corr
uptio
n id
ea to
issu
es o
f fra
ud a
nd m
isre
pres
enta
tion
in t
he m
akin
g of
an
inve
stm
ent.
It is
con
sist
ent
with
rec
ent
arbi
tral
dec
isio
ns t
hat
have
fo
und
mat
eria
l fra
ud a
nd m
isre
pres
enta
tion
by in
vest
ors
in t
he in
form
atio
n pr
ovid
ed t
o a
Stat
e in
the
mak
ing
of a
n in
vest
men
t. In
ess
ence
, it
sets
out
cle
arly
an
oblig
atio
n fo
r ho
nest
y an
d pl
ain
deal
ing
in m
akin
g in
vest
men
ts.
197
p.34
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
de m
inim
us
relie
d on
as
part
of,
but n
ot s
olel
y, in
the
mak
ing
of re
leva
nt d
ecis
ions
by
the
gove
rnm
ent.
ART
ICLE
13
Env
ironm
enta
l and
Soc
ial I
mpa
ct A
sses
smen
t13
.1.
Inv
est
ors
or
the
ir I
nv
est
me
nts
sh
all
co
mp
ly w
ith
en
vir
on
me
nta
l a
nd
so
cia
l a
sse
ssm
en
t
scre
en
ing
cri
teri
a a
nd
ass
ess
me
nt
pro
ce
sse
s a
pp
lic
ab
le t
o t
he
ir p
rop
ose
d in
ve
stm
en
ts p
rio
r to
th
eir
est
ab
lish
me
nt,
as
req
uir
ed
by
th
e l
aw
s o
f th
e H
ost
Sta
te f
or
suc
h a
n i
nv
est
me
nt
[[o
r th
e l
aw
s o
f
the
Ho
me
Sta
te f
or
suc
h a
n i
nv
est
me
nt]
[or
the
In
tern
ati
on
al
Fin
an
ce
Co
rpo
rati
on
’s p
erf
orm
an
ce
sta
nd
ard
s o
n E
nv
iro
nm
en
tal
an
d S
oc
ial
Imp
ac
t A
sse
ssm
en
t], w
hic
he
ve
r is
mo
re r
igo
rou
s in
re
lati
on
to t
he
In
ve
stm
en
t in
qu
est
ion
.]
13.2
. T
he
im
pa
ct
ass
ess
me
nts
re
qu
ire
d u
nd
er
pa
rag
rap
h 1
3.1
sh
all
in
clu
de
ass
ess
me
nts
of
the
imp
ac
ts o
n t
he
hu
ma
n r
igh
ts o
f th
e p
ers
on
s in
th
e a
rea
s p
ote
nti
all
y i
mp
ac
ted
by
th
e i
nv
est
me
nt,
inc
lud
ing
th
e p
rog
ress
ive
re
ali
zati
on
of
hu
ma
n r
igh
ts i
n t
ho
se a
rea
s.
13.3
. In
ve
sto
rs o
r th
eir
In
ve
stm
en
ts s
ha
ll m
ake
th
e e
nv
iro
nm
en
tal a
nd
so
cia
l im
pa
ct
ass
ess
me
nts
:
(a)
pu
bli
c [
inc
lud
ing
via
th
e I
nte
rne
t] a
nd
(b)
ac
ce
ssib
le t
o t
he
lo
ca
l c
om
mu
nit
ies,
or
oth
er
are
as
wit
h p
ote
nti
all
y a
ffe
cte
d i
nte
rest
s,
in a
n e
ffe
cti
ve
an
d s
uffi
cie
ntl
y t
ime
ly m
an
ne
r so
as
to a
llo
w c
om
me
nts
to
be
ma
de
to
the
In
ve
sto
r, I
nv
est
me
nt
an
d/o
r g
ov
ern
me
nt
pri
or
to t
he
co
mp
leti
on
of
the
Ho
st S
tate
pro
ce
sse
s fo
r e
sta
bli
shin
g a
n I
nv
est
me
nt.
13.4
. In
ve
sto
rs,
the
ir I
nv
est
me
nts
an
d t
he
Ho
st S
tate
au
tho
riti
es
sha
ll a
pp
ly t
he
pre
ca
uti
on
ary
pri
nc
iple
2 t
o t
he
ir e
nv
iro
nm
en
tal i
mp
ac
t a
sse
ssm
en
t a
nd
to
de
cis
ion
s ta
ken
in r
ela
tio
n t
o a
pro
po
sed
inv
est
me
nt,
in
clu
din
g a
ny
ne
ce
ssa
ry m
itig
ati
ng
or
alt
ern
ati
ve
ap
pro
ac
he
s to
th
e I
nv
est
me
nt,
or
pre
clu
din
g t
he
In
ve
stm
en
t if
ne
ce
ssa
ry.
Th
e a
pp
lic
ati
on
of
the
pre
ca
uti
on
ary
pri
nc
iple
by
In
ve
sto
rs
an
d I
nv
est
me
nts
sh
all
be
de
scri
be
d i
n t
he
en
vir
on
me
nta
l im
pa
ct
ass
ess
me
nt.
Co
mm
ent
ary
This
obl
igat
ion
is c
onsi
sten
t w
ith d
omes
tic la
w in
vir
tual
ly e
very
Sta
te t
oday
. It
reite
rate
s
whe
re th
is m
ay b
e ne
cess
ary.
or s
ize
of t
he p
roje
ct b
eing
new
for
exa
mpl
e, g
aps
can
be m
ade
up b
y re
fere
nce
to t
he
2
Th
e p
rec
au
tio
na
ry p
rin
cip
le i
s d
efi
ne
d i
n A
rtic
le 1
5 o
f th
e R
io D
ec
lara
tio
n o
n E
nv
iro
nm
en
t a
nd
De
ve
lop
me
nt
as
foll
ow
s: “
In o
rde
r to
pro
tec
t th
e e
nv
iro
nm
en
t, th
e p
rec
au
tio
na
ry a
pp
roa
ch
sh
all
be
wid
ely
ap
pli
ed
by
Sta
tes
ac
co
rdin
g
to t
he
ir c
ap
ab
ilit
ies.
Wh
ere
th
ere
are
th
rea
ts o
f se
rio
us
or
irre
ve
rsib
le d
am
ag
e, l
ac
k o
f fu
ll s
cie
nti
fic
ce
rta
inty
sh
all
no
t b
e u
sed
as
rea
son
fo
r p
ost
po
nin
g c
ost
-eff
ec
tive
me
asu
res
to p
reve
nt
en
vir
on
me
nta
l d
eg
rad
ati
on
.”
198
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
35
stan
dard
in th
e ev
ent o
f gap
s in
the
dom
estic
law
in re
latio
n to
a g
iven
pro
ject
, in
part
icul
ar
larg
er p
roje
cts
that
may
be
mor
e ex
tens
ive
in t
erm
s of
pot
entia
l im
pact
s th
an p
revi
ousl
y se
en i
n a
deve
lopi
ng c
ount
ry P
arty
. It
does
not
, ho
wev
er,
set
any
rest
rictio
ns o
n th
e
ART
ICLE
14
Env
ironm
enta
l Man
agem
ent a
nd Im
prov
emen
t14
.1.
Inv
est
me
nts
sh
all
, in
ke
ep
ing
wit
h g
oo
d p
rac
tic
e r
eq
uir
em
en
ts r
ela
tin
g t
o t
he
siz
e a
nd
na
ture
of
the
In
ve
stm
en
t, m
ain
tain
an
en
vir
on
me
nta
l m
an
ag
em
en
t sy
ste
m c
on
sist
en
t w
ith
re
co
gn
ize
d
inte
rna
tio
na
l e
nv
iro
nm
en
tal
ma
na
ge
me
nt
sta
nd
ard
s a
nd
go
od
bu
sin
ess
pra
cti
ce
sta
nd
ard
s.
14.2
. E
me
rge
nc
y r
esp
on
se a
nd
de
co
mm
issi
on
ing
pla
ns
sha
ll b
e i
nc
lud
ed
, a
nd
re
gu
larl
y r
ev
iew
ed
an
d u
pd
ate
d i
n t
he
en
vir
on
me
nta
l m
an
ag
em
en
t sy
ste
m p
roc
ess
, a
nd
ma
de
ac
ce
ssib
le t
o t
he
Ho
st
Sta
te a
nd
th
e p
ub
lic
.
14.3
. A
clo
sure
fu
nd
to
en
sure
th
at
reso
urc
es
are
av
ail
ab
le t
o i
mp
lem
en
t th
e d
ec
om
mis
sio
nin
g
pla
n s
ha
ll b
e e
sta
bli
she
d a
nd
ma
inta
ine
d b
y t
he
In
ve
sto
r o
r it
s In
ve
stm
en
t in
ac
co
rda
nc
e w
ith
go
od
ind
ust
ry p
rac
tic
e f
or
suc
h f
un
ds.
14.4
. E
nv
iro
nm
en
tal
ma
na
ge
me
nt
pla
ns
sha
ll i
nc
lud
e p
rov
isio
n f
or
the
co
nti
nu
ed
im
pro
ve
me
nt
of
en
vir
on
me
nta
l m
an
ag
em
en
t te
ch
no
log
ies
an
d p
rac
tic
es
ov
er
the
lif
e o
f th
e I
nv
est
me
nt.
Su
ch
imp
rov
em
en
ts s
ha
ll b
e c
on
sist
en
t w
ith
ap
pli
ca
ble
la
ws,
bu
t sh
all
str
ive
to
exc
ee
d l
eg
all
y a
pp
lic
ab
le
sta
nd
ard
s a
nd
alw
ay
s m
ain
tain
hig
h l
ev
els
of
en
vir
on
me
nta
l p
erf
orm
an
ce
co
nsi
ste
nt
wit
h b
est
ind
ust
ry p
rac
tic
e.
Co
mm
ent
ary
natu
re a
nd s
ize
of th
e in
vest
men
t, in
acc
orda
nce
with
inte
rnat
iona
l sta
ndar
ds (s
uch
as IS
O
dilig
ence
and
im
prov
emen
t. Th
is b
asic
com
pone
nt o
f al
l en
viro
nmen
tal
man
agem
ent
stan
dard
s is
impo
rtan
t in
man
y re
spec
ts,
incl
udin
g as
an
answ
er t
o po
tent
ial i
nves
tors
th
at m
ay s
eek
envi
ronm
enta
l law
sta
biliz
atio
n cl
ause
s, w
hich
are
incr
easi
ngly
und
erst
ood
199
p.36
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
ART
ICLE
15
Min
imum
Sta
ndar
ds fo
r Hum
an R
ight
s,
Envi
ronm
ent a
nd L
abou
r 15
.1.
Inv
est
ors
an
d t
he
ir i
nv
est
me
nts
ha
ve
a d
uty
to
re
spe
ct
hu
ma
n r
igh
ts i
n t
he
wo
rkp
lac
e
an
d i
n t
he
co
mm
un
ity
an
d S
tate
in
wh
ich
th
ey
are
lo
ca
ted
. In
ve
sto
rs a
nd
th
eir
in
ve
stm
en
ts s
ha
ll
no
t u
nd
ert
ake
or
ca
use
to
be
un
de
rta
ken
ac
ts t
ha
t b
rea
ch
su
ch
hu
ma
n r
igh
ts.
Inv
est
ors
an
d t
he
ir
inv
est
me
nts
sh
all
no
t a
ssis
t in
, o
r b
e c
om
pli
cit
in
, th
e v
iola
tio
n o
f th
e h
um
an
rig
hts
by
oth
ers
in
th
e
Ho
st S
tate
, in
clu
din
g b
y p
ub
lic
au
tho
riti
es
or
du
rin
g c
ivil
str
ife
.
15.2
. In
ve
sto
rs a
nd
th
eir
in
ve
stm
en
ts sh
all
a
ct
in a
cc
ord
an
ce
w
ith
c
ore
la
bo
ur
sta
nd
ard
s a
s
req
uir
ed
by
th
e I
LO D
ec
lara
tio
n o
n F
un
da
me
nta
l P
rin
cip
les
an
d R
igh
ts o
f W
ork
, 19
98
.3
15.3
. In
ve
sto
rs a
nd
th
eir
in
ve
stm
en
ts s
ha
ll n
ot
[est
ab
lish
,] m
an
ag
e o
r o
pe
rate
In
ve
stm
en
ts i
n a
ma
nn
er
inc
on
sist
en
t w
ith
inte
rna
tio
na
l e
nv
iro
nm
en
tal,
la
bo
ur,
an
d h
um
an
rig
hts
ob
lig
ati
on
s b
ind
ing
on
th
e H
ost
Sta
te o
r th
e H
om
e S
tate
, wh
ich
ev
er
ob
lig
ati
on
s a
re h
igh
er.
Co
mm
ent
ary
hum
an ri
ghts
. The
sec
ond
sent
ence
then
mak
es th
is a
n ob
ligat
ion
on th
e in
vest
ors.
of h
uman
righ
ts a
buse
s re
late
d to
suc
h ac
ts.
glob
al s
tand
ards
, or
cor
e la
bour
sta
ndar
ds.
Alm
ost
all S
tate
s ha
ve s
ubsc
ribed
to
thes
e m
inim
um s
tand
ards
. The
re is
no
evid
ent r
atio
nale
for a
ny in
vest
or to
ope
rate
in a
man
ner
stan
dard
s ar
e ad
opte
d, a
s be
twee
n go
vern
men
t, in
dust
ry a
nd la
bour
.
to r
espe
ct t
he in
tern
atio
nal h
uman
rig
hts,
env
ironm
enta
l and
labo
ur s
tand
ards
ado
pted
fully
inc
orpo
rate
d in
to d
omes
tic l
aw.
Thes
e ar
e no
t op
en-e
nded
obl
igat
ions
, bu
t de
rive
cert
ain
circ
umst
ance
s
3
Th
ese
co
re l
ab
ou
r st
an
da
rds
are
fu
rth
er
ela
bo
rate
d,
in a
cc
ord
an
ce
wit
h t
he
De
cla
rati
on
, in
ILO
Co
nv
en
tio
ns
co
nc
ern
ing
fre
ed
om
of
ass
oc
iati
on
, th
e e
lim
ina
tio
n o
f fo
rce
d l
ab
ou
r, t
he
ab
oli
tio
n o
f c
hil
d l
ab
ou
r a
nd
th
e
eli
min
ati
on
of
dis
cri
min
ati
on
in
th
e w
ork
pla
ce
.
S
ev
era
l in
tern
ati
on
al e
nv
iro
nm
en
tal a
gre
em
en
ts h
av
e d
iffe
ren
tia
ted
ob
lig
ati
on
s. C
irc
um
ve
nti
on
of
an
ag
ree
me
nt
do
es
no
t o
cc
ur
wh
en
th
e d
iffe
ren
tia
ted
ob
lig
ati
on
s o
f th
e H
ost
Sta
te u
nd
er
an
ag
ree
me
nt
are
no
t b
rea
ch
ed
.
200
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
37
ART
ICLE
16
Cor
pora
te G
over
nanc
e St
anda
rds
16.1.
In
ve
stm
en
ts
sha
ll
me
et
or
exc
ee
d
na
tio
na
l a
nd
in
tern
ati
on
all
y
ac
ce
pte
d
sta
nd
ard
s o
f
co
rpo
rate
go
ve
rna
nc
e f
or
the
se
cto
r in
vo
lve
d, i
n p
art
icu
lar
for
tra
nsp
are
nc
y a
nd
in t
he
ap
pli
ca
tio
n o
f
inte
rna
tio
na
lly
ac
ce
pte
d a
cc
ou
nti
ng
sta
nd
ard
s.
16.2
. In
ve
sto
rs a
nd
th
eir
in
ve
stm
en
ts s
ha
ll e
nsu
re t
ha
t a
ll t
ran
sac
tio
ns
wit
h r
ela
ted
or
affi
lia
ted
co
mp
an
ies
sha
ll b
e a
rms
len
gth
tra
nsa
cti
on
s a
t fa
ir m
ark
et
pri
ce
. In
ve
sto
rs a
nd
th
eir
in
ve
stm
en
ts
sha
ll n
ot
un
de
rta
ke a
ny
tra
nsf
er
pri
cin
g p
rac
tic
es
be
twe
en
th
em
selv
es
or
an
y o
the
r re
late
d o
r
affi
lia
ted
co
mp
an
ies.
Co
mm
ent
ary
com
pani
es s
till m
ake
it ne
cess
ary.
The
art
icle
wou
ld s
et a
bas
ic le
vel o
f ex
pect
atio
n of
co
rpor
ate
cond
uct a
nd g
over
nanc
e.
The
tran
sfer
pric
ing
issu
e in
par
agra
ph 1
6.2
is a
maj
or f
acto
r in
pro
tect
ing
gove
rnm
ent
reve
nues
fro
m im
prop
er in
tern
al c
orpo
rate
pra
ctic
es t
hat
real
loca
te c
osts
and
exp
ense
s
ART
ICLE
17
Inve
stor
Lia
bilit
y17
.1.
Inv
est
ors
an
d I
nv
est
me
nts
sh
all
be
su
bje
ct
to c
ivil
ac
tio
ns
for
lia
bil
ity
in
th
e j
ud
icia
l p
roc
ess
of
the
ir H
om
e S
tate
fo
r th
e a
cts
, d
ec
isio
ns
or
om
issi
on
s m
ad
e i
n t
he
Ho
me
Sta
te i
n r
ela
tio
n t
o t
he
Inv
est
me
nt
wh
ere
su
ch
ac
ts, d
ec
isio
ns
or
om
issi
on
s le
ad
to
sig
nifi
ca
nt
da
ma
ge
, pe
rso
na
l in
juri
es
or
loss
of
life
in
th
e H
ost
Sta
te.
17.2
. H
om
e S
tate
s sh
all
en
sure
th
at
the
ir l
eg
al
syst
em
s a
nd
ru
les
all
ow
fo
r, o
r d
o n
ot
pre
ve
nt
or
un
du
ly r
est
ric
t, t
he
bri
ng
ing
of
co
urt
ac
tio
ns
on
th
eir
me
rits
be
fore
do
me
stic
co
urt
s re
lati
ng
to
the
civ
il l
iab
ilit
y o
f In
ve
sto
rs a
nd
In
ve
stm
en
ts f
or
da
ma
ge
s re
sult
ing
fro
m a
lle
ge
d a
cts
, d
ec
isio
ns
or
om
issi
on
s m
ad
e b
y I
nv
est
ors
in
re
lati
on
to
th
eir
In
ve
stm
en
ts i
n t
he
te
rrit
ory
of
the
Ho
st S
tate
.
Co
mm
ent
ary
cons
trai
nts
as s
een
in t
he f
orum
non
con
veni
ens
rule
, or
sim
ilar
rule
s, t
hat
impe
de
hear
ings
on
the
mer
its o
f ca
ses
rela
ting
to in
vest
or a
cts
or d
ecis
ions
. Suc
h m
easu
res
by
the
impa
cts
of d
ecis
ions
mad
e by
the
inve
stor
.
any
right
to
clai
m f
orum
non
con
veni
ens
or a
sim
ilar
juris
dict
iona
l bar
, but
thi
s m
ay b
e
the
doct
rine
in th
e ci
rcum
stan
ces
envi
sion
ed h
ere.
201
p.38
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
The
abov
e do
es n
ot in
any
way
cre
ate
a de
term
inat
ion
of a
ny li
abili
ty o
f th
e in
vest
or.
It si
mpl
y te
rmin
ates
a ju
risdi
ctio
nal b
arrie
r in
vent
ed in
a d
iffer
ent
era
by c
ourt
s op
erat
ing
unde
r ve
ry d
iffer
ent c
ircum
stan
ces.
Thi
s w
ould
ens
ure
that
an
inve
stor
can
be
held
liab
le
appl
y to
the
pro
ceed
ings
. Thi
s is
the
sam
e ap
proa
ch a
s is
cur
rent
ly a
pplie
d, fo
r ex
ampl
e,
impl
emen
tatio
n of
thi
s ob
ligat
ion,
sho
uld
it be
ado
pted
. N
ew l
egis
latio
n or
reg
ulat
ion
conc
erni
ng a
cces
s to
dom
estic
cou
rts
and/
or t
he ju
risdi
ctio
n of
dom
estic
cou
rts
may
be
trai
ning
for t
his
purp
ose
may
be
need
ed fo
r gov
ernm
ents
in th
e re
gion
.
ART
ICLE
18
Tra
nspa
renc
y of
Con
trac
ts a
nd P
aym
ents
18.1.
In
ve
sto
rs o
r th
eir
in
ve
stm
en
ts s
ha
ll m
ake
pu
bli
c i
n a
tim
ely
ma
nn
er
all
co
ntr
ac
ts r
ela
ted
to
the
est
ab
lish
me
nt
or
rig
ht
to o
pe
rate
an
In
ve
stm
en
t m
ad
e b
y t
he
In
ve
sto
r o
r th
e I
nv
est
me
nt
wit
h a
go
ve
rnm
en
t in
th
e H
ost
Sta
te.
18.2
. In
ve
sto
rs o
r th
eir
in
ve
stm
en
ts s
ha
ll m
ake
pu
bli
c i
n a
tim
ely
ma
nn
er
all
pa
ym
en
ts m
ad
e t
o
a g
ov
ern
me
nt
rela
ted
to
th
e e
sta
bli
shm
en
t o
r ri
gh
t to
op
era
te o
f a
n I
nv
est
me
nt,
in
clu
din
g a
ll t
axe
s,
roy
alt
ies
an
d s
imil
ar
pa
ym
en
ts.
18.3
. W
he
re f
ea
sib
le, s
uc
h c
on
tra
cts
an
d p
ay
me
nts
sh
all
be
ma
de
av
ail
ab
le o
n a
n I
nte
rne
t w
eb
site
fre
ely
ac
ce
ssib
le b
y t
he
pu
bli
c.
18.4
. T
he
Sta
te P
art
y t
ha
t is
th
e r
ec
ipie
nt
of
pa
ym
en
ts o
r p
art
y t
o a
n i
nv
est
me
nt-
rela
ted
co
ntr
ac
t
sha
ll [
ha
ve
th
e r
igh
t to
] m
ake
th
e p
ay
me
nts
an
d c
on
tra
cts
av
ail
ab
le t
o t
he
pu
bli
c, i
nc
lud
ing
th
rou
gh
an
In
tern
et
site
fre
ely
ac
ce
ssib
le t
o t
he
pu
bli
c.
18.5
. C
on
fid
en
tia
l bu
sin
ess
info
rma
tio
n s
ha
ll b
e r
ed
ac
ted
fro
m c
on
tra
cts
ma
de
pu
bli
c in
ac
co
rda
nc
e
wit
h t
his
Art
icle
.
Co
mm
ent
ary
Ther
e is
a g
row
ing
conc
ern
for
tran
spar
ency
in c
ontr
act n
egot
iatio
n th
at m
any
deve
lopi
ng
coun
trie
s an
d in
tern
atio
nal
orga
niza
tions
are
now
res
pond
ing
to.
Inde
ed,
man
y no
w
artic
le s
ets
out
the
prin
cipl
e of
tra
nspa
renc
y an
d an
exp
ecta
tion
that
bot
h in
vest
ors
and
gove
rnm
ents
will
act
on
this
exp
ecta
tion.
Paym
ents
by i
nves
tors
to th
e go
vern
men
t, w
hich
may
be
in th
e fo
rm o
f tax
es, r
ents
, roy
altie
s,
Tran
spar
ency
Initi
ativ
e is
one
app
licat
ion
of th
is p
rinci
ple.
Thi
s ar
ticle
aga
in a
dopt
s a
pro-
tran
spar
ency
pos
ition
in th
is re
gard
.
202
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
39
ART
ICLE
19
Rel
atio
n to
Dis
pute
Set
tlem
ent
19.1.
S
ub
jec
t to
an
y o
the
r sp
ec
ific
dir
ec
tio
ns
un
de
r th
is A
gre
em
en
t a
s to
th
e c
on
seq
ue
nc
es
of
a
bre
ac
h o
f a
n o
bli
ga
tio
n,
wh
ere
an
In
ve
sto
r o
r it
s In
ve
stm
en
t is
all
eg
ed
by
a S
tate
Pa
rty
in
a d
isp
ute
sett
lem
en
t p
roc
ee
din
g u
nd
er
this
Ag
ree
me
nt
to h
av
e f
ail
ed
to
co
mp
ly w
ith
its
ob
lig
ati
on
s u
nd
er
this
Ag
ree
me
nt,
th
e t
rib
un
al
he
ari
ng
su
ch
a d
isp
ute
sh
all
co
nsi
de
r w
he
the
r th
is b
rea
ch
, if
pro
ve
n,
is
ma
teri
all
y r
ele
va
nt
to t
he
iss
ue
s b
efo
re i
t, a
nd
if
so,
wh
at
mit
iga
tin
g o
r o
ff-s
ett
ing
eff
ec
ts t
his
ma
y
ha
ve
on
th
e m
eri
ts o
f a
cla
im o
r o
n a
ny
da
ma
ge
s a
wa
rde
d i
n t
he
ev
en
t o
f su
ch
aw
ard
.
19.2
. A
Ho
st S
tate
ma
y in
itia
te a
co
un
terc
laim
ag
ain
st t
he
In
ve
sto
r b
efo
re a
ny
tri
bu
na
l est
ab
lish
ed
pu
rsu
an
t to
th
is
Ag
ree
me
nt
for
da
ma
ge
s o
r o
the
r re
lie
f re
sult
ing
fr
om
a
n
all
eg
ed
b
rea
ch
o
f
the
Ag
ree
me
nt.
19.3
. In
ac
co
rda
nc
e w
ith
its
ap
pli
ca
ble
do
me
stic
law
, th
e H
ost
Sta
te, i
nc
lud
ing
po
liti
ca
l su
bd
ivis
ion
s
an
d o
ffic
ials
th
ere
of,
pri
va
te p
ers
on
s, o
r p
riv
ate
org
an
iza
tio
ns,
ma
y in
itia
te a
civ
il a
cti
on
in
do
me
stic
co
urt
s a
ga
inst
th
e
Inv
est
or
or
Inv
est
me
nt
for
da
ma
ge
s a
risi
ng
fr
om
a
n
all
eg
ed
b
rea
ch
o
f th
e
ob
lig
ati
on
s se
t o
ut
in t
his
Ag
ree
me
nt.
19.4
. In
ac
co
rda
nc
e w
ith
th
e d
om
est
ic l
aw
of
the
Ho
me
Sta
te,
the
Ho
st S
tate
, in
clu
din
g p
oli
tic
al
sub
div
isio
ns
an
d o
ffic
ials
th
ere
of,
pri
va
te p
ers
on
s, o
r p
riv
ate
org
an
iza
tio
ns,
ma
y in
itia
te a
civ
il a
cti
on
in d
om
est
ic c
ou
rts
of
the
Ho
me
Sta
te a
ga
inst
th
e In
ve
sto
r, w
he
re s
uc
h a
n a
cti
on
re
late
s to
th
e s
pe
cifi
c
co
nd
uc
t o
f th
e In
ve
sto
r, a
nd
cla
ims
da
ma
ge
s a
risi
ng
fro
m a
n a
lle
ge
d b
rea
ch
of
the
ob
lig
ati
on
s se
t o
ut
in t
his
Ag
ree
me
nt.
Co
mm
ent
ary
that
suc
h br
each
es c
an a
nd s
houl
d be
tak
en i
nto
acco
unt
in a
ny d
ispu
te s
ettle
men
t
coun
terc
laim
s by
Sta
tes,
the
subj
ect o
f inc
oncl
usiv
e di
scus
sion
s un
der o
ther
trea
ties.
The
seco
nd m
etho
d of
enf
orce
men
t is
by
crea
ting
a m
onet
ary
liabi
lity
in d
omes
tic c
ourt
s
initi
atio
n of
a c
ompl
aint
aga
inst
an
inve
stor
doe
s no
t, of
cou
rse,
pre
sum
e its
gui
lt, s
impl
y th
at th
e m
atte
r can
be
trie
d an
d da
mag
es a
sses
sed
if th
e br
each
is p
rove
n.
ART
ICLE
20
Rig
ht o
f Sta
tes
to R
egul
ate
20.1.
In
ac
co
rda
nc
e w
ith
cu
sto
ma
ry in
tern
ati
on
al l
aw
an
d o
the
r g
en
era
l pri
nc
iple
s o
f in
tern
ati
on
al
law
, th
e H
ost
Sta
te h
as
the
rig
ht
to t
ake
re
gu
lato
ry o
r o
the
r m
ea
sure
s to
en
sure
th
at
de
ve
lop
me
nt
in
its
terr
ito
ry i
s c
on
sist
en
t w
ith
th
e g
oa
ls a
nd
pri
nc
iple
s o
f su
sta
ina
ble
de
ve
lop
me
nt,
an
d w
ith
oth
er
leg
itim
ate
so
cia
l a
nd
ec
on
om
ic p
oli
cy
ob
jec
tiv
es.
203
p.40
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
20.2
. E
xc
ep
t w
he
re t
he
rig
hts
of
a H
ost
Sta
te a
re e
xp
ress
ly s
tate
d a
s a
n e
xc
ep
tio
n t
o t
he
ob
lig
ati
on
s
of
this
Ag
ree
me
nt,
a H
ost
Sta
te’s
pu
rsu
it o
f it
s ri
gh
ts t
o r
eg
ula
te s
ha
ll b
e u
nd
ers
too
d a
s e
mb
od
ied
wit
hin
a b
ala
nc
e o
f th
e r
igh
ts a
nd
ob
lig
ati
on
s o
f In
ve
sto
rs a
nd
In
ve
stm
en
ts a
nd
Ho
st S
tate
s, a
s se
t
ou
t in
th
is A
gre
em
en
t
20.3
. Fo
r g
rea
ter
ce
rta
inty
, no
n-d
isc
rim
ina
tory
me
asu
res
take
n b
y a
Sta
te P
art
y t
o c
om
ply
wit
h its
inte
rna
tio
na
l o
bli
ga
tio
ns
un
de
r o
the
r tr
ea
tie
s sh
all
no
t c
on
stit
ute
a b
rea
ch
of
this
Ag
ree
me
nt.
Co
mm
ent
ary
but
with
out
elim
inat
ing
all t
he e
ffec
ts o
f th
e in
vest
or p
rote
ctio
ns. I
t sh
ould
be
read
with
are
inte
nded
to w
ork
toge
ther
.
The
broa
der
goal
is
rest
ated
in
para
grap
h 2
0.2
, ag
ain
ensu
ring
that
som
e of
the
pr
edile
ctio
ns o
f ar
bitr
ator
s to
vie
w in
vest
men
t tr
eatie
s pu
rely
as
inve
stor
rig
hts
wou
ld b
e un
tena
ble
unde
r the
pre
sent
app
roac
h. In
vie
w o
f the
bro
ad o
blig
atio
ns in
BIT
s, it
is u
sefu
l
ART
ICLE
21
Rig
ht to
Pur
sue
Dev
elop
men
t Goa
ls21
.1.
No
twit
hst
an
din
g a
ny
oth
er
pro
vis
ion
of
this
Ag
ree
me
nt,
a S
tate
Pa
rty
ma
y g
ran
t p
refe
ren
tia
l
tre
atm
en
t in
ac
co
rda
nc
e w
ith
th
eir
do
me
stic
le
gis
lati
on
to
an
y e
nte
rpri
se s
o q
ua
lify
ing
un
de
r th
e
do
me
stic
la
w i
n o
rde
r to
ac
hie
ve
na
tio
na
l o
r su
b-n
ati
on
al
reg
ion
al
de
ve
lop
me
nt
go
als
.
21.2
. N
otw
ith
sta
nd
ing
an
y o
the
r p
rov
isio
n o
f th
is A
gre
em
en
t, a
Sta
te P
art
y m
ay
(a)
sup
po
rt t
he
de
ve
lop
me
nt
of
loc
al
en
tre
pre
ne
urs
, an
d
(b)
see
k t
o e
nh
an
ce
pro
du
cti
ve
ca
pa
cit
y, i
nc
rea
se e
mp
loy
me
nt,
in
cre
ase
hu
ma
n r
eso
urc
e
ca
pa
cit
y
an
d
tra
inin
g,
rese
arc
h
an
d
de
ve
lop
me
nt
inc
lud
ing
o
f n
ew
te
ch
no
log
ies,
tec
hn
olo
gy
tr
an
sfe
r a
nd
o
the
r b
en
efi
ts
of
inv
est
me
nt
thro
ug
h
the
u
se
of
spe
cifi
ed
req
uir
em
en
ts o
n i
nv
est
ors
ma
de
at
the
tim
e o
f th
e e
sta
bli
shm
en
t o
r a
cq
uis
itio
n o
f th
e
inv
est
me
nt
an
d a
pp
lie
d d
uri
ng
its
op
era
tio
n.
21.3
. N
otw
ith
sta
nd
ing
an
y o
the
r p
rov
isio
n o
f th
is A
gre
em
en
t, a
Sta
te P
art
y m
ay
ta
ke m
ea
sure
s
ne
ce
ssa
ry t
o a
dd
ress
his
tori
ca
lly
ba
sed
ec
on
om
ic d
isp
ari
tie
s su
ffe
red
by
id
en
tifi
ab
le e
thn
ic o
r
cu
ltu
ral
gro
up
s d
ue
to
dis
cri
min
ato
ry o
r o
pp
ress
ive
me
asu
res
ag
ain
st s
uc
h g
rou
ps
pri
or
to t
he
sig
nin
g o
f th
is A
gre
em
en
t.
Co
mm
ent
ary
204
PART
3: R
IGH
TS
AN
D O
BL
IGA
TIO
NS
OF
IN
VE
ST
OR
S A
ND
ST
AT
E P
AR
TIE
S
p.
41
pote
ntia
l cla
ims
that
they
are
in b
reac
h of
the
agre
emen
t, in
par
ticul
ar th
e no
n-di
scrim
inat
ion
man
y so
uthe
rn A
fric
an S
tate
s. It
is d
eriv
ed fr
om S
outh
Afr
ican
inve
stm
ent t
reat
y la
ngua
ge.
ART
ICLE
22
Obl
igat
ions
of S
tate
s on
Env
ironm
ent
and
Labo
ur S
tand
ards
22.1.
E
ac
h S
tate
Pa
rty
ha
s th
e r
igh
t to
est
ab
lish
its
ow
n le
ve
ls o
f d
om
est
ic e
nv
iro
nm
en
tal p
rote
cti
on
an
d d
ev
elo
pm
en
t p
oli
cie
s a
nd
pri
ori
tie
s, a
nd
lab
ou
r la
ws
an
d s
tan
da
rds,
an
d t
o a
do
pt
or
mo
dif
y s
uc
h
law
s, s
tan
da
rds
an
d p
oli
cie
s. I
n t
he
exe
rcis
e o
f th
is r
igh
t, e
ac
h S
tate
Pa
rty
sh
all
str
ive
to
en
sure
th
at
it p
rov
ide
s fo
r h
igh
lev
els
of
en
vir
on
me
nta
l an
d la
bo
ur
pro
tec
tio
n, t
ak
ing
into
ac
co
un
t in
tern
ati
on
all
y
ac
ce
pte
d s
tan
da
rds,
an
d s
ha
ll s
triv
e t
o c
on
tin
ue
to
im
pro
ve
th
eir
sta
nd
ard
s.
22.2
. T
he
Sta
te P
art
ies
rec
og
niz
e t
ha
t it
is
ina
pp
rop
ria
te t
o e
nc
ou
rag
e i
nv
est
me
nt
by
re
lax
ing
do
me
stic
e
nv
iro
nm
en
tal
an
d
lab
ou
r le
gis
lati
on
. A
cc
ord
ing
ly,
the
S
tate
P
art
ies
sha
ll
no
t w
aiv
e
or
oth
erw
ise
de
rog
ate
fro
m,
or
off
er
to w
aiv
e o
r o
the
rwis
e d
ero
ga
te f
rom
, su
ch
le
gis
lati
on
as
an
en
co
ura
ge
me
nt
for
the
est
ab
lish
me
nt,
ma
inte
na
nc
e o
r e
xp
an
sio
n in
its
te
rrit
ory
of
an
In
ve
stm
en
t. I
f
a S
tate
Pa
rty
co
nsi
de
rs t
ha
t th
e o
the
r S
tate
Pa
rty
ha
s o
ffe
red
su
ch
an
en
co
ura
ge
me
nt,
it m
ay
re
qu
est
co
nsu
lta
tio
ns
wit
h t
he
oth
er
Sta
te P
art
y.
[22.
3.
Th
is A
rtic
le i
s n
ot
sub
jec
t to
th
e d
isp
ute
se
ttle
me
nt
pro
ce
ss s
et
ou
t in
th
e i
nv
est
or-
Sta
te
dis
pu
te s
ett
lem
en
t p
roc
ess
of
this
Ag
ree
me
nt.
]
Co
mm
ent
ary
A pr
ovis
ion
to p
recl
ude
the
low
erin
g of
env
ironm
enta
l and
rela
ted
stan
dard
s, la
bour
sta
ndar
ds,
text
abo
ve s
ets
out a
man
dato
ry o
blig
atio
n no
t to
low
er s
uch
stan
dard
s in
ord
er to
attr
act o
r
henc
e th
is a
ppro
ach
has
alre
ady
been
ado
pted
regi
on-w
ide.
Of
note
, th
e ab
ove
text
inc
lude
s a
note
sug
gest
ing
the
rem
oval
of
this
pro
visi
on f
rom
the
not r
ecom
men
ded
the
incl
usio
n of
an
inve
stor
-Sta
te a
rbitr
atio
n pr
oces
s, b
ut r
ecog
nize
s th
at
205
p.42
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
NO
TES
206
PART
4: G
EN
ER
AL
PR
OV
ISIO
NS
p.
43
Part
4: G
ener
al P
rovi
sion
s
ART
ICLE
23
Coo
pera
tion
in P
rom
otio
n
of In
vest
men
t ....
......
......
......
......
....4
4
ART
ICLE
24
Tran
spar
ency
of
Inve
stm
ent I
nfor
mat
ion .
......
......
..45
ART
ICLE
25
Exc
eptio
ns ...
......
......
......
......
......
..46
ART
ICLE
26
Den
ial o
f Ben
efits
......
......
......
......
.48
ART
ICLE
27
Per
iodi
c Re
view
of
this
Agr
eem
ent .
......
......
......
......
....4
9
207
p.44
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
4: G
ener
al P
rovi
sion
s
ART
ICLE
23
Coo
pera
tion
in P
rom
otio
n of
Inve
stm
ent
23.1.
T
he
Sta
te P
art
ies
sha
ll c
oo
pe
rate
in
th
e p
rom
oti
on
of
inv
est
me
nt
by
th
eir
In
ve
sto
rs i
nto
the
te
rrit
ory
of
the
oth
er
Pa
rty.
Su
ch
co
op
era
tio
n m
ay
in
clu
de
jo
int
inv
est
me
nt
pro
mo
tio
n e
ve
nts
,
tou
rs w
ith
in
du
stri
al
lea
de
rs a
nd
in
ve
sto
rs,
tec
hn
olo
gy
pro
mo
tio
n,
an
d o
the
r m
ea
sure
s d
esi
gn
ed
to
pro
mo
te i
nv
est
me
nt.
23.2
. T
he
Sta
te P
art
ies
sha
ll e
xc
ha
ng
e i
nfo
rma
tio
n w
ith
re
spe
ct
to t
he
in
ve
stm
en
t o
pp
ort
un
itie
s,
law
s a
nd
re
gu
lati
on
s fo
r fo
reig
n i
nv
est
ors
in
th
eir
te
rrit
ori
es.
23.3
. T
he
Sta
te P
art
ies
ma
y p
rov
ide
In
ve
stm
en
t fi
na
nc
ing
an
d I
nv
est
me
nt
gu
ara
nte
e f
ac
ilit
ies
for
Inv
est
ors
fro
m t
he
ir S
tate
in
to t
he
te
rrit
ory
of
the
oth
er
Sta
te P
art
y. S
uc
h f
ac
ilit
ies
sha
ll,
if u
sed
,
pro
mo
te c
om
pli
an
ce
wit
h t
he
ob
lig
ati
on
s o
f In
ve
sto
rs s
et
fort
h i
n t
his
Ag
ree
me
nt.
23.4
. [S
tate
Pa
rty
X s
ha
ll p
rov
ide
te
ch
nic
al
ass
ista
nc
e t
o S
tate
Pa
rty
B i
n t
he
im
ple
me
nta
tio
n o
f
this
Art
icle
.]
Co
mm
ent
ary
Inve
stm
ent t
reat
ies
are
ofte
n st
yled
as
inve
stm
ent p
rom
otio
n an
d pr
otec
tion
trea
ties.
But
th
ey c
onta
in fe
w if
any
pro
visi
ons
rela
ting
to t
he p
rom
otio
n of
inve
stm
ent
or t
o re
view
ing
the
effe
ctiv
enes
s of
the
trea
ty in
doi
ng s
o.
step
in th
is d
irect
ion.
an in
vest
men
t und
er th
e tr
eaty
com
ply
with
the
oblig
atio
ns c
onta
ined
her
ein
as a
con
ditio
n
used
to s
uppo
rt th
e in
vest
or. T
he c
oncl
udin
g pa
ragr
aph
on a
ssis
tanc
e is
inte
nded
to a
pply
incl
udin
g a
sent
ence
on
the
exch
ange
of
best
pra
ctic
es i
n th
e im
plem
enta
tion
of t
his
artic
le in
stea
d.
208
PART
4: G
EN
ER
AL
PR
OV
ISIO
NS
p.
45
ART
ICLE
24
Tra
nspa
renc
y of
Inve
stm
ent I
nfor
mat
ion
24.1.
E
ac
h S
tate
Pa
rty
sh
all
pro
mp
tly
pu
bli
sh,
or
oth
erw
ise
ma
ke p
ub
lic
ly a
va
ila
ble
, it
s la
ws
an
d
reg
ula
tio
ns
of g
en
era
l ap
pli
ca
tio
n a
s w
ell
as
inte
rna
tio
na
l ag
ree
me
nts
th
at
ma
y a
ffe
ct
the
Inv
est
me
nts
of
Inv
est
ors
of
the
oth
er
Sta
te P
art
y.
24.2
. E
ac
h S
tate
Pa
rty
sh
all
en
de
av
ou
r to
pro
mp
tly
pu
bli
sh,
or
oth
erw
ise
ma
ke p
ub
lic
ly a
va
ila
ble
,
its
po
lic
ies
an
d
ad
min
istr
ati
ve
g
uid
eli
ne
s o
r p
roc
ed
ure
s th
at
ma
y
aff
ec
t in
ve
stm
en
t u
nd
er
this
Ag
ree
me
nt.
24.3
. N
oth
ing
in
th
is A
gre
em
en
t sh
all
re
qu
ire
a S
tate
Pa
rty
to
fu
rnis
h o
r a
llo
w a
cc
ess
to
an
y
co
nfi
de
nti
al
or
pro
pri
eta
ry i
nfo
rma
tio
n,
inc
lud
ing
in
form
ati
on
co
nc
ern
ing
pa
rtic
ula
r In
ve
sto
rs o
r
Inv
est
me
nts
, th
e d
isc
losu
re o
f w
hic
h w
ou
ld i
mp
ed
e l
aw
en
forc
em
en
t o
r b
e c
on
tra
ry t
o i
ts d
om
est
ic
law
s p
rote
cti
ng
co
nfi
de
nti
ali
ty.
24.4
. [T
his
Art
icle
sh
all
no
t b
e s
ub
jec
t to
th
e i
nv
est
or-
Sta
te d
isp
ute
se
ttle
me
nt
pro
ce
ss.]
24.5
. [S
tate
Pa
rty
X s
ha
ll p
rov
ide
te
ch
nic
al
ass
ista
nc
e t
o S
tate
Pa
rty
B i
n t
he
im
ple
me
nta
tio
n o
f
this
Art
icle
.]
Co
mm
ent
ary
This
art
icle
aim
s to
pro
mot
e tr
ansp
aren
cy fo
r th
e in
form
atio
n th
at s
houl
d be
ava
ilabl
e to
in
vest
ors
abou
t the
inve
stm
ent m
akin
g pr
oces
s. It
set
s ou
t a b
indi
ng o
blig
atio
n in
rela
tion
to l
aws
and
regu
latio
ns a
nd a
bes
t ef
fort
s ob
ligat
ion
in r
elat
ion
to p
olic
ies
and
othe
r ad
min
istr
ativ
e m
easu
res.
Thi
s di
visi
on re
cogn
izes
that
som
e fo
rms
of in
form
atio
n m
ay b
e m
ore
acce
ssib
le t
han
othe
rs o
n a
shor
t-ter
m b
asis
for
impl
emen
tatio
n, w
hile
see
king
to
ensu
re th
at h
ighe
r lev
els
of tr
ansp
aren
cy a
re b
roug
ht in
to p
lace
as
capa
city
is a
vaila
ble.
At t
he s
ame
time,
the
obl
igat
ion
is r
emov
ed f
rom
the
inve
stor
-Sta
te d
ispu
te s
ettle
men
t pr
oces
s, if
suc
h a
proc
ess
is in
clud
ed in
the
tre
aty.
If t
here
is n
o in
vest
or-S
tate
pro
visi
on
then
this
par
agra
ph c
an b
e re
mov
ed.
The
addi
tiona
l lan
guag
e on
tech
nica
l ass
ista
nce
reco
gniz
es th
at o
ne o
f the
Sta
te P
artie
s
the
case
and
sup
port
from
the
othe
r tre
aty
part
ner m
ay b
e av
aila
ble,
the
text
enc
oura
ges
this
to b
e co
nsid
ered
. As
seen
pre
viou
sly,
the
prov
isio
n on
ass
ista
nce
is in
tend
ed to
app
ly
incl
udin
g a
sent
ence
on
the
exch
ange
of
best
pra
ctic
es i
n th
e im
plem
enta
tion
of t
his
artic
le in
stea
d.
209
p.46
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
ART
ICLE
25
Exc
eptio
ns25
.1.
[Su
bje
ct
to t
he
re
qu
ire
me
nt
tha
t su
ch
me
asu
res
are
no
t a
pp
lie
d i
n a
ma
nn
er
tha
t w
ou
ld
co
nst
itu
te a
me
an
s o
f a
rbit
rary
or
un
just
ifia
ble
dis
cri
min
ati
on
pu
rsu
an
t to
Art
icle
[4
]] N
oth
ing
in t
his
Ag
ree
me
nt
sha
ll b
e c
on
stru
ed
to
ob
lig
e a
Sta
te P
art
y t
o p
ay
co
mp
en
sati
on
fo
r a
do
pti
ng
or
en
forc
ing
me
asu
res
take
n i
n g
oo
d f
ait
h a
nd
de
sig
ne
d a
nd
ap
pli
ed
:
(a)
to p
rote
ct
pu
bli
c m
ora
ls a
nd
sa
fety
;
(b)
to p
rote
ct
hu
ma
n, a
nim
al
or
pla
nt
life
or
he
alt
h;
(c)
for
the
co
nse
rva
tio
n o
f li
vin
g o
r n
on
-liv
ing
ex
ha
ust
ible
na
tura
l re
sou
rce
s; a
nd
(d)
to p
rote
ct
the
en
vir
on
me
nt.
25.2
. Fo
r g
rea
ter
ce
rta
inty
, no
thin
g i
n t
his
Ag
ree
me
nt
sha
ll b
e c
on
stru
ed
to
ob
lig
e a
Sta
te P
art
y t
o
pa
y c
om
pe
nsa
tio
n i
f it
ad
op
ts o
r m
ain
tain
s re
aso
na
ble
me
asu
res
for
pru
de
nti
al
rea
son
s, s
uc
h a
s:
(a)
the
pro
tec
tio
n o
f in
ve
sto
rs,
de
po
sito
rs,
fin
an
cia
l m
ark
et
pa
rtic
ipa
nts
, p
oli
cy
-ho
lde
rs,
po
lic
y-c
laim
an
ts, o
r p
ers
on
s to
wh
om
a fi
du
cia
ry d
uty
is
ow
ed
by
a fi
na
nc
ial
inst
itu
tio
n;
(b)
the
ma
inte
na
nc
e o
f th
e s
afe
ty, s
ou
nd
ne
ss, i
nte
gri
ty o
r fi
na
nc
ial r
esp
on
sib
ilit
y o
f fi
na
nc
ial
inst
itu
tio
ns;
an
d
(c)
en
suri
ng
th
e i
nte
gri
ty a
nd
sta
bil
ity
of
a S
tate
Pa
rty
’s fi
na
nc
ial
syst
em
.
25.3
. N
oth
ing
in
th
is A
gre
em
en
t sh
all
a
pp
ly to
ta
xa
tio
n m
ea
sure
s, su
bje
ct
to th
e c
on
tin
ue
d
ap
pli
ca
tio
n o
f A
rtic
le 6
[E
xp
rop
ria
tio
n].
25.4
. N
oth
ing
in t
his
Ag
ree
me
nt
sha
ll a
pp
ly t
o n
on
-dis
cri
min
ato
ry m
ea
sure
s o
f g
en
era
l ap
pli
ca
tio
n
take
n b
y a
ny
pu
bli
c e
nti
ty in
pu
rsu
it o
f m
on
eta
ry a
nd
re
late
d c
red
it p
oli
cie
s o
r e
xc
ha
ng
e r
ate
po
lic
ies.
Th
is p
ara
gra
ph
sh
all
no
t a
ffe
ct
a S
tate
Pa
rty
’s o
bli
ga
tio
ns
un
de
r A
rtic
le 8
[R
ep
atr
iati
on
of
Ass
ets
].
25.5
. N
oth
ing
in t
his
Ag
ree
me
nt
sha
ll a
pp
ly t
o a
Sta
te P
art
y’s
me
asu
res
tha
t it
co
nsi
de
rs n
ec
ess
ary
for
the
fu
lfilm
en
t o
f it
s o
bli
ga
tio
ns
wit
h r
esp
ec
t to
th
e m
ain
ten
an
ce
or
rest
ora
tio
n o
f in
tern
ati
on
al
pe
ac
e o
r se
cu
rity
, or
the
pro
tec
tio
n o
f it
s n
ati
on
al
sec
uri
ty i
nte
rest
s.
25.6
. N
oth
ing
in t
his
Ag
ree
me
nt
req
uir
es
a S
tate
Pa
rty
to
fu
rnis
h o
r a
llo
w a
cc
ess
to
an
y in
form
ati
on
,
the
dis
clo
sure
of
wh
ich
it
de
term
ine
s to
be
co
ntr
ary
to
its
na
tio
na
l se
cu
rity
in
tere
sts.
Co
mm
ent
ary
This
art
icle
com
bine
s a
num
ber o
f exc
eptio
ns is
sues
see
n in
var
ious
regi
onal
and
bila
tera
l
out
ther
ein
as lo
ng a
s th
ey a
re t
aken
in g
ood
faith
. Thi
s av
oids
a s
ituat
ion,
for
exa
mpl
e,
210
PART
4: G
EN
ER
AL
PR
OV
ISIO
NS
p.
47
bona
fide
m
anne
r. Th
e ad
ditio
n of
the
last
sub
para
grap
h is
to e
nsur
e th
at th
e en
viro
nmen
t is
clea
rly
disp
ute
sett
lem
ent d
ecis
ions
. Thi
s m
akes
the
prov
isio
n co
mpl
ete
and
expr
ess,
rath
er th
an
impl
ied.
Yet
this
wou
ld n
egat
e an
y ap
plic
atio
n of
a g
ener
al e
xcep
tion
such
as
this
to
the
natio
nal
such
intr
oduc
tory
lang
uage
is in
clud
ed, i
t sh
ould
be
mad
e cl
ear,
agai
n, t
hat
this
is t
o be
un
ders
tood
as
per t
he a
rtic
le o
n no
n-di
scrim
inat
ion
and
not a
s cr
eatin
g a
new
or d
iffer
ent
stan
dard
for
non
-dis
crim
inat
ion.
Thi
s, a
s no
ted
prev
ious
ly,
is d
one
thro
ugh
the
use
of
para
grap
h 4
.6 in
the
text
abo
ve.
cont
ain
this
or s
imila
r tex
t.
syst
em. T
he n
otio
n of
pru
dent
ial m
easu
res
in th
is te
xt is
inte
nded
to re
late
to th
e te
chni
cal
the
prov
isio
n on
saf
egua
rds
mea
sure
s en
ablin
g ce
rtai
n lim
itatio
ns o
n th
e ex
port
of a
sset
s by
an
inve
stor
.
seen
in in
vest
men
t tr
eatie
s, a
nd is
ver
y cl
early
sta
ted.
Ano
ther
app
roac
h is
to
mak
e th
is
subj
ect
to r
evie
w b
y th
e Pa
rtie
s th
emse
lves
in t
he e
vent
of
an a
rbitr
atio
n. T
his
is u
sed
in
the
U.S
. tre
atie
s no
w. I
t allo
ws
the
Part
ies
to th
e tr
eaty
to d
eter
min
e if
a m
easu
re is
a v
alid
ta
x m
easu
re o
r not
, a d
eter
min
atio
n w
hich
, if a
gree
d up
on, b
ecom
es d
eter
min
ativ
e. If
the
two
Stat
e Pa
rtie
s do
not
agr
ee, h
owev
er, t
he is
sue
falls
bac
k to
the
arbi
trat
ion
trib
unal
to
dete
rmin
e.
agai
n as
a c
ompl
emen
t to
the
safe
guar
ds p
rovi
sion
rela
ting
to th
e re
patr
iatio
n of
ass
ets.
decl
ares
thi
s ex
cept
ion,
it is
bin
ding
and
not
sub
ject
to
arbi
tral
rev
iew
. Thi
s re
mov
es t
he
revi
ew o
f th
is is
sue
from
any
dis
pute
set
tlem
ent
proc
ess.
Thi
s se
lf-ex
ecut
ing
appr
oach
is
seen
in th
e U
.S. t
reat
ies.
211
p.48
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
ART
ICLE
26
Den
ial o
f Ben
efits
26.1.
A
Pa
rty
ma
y a
t a
ny
tim
e d
en
y t
he
be
ne
fits
of
this
Ag
ree
me
nt
to a
n i
nv
est
or
of
an
oth
er
Pa
rty
tha
t is
an
en
terp
rise
of
suc
h P
art
y a
nd
to
inv
est
me
nts
of
suc
h in
ve
sto
r if
inv
est
ors
of
a n
on
-Pa
rty
ow
n
or
co
ntr
ol
the
en
terp
rise
an
d t
he
de
ny
ing
Pa
rty
:
(a)
do
es
no
t m
ain
tain
dip
lom
ati
c r
ela
tio
ns
wit
h t
he
no
n-P
art
y, o
r
(b)
ad
op
ts o
r m
ain
tain
s m
ea
sure
s w
ith
re
spe
ct
to t
he
no
n-P
art
y t
ha
t p
roh
ibit
tra
nsa
cti
on
s
wit
h t
he
en
terp
rise
or
tha
t w
ou
ld b
e v
iola
ted
or
cir
cu
mv
en
ted
if
the
be
ne
fits
of
this
Ag
ree
me
nt
we
re a
cc
ord
ed
to
th
e e
nte
rpri
se o
r to
its
in
ve
stm
en
ts.
26.2
. S
ub
jec
t to
pri
or
no
tifi
ca
tio
n a
nd
co
nsu
lta
tio
n w
ith
th
e o
the
r S
tate
Pa
rty,
a S
tate
Pa
rty
ma
y
at
an
y t
ime
de
ny
th
e b
en
efi
ts o
f th
is A
gre
em
en
t to
an
in
ve
sto
r o
f a
no
the
r P
art
y t
ha
t is
an
en
terp
rise
of
suc
h P
art
y a
nd
to
in
ve
stm
en
ts o
f su
ch
in
ve
sto
rs i
f in
ve
sto
rs o
f a
no
n-P
art
y o
wn
or
co
ntr
ol
the
en
terp
rise
an
d t
he
en
terp
rise
ha
s n
o s
ub
sta
nti
al b
usi
ne
ss a
cti
vit
ies
in t
he
te
rrit
ory
of
the
Pa
rty
un
de
r
wh
ose
la
w i
t is
co
nst
itu
ted
or
org
an
ize
d.
Co
mm
ent
ary
This
art
icle
has
bec
ome
a co
mm
on f
eatu
re o
f in
vest
men
t tr
eatie
s. A
s se
t ou
t he
re,
it pr
ovid
es fo
r tw
o ty
pes
of s
ituat
ions
whe
re a
Sta
te P
arty
may
exe
rcis
e its
rig
ht to
den
y an
Stat
e no
t a
part
y to
the
tre
aty
and
the
inve
stor
doe
s no
t ac
tual
ly c
arry
on
subs
tant
ial
likel
y be
nee
ded.
The
par
agra
ph is
des
igne
d to
act
as
a ba
rrie
r to
for
mal
inco
rpor
atio
n
212
PART
4: G
EN
ER
AL
PR
OV
ISIO
NS
p.
49
ART
ICLE
27
Per
iodi
c Re
view
of t
his
Agr
eem
ent
27.1.
T
he
Sta
te P
art
ies
sha
ll m
ee
t e
ve
ry fi
ve
ye
ars
aft
er
the
en
try
in
to f
orc
e o
f th
is A
gre
em
en
t to
rev
iew
its
op
era
tio
n a
nd
eff
ec
tiv
en
ess
, in
clu
din
g t
he
le
ve
ls o
f in
ve
stm
en
t b
etw
ee
n t
he
Pa
rtie
s.
27.2
. T
he
S
tate
P
art
ies
ma
y
ad
op
t jo
int
me
asu
res
in
ord
er
to
imp
rov
e
the
e
ffe
cti
ve
ne
ss
of
this
Ag
ree
me
nt.
Co
mm
ent
ary
This
art
icle
see
ks t
o gi
ve a
n on
goin
g, a
ctiv
e lif
e to
the
Agr
eem
ent
beyo
nd t
he r
isk
of
inve
stm
ent t
reat
ies,
and
is a
lso
incl
uded
in th
e re
view
mec
hani
sms
in b
road
er e
cono
mic
co
oper
atio
n or
trad
e ag
reem
ents
with
inve
stm
ent c
hapt
ers.
213
p.50
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
NO
TES
214
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
51
Part
5: D
ispu
te S
ettle
men
t
ART
ICLE
28
Stat
e-St
ate
Dis
pute
Se
ttle
men
t ....
......
......
......
......
......
52
ART
ICLE
29
Inve
stor
-Sta
te D
ispu
te
Sett
lem
ent .
......
......
......
......
......
......
55
ART
ICLE
30
Inte
rpre
tive
Stat
emen
t of
the
Stat
e Pa
rtie
s ....
......
......
......
.69
ART
ICLE
31
Gov
erni
ng L
aw in
D
ispu
te S
ettle
men
t ....
......
......
......
70
ART
ICLE
32
Ser
vice
of D
ocum
ents
......
......
......
.71
215
p.52
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
5: D
ispu
te S
ettle
men
t
ART
ICLE
28
Sta
te-S
tate
Dis
pute
Set
tlem
ent
28.1.
D
isp
ute
s b
etw
ee
n t
he
Sta
te P
art
ies
co
nc
ern
ing
th
e i
nte
rpre
tati
on
or
ap
pli
ca
tio
n o
f th
is
Ag
ree
me
nt
sho
uld
, a
s fa
r a
s p
oss
ible
, b
e s
ett
led
th
rou
gh
th
e a
mic
ab
le m
ea
ns.
Th
e t
rea
ty r
ev
iew
me
ch
an
ism
in
Art
icle
26
sh
all
be
use
d t
o r
ais
e s
uc
h i
ssu
es
in a
re
gu
lar
me
eti
ng
or
thro
ug
h a
sp
ec
ial
ad
ho
c m
ee
tin
g c
on
ve
ne
d b
y e
ith
er
Sta
te P
art
y f
or
this
pu
rpo
se.
28.2
. If
a d
isp
ute
be
twe
en
th
e S
tate
Pa
rtie
s c
an
no
t th
us
be
se
ttle
d w
ith
in s
ix m
on
ths
of
the
init
iati
on
of
co
nsu
lta
tio
ns
to r
eso
lve
th
e d
isp
ute
, e
ith
er
Sta
te P
art
y m
ay
re
qu
est
me
dia
tio
n o
f th
e
dis
pu
te, i
nc
lud
ing
th
rou
gh
re
co
gn
ize
d in
stit
uti
on
s o
r th
e u
se o
f g
oo
d o
ffic
es
for
suc
h p
urp
ose
s. B
oth
Sta
te P
art
ies
sha
ll c
oo
pe
rate
in
go
od
fa
ith
wh
en
on
e S
tate
Pa
rty
ha
s m
ad
e s
uc
h a
re
qu
est
.
28.3
. S
ub
jec
t to
th
e p
rov
isio
ns
of
pa
rag
rap
h 2
8.4
, a S
tate
Pa
rty
ma
y s
ub
mit
a c
laim
to
arb
itra
tio
n
(a)
see
kin
g d
am
ag
es
for
an
all
eg
ed
bre
ac
h o
f th
is A
gre
em
en
t o
n b
eh
alf
of
an
In
ve
sto
r o
r
Inv
est
me
nt,
or
(b)
for
a m
att
er
co
nc
ern
ing
th
e in
terp
reta
tio
n o
r a
pp
lic
ati
on
of
a p
rov
isio
n o
f th
is A
gre
em
en
t
in w
hic
h i
t is
in
dis
pu
te w
ith
th
e o
the
r S
tate
Pa
rty.
28.4
. A
Sta
te P
art
y m
ay
no
t su
bm
it a
cla
im t
o a
rbit
rati
on
se
ek
ing
da
ma
ge
s fo
r a
n a
lle
ge
d b
rea
ch
of
this
Ag
ree
me
nt
on
be
ha
lf o
f a
n I
nv
est
or
or
Inv
est
me
nt
(a)
un
less
th
e I
nv
est
or
or
Inv
est
me
nt,
as
ap
pro
pri
ate
, h
as
firs
t su
bm
itte
d a
cla
im b
efo
re t
he
do
me
stic
co
urt
s o
f th
e H
ost
Sta
te f
or
the
pu
rpo
se o
f p
urs
uin
g l
oc
al
rem
ed
ies,
aft
er
the
ex
ha
ust
ion
of
an
y a
dm
inis
tra
tiv
e r
em
ed
ies,
re
lati
ng
to
th
e m
ea
sure
un
de
rly
ing
th
e c
laim
un
de
r th
is A
gre
em
en
t, a
nd
a r
eso
luti
on
ha
s n
ot
be
en
re
ac
he
d w
ith
in a
re
aso
na
ble
pe
rio
d
of
tim
e f
rom
its
su
bm
issi
on
to
a l
oc
al
co
urt
of
the
Ho
st S
tate
, or
(b)
un
less
th
e c
laim
an
t S
tate
Pa
rty
de
mo
nst
rate
s to
th
e t
rib
un
al
est
ab
lish
ed
un
de
r th
is
Art
icle
th
at
the
re
are
n
o
rea
son
ab
ly
av
ail
ab
le
do
me
stic
le
ga
l re
me
die
s c
ap
ab
le
of
pro
vid
ing
eff
ec
tiv
e r
eli
ef
for
the
dis
pu
te c
on
ce
rnin
g t
he
un
de
rly
ing
me
asu
re,
or
tha
t th
e
leg
al
rem
ed
ies
pro
vid
e n
o r
ea
son
ab
le p
oss
ibil
ity
of
suc
h r
eli
ef
in a
re
aso
na
ble
pe
rio
d
of
tim
e.
28.5
. S
ub
jec
t to
pa
rag
rap
hs
28
.3 a
nd
28
.4, a
Sta
te P
art
y m
ay
re
qu
est
an
arb
itra
tio
n [
at
a d
esi
gn
ate
d
reg
ion
al
arb
itra
tio
n c
en
ter
in a
cc
ord
an
ce
wit
h i
ts R
ule
s o
r] u
nd
er
an
ad
ho
c p
roc
ess
in
ac
co
rda
nc
e
wit
h t
he
fo
llo
win
g r
ule
s. W
ith
in t
wo
mo
nth
s o
f th
e r
ec
eip
t o
f th
e r
eq
ue
st f
or
arb
itra
tio
n,
ea
ch
Sta
te
Pa
rty
sh
all
ap
po
int
on
e m
em
be
r o
f th
e t
rib
un
al.
Th
ose
tw
o m
em
be
rs s
ha
ll t
he
n s
ele
ct
a n
ati
on
al o
f a
thir
d S
tate
wh
o, o
n a
pp
rov
al b
y t
he
tw
o S
tate
Pa
rtie
s, s
ha
ll b
e a
pp
oin
ted
Ch
air
pe
rso
n o
f th
e t
rib
un
al.
Th
e C
ha
irp
ers
on
sh
all
be
ap
po
inte
d w
ith
in t
wo
mo
nth
s fr
om
th
e d
ate
of
ap
po
intm
en
t o
f th
e o
the
r
two
me
mb
ers
.
28.6
. If
wit
hin
th
e p
eri
od
s sp
ec
ifie
d i
n p
ara
gra
ph
28
.5 t
he
ne
ce
ssa
ry a
pp
oin
tme
nts
ha
ve
no
t b
ee
n
ma
de
, e
ith
er
Sta
te P
art
y m
ay,
in
th
e a
bse
nc
e o
f a
ny
oth
er
ag
ree
me
nt,
in
vit
e t
he
Pre
sid
en
t o
f th
e
Inte
rna
tio
na
l C
ou
rt o
f Ju
stic
e t
o m
ake
an
y n
ec
ess
ary
ap
po
intm
en
ts.
If t
he
Pre
sid
en
t is
a n
ati
on
al
of
eit
he
r S
tate
Pa
rty
or
if h
e o
r sh
e is
oth
erw
ise
pre
ve
nte
d f
rom
dis
ch
arg
ing
th
e s
aid
fu
nc
tio
n, t
he
Vic
e-
Pre
sid
en
t sh
all
be
in
vit
ed
to
ma
ke t
he
ne
ce
ssa
ry a
pp
oin
tme
nts
. If
the
Vic
e-P
resi
de
nt
is a
na
tio
na
l o
f
eit
he
r S
tate
Pa
rty
or
if h
e o
r sh
e, t
oo
, is
pre
ve
nte
d f
rom
dis
ch
arg
ing
th
e s
aid
fu
nc
tio
n, t
he
Me
mb
er
of
the
In
tern
ati
on
al C
ou
rt o
f Ju
stic
e n
ex
t in
se
nio
rity
wh
o is
no
t a
na
tio
na
l o
f e
ith
er
Sta
te P
art
y s
ha
ll b
e
inv
ite
d t
o m
ake
th
e n
ec
ess
ary
ap
po
intm
en
ts.
216
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
53
28.7
. T
he
arb
itra
l tr
ibu
na
l sh
all
re
ac
h i
ts d
ec
isio
n b
y a
ma
jori
ty o
f v
ote
s. S
uc
h d
ec
isio
n s
ha
ll b
e
bin
din
g o
n b
oth
Sta
te P
art
ies.
28.8
. E
ac
h S
tate
Pa
rty
sh
all
sh
are
eq
ua
lly
th
e c
ost
s a
nd
ex
pe
nse
s o
f th
e t
rib
un
al u
nle
ss t
he
tri
bu
na
l
sha
ll d
ec
ide
oth
erw
ise
.
28.9
. [T
he
tri
bu
na
l sh
all
de
term
ine
its
ow
n p
roc
ed
ure
.][T
he
tri
bu
na
l sh
all
ap
ply
th
e [
UN
CIT
RA
L]
[IC
SID
] A
rbit
rati
on
Ru
les
in f
orc
e a
t th
e t
ime
of
the
su
bm
issi
on
of
the
dis
pu
te t
o a
rbit
rati
on
, in
ac
co
rda
nc
e w
ith
pa
rag
rap
h 2
8.5
.]
28.10
. A
ll d
oc
um
en
ts r
ela
tin
g t
o a
no
tic
e o
f a
rbit
rati
on
, th
e s
ett
lem
en
t o
r re
solu
tio
n o
f a
ny
dis
pu
te
pu
rsu
an
t to
th
is A
rtic
le, a
nd
th
e p
lea
din
gs,
ev
ide
nc
e a
nd
de
cis
ion
s in
th
em
, sh
all
be
av
ail
ab
le t
o t
he
pu
bli
c, s
ub
jec
t to
th
e r
ed
ac
tio
n o
f c
on
fid
en
tia
l in
form
ati
on
.
28.11
. A
mic
us
Cu
ria
e s
ub
mis
sio
ns:
Th
e t
rib
un
al
sha
ll h
av
e t
he
au
tho
rity
to
ac
ce
pt
an
d c
on
sid
er
am
icu
s cu
ria
e s
ub
mis
sio
ns
fro
m a
pe
rso
n o
r e
nti
ty t
ha
t is
no
t a
go
ve
rnm
en
tal
en
tity
of
eit
he
r S
tate
Pa
rty.
Th
e p
roc
ed
ure
s in
Sc
he
du
le 4
sh
all
ap
ply
fo
r th
is p
urp
ose
.
28.12
. P
roc
ed
ura
l a
nd
su
bst
an
tiv
e o
ral
he
ari
ng
s sh
all
be
op
en
to
th
e p
ub
lic
. T
his
ma
y b
e a
ch
iev
ed
tho
ug
h l
ive
bro
ad
ca
stin
g o
f th
e h
ea
rin
gs
by
In
tern
et
bro
ad
ca
st.
28.13
. A
n a
rbit
ral t
rib
un
al m
ay
ta
ke s
uc
h s
tep
s a
s a
re n
ec
ess
ary
, by
exc
ep
tio
n, t
o p
rote
ct
co
nfi
de
nti
al
bu
sin
ess
in
form
ati
on
in
wri
tte
n f
orm
or
at
ora
l h
ea
rin
gs.
28.14
. N
o c
laim
s u
nd
er
this
pro
vis
ion
ma
y b
e c
om
me
nc
ed
if
mo
re t
ha
n t
hre
e y
ea
rs h
av
e e
lap
sed
fro
m t
he
da
te o
n w
hic
h t
he
In
ve
sto
r fi
rst
ac
qu
ire
d,
or
sho
uld
ha
ve
firs
t a
cq
uir
ed
, k
no
wle
dg
e o
f th
e
bre
ac
h a
lle
ge
d in
th
e a
rbit
rati
on
cla
im a
nd
kn
ow
led
ge
th
at
the
In
ve
sto
r h
as
inc
urr
ed
loss
or
da
ma
ge
;
or
on
e y
ea
r fr
om
th
e c
on
clu
sio
n o
f th
e r
eq
ue
st f
or
loc
al
rem
ed
ies
init
iate
d i
n t
he
do
me
stic
co
urt
s.
Co
mm
ent
ary
abov
e di
vide
s ou
t th
e tw
o po
ssib
le r
oles
of
a St
ate-
Stat
e di
sput
e se
ttle
men
t sy
stem
: a
of t
he t
reat
y. I
mpo
rtan
tly,
the
form
er i
s m
ade
subj
ect
to t
he s
ame
exha
ustio
n of
loc
al
to in
clud
e in
vest
or-S
tate
arb
itrat
ion.
mea
ns p
rior
to r
esor
ting
to a
form
al a
nd b
indi
ng d
ispu
te s
ettle
men
t pr
oces
s. T
his
is v
ery
com
mon
. Pa
ragr
aph
28
.2 s
eeks
to
enco
urag
e a
form
al m
edia
tion
proc
ess
and
mak
es
it m
anda
tory
for
bot
h pa
rtie
s to
ent
er in
to s
uch
a pr
oces
s if
one
part
y fo
rmal
ly s
tate
s it
disp
ute
cann
ot b
e im
pose
d du
ring
med
iatio
n w
ithou
t the
con
sent
of b
oth
Stat
e Pa
rtie
s.
a St
ate
actin
g on
beh
alf
of a
n in
vest
or a
nd a
Sta
te i
nitia
ting
the
proc
ess
in o
rder
to
reso
lve
a di
sput
e di
rect
ly b
etw
een
itsel
f an
d th
e ot
her
Stat
e Pa
rty.
Sta
tes
have
, un
der
cust
omar
y in
tern
atio
nal l
aw, a
righ
t to
mak
e cl
aim
s fo
r dam
ages
suf
fere
d by
thei
r citi
zens
or
bus
ines
ses
due
to b
reac
hes
of in
tern
atio
nal l
aw b
y a
Stat
e. T
he p
rovi
sion
s al
low
ing
for
of th
is c
usto
mar
y la
w ri
ght.
217
p.54
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
befo
re a
Sta
te m
ay i
nitia
te a
cla
im o
n be
half
of a
n in
vest
or.
The
exha
ustio
n of
loc
al
rem
edie
s cl
ause
mea
ns th
at b
efor
e an
y cl
aim
can
be
take
n un
der t
he d
ispu
te s
ettle
men
t pr
oces
s se
t ou
t in
the
tre
aty,
the
inve
stor
or
inve
stm
ent
mus
t ha
ve s
ough
t to
res
olve
the
Stat
e. It
is im
port
ant t
o no
te h
ere
that
the
lang
uage
for
such
a c
laus
e m
ust b
e se
t out
as
dom
estic
pro
ceed
ings
rela
ting
to th
e m
easu
res
unde
rlyin
g th
e cl
aim
und
er th
is A
gree
men
t.
Stat
es d
o no
t allo
w c
laim
s fo
r a b
reac
h of
the
trea
ty p
er s
e to
be
take
n, b
ut ra
ther
a c
laim
th
at t
he m
easu
re t
aken
by
the
gove
rnm
ent
is o
ther
wis
e in
bre
ach
of t
he d
omes
tic la
w o
r co
nstit
utio
n. T
his
diff
eren
ce is
impo
rtan
t.
In a
dditi
on, t
he e
xhau
stio
n of
loca
l rem
edie
s cl
ause
allo
ws
a St
ate
seek
ing
to ta
ke a
cla
im
on b
ehal
f of a
n in
vest
or o
r inv
estm
ent t
o ar
gue
that
no
loca
l rem
edie
s ar
e av
aila
ble
unde
r w
hich
to
chal
leng
e th
e un
derly
ing
mea
sure
. A
Stat
e m
akin
g su
ch a
cla
im m
ust
show
ev
iden
ce o
f thi
s in
ord
er to
be
entit
led
to g
o di
rect
ly to
the
inte
rnat
iona
l pro
cess
.
Para
grap
hs 2
8.5
–2
8.8
are
fai
rly s
tand
ard
para
grap
hs r
elat
ing
to t
he a
ppoi
ntm
ent
and
oper
atio
n of
a t
ribun
al a
t th
e in
tern
atio
nal
leve
l. Th
ey e
nsur
e th
at t
he t
ribun
al c
an b
e ap
poin
ted
and
beco
me
func
tiona
l eve
n if
one
Stat
e is
reca
lcitr
ant a
nd u
ncoo
pera
tive.
Para
grap
h 2
8.9
set
s ou
t op
tions
tha
t St
ates
may
con
side
r fo
r id
entif
ying
the
arb
itrat
ion
rule
s, w
ithou
t any
oth
er im
pact
s on
the
orga
niza
tion
of th
e ar
bitr
atio
n.
Post
ing
them
on
a w
ebsi
te is
the
easi
est w
ay to
do
this
.
Para
grap
h 2
8.1
1 a
llow
s fo
r th
e pa
rtic
ipat
ion
of a
mic
us c
uria
e, e
ither
org
aniz
atio
ns o
r in
divi
dual
s, w
ith a
n in
tere
st in
the
case
. Thi
s is
now
com
mon
in in
vest
or-S
tate
arb
itrat
ion
and
is c
arrie
d ov
er in
to th
e St
ate-
Stat
e pr
oces
s he
re a
s w
ell.
sets
out
the
exc
eptio
n to
the
pre
viou
s fe
w p
arag
raph
s, t
hat
the
trib
unal
can
tak
e su
ch
cam
era.
218
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
55
ART
ICLE
29
Inve
stor
-Sta
te D
ispu
te S
ettle
men
tS
PE
CIA
L N
OT
E:
Th
e D
raft
ing
Co
mm
itte
e w
as
of
the
vie
w t
ha
t th
e p
refe
rre
d o
pti
on
is
no
t to
in
clu
de
inve
sto
r-S
tate
dis
pu
te s
ett
lem
en
t. S
eve
ral S
tate
s a
re o
pti
ng
ou
t o
r lo
ok
ing
at
op
tin
g o
ut
of
inve
sto
r-S
tate
me
cha
nis
ms,
in
clu
din
g A
ust
rali
a,
So
uth
Afr
ica
an
d o
the
rs.
Ho
we
ver,
if
a S
tate
do
es
de
cid
e t
o n
eg
oti
ate
an
d i
ncl
ud
e t
his
, th
e t
ex
t b
elo
w p
rovi
de
s co
mp
reh
en
sive
gu
ida
nce
fo
r th
is p
urp
ose
. T
his
te
xt
is d
raw
n
pri
ma
rily
fro
m t
he
U.S
. an
d C
an
ad
ian
Mo
de
l BIT
s, o
the
r re
cen
t tr
ea
tie
s, a
nd
ex
isti
ng
arb
itra
tio
n r
ule
s. D
ue
to t
he
len
gth
of
the
te
xt,
co
mm
en
tary
fo
llo
ws
ea
ch p
ara
gra
ph
.
29.1.
A
mic
able
Set
tlem
ent o
f Dis
pute
s
In t
he
ev
en
t o
f a
n i
nv
est
me
nt
dis
pu
te b
etw
ee
n a
n I
nv
est
or
or
its
Inv
est
me
nt
(re
ferr
ed
to
as
an
“In
ve
sto
r” f
or
the
pu
rpo
ses
of
the
In
ve
sto
r-S
tate
dis
pu
te s
ett
lem
en
t p
rov
isio
ns)
an
d a
Ho
st S
tate
pu
rsu
an
t to
th
is A
gre
em
en
t, t
he
In
ve
sto
r a
nd
th
e H
ost
Sta
te s
ho
uld
in
itia
lly
se
ek
to
re
solv
e t
he
dis
pu
te t
hro
ug
h c
on
sult
ati
on
an
d n
eg
oti
ati
on
, wh
ich
ma
y i
nc
lud
e t
he
use
of
no
nb
ind
ing
, th
ird
-pa
rty
me
dia
tio
n o
r o
the
r m
ec
ha
nis
ms.
Co
mm
ent
ary
It is
wid
ely
acce
pted
tha
t pr
ior
to i
nitia
ting
any
arbi
trat
ion
proc
ess,
inv
esto
rs a
nd/o
r th
eir
inve
stm
ents
sho
uld
have
a g
ener
al o
blig
atio
n to
res
olve
the
dis
pute
am
icab
ly. T
his
It m
ay b
e no
ted
here
that
the
right
to in
itiat
e an
arb
itrat
ion,
if it
is g
iven
, cou
ld b
e ex
erci
sed
com
mon
.
29.2
. N
otic
e of
Inte
nt to
Arb
itrat
e
At
lea
st s
ix m
on
ths
be
fore
su
bm
itti
ng
an
y c
laim
to
arb
itra
tio
n u
nd
er
this
Pa
rt,
an
In
ve
sto
r sh
all
de
liv
er
to t
he
Ho
st S
tate
a w
ritt
en
no
tic
e o
f it
s in
ten
tio
n t
o s
ub
mit
th
e c
laim
to
arb
itra
tio
n (
“No
tic
e
of
Inte
nt”
). T
he
no
tic
e s
ha
ll s
pe
cif
y:
(a)
the
na
me
an
d a
dd
ress
of
the
In
ve
sto
r;
(b)
for
ea
ch
cla
im,
the
pro
vis
ion
of
this
Ag
ree
me
nt
all
eg
ed
to
ha
ve
be
en
bre
ac
he
d a
nd
an
y
oth
er
rele
va
nt
pro
vis
ion
s;
(c)
the
le
ga
l a
nd
fa
ctu
al
ba
sis
for
ea
ch
cla
im;
an
d
(d)
the
re
lie
f so
ug
ht
an
d t
he
ap
pro
xim
ate
am
ou
nt
of
da
ma
ge
s c
laim
ed
.
Co
mm
ent
ary
This
par
agra
ph b
egin
s th
e ar
bitr
atio
n pr
oces
s w
ith a
pre
limin
ary
step
kno
wn
as a
Not
ice
of In
tent
to
arbi
trat
e. T
he N
otic
e of
Inte
nt is
the
for
mal
sig
nal o
f th
e in
vest
or’s
inte
nt t
o in
itiat
e th
e pr
oces
s if
it is
not
oth
erw
ise
reso
lved
in a
n am
icab
le fa
shio
n. T
he n
otic
e pe
riod
mon
ths
here
.
21
9
p.56
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
29.3
. M
edia
tion
Aft
er
sub
mis
sio
n o
f th
e N
oti
ce
of
Inte
nt,
th
e I
nv
est
or
or
the
Ho
st S
tate
ma
y r
eq
ue
st m
ed
iati
on
of
the
dis
pu
te,
in w
hic
h c
ase
th
e o
the
r d
isp
uti
ng
pa
rty
ma
y a
gre
e t
o s
uc
h m
ed
iati
on
. T
he
co
sts
of
the
me
dia
tio
n s
ha
ll b
e s
ha
red
eq
ua
lly
[u
nle
ss t
he
me
dia
tor
de
cid
es
oth
erw
ise
fo
r g
oo
d c
au
se.
Th
e
me
dia
tor
sha
ll p
rov
ide
wri
tte
n r
ea
son
s fo
r su
ch
a d
ec
isio
n].
Co
mm
ent
ary
This
art
icle
pro
vide
s fo
r a m
edia
tion
optio
n w
here
bot
h pa
rtie
s to
the
pote
ntia
l arb
itrat
ion
acad
emic
s ar
e pr
omot
ing
such
an
optio
n. In
som
e in
stan
ces,
how
ever
, Sta
tes
are
sim
ply
not a
ble
to m
edia
te, f
or e
xam
ple
whe
n a
clai
m c
onte
nds
that
a n
ew p
ublic
saf
ety
regu
latio
n to
red
uce
smok
ing
is a
n ex
prop
riatio
n of
a c
ompa
ny’s
inte
llect
ual p
rope
rty
right
s. S
uch
a cl
aim
has
rec
ently
bee
n m
ade
agai
nst b
oth
Uru
guay
and
Aus
tral
ia. A
Sta
te s
impl
y ca
nnot
oblig
atio
n to
suc
cess
fully
con
clud
e a
med
iatio
n pr
oces
s.
29.4
. Co
nditi
ons
for S
ubm
issi
on o
f a C
laim
to A
rbitr
atio
n
An
In
ve
sto
r m
ay
su
bm
it a
cla
im t
o a
rbit
rati
on
pu
rsu
an
t to
th
is A
gre
em
en
t, p
rov
ide
d t
ha
t:
(a)
six
mo
nth
s h
av
e e
lap
sed
sin
ce
th
e N
oti
ce
of
Inte
nt
wa
s fi
led
wit
h t
he
Sta
te P
art
y a
nd
no
solu
tio
n h
as
be
en
re
ac
he
d;
(b)
the
In
ve
sto
r o
r In
ve
stm
en
t, a
s a
pp
rop
ria
te,
(i
) h
as
firs
t su
bm
itte
d a
cla
im b
efo
re t
he
do
me
stic
co
urt
s o
f th
e H
ost
Sta
te f
or
the
pu
rpo
se o
f p
urs
uin
g l
oc
al
rem
ed
ies,
aft
er
the
ex
ha
ust
ion
of
an
y a
dm
inis
tra
tiv
e
rem
ed
ies,
re
lati
ng
to
th
e m
ea
sure
un
de
rly
ing
th
e c
laim
un
de
r th
is A
gre
em
en
t,
an
d a
re
solu
tio
n h
as
no
t b
ee
n r
ea
ch
ed
wit
hin
a r
ea
son
ab
le p
eri
od
of
tim
e f
rom
its
sub
mis
sio
n t
o a
lo
ca
l c
ou
rt o
f th
e H
ost
Sta
te;
or
(i
i)
the
In
ve
sto
r d
em
on
stra
tes
to a
tri
bu
na
l est
ab
lish
ed
un
de
r th
is A
gre
em
en
t th
at
the
re
are
no
re
aso
na
bly
av
ail
ab
le l
eg
al
rem
ed
ies
ca
pa
ble
of
pro
vid
ing
eff
ec
tiv
e r
em
ed
ies
of
the
dis
pu
te c
on
ce
rnin
g t
he
un
de
rly
ing
me
asu
re, o
r th
e l
eg
al
rem
ed
ies
pro
vid
e n
o
rea
son
ab
le p
oss
ibil
ity
of
suc
h r
em
ed
ies
in a
re
aso
na
ble
pe
rio
d o
f ti
me
.
(c)
Th
e In
ve
sto
r h
as
pro
vid
ed
a c
lea
r a
nd
un
eq
uiv
oc
al w
aiv
er
of
an
y r
igh
t to
pu
rsu
e a
nd
/or
to
co
nti
nu
e a
ny
cla
im r
ela
tin
g t
o t
he
me
asu
res
un
de
rly
ing
th
e c
laim
ma
de
pu
rsu
an
t to
th
is
Ag
ree
me
nt,
on
be
ha
lf o
f b
oth
th
e I
nv
est
or
an
d t
he
In
ve
stm
en
t, b
efo
re l
oc
al
co
urt
s in
th
e
Ho
st S
tate
or
in a
ny
oth
er
dis
pu
te s
ett
lem
en
t fo
rum
.
(d)
No
m
ore
th
an
th
ree
y
ea
rs h
av
e e
lap
sed
fr
om
th
e d
ate
o
n w
hic
h th
e In
ve
sto
r fi
rst
ac
qu
ire
d,
or
sho
uld
ha
ve
firs
t a
cq
uir
ed
, k
no
wle
dg
e o
f th
e b
rea
ch
all
eg
ed
in
th
e N
oti
ce
of
Arb
itra
tio
n a
nd
kn
ow
led
ge
th
at
the
In
ve
sto
r h
as
inc
urr
ed
lo
ss o
r d
am
ag
e, o
r o
ne
ye
ar
fro
m t
he
co
nc
lusi
on
of
the
re
qu
est
fo
r lo
ca
l re
me
die
s in
itia
ted
in
th
e d
om
est
ic c
ou
rts.
220
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
57
(e)
Th
e I
nv
est
or
co
nse
nts
in w
riti
ng
to
arb
itra
tio
n in
ac
co
rda
nc
e w
ith
th
e p
roc
ed
ure
s se
t o
ut
in t
his
Ag
ree
me
nt.
(f)
For
the
av
oid
an
ce
of
do
ub
t, t
he
pro
vis
ion
s in
th
is A
gre
em
en
t re
lati
ng
to
arb
itra
tio
n
pro
ce
du
res
sha
ll
pre
va
il
ov
er
tho
se
in
the
a
rbit
rati
on
ru
les
sele
cte
d
to
go
ve
rn
the
arb
itra
tio
n i
n t
he
ev
en
t o
f a
ny
in
co
nsi
ste
nc
y.
Co
mm
ent
ary
initi
atin
g an
arb
itrat
ion.
The
se in
clud
e, in
ord
er fr
om a
bove
:
A si
x-m
onth
wai
ting
perio
d is
bec
omin
g in
crea
sing
ly s
tand
ard
afte
r the
Not
ice
of In
tent
.
The
inve
stor
has
exh
aust
ed lo
cal r
emed
ies,
as
desc
ribed
abo
ve, o
r no
suc
h re
med
ies
exha
ustio
n of
loca
l rem
edie
s pr
ovis
ion.
arbi
trat
ion
unde
r th
is A
gree
men
t or
ano
ther
for
m o
f di
sput
e se
ttle
men
t, bu
t no
t bo
th.
prov
isio
n, it
mig
ht s
eek
to u
se th
at p
rovi
sion
. The
par
agra
ph w
ould
mak
e th
is im
poss
ible
As in
the
exh
aust
ion
of lo
cal r
emed
ies
prov
isio
ns,
the
fork
-in-th
e-ro
ad p
rovi
sion
mus
t
the
unde
rlyin
g m
easu
res
to t
he t
reat
y cl
aim
tha
t m
ay b
e su
bjec
t to
dom
estic
or
othe
r pr
ocee
ding
s.
know
n if
it ha
d be
en a
ctin
g re
ason
ably
, of t
he ta
king
of t
he u
nder
lyin
g m
easu
re.
any
arbi
trat
ion
rule
s th
at m
ay b
e us
ed a
nd m
ight
be
eith
er in
cons
iste
nt w
ith, o
r no
t as
com
plet
e as
, the
pre
sent
text
. Thi
s en
sure
s th
e w
ill o
f the
par
ties
is m
aint
aine
d.
29.5
. Ex
cept
ion
for I
nter
im R
elie
f
No
twit
hst
an
din
g p
ara
gra
ph
29
.4(c
), t
he
In
ve
sto
r m
ay
in
itia
te o
r c
on
tin
ue
an
ac
tio
n t
ha
t se
ek
s
inte
rim
re
lie
f b
efo
re a
ju
dic
ial
or
ad
min
istr
ati
ve
tri
bu
na
l o
f th
e S
tate
Pa
rty,
fo
r th
e s
ole
pu
rpo
se o
f
pre
serv
ing
th
e I
nv
est
or’
s ri
gh
ts a
nd
in
tere
sts
du
rin
g t
he
pe
nd
en
cy
of
the
arb
itra
tio
n,
an
d t
ha
t d
oe
s
no
t in
vo
lve
th
e p
ay
me
nt
of
mo
ne
tary
da
ma
ge
s.
221
p.58
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Co
mm
ent
ary
furt
her
gove
rnm
ent
mea
sure
s, o
r th
e im
plem
enta
tion
of t
he c
halle
nged
mea
sure
, if
the
inve
stor
bel
ieve
s it
will
cau
se th
e si
tuat
ion
to d
eter
iora
te m
ore.
No
dam
ages
are
cla
imab
le
cour
ts to
dec
ide.
29.6
. A
pplic
able
Arb
itrat
ion
Rule
s
Su
bje
ct
to A
rtic
le 2
9.3
, an
In
ve
sto
r m
ay
su
bm
it a
n a
rbit
rati
on
cla
im:
(a)
un
de
r th
e
ICS
ID
Co
nv
en
tio
n
an
d
the
IC
SID
R
ule
s o
f P
roc
ed
ure
fo
r A
rbit
rati
on
Pro
ce
ed
ing
s, p
rov
ide
d t
ha
t b
oth
th
e H
ost
Sta
te a
nd
th
e o
the
r S
tate
Pa
rty
are
pa
rtie
s to
the
IC
SID
Co
nv
en
tio
n;
(b)
un
de
r th
e I
CS
ID A
dd
itio
na
l Fa
cil
ity
Ru
les,
pro
vid
ed
th
at
eit
he
r th
e H
ost
Sta
te o
r th
e o
the
r
Sta
te P
art
y i
s a
pa
rty
to
th
e I
CS
ID C
on
ve
nti
on
;
(c)
un
de
r th
e U
NC
ITR
AL
Arb
itra
tio
n R
ule
s;
[(d
) to
XX
re
gio
na
l a
rbit
rati
on
fo
rum
in
a r
eg
ion
of
on
e o
r b
oth
Sta
te P
art
ies,
] o
r
(d/e
) if
th
e I
nv
est
or
an
d t
he
Ho
st S
tate
ag
ree
, to
an
y o
the
r a
rbit
rati
on
in
stit
uti
on
or
un
de
r a
ny
oth
er
arb
itra
tio
n r
ule
s.
Co
mm
ent
ary
It is
ver
y co
mm
on fo
r an
inve
stm
ent t
reat
y to
indi
cate
whi
ch a
rbitr
atio
n ru
les
the
inve
stor
m
ay d
raw
fro
m w
hen
initi
atin
g an
arb
itrat
ion.
The
lis
t of
opt
ions
abo
ve i
s no
w f
airly
adju
sted
by
the
Stat
es n
egot
iatin
g to
incl
ude
othe
r ru
les
or fo
ra s
uch
as t
hose
und
er t
he
The
list a
bove
als
o as
sum
es th
at n
o re
gion
al fo
rum
for a
rbitr
atio
n ex
ists
that
may
be
able
or a
s an
exc
lusi
ve o
ptio
n to
be
used
.
29.7
. D
ate
of S
ubm
issi
on o
f Cla
im
A c
laim
sh
all
be
de
em
ed
su
bm
itte
d t
o a
rbit
rati
on
un
de
r th
is P
art
wh
en
th
e I
nv
est
or’
s n
oti
ce
of
arb
itra
tio
n o
r re
qu
est
fo
r a
rbit
rati
on
(“N
oti
ce
of
Arb
itra
tio
n”)
:
(a)
refe
rre
d t
o i
n p
ara
gra
ph
1 o
f A
rtic
le 3
6 o
f th
e I
CS
ID C
on
ve
nti
on
is
rec
eiv
ed
by
th
e
Se
cre
tary
-Ge
ne
ral;
222
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
59
(b)
refe
rre
d t
o in
Art
icle
2 o
f S
ch
ed
ule
C o
f th
e I
CS
ID A
dd
itio
na
l Fa
cil
ity
Ru
les
is r
ec
eiv
ed
by
the
Se
cre
tary
-Ge
ne
ral;
(c)
refe
rre
d t
o i
n A
rtic
le 3
of
the
UN
CIT
RA
L A
rbit
rati
on
Ru
les,
to
ge
the
r w
ith
th
e s
tate
me
nt
of
cla
im r
efe
rre
d t
o i
n A
rtic
le 1
8 o
f th
e U
NC
ITR
AL
Arb
itra
tio
n R
ule
s, a
re r
ec
eiv
ed
by
th
e
resp
on
de
nt;
or
(d)
refe
rre
d t
o u
nd
er
an
y a
rbit
ral
inst
itu
tio
n o
r a
rbit
ral
rule
s se
lec
ted
un
de
r p
ara
gra
ph
29
.6
is r
ec
eiv
ed
by
th
e H
ost
Sta
te.
Co
mm
ent
ary
The
form
al d
ate
of s
ubm
issi
on is
det
erm
ined
by
the
acts
nee
ded
to b
e ta
ken
unde
r the
rule
s of
arb
itrat
ion
chos
en fo
r the
pro
ceed
ings
whe
n th
e in
vest
or s
ubm
its it
s cl
aim
to a
rbitr
atio
n un
der
that
set
of
rule
s. I
t m
ay a
t so
me
time
need
to
be e
stab
lishe
d w
ith c
erta
inty
, fo
r ex
ampl
e if
it is
arg
ued
that
the
thre
e-ye
ar p
erio
d fo
r ini
tiatin
g an
arb
itrat
ion
has
laps
ed.
29.8
. Pl
ace
of A
rbitr
atio
n
Th
e p
lac
e o
f a
rbit
rati
on
an
d le
ga
l sit
us
of
the
arb
itra
tio
n s
ha
ll b
e [
in t
he
ca
pit
al c
ity
of
the
Ho
st S
tate
]
[in
XX
X (
to b
e a
n a
gre
ed
ne
utr
al
ve
nu
e)]
[in
a p
lac
e d
ete
rmin
ed
by
ag
ree
me
nt
of
the
pa
rtie
s to
th
e
arb
itra
tio
n o
r d
ete
rmin
ed
by
th
e t
rib
un
al
in t
he
ab
sen
ce
of
suc
h a
gre
em
en
t].
Co
mm
ent
ary
The
choi
ce o
f lo
catio
n of
the
arb
itrat
ion
has
both
lega
l and
pol
itica
l con
text
s. T
he le
gal
issu
es i
nclu
de t
he p
roce
ss a
nd s
tand
ards
for
rev
iew
of
an a
rbitr
al d
ecis
ion
by t
he
deci
sion
s on
how
to a
ddre
ss th
em.
29.9
. Sc
ope
of A
rbitr
atio
n
(a)
An
arb
itra
tio
n u
nd
er
this
Art
icle
sh
all
re
late
to
an
all
eg
ati
on
of
a b
rea
ch
of
on
e o
r m
ore
rig
hts
or
ob
lig
ati
on
s u
nd
er
this
Ag
ree
me
nt
tha
t is
su
bje
ct
to a
rbit
rati
on
.
(b)
Wh
ere
an
in
ve
stm
en
t a
uth
ori
zati
on
or
a c
on
tra
ct
inc
lud
es
a c
ho
ice
of
foru
m c
lau
se f
or
the
re
solu
tio
n o
f d
isp
ute
s p
ert
ain
ing
to
th
at
inv
est
me
nt
or
the
au
tho
riza
tio
n o
r c
on
tra
ct,
no
arb
itra
tio
n u
nd
er
this
Ag
ree
me
nt
ma
y b
e in
itia
ted
by
th
e In
ve
sto
r w
he
n t
he
un
de
rly
ing
me
asu
re i
n t
he
arb
itra
tio
n w
ou
ld b
e c
ov
ere
d b
y s
uc
h a
ch
oic
e o
f fo
rum
cla
use
.
Co
mm
ent
ary
This
par
agra
ph a
ddre
sses
the
ver
y cr
itica
l iss
ue o
f w
hat
type
s of
cla
ims
can
be m
ade
in
the
arbi
trat
ion
proc
ess.
Thi
s is
in f
act
a ve
ry c
ontr
over
sial
issu
e, a
nd t
he d
raft
ing
of t
his
prov
isio
n sh
ould
be
unde
rtak
en w
ith g
reat
car
e, a
s m
uch
can
be a
t sta
ke.
223
p.60
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
oblig
atio
ns u
nder
the
tre
aty
that
are
sub
ject
to
arbi
trat
ion.
It d
oes
not,
for
exam
ple,
say
si
mpl
y an
alle
ged
brea
ch o
f th
is t
reat
y, w
hich
may
be
read
to
over
ride
anot
her
prov
isio
n th
at e
xclu
des
an o
blig
atio
n fr
om th
e sc
ope
of d
ispu
te s
ettle
men
t. Th
is d
raft
ing
avoi
ds a
ny
such
risk
.
This
is th
e na
rrow
est p
ossi
ble
appr
oach
and
it is
str
ongl
y re
com
men
ded.
reco
gniz
e an
d en
forc
e an
y ot
her
choi
ce o
f fo
rum
cla
use
appl
icab
le b
etw
een
the
Stat
e an
d th
e in
vest
or/i
nves
tmen
t re
late
d to
the
und
erly
ing
mea
sure
bei
ng c
ompl
aine
d of
. In
This
has
bee
n a
very
con
trov
ersi
al is
sue
in in
vest
men
t arb
itrat
ion
and
subj
ect t
o di
ffer
ent
and
oppo
site
res
ults
in v
ario
us a
rbitr
atio
ns. T
he d
raft
ing
abov
e re
solv
es th
e is
sue
clea
rly
and
in f
avou
r of
the
cho
ice
of fo
rum
cla
use
adop
ted
by t
he in
vest
or a
nd S
tate
dire
ctly
. It
is im
port
ant,
agai
n, t
hat
the
prov
isio
n re
late
s to
the
und
erly
ing
mea
sure
, rat
her
than
the
di
sput
e un
der t
he A
gree
men
t, fo
r the
reas
ons
expl
aine
d pr
evio
usly
.
This
par
agra
ph a
lso
goes
a l
ong
way
to
addr
ess
a pr
oble
m w
here
mul
tiple
dis
pute
se
ttle
men
t fo
ra h
ave
been
aut
horiz
ed b
y a
trib
unal
und
er a
tre
aty,
und
er a
con
trac
t, an
d at
the
sam
e tim
e un
der a
judi
cial
pro
cess
. In
man
y ca
ses,
a b
reac
h of
con
trac
t cla
im h
as,
for e
xam
ple,
sim
ply
been
rest
ated
as
a br
each
of t
reat
y cl
aim
, a s
impl
e lin
guis
tic e
xerc
ise
for a
juni
or la
wye
r to
com
plet
e. T
he a
bove
text
hel
ps a
ddre
ss a
ll of
thes
e is
sues
that
hav
e ar
isen
in p
ract
ice.
Oth
er a
gree
men
ts h
ave
also
incl
uded
add
ition
al c
laim
s th
at c
ould
be
incl
uded
in a
rbitr
atio
n un
der
the
trea
ty. T
hese
are
not
ed h
ere,
with
a s
tron
g re
com
men
datio
n th
at t
hey
not
be
incl
uded
in th
e te
xt:
Seve
ral
trea
ties
allo
w a
ny o
blig
atio
ns u
nder
take
n by
a S
tate
tow
ard
an i
nves
tor
in
wha
teve
r leg
al fo
rm, a
so-
calle
d um
brel
la c
laus
e, to
be
take
n to
arb
itrat
ion
by in
clud
ing
resp
ect f
or s
uch
oblig
atio
ns a
s su
bsta
ntiv
e tr
eaty
pro
visi
ons.
Thi
s is
not
incl
uded
in th
e ob
ligat
ions
set
out
abo
ve.
It is
impo
rtan
t, th
en, t
hat
this
not
be
acco
mpl
ishe
d in
dire
ctly
thr
ough
lang
uage
in t
he
seen
and
sho
uld
be a
void
ed.
Som
e tr
eatie
s’ d
ispu
te s
ettle
men
t pr
ovis
ions
hav
e in
clud
ed d
ispu
tes
rela
ting
to a
ny
inve
stm
ent a
gree
men
t or
cont
ract
, or
inve
stm
ent a
utho
rizat
ion,
incl
udin
g so
me
rece
nt
U.S
. tre
atie
s. A
gain
, thi
s is
in o
ur v
iew
too
broa
d an
d in
appr
opria
tely
risk
s re
plac
ing
the
choi
ce o
f for
um c
laus
e in
suc
h ag
reem
ents
or c
ontr
acts
inst
ead
of re
spec
ting
them
, as
dom
estic
law
tha
t pr
ovid
es g
uara
ntee
s to
an
inve
stor
to
be li
tigat
ed in
the
arb
itrat
ion
inst
ead
of in
the
dom
estic
cou
rt, w
here
dom
estic
law
sho
uld
be li
tigat
ed.
and
whe
ther
the
arbi
trat
ion
proc
ess
will
ove
rrid
e an
y ot
her p
roce
ss s
elec
ted
dire
ctly
by
the
Stat
e an
d in
vest
or.
224
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
61
29.10
. Se
lect
ion
of In
vest
or A
rbitr
ator
Th
e c
laim
an
t sh
all
pro
vid
e w
ith
th
e N
oti
ce
of
Arb
itra
tio
n:
(a)
the
na
me
of
the
arb
itra
tor
tha
t th
e c
laim
an
t a
pp
oin
ts, o
r
(b)
the
cla
ima
nt’
s w
ritt
en
co
nse
nt
for
the
Se
cre
tary
-Ge
ne
ral
to a
pp
oin
t th
at
arb
itra
tor.
Co
mm
ent
ary
29.11
. Co
nsen
t to
Arb
itrat
ion
(a)
Ea
ch
Pa
rty
co
nse
nts
to
th
e s
ub
mis
sio
n o
f a
cla
im t
o a
rbit
rati
on
un
de
r th
is S
ec
tio
n i
n
ac
co
rda
nc
e w
ith
th
is t
rea
ty.
(b)
Th
e c
on
sen
t u
nd
er
pa
rag
rap
h 2
9.1
1(a
) a
nd
th
e s
ub
mis
sio
n o
f a
cla
im t
o a
rbit
rati
on
un
de
r
this
Se
cti
on
sh
all
sa
tisf
y t
he
re
qu
ire
me
nts
of:
(i
) C
ha
pte
r II
of
the
IC
SID
Co
nv
en
tio
n (
Juri
sdic
tio
n o
f th
e C
en
tre
) a
nd
th
e I
CS
ID
Ad
dit
ion
al
Fac
ilit
y R
ule
s fo
r w
ritt
en
co
nse
nt
of
the
pa
rtie
s to
th
e d
isp
ute
; [a
nd
]
(i
i)
Art
icle
II
of
the
Ne
w Y
ork
Co
nv
en
tio
n f
or
an
“a
gre
em
en
t in
wri
tin
g”;
[a
nd
]
(i
ii)
[Na
me
an
y o
the
r b
od
y u
sed
an
d r
efe
ren
ce
ru
le o
n s
ub
mis
sio
n o
f a
n a
rbit
rati
on
]
Co
mm
ent
ary
the
arbi
trat
ion
is v
alid
for
the
prim
ary
arbi
trat
ion
rule
s th
at a
re li
sted
abo
ve a
s av
aila
ble
for u
se u
nder
the
proc
ess.
29.12
. Es
tabl
ishm
ent o
f Trib
unal
(a)
Un
less
th
e d
isp
uti
ng
pa
rtie
s o
the
rwis
e a
gre
e, t
he
tri
bu
na
l sh
all
co
mp
rise
th
ree
arb
itra
tors
,
on
e a
rbit
rato
r a
pp
oin
ted
by
ea
ch
of
the
dis
pu
tin
g p
art
ies
an
d t
he
th
ird
, w
ho
sh
all
be
th
e
pre
sid
ing
arb
itra
tor,
ap
po
inte
d b
y a
gre
em
en
t o
f th
e d
isp
uti
ng
pa
rtie
s.
(b)
[All
arb
itra
tors
sh
all
be
dra
wn
fro
m a
ro
ste
r o
f e
lig
ible
arb
itra
tors
est
ab
lish
ed
by
th
e S
tate
Pa
rtie
s w
ith
in 1
2 m
on
ths
of
the
en
try
in
to f
orc
e o
f th
is A
gre
em
en
t a
nd
ma
inta
ine
d u
p t
o
da
te b
y t
he
Sta
te P
art
ies.
Sa
id r
ost
er
sha
ll b
e c
om
po
sed
of
pe
rso
ns
of
go
od
sta
nd
ing
,
ind
ep
en
de
nc
e a
nd
wit
h e
xp
eri
en
ce
in in
tern
ati
on
al l
aw
, in
tern
ati
on
al i
nv
est
me
nt,
an
d/o
r
dis
pu
te s
ett
lem
en
t u
nd
er
inte
rna
tio
na
l la
w.]
(c)
If a
tri
bu
na
l h
as
no
t b
ee
n c
on
stit
ute
d w
ith
in 7
5 d
ay
s fr
om
th
e d
ate
th
at
a c
laim
is
sub
mit
ted
to
arb
itra
tio
n u
nd
er
this
Art
icle
, th
e S
ec
reta
ry-G
en
era
l, o
n t
he
re
qu
est
of
a
225
p.62
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
dis
pu
tin
g p
art
y, s
ha
ll a
pp
oin
t, i
n h
is o
r h
er
dis
cre
tio
n,
the
arb
itra
tor
or
arb
itra
tors
no
t
ye
t a
pp
oin
ted
.
(d)
For
pu
rpo
ses
of
Art
icle
39
of
the
IC
SID
Co
nv
en
tio
n a
nd
Art
icle
7 o
f S
ch
ed
ule
C t
o t
he
ICS
ID A
dd
itio
na
l Fa
cil
ity
Ru
les,
an
d w
ith
ou
t p
reju
dic
e t
o a
n o
bje
cti
on
to
an
arb
itra
tor
on
a g
rou
nd
oth
er
tha
n n
ati
on
ali
ty,
(i
) th
e S
tate
Pa
rty
he
reb
y a
gre
es
to t
he
ap
po
intm
en
t o
f e
ac
h i
nd
ivid
ua
l m
em
be
r o
f a
trib
un
al
est
ab
lish
ed
un
de
r th
e I
CS
ID C
on
ve
nti
on
or
the
IC
SID
Ad
dit
ion
al
Fac
ilit
y
Ru
les;
an
d
(i
i)
an
In
ve
sto
r m
ay
su
bm
it a
cla
im t
o a
rbit
rati
on
un
de
r th
is A
rtic
le, o
r c
on
tin
ue
a c
laim
,
un
de
r th
e I
CS
ID C
on
ve
nti
on
or
the
IC
SID
Ad
dit
ion
al F
ac
ilit
y R
ule
s, o
nly
on
co
nd
itio
n
tha
t th
e I
nv
est
or
ag
ree
s in
wri
tin
g t
o t
he
ap
po
intm
en
t o
f e
ac
h in
div
idu
al m
em
be
r o
f
the
tri
bu
na
l.
Co
mm
ent
ary
The
esta
blis
hmen
t of
a t
ribun
al h
as t
radi
tiona
lly b
een
done
thr
ough
the
app
oint
men
t, by
ea
ch s
ide,
of i
ts o
wn
sele
ctio
n an
d th
e ap
poin
tmen
t of a
pre
side
nt o
f the
trib
unal
by
eith
er
the
agre
emen
t of
the
oth
er a
ppoi
nted
arb
itrat
ors,
the
arb
itrat
ing
part
ies,
or
thro
ugh
the
inte
rven
tion
of th
e ap
poin
ting
auth
ority
und
er th
e se
lect
ed ru
les
of a
rbitr
atio
n of
the
trea
ty
This
is th
e se
lect
ion
by th
e pa
rtie
s to
the
trea
ty o
f a ro
ster
of p
oten
tial a
rbitr
ator
s un
der t
he
trea
ty, f
rom
whi
ch t
he t
hree
arb
itrat
ors
mus
t be
cho
sen.
Thi
s al
low
s fo
r gr
eate
r ce
rtai
nty
part
ies
to m
anip
ulat
e th
e pr
oces
s w
ith a
rbitr
ator
s kn
own
to r
epre
sent
inve
stor
s or
Sta
tes
in th
e pr
oces
s. T
his
alte
rnat
ive
appr
oach
is g
aini
ng c
urre
ncy
toda
y.
29.13
. A
void
ance
of C
onfli
ct o
f Int
eres
t of A
rbitr
ator
s
Th
e a
rbit
rato
rs a
pp
oin
ted
to
re
solv
e d
isp
ute
s u
nd
er
this
Ag
ree
me
nt
mu
st,
at
all
tim
es
du
rin
g t
he
arb
itra
tio
n:
(a)
be
im
pa
rtia
l, f
ree
of
ac
tua
l c
on
flic
ts o
f in
tere
st a
nd
an
ap
pe
ara
nc
e o
f c
on
flic
t o
f in
tere
st,
an
d i
nd
ep
en
de
nt
of
the
dis
pu
tin
g p
art
ies
at
the
tim
e o
f a
cc
ep
tin
g a
n a
pp
oin
tme
nt
to
serv
e a
nd
sh
all
re
ma
in s
o d
uri
ng
th
e e
nti
re a
rbit
rati
on
pro
ce
ed
ing
un
til
the
fin
al
aw
ard
ha
s b
ee
n r
en
de
red
or
the
pro
ce
ed
ing
ha
s o
the
rwis
e fi
na
lly
te
rmin
ate
d;
an
d
(b)
dis
clo
se t
o t
he
pa
rtie
s, t
he
arb
itra
tio
n i
nst
itu
tio
n o
r o
the
r a
pp
oin
tin
g a
uth
ori
ty (
if a
ny,
an
d i
f so
re
qu
ire
d b
y t
he
ap
pli
ca
ble
in
stit
uti
on
al
rule
s) a
nd
to
th
e c
o-a
rbit
rato
rs,
an
y
ite
ms
tha
t m
ay,
in
th
e e
ye
s o
f a
re
aso
na
ble
th
ird
pe
rso
n ,
giv
e r
ise
to
do
ub
ts a
s to
th
e
arb
itra
tor’
s im
pa
rtia
lity
, fre
ed
om
fro
m c
on
flic
ts o
f in
tere
st, o
r in
de
pe
nd
en
ce
.
For
gre
ate
r c
ert
ain
ty,
the
ab
ov
e r
eq
uir
em
en
ts i
nc
lud
e t
he
re
qu
ire
me
nt
no
t to
ac
t c
on
cu
rre
ntl
y a
s
co
un
sel i
n a
no
the
r a
ctu
al o
r p
ote
nti
al t
rea
ty-b
ase
d a
rbit
rati
on
inv
olv
ing
a fo
reig
n in
ve
sto
r a
nd
a S
tate
.
226
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
63
Co
mm
ent
ary
inte
rest
for
the
ent
ire p
erio
d of
the
arb
itrat
ion.
The
lan
guag
e su
gges
ted
exte
nds
and
Arbi
trat
ion.
serv
e as
cou
nsel
in o
ther
arb
itrat
ions
at
the
sam
e tim
e. A
gro
win
g nu
mbe
r of
arb
itrat
ors
refu
sed
to re
cogn
ize
this
as
a pr
oble
m. T
he te
xt s
ugge
sted
reso
lves
this
issu
e in
favo
ur o
f
actin
g as
cou
nsel
in o
ther
trea
ty b
ased
inve
stm
ent a
rbitr
atio
ns.
29.14
. Su
bmis
sion
s by
Non
-Dis
putin
g St
ate
Part
y
Th
e n
on
-dis
pu
tin
g S
tate
Pa
rty
to
th
is A
gre
em
en
t m
ay
ma
ke o
ral
an
d w
ritt
en
su
bm
issi
on
s to
th
e
trib
un
al
reg
ard
ing
th
e i
nte
rpre
tati
on
of
this
tre
aty
an
d b
e p
rese
nt
at
the
ora
l a
rgu
me
nts
.
Co
mm
ent
ary
This
pro
visi
on a
ddre
sses
the
Stat
e Pa
rty
to th
e tr
eaty
that
is n
ot p
arty
to th
e ar
bitr
atio
n. It
of o
ccas
ions
sin
ce t
hen.
It is
a u
sefu
l pos
ition
for
the
Sta
tes
to h
ave
such
a r
ight
und
er
cons
ider
ed v
iew
s of
bot
h St
ate
Part
ies
are
befo
re th
em in
any
giv
en in
stan
ce.
227
p.64
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
29.15
. A
mic
us C
uria
e Su
bmis
sion
s
Th
e t
rib
un
al s
ha
ll h
av
e t
he
au
tho
rity
to
ac
ce
pt
an
d c
on
sid
er
am
icu
s cu
ria
e s
ub
mis
sio
ns
fro
m a
pe
rso
n
or
en
tity
th
at
is n
ot
a d
isp
uti
ng
pa
rty.
Th
e p
roc
ed
ure
s in
Sc
he
du
le 4
sh
all
ap
ply
fo
r th
is p
urp
ose
.
Co
mm
ent
ary
The
acce
ptan
ce o
f am
icus
cur
iae
subm
issi
ons
in in
vest
men
t ar
bitr
atio
n be
gan
in 2
00
0
and
is n
ow u
nder
stoo
d to
be
com
mon
pra
ctic
e. It
is c
erta
inly
not
con
trov
ersi
al. I
t is
usua
lly
done
now
thro
ugh
an a
pplic
atio
n to
the
trib
unal
by
the
pers
on o
r org
aniz
atio
n th
at in
tend
s
4 w
ould
set
out
a c
lear
set
of
rule
s in
the
tre
aty
for
the
Stat
e Pa
rtie
s, a
ny in
vest
or,
the
trib
unal
and
the
wou
ld-b
e am
icus
pet
ition
ers
to fo
llow
in a
cle
ar a
nd c
onsi
sten
t man
ner.
29.16
. Ex
pert
Rep
orts
Wit
ho
ut
pre
jud
ice
to
th
e a
pp
oin
tme
nt
of
oth
er
kin
ds
of
ex
pe
rts
wh
ere
au
tho
rize
d b
y t
he
ap
pli
ca
ble
arb
itra
tio
n r
ule
s, a
tri
bu
na
l, a
t th
e r
eq
ue
st o
f a
dis
pu
tin
g p
art
y o
r, o
n i
ts o
wn
in
itia
tiv
e s
ub
jec
t to
th
e
co
nse
nt
of
the
dis
pu
tin
g p
art
ies,
wh
ich
co
nse
nt
sha
ll n
ot
be
un
rea
son
ab
ly w
ith
he
ld,
ma
y a
pp
oin
t
on
e o
r m
ore
ex
pe
rts
to r
ep
ort
to
it
in w
riti
ng
on
an
y f
ac
tua
l is
sue
co
nc
ern
ing
en
vir
on
me
nta
l, h
ea
lth
,
safe
ty o
r o
the
r sc
ien
tifi
c m
att
ers
ra
ise
d b
y a
dis
pu
tin
g p
art
y i
n a
pro
ce
ed
ing
, su
bje
ct
to s
uc
h t
erm
s
an
d c
on
dit
ion
s a
s th
e d
isp
uti
ng
pa
rtie
s m
ay
ag
ree
.
Co
mm
ent
ary
This
is a
n in
crea
sing
ly c
omm
on p
rovi
sion
in in
vest
men
t ar
bitr
atio
n pr
oces
ses
and
is a
lso
enga
ge i
ts o
wn
tech
nica
l ex
pert
s on
any
giv
en m
atte
r an
d no
t ha
ve t
o re
ly o
nly
upon
ev
iden
ce o
f the
dis
putin
g pa
rtie
s.
29.17
. Tr
ansp
aren
cy o
f Pro
ceed
ings
(a)
Su
bje
ct
to p
ara
gra
ph
s 2
9.1
7(c
) a
nd
(d
), t
he
Sta
te P
art
y t
ha
t is
pa
rty
to
th
e a
rbit
rati
on
sha
ll,
aft
er
rec
eiv
ing
th
e f
oll
ow
ing
do
cu
me
nts
, p
rom
ptl
y m
ake
th
em
av
ail
ab
le t
o t
he
pu
bli
c a
nd
th
e n
on
-dis
pu
tin
g S
tate
Pa
rty
:
(i
) th
e N
oti
ce
of
Inte
nt;
(i
i)
the
No
tic
e o
f A
rbit
rati
on
;
(i
ii)
ple
ad
ing
s, m
em
ori
als
, a
nd
bri
efs
su
bm
itte
d t
o t
he
tri
bu
na
l b
y a
dis
pu
tin
g p
art
y a
nd
an
y w
ritt
en
su
bm
issi
on
s su
bm
itte
d i
n t
he
fo
rm o
f a
mic
us
sub
mis
sio
ns;
228
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
65
(i
v)
min
ute
s o
r tr
an
scri
pts
of
he
ari
ng
s o
f th
e t
rib
un
al,
wh
ere
av
ail
ab
le;
an
d
(v
) o
rde
rs, a
wa
rds,
an
d d
ec
isio
ns
of
the
tri
bu
na
l.
(b)
Th
e t
rib
un
al s
ha
ll c
on
du
ct
he
ari
ng
s o
pe
n t
o t
he
pu
bli
c a
nd
sh
all
de
term
ine
, in
co
nsu
lta
tio
n
wit
h t
he
dis
pu
tin
g p
art
ies,
th
e a
pp
rop
ria
te l
og
isti
ca
l a
rra
ng
em
en
ts.
(c)
An
y d
isp
uti
ng
pa
rty
th
at
inte
nd
s to
use
info
rma
tio
n d
esi
gn
ate
d a
s p
rote
cte
d in
form
ati
on
in a
he
ari
ng
sh
all
so
ad
vis
e t
he
tri
bu
na
l. T
he
tri
bu
na
l sh
all
ma
ke a
pp
rop
ria
te a
rra
ng
em
en
ts
to p
rote
ct
the
in
form
ati
on
fro
m d
isc
losu
re.
(d)
An
y p
rote
cte
d i
nfo
rma
tio
n t
ha
t is
su
bm
itte
d t
o t
he
tri
bu
na
l sh
all
be
pro
tec
ted
fro
m
dis
clo
sure
in
ac
co
rda
nc
e w
ith
th
e f
oll
ow
ing
pro
ce
du
res:
(i
) S
ub
jec
t to
su
bp
ara
gra
ph
(iv
), n
eit
he
r th
e d
isp
uti
ng
pa
rtie
s n
or
the
tri
bu
na
l sh
all
dis
clo
se t
o t
he
no
n-d
isp
uti
ng
Sta
te P
art
y o
r to
th
e p
ub
lic
an
y p
rote
cte
d in
form
ati
on
wh
ere
th
e d
isp
uti
ng
Sta
te P
art
y t
ha
t p
rov
ide
d t
he
in
form
ati
on
cle
arl
y d
esi
gn
ate
s it
in a
cc
ord
an
ce
wit
h s
ub
pa
rag
rap
h (
ii).
(i
i)
An
y d
isp
uti
ng
Sta
te P
art
y c
laim
ing
th
at
ce
rta
in i
nfo
rma
tio
n c
on
stit
ute
s p
rote
cte
d
info
rma
tio
n s
ha
ll c
lea
rly
de
sig
na
te t
he
in
form
ati
on
at
the
tim
e it
is s
ub
mit
ted
to
th
e
trib
un
al.
(i
ii)
A
dis
pu
tin
g
Sta
te
Pa
rty
sh
all
, a
t th
e
tim
e
it
sub
mit
s a
d
oc
um
en
t c
on
tain
ing
info
rma
tio
n c
laim
ed
to
be
pro
tec
ted
in
form
ati
on
, su
bm
it a
re
da
cte
d v
ers
ion
of
the
do
cu
me
nt
tha
t d
oe
s n
ot
co
nta
in t
he
info
rma
tio
n. O
nly
th
e r
ed
ac
ted
ve
rsio
n s
ha
ll b
e
pro
vid
ed
to
th
e p
ub
lic
in
ac
co
rda
nc
e w
ith
pa
rag
rap
h 2
9.1
7(a
).
(i
v)
Th
e t
rib
un
al
sha
ll d
ec
ide
an
y o
bje
cti
on
re
ga
rdin
g t
he
de
sig
na
tio
n o
f in
form
ati
on
cla
ime
d t
o b
e p
rote
cte
d in
form
ati
on
. If
the
tri
bu
na
l de
term
ine
s th
at
suc
h in
form
ati
on
wa
s n
ot
pro
pe
rly
de
sig
na
ted
, th
e d
isp
uti
ng
pa
rty
th
at
sub
mit
ted
th
e i
nfo
rma
tio
n
ma
y w
ith
dra
w a
ll o
r p
art
of
its
sub
mis
sio
n c
on
tain
ing
su
ch
in
form
ati
on
, o
r a
gre
e
to
resu
bm
it
co
mp
lete
a
nd
re
da
cte
d
do
cu
me
nts
w
ith
c
orr
ec
ted
d
esi
gn
ati
on
s in
ac
co
rda
nc
e
wit
h
the
tr
ibu
na
l’s
de
term
ina
tio
n
an
d
sub
pa
rag
rap
h
(iii
).
In
eit
he
r
ca
se,
the
oth
er
dis
pu
tin
g p
art
y s
ha
ll,
wh
en
ev
er
ne
ce
ssa
ry,
resu
bm
it c
om
ple
te a
nd
red
ac
ted
do
cu
me
nts
th
at
eit
he
r re
mo
ve
th
e in
form
ati
on
wit
hd
raw
n b
y t
he
dis
pu
tin
g
pa
rty
th
at
firs
t su
bm
itte
d t
he
info
rma
tio
n o
r re
-de
sig
na
te t
he
info
rma
tio
n, c
on
sist
en
t
wit
h t
he
de
sig
na
tio
n o
f th
e d
isp
uti
ng
pa
rty
th
at
firs
t su
bm
itte
d t
he
in
form
ati
on
.
Co
mm
ent
ary
This
art
icle
is w
ithin
the
em
ergi
ng in
tern
atio
nal s
tand
ards
on
tran
spar
ency
for
inve
stor
-
inve
stor
-Sta
te a
rbitr
atio
n to
war
d th
is s
ame
end.
The
tran
spar
ency
prin
cipl
e is
set
out
cle
arly
, sub
ject
to
an a
bilit
y of
the
par
ties
and
the
proc
ess
for d
oing
so
is s
et o
ut in
det
ail a
bove
, dra
wn
from
the
mos
t adv
ance
d te
xts
for t
his
purp
ose.
229
p.66
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
29.18
. Co
nsol
idat
ion
of A
rbitr
atio
ns
(a)
Wh
ere
tw
o o
r m
ore
cla
ims
ha
ve
be
en
su
bm
itte
d s
ep
ara
tely
to
arb
itra
tio
n u
nd
er
this
Art
icle
an
d t
he
cla
ims
ha
ve
a q
ue
stio
n o
f la
w o
r fa
ct
in c
om
mo
n a
nd
ari
se o
ut
of
the
sam
e u
nd
erl
yin
g m
ea
sure
or
me
asu
res
or
cir
cu
mst
an
ce
s, a
ny
dis
pu
tin
g p
art
y m
ay
se
ek
a
co
nso
lid
ati
on
ord
er
in a
cc
ord
an
ce
wit
h t
he
ag
ree
me
nt
of
all
th
e d
isp
uti
ng
pa
rtie
s so
ug
ht
to b
e c
ov
ere
d b
y t
he
ord
er
or
the
te
rms
of
pa
rag
rap
hs
29
.2 –
29
.10
.
(b)
A d
isp
uti
ng
pa
rty
th
at
see
ks
a c
on
soli
da
tio
n o
rde
r u
nd
er
this
Art
icle
sh
all
de
liv
er,
in
wri
tin
g,
a r
eq
ue
st t
o t
he
[P
resi
de
nt
of
the
In
tern
ati
on
al
Co
urt
of
Just
ice
] a
nd
to
all
th
e
dis
pu
tin
g p
art
ies
sou
gh
t to
be
co
ve
red
by
th
e o
rde
r a
nd
sh
all
sp
ec
ify
in
th
e r
eq
ue
st:
(i
) th
e n
am
es
an
d a
dd
ress
es
of
all
th
e d
isp
uti
ng
pa
rtie
s so
ug
ht
to b
e c
ov
ere
d b
y
the
ord
er;
(i
i)
the
na
ture
of
the
ord
er
sou
gh
t
(i
ii)
the
gro
un
ds
on
wh
ich
th
e o
rde
r is
so
ug
ht
(c)
Un
less
th
e [
Pre
sid
en
t o
f th
e I
nte
rna
tio
na
l C
ou
rt o
f Ju
stic
e]
fin
ds
wit
hin
30
da
ys
aft
er
rec
eiv
ing
a r
eq
ue
st u
nd
er
pa
rag
rap
h 2
9.1
8(b
) th
at
the
re
qu
est
is m
an
ife
stly
un
fou
nd
ed
, a
trib
un
al
sha
ll b
e e
sta
bli
she
d u
nd
er
this
Art
icle
.
(d)
Un
less
all
th
e d
isp
uti
ng
pa
rtie
s so
ug
ht
to b
e c
ov
ere
d b
y t
he
ord
er
oth
erw
ise
ag
ree
, a
trib
un
al
est
ab
lish
ed
un
de
r th
is A
rtic
le s
ha
ll c
om
pri
se t
hre
e a
rbit
rato
rs:
(i
) o
ne
arb
itra
tor
ap
po
inte
d b
y a
gre
em
en
t o
f th
e c
laim
an
ts;
(i
i)
on
e a
rbit
rato
r a
pp
oin
ted
by
th
e r
esp
on
de
nt;
an
d
(i
ii)
the
pre
sid
ing
arb
itra
tor
ap
po
inte
d b
y t
he
[P
resi
de
nt
of
the
In
tern
ati
on
al
Co
urt
of
Just
ice
], p
rov
ide
d,
ho
we
ve
r, t
ha
t th
e p
resi
din
g a
rbit
rato
r sh
all
no
t b
e a
na
tio
na
l o
f
eit
he
r P
art
y.
(e)
If,
wit
hin
60
da
ys
aft
er
the
[P
resi
de
nt
of
the
In
tern
ati
on
al
Co
urt
of
Just
ice
] re
ce
ive
s a
req
ue
st m
ad
e u
nd
er
pa
rag
rap
h 2
9.1
8(b
), t
he
re
spo
nd
en
t fa
ils
or
the
cla
ima
nts
fa
il t
o
ap
po
int
an
a
rbit
rato
r in
a
cc
ord
an
ce
w
ith
p
ara
gra
ph
2
9.1
8(d
),
the
[P
resi
de
nt
of
the
Inte
rna
tio
na
l C
ou
rt o
f Ju
stic
e],
on
th
e r
eq
ue
st o
f a
ny
dis
pu
tin
g P
art
y s
ou
gh
t to
be
co
ve
red
by
th
e o
rde
r, s
ha
ll a
pp
oin
t th
e a
rbit
rato
r o
r a
rbit
rato
rs n
ot
ye
t a
pp
oin
ted
. If
th
e
resp
on
de
nt
fail
s to
ap
po
int
an
arb
itra
tor,
th
e [
Pre
sid
en
t] s
ha
ll a
pp
oin
t a
na
tio
na
l o
f th
e
dis
pu
tin
g P
art
y, a
nd
if
the
cla
ima
nts
fa
il t
o a
pp
oin
t a
n a
rbit
rato
r, t
he
[P
resi
de
nt]
sh
all
ap
po
int
a n
ati
on
al
of
the
no
n-d
isp
uti
ng
Pa
rty.
(f)
Wh
ere
a t
rib
un
al
est
ab
lish
ed
un
de
r th
is A
rtic
le i
s sa
tisfi
ed
th
at
two
or
mo
re c
laim
s th
at
ha
ve
be
en
su
bm
itte
d t
o a
rbit
rati
on
un
de
r th
is A
gre
em
en
t h
av
e a
qu
est
ion
of
law
or
fac
t
in c
om
mo
n a
nd
ari
se o
ut
of
the
sa
me
ev
en
ts o
r c
irc
um
sta
nc
es,
th
e t
rib
un
al
ma
y, i
n t
he
inte
rest
of
fair
an
d e
ffic
ien
t re
solu
tio
n o
f th
e c
laim
s, a
nd
aft
er
he
ari
ng
th
e d
isp
uti
ng
pa
rtie
s, b
y o
rde
r:
(i
) a
ssu
me
ju
risd
icti
on
ov
er,
an
d h
ea
r a
nd
de
term
ine
to
ge
the
r, a
ll o
r p
art
of
the
cla
ims,
(i
i)
ass
um
e j
uri
sdic
tio
n o
ve
r, a
nd
he
ar
an
d d
ete
rmin
e o
ne
or
mo
re o
f th
e c
laim
s, t
he
de
term
ina
tio
n o
f w
hic
h i
t b
eli
ev
es
wo
uld
ass
ist
in t
he
re
solu
tio
n o
f th
e o
the
rs, o
r
(i
ii)
inst
ruc
t a
tri
bu
na
l p
rev
iou
sly
est
ab
lish
ed
un
de
r A
rtic
le 2
9 t
o a
ssu
me
ju
risd
icti
on
ov
er,
an
d h
ea
r a
nd
de
term
ine
to
ge
the
r, a
ll o
r p
art
of
the
cla
ims,
pro
vid
ed
th
at
230
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
67
(a)
tha
t tr
ibu
na
l, a
t th
e r
eq
ue
st o
f a
ny
In
ve
sto
r n
ot
pre
vio
usl
y a
dis
pu
tin
g p
art
y
be
fore
th
at
trib
un
al,
sh
all
be
re
co
nst
itu
ted
wit
h i
ts o
rig
ina
l m
em
be
rs,
exc
ep
t
tha
t th
e a
rbit
rato
r fo
r th
e c
laim
an
ts s
ha
ll b
e a
pp
oin
ted
pu
rsu
an
t to
pa
rag
rap
hs
29
.18
(d)(
i) a
nd
(e
),, a
nd
(b)
tha
t tr
ibu
na
l sh
all
de
cid
e w
he
the
r a
ny
pri
or
he
ari
ng
sh
all
be
re
pe
ate
d.
(g)
Wh
ere
a t
rib
un
al
ha
s b
ee
n e
sta
bli
she
d u
nd
er
this
Art
icle
, a
cla
ima
nt
tha
t h
as
sub
mit
ted
a c
laim
to
arb
itra
tio
n u
nd
er
this
Ag
ree
me
nt
an
d t
ha
t h
as
no
t b
ee
n n
am
ed
in
a r
eq
ue
st
ma
de
un
de
r p
ara
gra
ph
29
.18
(b)
ma
y m
ake
a w
ritt
en
re
qu
est
to
th
e t
rib
un
al
tha
t it
be
inc
lud
ed
in
an
y o
rde
r m
ad
e u
nd
er
pa
rag
rap
h 2
9.1
8(f
), a
nd
sh
all
sp
ec
ify
in
th
e r
eq
ue
st:
(i
) T
he
na
me
an
d a
dd
ress
of
the
cla
ima
nt;
(i
i)
Th
e n
atu
re o
f th
e o
rde
r so
ug
ht;
an
d
(i
ii)
Th
e g
rou
nd
s o
n w
hic
h t
he
ord
er
is s
ou
gh
t
T
he
In
ve
sto
r sh
all
de
liv
er
a c
op
y o
f it
s re
qu
est
to
th
e [
Pre
sid
en
t].
(h)
A t
rib
un
al
est
ab
lish
ed
un
de
r th
is A
rtic
le s
ha
ll c
on
du
ct
its
pro
ce
ed
ing
s in
ac
co
rda
nc
e
wit
h t
he
UN
CIT
RA
L A
rbit
rati
on
Ru
les
in f
orc
e a
t th
e t
ime
th
e p
roc
ee
din
gs
are
in
itia
ted
,
exc
ep
t a
s m
od
ifie
d b
y t
his
Ag
ree
me
nt.
(I)
A t
rib
un
al e
sta
bli
she
d u
nd
er
this
Art
icle
sh
all
no
t h
av
e ju
risd
icti
on
to
de
cid
e a
cla
im, o
r a
pa
rt o
f a
cla
im,
ov
er
wh
ich
a t
rib
un
al
est
ab
lish
ed
or
inst
ruc
ted
un
de
r th
is p
ara
gra
ph
ha
s
ass
um
ed
ju
risd
icti
on
.
(J)
On
ap
pli
ca
tio
n o
f a
dis
pu
tin
g p
art
y, a
tri
bu
na
l e
sta
bli
she
d u
nd
er
this
pa
rag
rap
h, p
en
din
g
its
de
cis
ion
u
nd
er
sub
pa
rag
rap
h
(f),
m
ay
o
rde
r th
at
the
p
roc
ee
din
gs
of
a
trib
un
al
est
ab
lish
ed
un
de
r th
is A
rtic
le b
e s
tay
ed
, un
less
th
e la
tte
r tr
ibu
na
l h
as
alr
ea
dy
ad
jou
rne
d
its
pro
ce
ed
ing
s.
Co
mm
ent
ary
The
initi
atio
n of
a n
umbe
r of a
rbitr
atio
ns a
gain
st a
Sta
te a
ll ar
isin
g fr
om th
e sa
me
mea
sure
an
d si
mila
r inv
estm
ent t
reat
ies
is a
gro
win
g ph
enom
enon
. The
art
icle
abo
ve is
der
ived
from
re
vise
d U
.S. t
exts
and
is c
ompr
ehen
sive
on
how
to a
ddre
ss t
he p
ossi
ble
cons
olid
atio
n of
su
ch m
ultip
le c
laim
s in
to o
ne p
roce
ss.
29.19
. A
war
ds
(a)
Wh
ere
a t
rib
un
al
ma
kes
a fi
na
l a
wa
rd a
ga
inst
a H
ost
Sta
te o
r a
ga
inst
an
In
ve
sto
r in
th
e
lig
ht
of
a c
ou
nte
rcla
im b
y a
Sta
te a
uth
ori
zed
un
de
r th
is a
gre
em
en
t, t
he
tri
bu
na
l m
ay
aw
ard
, se
pa
rate
ly o
r in
co
mb
ina
tio
n, o
nly
:
(i
) m
on
eta
ry d
am
ag
es
an
d a
ny
ap
pli
ca
ble
in
tere
st;
(i
i)
rest
itu
tio
n o
f p
rop
ert
y, i
n w
hic
h c
ase
th
e a
wa
rd s
ha
ll p
rov
ide
th
at
the
Ho
st S
tate
or
Inv
est
or,
as
the
ca
se m
ay
be
, m
ay
pa
y m
on
eta
ry d
am
ag
es
an
d a
ny
ap
pli
ca
ble
inte
rest
in
lie
u o
f re
stit
uti
on
.
231
p.68
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
(b)
A t
rib
un
al
est
ab
lish
ed
un
de
r th
is A
gre
em
en
t [s
ha
ll i
ssu
e a
n a
wa
rd f
or
co
sts
an
d l
eg
al
rep
rese
nta
tio
n f
ee
s fo
r a
ny
arb
itra
tio
n w
he
re t
he
ju
risd
icti
on
of
the
tri
bu
na
l is
de
nie
d t
o
the
In
ve
sto
r, a
nd
][m
ay
][sh
all
][sh
all
, u
nle
ss b
y s
pe
cia
l e
xc
ep
tio
n t
he
re i
s g
oo
d r
ea
son
no
t to
do
so
] is
sue
an
aw
ard
fo
r c
ost
s a
nd
leg
al r
ep
rese
nta
tio
n t
o t
he
dis
pu
tin
g p
art
y t
ha
t
pre
va
ils
in t
he
fin
al
aw
ard
.
(c)
A t
rib
un
al
ma
y n
ot
aw
ard
pu
nit
ive
da
ma
ge
s.
(d)
An
aw
ard
ma
de
by
a t
rib
un
al
sha
ll h
av
e n
o b
ind
ing
fo
rce
exc
ep
t b
etw
ee
n t
he
dis
pu
tin
g
pa
rtie
s a
nd
in
re
spe
ct
of
the
pa
rtic
ula
r c
ase
.
(e)
Su
bje
ct
to p
ara
gra
ph
29
.19
(f)
an
d t
he
ap
pli
ca
ble
re
vie
w p
roc
ed
ure
fo
r a
n i
nte
rim
aw
ard
,
a d
isp
uti
ng
pa
rty
sh
all
ab
ide
by
an
d c
om
ply
wit
h a
n a
wa
rd w
ith
ou
t d
ela
y.
(f)
A d
isp
uti
ng
pa
rty
ma
y n
ot
see
k e
nfo
rce
me
nt
of
a fi
na
l a
wa
rd u
nti
l:
(i
) in
th
e c
ase
of
a fi
na
l a
wa
rd m
ad
e u
nd
er
the
IC
SID
Co
nv
en
tio
n,
(a)
120
da
ys
ha
ve
ela
pse
d f
rom
th
e d
ate
th
e a
wa
rd w
as
ren
de
red
an
d n
o d
isp
uti
ng
pa
rty
ha
s re
qu
est
ed
rev
isio
n o
r a
nn
ulm
en
t o
f th
e a
wa
rd,
or
(b)
rev
isio
n o
r a
nn
ulm
en
t p
roc
ee
din
gs
ha
ve
be
en
co
mp
lete
d;.
(i
i)
in t
he
ca
se o
f a
fin
al a
wa
rd u
nd
er
the
IC
SID
Ad
dit
ion
al F
ac
ilit
y R
ule
s, t
he
UN
CIT
RA
L
Arb
itra
tio
n R
ule
s, o
r a
ny
oth
er
rule
s se
lec
ted
pu
rsu
an
t to
th
is A
rtic
le,
90
da
ys
ha
ve
ela
pse
d f
rom
th
e d
ate
th
e a
wa
rd w
as
ren
de
red
an
d n
o d
isp
uti
ng
pa
rty
ha
s
co
mm
en
ce
d a
pro
ce
ed
ing
to
re
vis
e,
set
asi
de
or
an
nu
l th
e a
wa
rd,
or
a c
ou
rt h
as
dis
mis
sed
or
all
ow
ed
an
ap
pli
ca
tio
n t
o r
ev
ise
, se
t a
sid
e o
r a
nn
ul t
he
aw
ard
an
d t
he
re
is n
o f
urt
he
r a
pp
ea
l.
(g)
Ea
ch
Pa
rty
sh
all
pro
vid
e f
or
the
en
forc
em
en
t o
f a
n a
wa
rd i
n i
ts t
err
ito
ry.
(h)
A d
isp
uti
ng
pa
rty
ma
y s
ee
k e
nfo
rce
me
nt
of
an
arb
itra
tio
n a
wa
rd [
un
de
r th
e I
CS
ID
Co
nv
en
tio
n w
he
n i
t is
in
fo
rce
fo
r b
oth
Pa
rtie
s] o
r th
e N
ew
Yo
rk C
on
ve
nti
on
.
(i)
A c
laim
th
at
is s
ub
mit
ted
to
arb
itra
tio
n u
nd
er
this
Se
cti
on
sh
all
be
pre
sum
ed
to
ari
se
ou
t o
f a
co
mm
erc
ial
rela
tio
nsh
ip o
r tr
an
sac
tio
n f
or
pu
rpo
ses
of
Art
icle
I o
f th
e N
ew
Yo
rk C
on
ve
nti
on
, un
less
th
e S
tate
Pa
rty
ha
s p
rov
en
th
at
the
cla
im h
as
rela
ted
to
a
sov
ere
ign
ma
tte
r.
Co
mm
ent
ary
an in
vest
or if
a c
ount
ercl
aim
has
als
o be
en in
itiat
ed.
for
exam
ple,
to o
rder
ing
a St
ate
to w
ithdr
aw a
mea
sure
to p
rote
ct th
e en
viro
nmen
t tha
t it
has
enac
ted.
The
res
titut
ion
of p
rope
rty
may
be
a po
ssib
le a
war
d as
wel
l, bu
t th
e lo
sing
pa
rty
in s
uch
a ca
se m
ay e
lect
to p
ay m
onet
ary
dam
ages
inst
ead.
Seco
nd,
the
text
pre
clud
es a
ny p
uniti
ve d
amag
es b
eing
aw
arde
d (k
now
n as
exe
mpl
ary
econ
omic
dam
ages
resu
lting
from
the
brea
ch o
f the
Agr
eem
ent.
232
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
69
Third
, the
tex
t ad
dres
ses
the
issu
e of
cos
ts c
lear
ly. T
oday
, the
pra
ctic
e is
mor
e of
ten
to
not
awar
d an
y co
sts
of t
he p
roce
edin
gs o
r le
gal r
epre
sent
atio
n to
the
win
ning
par
ty. T
his
prac
tice
is r
ever
sed
in t
he t
ext,
subj
ect
to s
ome
disc
retio
n fo
r th
e tr
ibun
al d
epen
ding
on
Stat
e.
The
rem
aini
ng p
arag
raph
s de
al w
ith is
sues
of e
nfor
cem
ent o
f the
aw
ard
and
are
fairl
y typ
ical
pres
umpt
ion
that
arb
itrat
ions
und
er t
he A
gree
men
t m
eet
this
tes
t of
bei
ng c
omm
erci
al
arbi
trat
ions
.
29.2
0. A
ppea
l Mec
hani
sm
If a
se
pa
rate
, m
ult
ila
tera
l o
r b
ila
tera
l a
gre
em
en
t e
nte
rs i
nto
fo
rce
be
twe
en
th
e S
tate
Pa
rtie
s th
at
est
ab
lish
es
an
ap
pe
lla
te b
od
y f
or
pu
rpo
ses
of
rev
iew
ing
aw
ard
s re
nd
ere
d b
y t
rib
un
als
co
nst
itu
ted
pu
rsu
an
t to
in
tern
ati
on
al
tra
de
or
inv
est
me
nt
arr
an
ge
me
nts
to
he
ar
inv
est
me
nt
dis
pu
tes,
th
e S
tate
Pa
rtie
s sh
all
str
ive
to
re
ac
h a
n a
gre
em
en
t th
at
wo
uld
ha
ve
su
ch
ap
pe
lla
te b
od
y r
ev
iew
aw
ard
s
ren
de
red
un
de
r th
is A
gre
em
en
t in
arb
itra
tio
ns
co
mm
en
ce
d a
fte
r th
e m
ult
ila
tera
l a
gre
em
en
t e
nte
rs
into
fo
rce
be
twe
en
th
e S
tate
Pa
rtie
s.
Co
mm
ent
ary
and
econ
omic
al m
anne
r. Th
is t
ext
sim
ply
note
s th
is s
ituat
ion
as a
fut
ure
poss
ibili
ty, b
ut
does
not
aut
omat
ical
ly a
dopt
any
suc
h m
echa
nism
that
may
be
deve
lope
d in
the
futu
re.
A j
oin
t d
ec
isio
n o
f th
e S
tate
Pa
rtie
s, e
ac
h a
cti
ng
th
rou
gh
its
re
pre
sen
tati
ve
de
sig
na
ted
fo
r p
urp
ose
s
of
this
Art
icle
, d
ec
lari
ng
th
eir
jo
int
inte
rpre
tati
on
of
a p
rov
isio
n o
f th
is A
gre
em
en
t, s
ha
ll b
e b
ind
ing
on
an
y t
rib
un
al,
an
d a
ny
de
cis
ion
or
aw
ard
iss
ue
d b
y a
tri
bu
na
l m
ust
ap
ply
an
d b
e c
on
sist
en
t w
ith
tha
t jo
int
de
cis
ion
.
233
p.70
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Co
mm
ent
ary
arbi
trat
ion
trib
unal
s ru
ling
unde
r tha
t tre
aty.
This
is a
hig
hly
reco
mm
ende
d pr
ovis
ion
as it
is th
e on
ly e
ffec
tive
safe
ty v
alve
to p
recl
ude
unin
tend
ed in
terp
reta
tions
bei
ng b
indi
ng o
n th
e pa
rtie
s ov
er th
e lo
nger
term
. Im
plem
entin
g th
is p
rovi
sion
is a
muc
h si
mpl
er a
nd m
ore
dire
ct p
roce
ss th
an a
men
ding
the
trea
ty, m
akin
g it
a ve
ry fu
nctio
nal p
roce
ss.
ART
ICLE
31
Gov
erni
ng L
aw in
Dis
pute
Set
tlem
ent
31.1.
W
he
n a
cla
im i
s su
bm
itte
d t
o a
tri
bu
na
l u
nd
er
this
Ag
ree
me
nt,
it
sha
ll b
e d
ec
ide
d i
n
ac
co
rda
nc
e w
ith
th
is A
gre
em
en
t. T
he
go
ve
rnin
g l
aw
fo
r th
e i
nte
rpre
tati
on
of
this
Ag
ree
me
nt
sha
ll
be
th
is A
gre
em
en
t a
nd
th
e g
en
era
l p
rin
cip
les
of
inte
rna
tio
na
l la
w r
ela
tin
g t
o t
he
in
terp
reta
tio
n o
f
tre
ati
es,
in
clu
din
g t
he
pre
sum
pti
on
of
co
nsi
ste
nc
y b
etw
ee
n in
tern
ati
on
al tr
ea
tie
s to
wh
ich
th
e S
tate
Pa
rtie
s a
re p
art
y. F
or
ma
tte
rs r
ela
ted
to
do
me
stic
la
w,
the
na
tio
na
l la
w o
f th
e H
ost
Sta
te s
ha
ll b
e
reso
rte
d t
o a
s th
e g
ov
ern
ing
la
w.
31.2
. Fo
r g
rea
ter
ce
rta
inty
, pa
rag
rap
h 3
1.1
do
es
no
t ex
pa
nd
or
alt
er
the
sc
op
e o
f ob
lig
ati
on
s c
on
tain
ed
in t
his
Ag
ree
me
nt
or
inc
orp
ora
te o
the
r st
an
da
rds
exc
ep
t w
he
re s
pe
cifi
ca
lly
ex
pre
sse
d h
ere
in.
Co
mm
ent
ary
abov
e pr
ovis
ion
ensu
res
a br
oad
purp
osiv
e ap
proa
ch to
the
inte
rpre
tatio
n an
d ap
plic
atio
n of
the
Agre
emen
t and
aga
in m
itiga
tes
agai
nst t
he a
bilit
y of
a tr
ibun
al to
focu
s on
ly o
n th
e in
vest
or p
rote
ctio
n pr
ovis
ions
as
the
basi
s of
an
inte
rpre
tativ
e ex
erci
se.
The
text
als
o lim
its t
he r
ole
of t
he g
over
ning
law
cla
use
to t
he in
terp
reta
tion
of t
he t
reat
y an
d pr
eclu
des
the
addi
tion
of n
ew o
blig
atio
ns fr
om o
ther
par
ts o
f int
erna
tiona
l law
.
234
PART
5: D
ISP
UT
E S
ET
TL
EM
EN
T
p.
71
ART
ICLE
32
Ser
vice
of D
ocum
ents
De
liv
ery
of
no
tic
es
an
d o
the
r d
oc
um
en
ts o
n a
Sta
te P
art
y s
ha
ll b
e m
ad
e t
o t
he
pla
ce
na
me
d f
or
tha
t
Sta
te P
art
y i
n S
ch
ed
ule
C.
Co
mm
ent
ary
the
even
t of a
dis
pute
und
er th
is A
gree
men
t. 235
p.72
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
NO
TES
236
PART
6: F
INA
L P
RO
VIS
ION
S
p.
73
Part
6: F
inal
Pro
visi
ons
ART
ICLE
33
Ent
ry in
to F
orce
......
......
......
......
.....
74
ART
ICLE
34
Perio
d in
For
ce
and
Term
inat
ion .
......
......
......
......
...74
ART
ICLE
35
Am
endm
ent .
......
......
......
......
......
...75
ART
ICLE
36
Sch
edul
es a
nd N
otes
Pa
rt o
f Tre
aty.
......
......
......
......
......
..76
ART
ICLE
37
Aut
hent
ic T
ext .
......
......
......
......
.....
76
237
p.74
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Part
6: F
inal
Pro
visi
ons
ART
ICLE
33
Ent
ry in
to F
orce
Th
is
Ag
ree
me
nt
sha
ll
be
su
bje
ct
to
rati
fic
ati
on
b
y
the
S
tate
P
art
ies
in
ac
co
rda
nc
e
wit
h
the
ir
co
nst
itu
tio
na
l pro
ce
du
res.
It
sha
ll e
nte
r in
to f
orc
e 6
0 d
ay
s a
fte
r th
e d
ep
osi
t b
y t
he
last
Sta
te P
art
y o
f
its
inst
rum
en
t o
f ra
tifi
ca
tio
n w
ith
th
e o
the
r P
art
y.
Co
mm
ent
ary
to e
nsur
e cl
arity
on
whe
n th
e ob
ligat
ions
on
the
part
ies
beco
me
lega
lly b
indi
ng.
ART
ICLE
34
Per
iod
in F
orce
and
Ter
min
atio
n34
.1.
Th
e A
gre
em
en
t sh
all
re
ma
in i
n f
orc
e f
or
ten
ye
ars
fo
llo
win
g i
ts e
ntr
y i
nto
fo
rce
.
34.2
. O
ptio
n 1
Th
is A
gre
em
en
t sh
all
be
re
ne
we
d f
or
furt
he
r p
eri
od
s o
f te
n y
ea
rs f
oll
ow
ing
th
e
exc
ha
ng
e o
f o
ffic
ial i
nst
rum
en
ts b
etw
ee
n e
ac
h S
tate
Pa
rty
co
nfi
rmin
g t
he
re
ne
wa
l of
the
Ag
ree
me
nt.
Th
e n
oti
ce
s o
f re
ne
wa
l sh
all
be
exc
ha
ng
ed
pri
or
to t
he
ex
pir
ati
on
of
the
Ag
ree
me
nt.
Th
is A
gre
em
en
t
sha
ll e
xp
ire
wh
ere
no
su
ch
exc
ha
ng
e o
f in
stru
me
nts
is c
om
ple
ted
pri
or
to t
he
ex
pir
ati
on
of
ea
ch
te
n-
ye
ar
pe
rio
d.
34.2
. O
ptio
n 2:
Th
is A
gre
em
en
t sh
all
au
tom
ati
ca
lly
be
re
ne
we
d f
or
an
ad
dit
ion
al
pe
rio
d o
f te
n
ye
ars
, u
nle
ss e
ith
er
Sta
te P
art
y h
as
sub
mit
ted
a N
oti
ce
of
Inte
nt
to t
erm
ina
te t
he
Ag
ree
me
nt
at
the
ex
pir
ati
on
of
the
cu
rre
nt
ten
-ye
ar
pe
rio
d a
t le
ast
six
mo
nth
s p
rio
r to
th
e r
en
ew
al
da
te.
34.3
. E
ith
er
Sta
te P
art
y m
ay
te
rmin
ate
th
is A
gre
em
en
t b
y g
ivin
g a
n o
ffic
ial
no
tic
e t
o t
he
oth
er
Pa
rty
tw
elv
e m
on
ths
pri
or
to it
s in
ten
de
d t
erm
ina
tio
n d
ate
, no
twit
hst
an
din
g a
ny
pri
or
ren
ew
al o
f th
is
Ag
ree
me
nt.
34.4
. T
he
rig
hts
of
Inv
est
ors
an
d t
he
Sta
te P
art
ies
sha
ll c
on
tin
ue
in
fo
rce
fo
r [fi
ve
][te
n]
ye
ars
foll
ow
ing
th
e e
xp
ira
tio
n o
f th
e p
eri
od
in f
orc
e f
or
inv
est
me
nts
ma
de
du
rin
g t
he
pe
rio
d t
he
Ag
ree
me
nt
wa
s in
fo
rce
.
Co
mm
ent
ary
whi
ch t
he t
reat
y w
ill b
e in
for
ce a
nd p
rovi
sion
s fo
r its
ren
ewal
or
for
the
with
draw
al o
f a
Part
y. T
his
leav
es t
he P
artie
s fr
ee to
rel
y up
on r
ules
fro
m o
utsi
de t
he t
reat
y, in
par
ticul
ar
this
issu
e.
238
PART
6: F
INA
L P
RO
VIS
ION
S
p.
75
The
initi
al p
erio
d fo
r whi
ch th
e tr
eaty
wou
ld b
e in
forc
e is
ten
year
s. A
fter
war
ds, t
wo
optio
ns
trea
ty. A
fai
lure
of
eith
er P
arty
to
do s
o m
eans
the
tre
aty
wou
ld t
hen
laps
e. T
he s
econ
d op
tion
is th
e op
posi
te: t
he tr
eaty
rene
ws
auto
mat
ical
ly a
t the
end
of t
en y
ears
for a
furt
her
In a
dditi
on, t
he t
ext
prov
ides
a m
echa
nism
for
eith
er P
arty
to
term
inat
e th
e tr
eaty
upo
n 1
2 m
onth
s no
tice
to t
he o
ther
Par
ty.
This
pro
vide
s an
add
ition
al s
afet
y va
lve
for
the
in i
nter
pret
atio
n or
app
licat
ion
of t
he t
reat
y, o
r ot
her
polic
y re
ason
s a
Stat
e m
ay h
ave
of t
he t
reat
y in
favo
ur o
f in
vest
ors
of t
he o
ther
Sta
te P
arty
mad
e pr
ior
to t
he te
rmin
atio
n of
the
tre
aty.
In
som
e in
stan
ces,
tre
atie
s ha
ve e
xten
ded
this
per
iod
to b
etw
een
20
and
was
una
nim
ousl
y of
the
view
that
the
time
perio
d sh
ould
be
kept
at t
he s
hort
er e
nd.
ART
ICLE
35
Am
endm
ent
Th
is A
gre
em
en
t m
ay
be
am
en
de
d b
y t
he
mu
tua
l c
on
sen
t o
f th
e S
tate
Pa
rtie
s th
rou
gh
an
exc
ha
ng
e
of
no
tes
or
sig
nin
g o
f a
n a
me
nd
me
nt
ag
ree
me
nt.
An
am
en
dm
en
t sh
all
en
ter
into
fo
rce
60
da
ys
foll
ow
ing
th
e d
ep
osi
t b
y t
he
la
st S
tate
Pa
rty
of
its
inst
rum
en
t o
f ra
tifi
ca
tio
n o
f th
e a
me
nd
me
nt
wit
h
the
oth
er
Pa
rty.
Co
mm
ent
ary
Agai
n, m
any
inve
stm
ent
trea
ties
do n
ot in
clud
e pr
ovis
ions
on
amen
dmen
t of
the
tre
aty.
do i
nclu
de s
uch
prov
isio
ns.
The
lang
uage
abo
ve a
llow
s ea
sy a
dapt
atio
n to
the
for
m o
f tr
eaty
mak
ing
and
amen
dmen
t th
at i
s us
ed i
n di
ffer
ent
Stat
es.
If th
is p
rovi
sion
is
not
239
p.76
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
ART
ICLE
36
Sch
edul
es a
nd N
otes
Par
t of T
reat
yT
he
Sc
he
du
les
an
d n
ote
s to
th
is A
gre
em
en
t fo
rm a
n i
nte
gra
l p
art
of
this
Ag
ree
me
nt.
Co
mm
ent
ary
This
is a
com
mon
art
icle
. It s
impl
y en
sure
s th
at a
ll of
the
elem
ents
of t
he n
egot
iate
d te
xt
are
cons
ider
ed in
the
eve
nt o
f an
y di
sput
e. I
t is
com
mon
for
impo
rtan
t el
emen
ts t
o be
in
clud
ed in
sch
edul
es o
r agr
eed
note
s of
the
nego
tiatin
g pa
rtie
s.
ART
ICLE
37
Aut
hent
ic T
ext
Th
e a
uth
en
tic
te
xt
of
this
Ag
ree
me
nt
sha
ll b
e i
n [
En
gli
sh][
an
d F
ren
ch
][a
nd
Po
rtu
gu
ese
].
Co
mm
ent
ary
This
is a
gain
a c
omm
on t
echn
ical
ele
men
t, es
sent
ial t
o en
sure
whi
ch la
ngua
ges
are
the
criti
cal t
exts
in th
e ev
ent o
f a d
ispu
te.
240
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
p.
77
SP
EC
IAL
NO
TE
: T
he
fo
llo
win
g a
re t
he
su
gg
est
ed
sch
ed
ule
s, b
ase
d o
n t
he
te
xt
set
ou
t a
bo
ve.
Th
e c
on
ten
t
of
ea
ch w
ou
ld t
he
n b
e p
rop
ose
d b
y e
ach
ne
go
tia
tin
g p
art
y f
or
itse
lf,
an
d a
do
pte
d a
s p
art
of
the
te
xt
by
ag
ree
me
nt.
It
is p
oss
ible
th
at
a S
tate
ma
y o
bje
ct t
o s
om
e o
f th
e p
rop
ose
d i
ncl
usi
on
s, a
nd
th
is c
ou
ld
be
su
bje
ct t
o n
eg
oti
ati
on
. In
pra
ctic
e,
ma
ny
de
velo
pe
d S
tate
s d
o s
ee
k t
o m
inim
ize
an
y s
uch
sch
ed
ule
s
pro
po
sed
by
th
eir
de
velo
pin
g c
ou
ntr
y n
eg
oti
ati
ng
pa
rtn
ers
, wh
ile
ma
xim
izin
g t
he
use
of
the
m t
he
mse
lve
s.
It i
s im
po
rta
nt
for
ne
go
tia
tors
to
fo
cus
on
th
ese
de
tail
s, a
nd
fo
r e
arl
y p
rep
ara
tio
n o
f th
ese
sch
ed
ule
s b
y
SA
DC
Me
mb
er
Sta
tes,
in o
rde
r to
ach
ieve
a b
ala
nce
d r
esu
lt in
th
e n
eg
oti
ati
on
s.
SCH
EDU
LE 1
Exc
lude
d/In
clud
ed S
ecto
rs fo
r Inv
estm
ent
Libe
raliz
atio
n, If
App
licab
leL
ist
of
inc
lud
ed
or
exc
lud
ed
se
cto
rs, d
ep
en
din
g o
n m
od
el
ch
ose
n;
an
d e
xc
lud
ed
su
bse
cto
rs
Lis
t o
f e
xc
lud
ed
no
n-c
on
form
ing
me
asu
res
SCH
EDU
LE 2
E
xclu
ded/
Incl
uded
Sec
tors
for P
ost-
Esta
blis
hmen
t In
vest
or P
rote
ctio
ns, I
f App
licab
le
Lis
t o
f e
xc
lud
ed
se
cto
rs (
if t
op
-do
wn
dra
ftin
g),
or
sub
sec
tors
Lis
t o
f e
xc
lud
ed
no
n-c
on
form
ing
me
asu
res
SCH
EDU
LE 3
L
ist o
n N
atio
nal A
utho
ritie
s an
d Co
ntac
t Poi
nts
Th
e O
ffic
ial
Co
nta
ct
Po
int
for
the
pu
rpo
ses
of
this
Ag
ree
me
nt
sha
ll b
e:
Sta
te P
art
y A
:
Sta
te P
art
y B
:
Th
e
co
nta
ct
po
ints
sh
all
b
e
resp
on
sib
le
for
the
e
xc
ha
ng
e
of
info
rma
tio
n
req
uir
ed
u
nd
er
this
Ag
ree
me
nt.
SCH
EDU
LE 4
P
roce
dure
for A
mic
us C
uria
e Su
bmis
sion
s1.
T
he
pe
rso
n o
r o
rga
niz
ati
on
se
ek
ing
am
icu
s cu
ria
e s
tatu
s sh
all
se
rve
th
e t
rib
un
al a
nd
all
dis
pu
tin
g
pa
rtie
s w
ith
a P
eti
tio
n f
or
lea
ve
to
file
an
am
icu
s cu
ria
e s
ub
mis
sio
n a
nd
th
e p
lan
ne
d s
ub
mis
sio
n.
Co
mm
ent
ary
amic
usth
e pe
titio
n fo
r am
icus
sta
tus
by th
e in
tere
sted
per
son
or g
roup
, alo
ng w
ith th
e su
bmis
sion
th
ey in
tend
to s
ubm
it.
241
p.78
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
2.
Th
e P
eti
tio
n f
or
lea
ve
to
file
an
am
icu
s cu
ria
e s
ub
mis
sio
n s
ha
ll:
(a
) b
e m
ad
e i
n w
riti
ng
, d
ate
d a
nd
sig
ne
d b
y t
he
pe
rso
n o
r o
rga
niz
ati
on
fili
ng
th
e a
pp
lic
ati
on
,
an
d i
nc
lud
e t
he
ad
dre
ss a
nd
oth
er
co
nta
ct
de
tail
s o
f th
e P
eti
tio
ne
r. C
ou
nse
l m
ay
file
an
d
rep
rese
nt
the
pe
rso
n o
r o
rga
niz
ati
on
fo
r th
is p
urp
ose
;
(b
) b
e n
o l
on
ge
r th
an
te
n t
yp
ed
pa
ge
s;
(c
) d
esc
rib
e t
he
Pe
titi
on
er,
in
clu
din
g,
wh
ere
re
lev
an
t, i
ts m
em
be
rsh
ip a
nd
le
ga
l st
atu
s (e
.g.,
co
mp
an
y, t
rad
e a
sso
cia
tio
n o
r o
the
r n
on
-go
ve
rnm
en
tal o
rga
niz
ati
on
), it
s g
en
era
l o
bje
cti
ve
s,
the
na
ture
of
its
ac
tiv
itie
s, a
nd
an
y p
are
nt
org
an
iza
tio
n (
inc
lud
ing
an
y o
rga
niz
ati
on
th
at
dir
ec
tly
or
ind
ire
ctl
y c
on
tro
ls t
he
ap
pli
ca
nt)
;
(d
) d
isc
lose
w
he
the
r o
r n
ot
the
P
eti
tio
ne
r h
as
an
y
affi
lia
tio
n,
dir
ec
t o
r in
dir
ec
t,
wit
h
an
y
dis
pu
tin
g p
art
y;
(e
) id
en
tify
an
y g
ov
ern
me
nt,
pe
rso
n o
r o
rga
niz
ati
on
th
at
ha
s p
rov
ide
d a
ny
fin
an
cia
l o
r o
the
r
ass
ista
nc
e i
n p
rep
ari
ng
th
e s
ub
mis
sio
n;
(f
) sp
ec
ify
th
e n
atu
re o
f th
e i
nte
rest
th
at
the
Pe
titi
on
er
ha
s in
th
e a
rbit
rati
on
;
(g
) id
en
tify
th
e s
pe
cifi
c i
ssu
es
of
fac
t o
r la
w i
n t
he
arb
itra
tio
n t
ha
t th
e P
eti
tio
ne
r h
as
ad
dre
sse
d
in i
ts w
ritt
en
su
bm
issi
on
;
(h
) e
xp
lain
, b
y r
efe
ren
ce
to
th
e f
ac
tors
sp
ec
ifie
d i
n p
ara
gra
ph
4 b
elo
w,
wh
y t
he
tri
bu
na
l sh
ou
ld
ac
ce
pt
the
su
bm
issi
on
; a
nd
(i
) b
e m
ad
e in
a la
ng
ua
ge
of
the
arb
itra
tio
n o
r th
e p
rim
ary
lan
gu
ag
e o
f th
e d
isp
uti
ng
Sta
te P
art
y.
Co
mm
ent
ary
This
pro
visi
on e
nsur
es tr
ansp
aren
cy b
y th
e po
tent
ial a
mic
us o
n w
ho is
mak
ing
the
Petit
ion
and
why
. Any
rela
tions
hips
to e
ither
of t
he li
tigat
ion
part
ies
mus
t be
mad
e cl
ear,
incl
udin
g
subm
issi
on a
nd w
hat
its b
road
er in
tere
st in
the
out
com
e of
the
arb
itrat
ion
may
be.
Thi
s
deve
lope
d, s
uch
as t
he p
rope
r ap
proa
ch t
o in
terp
retin
g th
e tr
eaty
due
to
the
impa
ct t
he
appr
oach
es m
ay h
ave
on o
ther
rela
ted
situ
atio
ns th
e am
icus
is c
once
rned
with
.
3.
Th
e s
ub
mis
sio
n fi
led
by
an
am
icu
s cu
ria
e s
ha
ll:
(a
) b
e d
ate
d a
nd
sig
ne
d b
y t
he
pe
rso
n fi
lin
g t
he
su
bm
issi
on
;
(b
) b
e c
on
cis
e, a
nd
in
no
ca
se l
on
ge
r th
an
[5
0][
40
] ty
pe
d p
ag
es,
in
clu
din
g a
ny
ap
pe
nd
ice
s;
(c
) se
t o
ut
a p
rec
ise
sta
tem
en
t su
pp
ort
ing
th
e a
mic
us
curi
ae’
s p
osi
tio
n o
n t
he
iss
ue
s; a
nd
(d
) o
nly
ad
dre
ss m
att
ers
wit
hin
th
e s
co
pe
of
the
dis
pu
te.
242
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
p.
79
Co
mm
ent
ary
the
subm
issi
on it
self.
The
mos
t crit
ical
ele
men
t is
that
the
subm
issi
on s
houl
d be
lega
l and
no
t pol
itica
l in
natu
re. T
his
is a
n im
port
ant d
isci
plin
e fo
r the
Pet
ition
ers.
4.
Th
e t
rib
un
al
sha
ll s
et
an
ap
pro
pri
ate
da
te f
or
the
dis
pu
tin
g p
art
ies
to c
om
me
nt
on
th
e P
eti
tio
n
for
lea
ve
to
file
an
am
icu
s cu
ria
e s
ub
mis
sio
n.
Co
mm
ent
ary
This
is
an i
mpo
rtan
t el
emen
t of
ens
urin
g th
at t
he a
rbitr
atin
g pa
rtie
s ea
ch h
ave
ampl
e an
d fa
ir op
port
unity
to
com
men
t on
the
am
icus
sub
mis
sion
s, e
nsur
ing
neith
er s
ide
is
5.
In d
ete
rmin
ing
wh
eth
er
to g
ran
t le
av
e t
o fi
le a
n a
mic
us
curi
ae s
ub
mis
sio
n,
the
tri
bu
na
l sh
all
co
nsi
de
r, i
nte
r a
lia
, th
e e
xte
nt
to w
hic
h:
(a
) th
e a
mic
us
curi
ae s
ub
mis
sio
n w
ou
ld a
ssis
t th
e t
rib
un
al
in t
he
de
term
ina
tio
n o
f a
fa
ctu
al
or
leg
al
issu
e r
ela
ted
to
th
e d
isp
ute
;
(b
) th
e a
mic
us
curi
ae s
ub
mis
sio
n w
ou
ld a
dd
ress
a m
att
er
wit
hin
th
e s
co
pe
of
the
dis
pu
te;
(c
) th
e a
mic
us
curi
ae h
as
a s
ign
ific
an
t in
tere
st i
n t
he
arb
itra
tio
n;
an
d
(d
) th
ere
is
a p
ub
lic
in
tere
st i
n t
he
su
bje
ct-
ma
tte
r o
f th
e a
rbit
rati
on
.
Co
mm
ent
ary
This
is c
ritic
al g
uida
nce
that
ens
ures
the
Pet
ition
er a
nd t
he t
ribun
al a
nd t
he a
rbitr
atin
g
subm
issi
on is
to b
e m
ade.
6.
Th
e t
rib
un
al
sha
ll e
nsu
re t
ha
t:
(a
) a
ny
am
icu
s cu
ria
e s
ub
mis
sio
n d
oe
s n
ot
dis
rup
t th
e p
roc
ee
din
gs;
an
d
(b
) n
eit
he
r d
isp
uti
ng
pa
rty
is
un
du
ly b
urd
en
ed
or
un
fair
ly p
reju
dic
ed
by
su
ch
su
bm
issi
on
s.
243
p.80
SA
DC
MO
DE
L B
ILA
TE
RA
L I
NV
ES
TM
EN
T T
RE
AT
Y W
ITH
CO
MM
EN
TA
RY
Co
mm
ent
ary
This
pla
ces
the
burd
en o
n th
e tr
ibun
al t
o m
anag
e its
pro
cedu
re in
suc
h a
way
as
to b
e
inte
rest
s as
the
prim
ary
litig
ants
.
7.
Th
e t
rib
un
al
sha
ll d
ec
ide
wh
eth
er
to g
ran
t le
av
e t
o fi
le a
n a
mic
us
curi
ae s
ub
mis
sio
n.
If l
ea
ve
to
file
is
gra
nte
d,
the
tri
bu
na
l sh
all
se
t a
n a
pp
rop
ria
te d
ate
fo
r th
e d
isp
uti
ng
pa
rtie
s a
nd
th
e n
on
-
dis
pu
tin
g S
tate
Pa
rty
to
re
spo
nd
in
wri
tin
g t
o t
he
am
icu
s cu
ria
e s
ub
mis
sio
n.
Co
mm
ent
ary
This
is a
pro
cedu
ral p
rovi
sion
to e
nsur
e pr
oper
sch
edul
ing
of th
e tim
etab
le fo
r all
part
ies.
8.
A t
rib
un
al
tha
t g
ran
ts l
ea
ve
to
file
an
am
icu
s cu
ria
e s
ub
mis
sio
n i
s n
ot
req
uir
ed
to
ad
dre
ss t
he
sub
mis
sio
n a
t a
ny
po
int
in t
he
arb
itra
tio
n.
Th
e t
rib
un
al
ma
y r
eq
ue
st a
ny
pe
rso
n o
r o
rga
niz
ati
on
ma
kin
g a
su
bm
issi
on
to
ap
pe
ar
be
fore
th
e t
rib
un
al
to r
ep
ly t
o s
pe
cifi
c i
ssu
es
or
qu
est
ion
s
co
nc
ern
ing
th
e s
ub
mis
sio
n.
Co
mm
ent
ary
its o
pera
tions
.
9.
Ac
ce
ss
to
he
ari
ng
s a
nd
d
oc
um
en
ts
by
p
ers
on
s o
r o
rga
niz
ati
on
s th
at
file
p
eti
tio
ns
un
de
r
the
se p
roc
ed
ure
s sh
all
be
go
ve
rne
d b
y t
he
pro
vis
ion
s p
ert
ain
ing
to
pu
bli
c a
cc
ess
to
he
ari
ng
s
an
d d
oc
um
en
ts u
nd
er
this
Ag
ree
me
nt[
, u
nle
ss o
the
rwis
e d
ete
rmin
ed
by
th
e t
rib
un
al
aft
er
co
nsu
lta
tio
ns
wit
h t
he
dis
pu
tin
g p
art
ies]
.
Co
mm
ent
ary
As p
ublic
acc
ess
to a
rbitr
atio
ns u
nder
the
agre
emen
t is
alre
ady
perm
itted
, thi
s is
a s
afet
y pr
ovis
ion
allo
win
g th
e tr
ibun
al to
mak
e ad
just
men
ts to
thos
e ru
les
if th
at m
ay b
e us
eful
to
man
age
the
proc
edur
e pr
oper
ly.
244
© 2
012
SO
UT
HE
RN
AF
RIC
AN
DE
VE
LOP
ME
NT
CO
MM
UN
ITY
SA
DC
He
ad
qu
art
ers
Plo
t N
o. 5
43
85
Ce
ntr
al
Bu
sin
ess
Dis
tric
t
Pri
va
te B
ag
00
95
Ga
bo
ron
e
Bo
tsw
an
a
Te
lep
ho
ne
+2
67
39
5 1
86
3
Fax
+2
67
39
7 2
84
8
ww
w.s
ad
c.in
t
245
United States Model Bilateral Investment Treaty, 2012
2012
U.S
. Mod
el B
ilat
eral
Inv
estm
ent
Tre
aty
TR
EA
TY
BE
TW
EE
N
TH
E G
OV
ER
NM
EN
T O
F T
HE
UN
ITE
D S
TA
TE
S O
F A
ME
RIC
A
AN
D T
HE
GO
VE
RN
ME
NT
OF
[C
oun
try]
C
ON
CE
RN
ING
TH
E E
NC
OU
RA
GE
ME
NT
A
ND
RE
CIP
RO
CA
L P
RO
TE
CT
ION
OF
IN
VE
ST
ME
NT
T
he G
over
nmen
t of
the
Uni
ted
Sta
tes
of A
mer
ica
and
the
Gov
ernm
ent o
f [C
ount
ry]
(her
eina
fter t
he “
Parti
es”)
;
Des
irin
gto
pro
mot
e gr
eate
r ec
onom
ic c
oope
rati
on b
etw
een
them
wit
h re
spec
t to
inve
stm
ent b
y na
tion
als
and
ente
rpri
ses
of o
ne P
arty
in th
e te
rrit
ory
of th
e ot
her
Par
ty;
Reco
gniz
ing
that
agr
eem
ent o
n th
e tr
eatm
ent t
o be
acc
orde
d su
ch in
vest
men
t wil
l st
imul
ate
the
flow
of
priv
ate
capi
tal a
nd th
e ec
onom
ic d
evel
opm
ent o
f th
e P
arti
es;
Agre
eing
that
a s
tabl
e fr
amew
ork
for
inve
stm
ent w
ill m
axim
ize
effe
ctiv
e ut
iliz
atio
n of
ec
onom
ic r
esou
rces
and
impr
ove
livi
ng s
tand
ards
;
Reco
gniz
ing
the
impo
rtan
ce o
f pr
ovid
ing
effe
ctiv
e m
eans
of
asse
rtin
g cl
aim
s an
d en
forc
ing
righ
ts w
ith
resp
ect t
o in
vest
men
t und
er n
atio
nal l
aw a
s w
ell a
s th
roug
h in
tern
atio
nal
arbi
trat
ion;
Des
irin
gto
ach
ieve
thes
e ob
ject
ives
in a
man
ner
cons
iste
nt w
ith
the
prot
ecti
on o
f he
alth
, saf
ety,
and
the
envi
ronm
ent,
and
the
prom
otio
n of
inte
rnat
iona
lly
reco
gniz
ed la
bor
righ
ts;
H
avin
gre
solv
ed to
con
clud
e a
Tre
aty
conc
erni
ng th
e en
cour
agem
ent a
nd r
ecip
roca
l pr
otec
tion
of
inve
stm
ent;
Hav
e ag
reed
as
foll
ows:
-
2-
SE
CT
ION
A
Art
icle
1:
Def
init
ion
s
For
purp
oses
of
this
Tre
aty:
“cen
tral
leve
l of g
over
nmen
t”m
eans
:
(a)
for
the
Uni
ted
Sta
tes,
the
fede
ral l
evel
of
gove
rnm
ent;
and
(b)
for
[Cou
ntry
], [
].
“Cen
tre”
mea
ns th
e In
tern
atio
nal C
entr
efo
r Set
tlem
ent o
f Inv
estm
ent D
ispu
tes (
“IC
SID
”)
esta
blis
hed
by th
e IC
SID
Con
vent
ion.
“cla
iman
t”m
eans
an
inve
stor
of
a P
arty
that
is a
par
ty to
an
inve
stm
ent d
ispu
te w
ith
the
othe
r P
arty
.
“cov
ered
inve
stm
ent”
mea
ns, w
ith
resp
ect t
o a
Par
ty, a
n in
vest
men
t in
its
terr
itor
y of
an
inve
stor
of
the
othe
r P
arty
in e
xist
ence
as
of th
e da
te o
f en
try
into
for
ce o
f th
is T
reat
y or
es
tabl
ishe
d, a
cqui
red,
or
expa
nded
ther
eaft
er.
“dis
putin
g pa
rtie
s”m
eans
the
clai
man
t and
the
resp
onde
nt.
“dis
putin
g pa
rty”
mea
ns e
ithe
r th
e cl
aim
ant o
r th
e re
spon
dent
.
“ent
erpr
ise”
mea
ns a
ny e
ntit
y co
nsti
tute
d or
org
aniz
ed u
nder
app
lica
ble
law
, whe
ther
or
not f
or
prof
it, a
nd w
heth
er p
riva
tely
or
gove
rnm
enta
lly
owne
d or
con
trol
led,
incl
udin
g a
corp
orat
ion,
tr
ust,
part
ners
hip,
sol
e pr
opri
etor
ship
, joi
nt v
entu
re, a
ssoc
iati
on, o
r si
mil
ar o
rgan
izat
ion;
and
a
bran
ch o
f an
ent
erpr
ise.
“ent
erpr
ise
of a
Par
ty”
mea
ns a
n en
terp
rise
con
stit
uted
or
orga
nize
d un
der
the
law
of
a P
arty
, an
d a
bran
ch lo
cate
d in
the
terr
itor
y of
a P
arty
and
car
ryin
g ou
t bus
ines
s ac
tivi
ties
ther
e.
“exi
stin
g”m
eans
in e
ffec
t on
the
date
of
entr
y in
to f
orce
of
this
Tre
aty.
“fre
ely
usab
le c
urre
ncy”
mea
ns “
free
ly u
sabl
e cu
rren
cy”
as d
eter
min
ed b
y th
e In
tern
atio
nal
Mon
etar
y Fu
nd u
nder
its
Artic
les o
f Agr
eem
ent.
“GA
TS”
mea
ns th
e G
ener
al A
gree
men
t on
Trad
e in
Ser
vice
s, co
ntai
ned
in A
nnex
1B
to th
e W
TO
Agr
eem
ent.
-
3-
“gov
ernm
ent p
rocu
rem
ent”
mea
ns th
e pr
oces
s by
whi
ch a
gov
ernm
ent o
btai
ns th
e us
e of
or
acqu
ires
goo
ds o
r se
rvic
es, o
r an
y co
mbi
nati
on th
ereo
f, f
or g
over
nmen
tal p
urpo
ses
and
not w
ith
a vi
ew to
com
mer
cial
sal
e or
res
ale,
or
use
in th
e pr
oduc
tion
or
supp
ly o
f go
ods
or s
ervi
ces
for
com
mer
cial
sal
e or
res
ale.
“IC
SID
Add
ition
al F
acili
ty R
ules
”m
eans
the
Rule
s Gov
erni
ng th
e Ad
ditio
nal F
acili
ty fo
r the
Ad
min
istr
atio
n of
Pro
ceed
ings
by
the
Secr
etar
iat o
f the
Inte
rnat
iona
l Cen
tre
for S
ettle
men
t of
Inve
stm
ent D
ispu
tes.
“IC
SID
Con
vent
ion”
mea
ns th
e C
onve
ntio
n on
the
Settl
emen
t of I
nves
tmen
t Dis
pute
s bet
wee
n St
ates
and
Nat
iona
ls o
f Oth
er S
tate
s, do
ne a
t Was
hing
ton,
Mar
ch 1
8, 1
965.
[“In
ter-
Am
eric
an C
onve
ntio
n” m
eans
the
Inte
r-Am
eric
an C
onve
ntio
n on
Inte
rnat
iona
l C
omm
erci
al A
rbitr
atio
n, d
one
at P
anam
a, J
anua
ry 3
0, 1
975.
]
“inv
estm
ent”
mea
ns e
very
ass
et th
at a
n in
vest
or o
wns
or
cont
rols
, dir
ectl
y or
indi
rect
ly, t
hat h
as
the
char
acte
rist
ics
of a
n in
vest
men
t, in
clud
ing
such
cha
ract
eris
tics
as
the
com
mit
men
t of
capi
tal
or o
ther
res
ourc
es, t
he e
xpec
tati
on o
f ga
in o
r pr
ofit
, or
the
assu
mpt
ion
of r
isk.
For
ms
that
an
inve
stm
ent m
ay ta
ke in
clud
e:
(a)
an e
nter
pris
e;
(b)
shar
es, s
tock
, and
oth
er f
orm
s of
equ
ity
part
icip
atio
n in
an
ente
rpri
se;
(c)
bond
s, d
eben
ture
s, o
ther
deb
t ins
trum
ents
, and
loan
s;1
(d)
futu
res,
opt
ions
, and
oth
er d
eriv
ativ
es;
(e)
turn
key,
con
stru
ctio
n, m
anag
emen
t, pr
oduc
tion
, con
cess
ion,
rev
enue
-sha
ring
, and
ot
her
sim
ilar
con
trac
ts;
(f)
inte
llec
tual
pro
pert
y ri
ghts
;
(g)
lice
nses
, aut
hori
zati
ons,
per
mit
s, a
nd s
imil
ar r
ight
s co
nfer
red
purs
uant
to d
omes
tic
law
;2,3
and
1
Som
e fo
rms
of d
ebt,
such
as
bond
s, d
eben
ture
s, a
nd lo
ng-t
erm
not
es, a
re m
ore
likel
y to
hav
e th
e ch
arac
teri
stic
s of
an
inve
stm
ent,
whi
le o
ther
for
ms
of d
ebt,
such
as
clai
ms
to p
aym
ent t
hat a
re
imm
edia
tely
due
and
res
ult f
rom
the
sale
of
good
s or
ser
vice
s, a
re le
ss li
kely
to h
ave
such
cha
ract
eris
tics.
2W
heth
er a
par
ticul
ar ty
pe o
f li
cens
e, a
utho
riza
tion
, per
mit
, or
sim
ilar
inst
rum
ent (
incl
udin
g a
conc
essi
on, t
o th
e ex
tent
that
it h
as th
e na
ture
of
such
an
inst
rum
ent)
has
the
char
acte
rist
ics
of a
n in
vest
men
tdep
ends
on
such
fac
tors
as
the
natu
re a
nd e
xten
t of
the
righ
ts th
at th
e ho
lder
has
und
er th
e la
w
of th
e P
arty
. A
mon
g th
e li
cens
es, a
utho
riza
tion
s, p
erm
its,
and
sim
ilar
inst
rum
ents
that
do
not h
ave
the
char
acte
rist
ics
of a
n in
vest
men
t are
thos
e th
at d
o no
t cre
ate
any
righ
ts p
rote
cted
und
er d
omes
tic
law
.F
or
grea
ter
cert
aint
y, th
e fo
rego
ing
is w
ithou
t pre
judi
ce to
whe
ther
any
ass
et a
ssoc
iate
dw
ith
the
licen
se,
auth
oriz
atio
n, p
erm
it, o
r si
mil
ar in
stru
men
t has
the
char
acte
rist
ics
of a
n in
vest
men
t.
-
4-
(h)
othe
r ta
ngib
le o
r in
tang
ible
, mov
able
or
imm
ovab
le p
rope
rty,
and
rel
ated
pro
pert
y ri
ghts
, suc
h as
leas
es, m
ortg
ages
, lie
ns, a
nd p
ledg
es.
“inv
estm
ent a
gree
men
t”m
eans
a w
ritt
en a
gree
men
t4be
twee
n a
nati
onal
aut
hori
ty5
of a
Par
ty
and
a co
vere
d in
vest
men
t or
an in
vest
or o
f th
e ot
her
Par
ty, o
n w
hich
the
cove
red
inve
stm
ent o
r th
e in
vest
or r
elie
s in
est
abli
shin
g or
acq
uiri
ng a
cov
ered
inve
stm
ent o
ther
than
the
wri
tten
ag
reem
ent i
tsel
f, th
at g
rant
s ri
ghts
to th
e co
vere
d in
vest
men
t or
inve
stor
:
(a)
wit
h re
spec
t to
natu
ral r
esou
rces
that
a n
atio
nal a
utho
rity
con
trol
s, s
uch
as f
or
thei
r ex
plor
atio
n, e
xtra
ctio
n, r
efin
ing,
tran
spor
tati
on, d
istr
ibut
ion,
or
sale
;
(b)
to s
uppl
y se
rvic
es to
the
publ
ic o
n be
half
of
the
Par
ty, s
uch
as p
ower
gen
erat
ion
or d
istr
ibut
ion,
wat
er tr
eatm
ent o
r di
stri
buti
on, o
r te
leco
mm
unic
atio
ns; o
r
(c)
toun
dert
ake
infr
astr
uctu
re p
roje
cts,
suc
h as
the
cons
truc
tion
of
road
s, b
ridg
es,
cana
ls, d
ams,
or
pipe
line
s, th
at a
re n
ot f
or th
e ex
clus
ive
or p
redo
min
ant u
se a
nd
bene
fit o
f th
e go
vern
men
t.
“inv
estm
ent a
utho
riza
tion”
6m
eans
an
auth
oriz
atio
n th
at th
e fo
reig
n in
vest
men
t aut
hori
ty o
f a
Par
ty g
rant
s to
a c
over
ed in
vest
men
t or
an in
vest
or o
f th
e ot
her
Par
ty.
“inv
esto
r of
a n
on-P
arty
”m
eans
, wit
h re
spec
t to
a P
arty
, an
inve
stor
that
att
empt
s to
mak
e, is
m
akin
g, o
r ha
s m
ade
an in
vest
men
t in
the
terr
itor
y of
that
Par
ty, t
hat i
s no
t an
inve
stor
of
eith
er
Par
ty.
“inv
esto
r of
a P
arty
” m
eans
a P
arty
or
stat
e en
terp
rise
ther
eof,
or
a na
tion
al o
r an
ent
erpr
ise
of a
P
arty
, tha
t att
empt
s to
mak
e, is
mak
ing,
or
has
mad
e an
inve
stm
ent i
n th
e te
rrit
ory
of th
e ot
her
Par
ty; p
rovi
ded,
how
ever
, tha
t a n
atur
al p
erso
n w
ho is
a d
ual n
atio
nal s
hall
be
deem
ed to
be
excl
usiv
ely
a na
tion
al o
f th
e S
tate
of
his
or h
er d
omin
ant a
nd e
ffec
tive
nat
iona
lity
.
3T
he te
rm “
inve
stm
ent”
doe
s not
incl
ude
an o
rder
or j
udgm
ent e
nter
ed in
a ju
dici
al o
r adm
inis
trativ
e ac
tion
.
4“W
ritte
n ag
reem
ent”
refe
rs to
an
agre
emen
t in
writ
ing,
exe
cute
d by
bot
h pa
rties
, whe
ther
in a
sing
le
inst
rum
ent o
r in
mul
tiple
inst
rum
ents
, tha
t cre
ates
an
exch
ange
of
righ
ts a
nd o
blig
atio
ns, b
indi
ng o
n bo
th
part
ies
unde
r th
e la
w a
pplic
able
und
er A
rtic
le 3
0[G
over
ning
Law
](2)
. F
or g
reat
er c
erta
inty
, (a)
a
unila
tera
l act
of
an a
dmin
istr
ativ
e or
judi
cial
aut
hori
ty, s
uch
as a
per
mit
, lic
ense
, or
auth
oriz
atio
n is
sued
by
a P
arty
sol
ely
in it
s re
gula
tory
cap
acit
y, o
r a
decr
ee, o
rder
, or
judg
men
t, st
andi
ng a
lone
; and
(b)
an
adm
inis
trat
ive
or ju
dici
al c
onse
nt d
ecre
e or
ord
er, s
hall
not
be
cons
ider
ed a
wri
tten
agr
eem
ent.
5Fo
r pur
pose
s of t
his d
efin
ition
, “na
tiona
l aut
horit
y” m
eans
(a) f
or th
e U
nite
d St
ates
, an
auth
ority
at t
he
cent
ral l
evel
of
gove
rnm
ent;
and
(b)
for
[C
ount
ry],
[
].
6F
or g
reat
er c
erta
inty
, act
ions
take
n by
a P
arty
to e
nfor
ce la
ws
of g
ener
al a
pplic
atio
n, s
uch
as
com
peti
tion
law
s, a
re n
ot e
ncom
pass
ed w
ithin
this
def
initi
on.
-
5-
“mea
sure
”in
clud
es a
ny la
w, r
egul
atio
n, p
roce
dure
, req
uire
men
t, or
pra
ctic
e.
“nat
iona
l”m
eans
:
(a)
for
the
Uni
ted
Sta
tes,
a n
atur
al p
erso
n w
ho is
a n
atio
nal o
f th
e U
nite
d S
tate
s as
de
fine
d in
Tit
le I
II o
f th
e Im
mig
rati
on a
nd N
atio
nali
ty A
ct; a
nd
(b)
for
[Cou
ntry
], [
].
“New
Yor
k C
onve
ntio
n”m
eans
the
Uni
ted
Nat
ions
Con
vent
ion
on th
e Re
cogn
ition
and
En
forc
emen
t of F
orei
gn A
rbitr
al A
war
ds, d
one
at N
ew Y
ork,
Jun
e 10
, 195
8.
“non
-dis
putin
g Pa
rty”
mea
ns th
e P
arty
that
is n
ot a
par
ty to
an
inve
stm
ent d
ispu
te.
“per
son”
mea
ns a
nat
ural
per
son
or a
n en
terp
rise
.
“per
son
of a
Par
ty”
mea
ns a
nat
iona
l or
an e
nter
pris
e of
a P
arty
.
“pro
tect
ed in
form
atio
n”m
eans
con
fide
ntia
l bus
ines
s in
form
atio
n or
info
rmat
ion
that
is
priv
ilege
d or
oth
erw
ise
prot
ecte
d fr
om d
iscl
osur
e un
der a
Par
ty’s
law
.
“reg
iona
l lev
el o
f gov
ernm
ent”
mea
ns:
(a)
for
the
Uni
ted
Sta
tes,
a s
tate
of
the
Uni
ted
Sta
tes,
the
Dis
tric
t of
Col
umbi
a, o
r P
uert
o R
ico;
and
(b)
for
[Cou
ntry
], [
].
“res
pond
ent”
mea
ns th
e P
arty
that
is a
par
ty to
an
inve
stm
ent d
ispu
te.
“Sec
reta
ry-G
ener
al”
mea
ns th
e S
ecre
tary
-Gen
eral
of
ICS
ID.
“sta
te e
nter
pris
e”m
eans
an
ente
rpri
se o
wne
d, o
r co
ntro
lled
thro
ugh
owne
rshi
p in
tere
sts,
by
a P
arty
.
“ter
rito
ry”
mea
ns:
(a
) w
ith
resp
ect t
o th
e U
nite
d S
tate
s,
(i)
the
cust
oms
terr
itor
y of
the
Uni
ted
Sta
tes,
whi
ch in
clud
es th
e 50
sta
tes,
the
Dis
tric
t of
Col
umbi
a, a
nd P
uert
o R
ico;
(ii)
th
e fo
reig
n tr
ade
zone
s lo
cate
d in
the
Uni
ted
Sta
tes
and
Pue
rto
Ric
o.
(b)
wit
h re
spec
t to
[Cou
ntry
,] [
].
-
6-
(c)
wit
h re
spec
t to
each
Par
ty, t
he te
rrit
oria
l sea
and
any
are
a be
yond
the
terr
itor
ial
sea
of th
e P
arty
wit
hin
whi
ch, i
n ac
cord
ance
wit
h cu
stom
ary
inte
rnat
iona
l law
as
refl
ecte
d in
the
Uni
ted
Nat
ions
Con
vent
ion
on th
e L
aw o
f th
e S
ea, t
he P
arty
may
ex
erci
se s
over
eign
rig
hts
or ju
risd
icti
on.
“TR
IPS
Agr
eem
ent”
mea
ns th
e Ag
reem
ent o
n Tr
ade-
Rela
ted
Aspe
cts o
f Int
elle
ctua
l Pro
pert
y Ri
ghts
,con
tain
ed in
Ann
ex 1
C to
the
WT
O A
gree
men
t.7
“UN
CIT
RA
L A
rbitr
atio
n R
ules
”m
eans
the
arbi
trat
ion
rule
s of
the
Uni
ted
Nat
ions
C
omm
issi
on o
n In
tern
atio
nal T
rade
Law
.
“WT
O A
gree
men
t” m
eans
the
Mar
rake
sh A
gree
men
t Est
ablis
hing
the
Wor
ld T
rade
O
rgan
izat
ion,
don
e on
Apr
il 1
5, 1
994.
Art
icle
2:
Sco
pe
and
Cov
erag
e
1. T
his
Tre
aty
appl
ies
to m
easu
res
adop
ted
or m
aint
aine
d by
a P
arty
rel
atin
g to
:
(a
) in
vest
ors
of th
e ot
her
Par
ty;
(b)
cove
red
inve
stm
ents
; and
(c)
wit
h re
spec
t to
Art
icle
s 8
[Per
form
ance
Req
uire
men
ts],
12
[Inv
estm
ent a
nd
Env
iron
men
t], a
nd 1
3 [I
nves
tmen
t and
Lab
or],
all
inve
stm
ents
in th
e te
rrit
ory
of
the
Par
ty.
2. A
Par
ty’s
obl
igat
ions
und
er S
ectio
n A
shal
l app
ly:
(a)
to a
sta
te e
nter
pris
e or
oth
er p
erso
n w
hen
it e
xerc
ises
any
reg
ulat
ory,
ad
min
istr
ativ
e, o
r ot
her
gove
rnm
enta
l aut
hori
ty d
eleg
ated
to it
by
that
Par
ty;8
and
(b
) to
the
poli
tica
l sub
divi
sion
s of
that
Par
ty.
3. F
or g
reat
er c
erta
inty
, thi
s T
reat
y do
es n
ot b
ind
eith
er P
arty
in r
elat
ion
to a
ny a
ct o
r fa
ct th
at
took
pla
ce o
r an
y si
tuat
ion
that
cea
sed
to e
xist
bef
ore
the
date
of
entr
y in
to f
orce
of
this
Tre
aty.
7
For g
reat
er c
erta
inty
, “TR
IPS
Agr
eem
ent”
incl
udes
any
wai
ver i
n fo
rce
betw
een
the
Parti
es o
f any
pr
ovis
ion
of th
e T
RIP
S A
gree
men
t gra
nted
by
WT
O M
embe
rs in
acc
orda
nce
with
the
WT
O A
gree
men
t.
8F
or g
reat
er c
erta
inty
, gov
ernm
ent a
utho
rity
that
has
bee
n de
lega
ted
incl
udes
a le
gisl
ativ
e gr
ant,
and
a go
vern
men
t ord
er, d
irec
tive
or
othe
r ac
tion
tran
sfer
ring
to th
e st
ate
ente
rpri
se o
r ot
her
pers
on, o
r au
thor
izin
g th
e ex
erci
se b
y th
e st
ate
ente
rpri
se o
r ot
her
pers
on o
f, g
over
nmen
tal a
utho
rity
.
-
7-
Art
icle
3:
Nat
ion
al T
reat
men
t
1. E
ach
Par
ty s
hall
acc
ord
to in
vest
ors
of th
e ot
her
Par
ty tr
eatm
ent n
o le
ss f
avor
able
than
that
it
acco
rds,
in li
ke c
ircu
mst
ance
s, to
its
own
inve
stor
s w
ith
resp
ect t
o th
e es
tabl
ishm
ent,
acqu
isit
ion,
ex
pans
ion,
man
agem
ent,
cond
uct,
oper
atio
n, a
nd s
ale
or o
ther
dis
posi
tion
of
inve
stm
ents
in it
s te
rrit
ory.
2. E
ach
Par
ty s
hall
acc
ord
to c
over
ed in
vest
men
ts tr
eatm
ent n
o le
ss f
avor
able
than
that
it
acco
rds,
in li
ke c
ircu
mst
ance
s, to
inve
stm
ents
in it
s te
rrit
ory
of it
s ow
n in
vest
ors
wit
h re
spec
t to
the
esta
blis
hmen
t, ac
quis
itio
n, e
xpan
sion
, man
agem
ent,
cond
uct,
oper
atio
n, a
nd s
ale
or o
ther
di
spos
itio
n of
inve
stm
ents
.
3. T
he tr
eatm
ent t
o be
acc
orde
d by
a P
arty
und
er p
arag
raph
s 1
and
2 m
eans
, wit
h re
spec
t to
a re
gion
al le
vel o
f go
vern
men
t, tr
eatm
ent n
o le
ss f
avor
able
than
the
trea
tmen
t acc
orde
d, in
like
ci
rcum
stan
ces,
by
that
reg
iona
l lev
el o
f go
vern
men
t to
natu
ral p
erso
ns r
esid
ent i
n an
d en
terp
rise
s co
nsti
tute
d un
der
the
law
s of
oth
er r
egio
nal l
evel
s of
gov
ernm
ent o
f th
e P
arty
of
whi
ch it
for
ms
a pa
rt, a
nd to
thei
r re
spec
tive
inve
stm
ents
.
Art
icle
4:
Mos
t-F
avor
ed-N
atio
n T
reat
men
t
1. E
ach
Par
ty s
hall
acc
ord
to in
vest
ors
of th
e ot
her
Par
ty tr
eatm
ent n
o le
ss f
avor
able
than
that
it
acco
rds,
in li
ke c
ircu
mst
ance
s, to
inve
stor
s of
any
non
-Par
ty w
ith
resp
ect t
o th
e es
tabl
ishm
ent,
acqu
isit
ion,
exp
ansi
on, m
anag
emen
t, co
nduc
t, op
erat
ion,
and
sal
e or
oth
er d
ispo
siti
on o
f in
vest
men
ts in
its
terr
itor
y.
2. E
ach
Par
ty s
hall
acc
ord
to c
over
ed in
vest
men
tstr
eatm
ent n
o le
ss f
avor
able
than
that
it
acco
rds,
in li
ke c
ircu
mst
ance
s, to
inve
stm
ents
in it
s te
rrit
ory
of in
vest
ors
of a
ny n
on-P
arty
wit
h re
spec
t to
the
esta
blis
hmen
t, ac
quis
itio
n, e
xpan
sion
, man
agem
ent,
cond
uct,
oper
atio
n, a
nd s
ale
or
othe
r di
spos
itio
n of
inve
stm
ents
.
Art
icle
5:
Min
imu
m S
tan
dar
d o
f T
reat
men
t9
1. E
ach
Par
ty s
hall
acc
ord
to c
over
ed in
vest
men
ts tr
eatm
ent i
n ac
cord
ance
with
cus
tom
ary
inte
rnat
iona
l law
, inc
ludi
ng f
air
and
equi
tabl
e tr
eatm
ent a
nd f
ull p
rote
ctio
n an
d se
curi
ty.
2. F
or g
reat
er c
erta
inty
, par
agra
ph 1
pre
scri
bes
the
cust
omar
y in
tern
atio
nal l
aw m
inim
um
stan
dard
of
trea
tmen
t of
alie
ns a
s th
e m
inim
um s
tand
ard
of tr
eatm
ent t
o be
aff
orde
d to
cov
ered
in
vest
men
ts.
The
conc
epts
of “
fair
and
equi
tabl
e tre
atm
ent”
and
“fu
ll pr
otec
tion
and
secu
rity”
do
not r
equi
re tr
eatm
ent i
n ad
diti
on to
or
beyo
nd th
at w
hich
is r
equi
red
by th
at s
tand
ard,
and
do
not
crea
te a
ddit
iona
l sub
stan
tive
rig
hts.
The
obl
igat
ion
in p
arag
raph
1 to
pro
vide
:
9
Art
icle
5 [
Min
imum
Sta
ndar
d of
Tre
atm
ent]
sha
ll b
e in
terp
rete
d in
acc
orda
nce
with
Ann
ex A
.
-
8-
(a)
“fai
r and
equ
itabl
e tre
atm
ent”
incl
udes
the
oblig
atio
n no
t to
deny
just
ice
in
crim
inal
, civ
il, o
r ad
min
istr
ativ
e ad
judi
cato
ry p
roce
edin
gs in
acc
orda
nce
wit
h th
e pr
inci
ple
of d
ue p
roce
ss e
mbo
died
in th
e pr
inci
pal l
egal
sys
tem
s of
the
wor
ld; a
nd
(b)
“ful
l pro
tect
ion
and
secu
rity”
requ
ires e
ach
Party
to p
rovi
de th
e le
vel o
f pol
ice
prot
ecti
on r
equi
red
unde
r cu
stom
ary
inte
rnat
iona
l law
.
3. A
det
erm
inat
ion
that
ther
e ha
s be
en a
bre
ach
of a
noth
er p
rovi
sion
of
this
Tre
aty,
or
of a
se
para
te in
tern
atio
nal a
gree
men
t, do
es n
ot e
stab
lish
that
ther
e ha
s be
en a
bre
ach
of th
is A
rtic
le.
4. N
otw
iths
tand
ing
Art
icle
14
[Non
-Con
form
ing
Mea
sure
s](5
)(b)
[su
bsid
ies
and
gran
ts],
eac
h P
arty
sha
ll a
ccor
d to
inve
stor
s of
the
othe
r P
arty
, and
to c
over
ed in
vest
men
ts, n
on-d
iscr
imin
ator
y tr
eatm
ent w
ith
resp
ect t
o m
easu
res
it a
dopt
s or
mai
ntai
ns r
elat
ing
to lo
sses
suf
fere
d by
in
vest
men
ts in
its
terr
itor
y ow
ing
to a
rmed
con
flic
t or
civi
l str
ife.
5. N
otw
iths
tand
ing
para
grap
h 4,
if a
n in
vest
or o
f a
Par
ty, i
n th
e si
tuat
ions
ref
erre
d to
in
para
grap
h 4,
suf
fers
a lo
ss in
the
terr
itor
y of
the
othe
r P
arty
res
ulti
ng f
rom
:
(a)
requ
isiti
onin
g of
its c
over
ed in
vest
men
t or p
art t
here
of b
y th
e la
tter’
s for
ces o
r au
thor
itie
s; o
r
(b)
dest
ruct
ion
of it
s cov
ered
inve
stm
ent o
r par
t the
reof
by
the
latte
r’s f
orce
s or
auth
orit
ies,
whi
ch w
as n
ot r
equi
red
by th
e ne
cess
ity
of th
e si
tuat
ion,
the
latt
er P
arty
sha
ll p
rovi
de th
e in
vest
or r
esti
tuti
on, c
ompe
nsat
ion,
or
both
, as
appr
opri
ate,
for
su
ch lo
ss.
Any
com
pens
atio
n sh
all b
e pr
ompt
, ade
quat
e, a
nd e
ffec
tive
in a
ccor
danc
e w
ith
Art
icle
6
[Exp
ropr
iati
on a
nd C
ompe
nsat
ion]
(2)
thro
ugh
(4),
mut
atis
mut
andi
s.
6. P
arag
raph
4 d
oes
not a
pply
to e
xist
ing
mea
sure
s re
lati
ng to
sub
sidi
es o
r gr
ants
that
wou
ld b
e in
cons
iste
nt w
ith
Art
icle
3 [
Nat
iona
l Tre
atm
ent]
but
for
Art
icle
14
[Non
-Con
form
ing
Mea
sure
s](5
)(b)
[su
bsid
ies
and
gran
ts].
Art
icle
6:
Exp
rop
riat
ion
an
d C
omp
ensa
tion
10
1. N
eith
er P
arty
may
exp
ropr
iate
or
nati
onal
ize
a co
vere
d in
vest
men
t eit
her
dire
ctly
or
indi
rect
ly
thro
ugh
mea
sure
s equ
ival
ent t
o ex
prop
riatio
n or
nat
iona
lizat
ion
(“ex
prop
riatio
n”),
exce
pt:
(a)
for
a pu
blic
pur
pose
;
(b)
in a
non
-dis
crim
inat
ory
man
ner;
(c)
on p
aym
ent o
f pr
ompt
, ade
quat
e, a
nd e
ffec
tive
com
pens
atio
n; a
nd
10
Art
icle
6 [
Exp
ropr
iati
on]
shal
l be
inte
rpre
ted
in a
ccor
danc
e w
ith
Ann
exes
A a
nd B
.
-
9-
(d)
in a
ccor
danc
e w
ith
due
proc
ess
of la
w a
nd A
rtic
le 5
[M
inim
um S
tand
ard
of
Tre
atm
ent]
(1)
thro
ugh
(3).
2. T
he c
ompe
nsat
ion
refe
rred
to in
par
agra
ph 1
(c)
shal
l:
(a)
be p
aid
wit
hout
del
ay;
(b)
be e
quiv
alen
t to
the
fair
mar
ket v
alue
of
the
expr
opri
ated
inve
stm
ent i
mm
edia
tely
be
fore
the
expr
opria
tion
took
pla
ce (“
the
date
of e
xpro
pria
tion”
);
(c)
not r
efle
ct a
ny c
hang
e in
val
ue o
ccur
ring
bec
ause
the
inte
nded
exp
ropr
iati
on h
ad
beco
me
know
n ea
rlie
r; a
nd
(d)
be f
ully
rea
liza
ble
and
free
ly tr
ansf
erab
le.
3. I
f th
e fa
ir m
arke
t val
ue is
den
omin
ated
in a
fre
ely
usab
le c
urre
ncy,
the
com
pens
atio
n re
ferr
ed
to in
par
agra
ph 1
(c)
shal
l be
no le
ss th
an th
e fa
ir m
arke
t val
ue o
n th
e da
te o
f ex
prop
riat
ion,
plu
s in
tere
st a
t a c
omm
erci
ally
rea
sona
ble
rate
for
that
cur
renc
y, a
ccru
ed f
rom
the
date
of
expr
opri
atio
n un
til t
he d
ate
of p
aym
ent.
4. I
f th
e fa
ir m
arke
t val
ue is
den
omin
ated
in a
cur
renc
y th
at is
not
fre
ely
usab
le, t
he
com
pens
atio
n re
ferr
ed to
in p
arag
raph
1(c
) –
conv
erte
d in
to th
e cu
rren
cy o
f pa
ymen
t at t
he
mar
ket r
ate
of e
xcha
nge
prev
aili
ng o
n th
e da
te o
f pa
ymen
t –sh
all b
e no
less
than
:
(a)
the
fair
mar
ket v
alue
on
the
date
of
expr
opri
atio
n, c
onve
rted
into
a f
reel
y us
able
cu
rren
cy a
t the
mar
ket r
ate
of e
xcha
nge
prev
aili
ng o
n th
at d
ate,
plu
s
(b)
inte
rest
, at a
com
mer
cial
ly r
easo
nabl
e ra
te f
or th
at f
reel
y us
able
cur
renc
y, a
ccru
ed
from
the
date
of
expr
opri
atio
n un
til t
he d
ate
of p
aym
ent.
5. T
his
Art
icle
doe
s no
t app
ly to
the
issu
ance
of
com
puls
ory
lice
nses
gra
nted
in r
elat
ion
to
inte
llec
tual
pro
pert
y ri
ghts
in a
ccor
danc
e w
ith
the
TR
IPS
Agr
eem
ent,
or to
the
revo
cati
on,
lim
itat
ion,
or
crea
tion
of
inte
llec
tual
pro
pert
y ri
ghts
, to
the
exte
nt th
at s
uch
issu
ance
, rev
ocat
ion,
li
mit
atio
n, o
r cr
eati
on is
con
sist
ent w
ith
the
TR
IPS
Agr
eem
ent.
Art
icle
7:
Tra
nsf
ers
1. E
ach
Par
ty s
hall
per
mit
all
tran
sfer
s re
lati
ng to
a c
over
ed in
vest
men
tto
be m
ade
free
ly a
nd
wit
hout
del
ay in
to a
nd o
ut o
f it
s te
rrit
ory.
Suc
h tr
ansf
ers
incl
ude:
(a)
cont
ribu
tion
s to
cap
ital
;
(b)
prof
its,
div
iden
ds, c
apit
al g
ains
, and
pro
ceed
s fr
om th
e sa
le o
f al
l or
any
part
of
the
cove
red
inve
stm
ent o
r fr
om th
e pa
rtia
l or
com
plet
e li
quid
atio
n of
the
cove
red
inve
stm
ent;
-
10-
(c)
inte
rest
, roy
alty
pay
men
ts, m
anag
emen
t fee
s, a
nd te
chni
cal a
ssis
tanc
e an
d ot
her
fees
;
(d)
paym
ents
mad
e un
der
a co
ntra
ct, i
nclu
ding
a lo
an a
gree
men
t;
(e)
paym
ents
mad
e pu
rsua
nt to
Art
icle
5 [
Min
imum
Sta
ndar
d of
Tre
atm
ent]
(4)
and
(5)
and
Art
icle
6 [
Exp
ropr
iati
on a
nd C
ompe
nsat
ion]
; and
(f)
paym
ents
ari
sing
out
of
a di
sput
e.
2. E
ach
Par
ty s
hall
per
mit
tran
sfer
s re
lati
ng to
a c
over
ed in
vest
men
t to
be m
ade
in a
fre
ely
usab
le c
urre
ncy
at th
e m
arke
t rat
e of
exc
hang
e pr
evai
ling
at t
he ti
me
of tr
ansf
er.
3. E
ach
Par
ty s
hall
per
mit
ret
urns
in k
ind
rela
ting
to a
cov
ered
inve
stm
ent t
o be
mad
e as
au
thor
ized
or
spec
ifie
d in
a w
ritt
en a
gree
men
t bet
wee
n th
e P
arty
and
a c
over
ed in
vest
men
t or
an
inve
stor
of
the
othe
r P
arty
.
4. N
otw
iths
tand
ing
para
grap
hs 1
thro
ugh
3, a
Par
ty m
ay p
reve
nt a
tran
sfer
thro
ugh
the
equi
tabl
e,
non-
disc
rim
inat
ory,
and
goo
d fa
ith
appl
icat
ion
of it
s la
ws
rela
ting
to:
(a)
bank
rupt
cy, i
nsol
venc
y, o
r th
e pr
otec
tion
of
the
righ
ts o
f cr
edit
ors;
(b)
issu
ing,
trad
ing,
or
deal
ing
in s
ecur
itie
s, f
utur
es, o
ptio
ns, o
r de
riva
tive
s;
(c)
crim
inal
or
pena
l off
ense
s;
(d)
fina
ncia
l rep
orti
ng o
r re
cord
kee
ping
of
tran
sfer
s w
hen
nece
ssar
y to
ass
ist l
aw
enfo
rcem
ent o
r fi
nanc
ial r
egul
ator
y au
thor
itie
s; o
r
(e)
ensu
ring
com
plia
nce
wit
h or
ders
or
judg
men
ts in
judi
cial
or
adm
inis
trat
ive
proc
eedi
ngs.
Art
icle
8:
Per
form
ance
Req
uir
emen
ts
1. N
eith
er P
arty
may
, in
conn
ecti
on w
ith
the
esta
blis
hmen
t, ac
quis
itio
n, e
xpan
sion
, m
anag
emen
t, co
nduc
t, op
erat
ion,
or
sale
or
othe
r di
spos
itio
nof
an
inve
stm
ent o
f an
inve
stor
of
a P
arty
or
of a
non
-Par
ty in
its
terr
itor
y, im
pose
or
enfo
rce
any
requ
irem
ent o
r en
forc
e an
y co
mm
itm
ent o
r un
dert
akin
g:11
(a
) to
exp
ort a
giv
en le
vel o
r pe
rcen
tage
of
good
s or
ser
vice
s;
11
For
gre
ater
cer
tain
ty, a
con
ditio
n fo
r th
e re
ceip
t or
cont
inue
d re
ceip
t of
an a
dvan
tage
ref
erre
d to
in
para
grap
h 2
does
not
con
stitu
te a
“co
mm
itmen
t or u
nder
taki
ng”
for t
he p
urpo
ses o
f par
agra
ph 1
.
-
11-
(b
) to
ach
ieve
a g
iven
leve
l or
perc
enta
ge o
f do
mes
tic
cont
ent;
(c)
to p
urch
ase,
use
, or
acco
rd a
pre
fere
nce
to g
oods
pro
duce
d in
its
terr
itor
y, o
r to
pu
rcha
se g
oods
fro
m p
erso
ns in
its
terr
itor
y;
(d)
to r
elat
e in
any
way
the
volu
me
or v
alue
of
impo
rts
to th
e vo
lum
e or
val
ue o
f ex
port
s or
to th
e am
ount
of
fore
ign
exch
ange
infl
ows
asso
ciat
ed w
ith
such
in
vest
men
t;
(e)
to r
estr
ict s
ales
of
good
s or
ser
vice
s in
its
terr
itor
y th
at s
uch
inve
stm
ent p
rodu
ces
or s
uppl
ies
by r
elat
ing
such
sal
es in
any
way
to th
e vo
lum
e or
val
ue o
f it
s ex
port
s or
for
eign
exc
hang
e ea
rnin
gs;
(f)
to tr
ansf
er a
par
ticu
lar
tech
nolo
gy, a
pro
duct
ion
proc
ess,
or
othe
r pr
opri
etar
y kn
owle
dge
to a
per
son
in it
s te
rrit
ory;
(g)
to s
uppl
y ex
clus
ivel
y fr
om th
e te
rrit
ory
of th
e P
arty
the
good
s th
at s
uch
inve
stm
ent p
rodu
ces
or th
e se
rvic
es th
at it
sup
plie
s to
a s
peci
fic
regi
onal
mar
ket
or to
the
wor
ld m
arke
t;or
(h)
(i)
to p
urch
ase,
use
, or
acc
ord
a pr
efer
ence
to,
in it
s te
rrito
ry,
tech
nolo
gy o
f th
e Pa
rty
or o
f pe
rson
s of
the
Part
y12;
or
(i
i)
that
pre
vent
s th
e pu
rcha
se o
r us
e of
, or
the
acco
rdin
g of
a p
refe
renc
e to
, in
its
terr
itory
, pa
rtic
ular
tech
nolo
gy,
so a
s to
aff
ord
prot
ectio
n on
the
basi
s of
nat
iona
lity
to its
ow
n in
vest
ors
or
inve
stm
ents
or
to te
chno
logy
of
the
Part
y or
of
pers
ons
of th
e Pa
rty.
2. N
eith
erP
arty
may
con
diti
on th
e re
ceip
t or
cont
inue
d re
ceip
t of
an a
dvan
tage
, in
conn
ecti
on
wit
h th
e es
tabl
ishm
ent,
acqu
isit
ion,
exp
ansi
on, m
anag
emen
t, co
nduc
t, op
erat
ion,
or
sale
or
othe
r di
spos
itio
n of
an in
vest
men
t in
its
terr
itor
y of
an
inve
stor
of
a P
arty
or
of a
non
-Par
ty, o
n co
mpl
ianc
e w
ith
any
requ
irem
ent:
(a
) to
ach
ieve
a g
iven
leve
l or
perc
enta
ge o
f do
mes
tic
cont
ent;
(b)
topu
rcha
se, u
se, o
r ac
cord
a p
refe
renc
e to
goo
ds p
rodu
ced
in it
s te
rrit
ory,
or
to
purc
hase
goo
ds f
rom
per
sons
in it
s te
rrit
ory;
(c)
to r
elat
e in
any
way
the
volu
me
or v
alue
of
impo
rts
to th
e vo
lum
e or
val
ue o
f ex
port
s or
to th
e am
ount
of
fore
ign
exch
ange
infl
ows
asso
ciat
ed w
ith
such
in
vest
men
t; o
r
12
For p
urpo
ses o
f thi
s Arti
cle,
the
term
“te
chno
logy
of t
he P
arty
or o
f per
sons
of t
he P
arty
” in
clud
es
tech
nolo
gy th
at is
ow
ned
by th
e P
arty
or
pers
ons
of th
e P
arty
, and
tech
nolo
gy f
or w
hich
the
Par
ty h
olds
, or
per
sons
of
the
Par
ty h
old,
an
excl
usiv
e li
cens
e.
-
12-
(d)
to r
estr
ict s
ales
of
good
s or
ser
vice
s in
its
terr
itor
y th
at s
uch
inve
stm
ent p
rodu
ces
or s
uppl
ies
by r
elat
ing
such
sal
es in
any
way
to th
e vo
lum
e or
val
ue o
f it
s ex
port
s or
for
eign
exc
hang
e ea
rnin
gs.
3.
(a)
N
othi
ng in
par
agra
ph 2
sha
ll b
e co
nstr
ued
to p
reve
nt a
Par
ty f
rom
con
diti
onin
g th
e re
ceip
t or
cont
inue
d re
ceip
t of
an a
dvan
tage
, in
conn
ecti
on w
ith
an in
vest
men
t in
its
terr
itor
y of
an
inve
stor
of
a P
arty
or
of a
non
-Par
ty, o
n co
mpl
ianc
e w
ith
a re
quir
emen
t to
loca
te p
rodu
ctio
n, s
uppl
y a
serv
ice,
trai
n or
em
ploy
wor
kers
, co
nstr
uct o
r ex
pand
par
ticu
lar
faci
liti
es, o
r ca
rry
out r
esea
rch
and
deve
lopm
ent,
in
its
terr
itor
y.
(b
) P
arag
raph
s 1(
f) a
nd (
h) d
o no
t app
ly:
(i)
whe
n a
Par
ty a
utho
rize
s us
e of
an
inte
llec
tual
pro
pert
y ri
ght i
n ac
cord
ance
w
ith
Art
icle
31
of th
e T
RIP
S A
gree
men
t, or
to m
easu
res
requ
irin
g th
e di
sclo
sure
of
prop
riet
ary
info
rmat
ion
that
fal
l wit
hin
the
scop
e of
, and
are
co
nsis
tent
wit
h, A
rtic
le 3
9 of
the
TR
IPS
Agr
eem
ent;
or
(ii)
w
hen
the
requ
irem
ent i
s im
pose
d or
the
com
mit
men
t or
unde
rtak
ing
is
enfo
rced
by
a co
urt,
adm
inis
trat
ive
trib
unal
, or
com
peti
tion
aut
hori
ty to
re
med
y a
prac
tice
det
erm
ined
aft
er ju
dici
al o
r ad
min
istr
ativ
e pr
oces
s to
be
antic
ompe
titiv
e un
der t
he P
arty
’s c
ompe
titio
n la
ws.
13
(c)
Pro
vide
d th
at s
uch
mea
sure
s ar
e no
t app
lied
in a
n ar
bitr
ary
or u
njus
tifi
able
m
anne
r, a
nd p
rovi
ded
that
suc
h m
easu
res
do n
ot c
onst
itut
e a
disg
uise
d re
stri
ctio
n on
inte
rnat
iona
l tra
de o
r in
vest
men
t, pa
ragr
aphs
1(b
), (
c), (
f), a
nd (
h), a
nd 2
(a)
and
(b),
sha
ll n
ot b
e co
nstr
ued
to p
reve
nt a
Par
ty f
rom
ado
ptin
g or
mai
ntai
ning
m
easu
res,
incl
udin
g en
viro
nmen
tal m
easu
res:
(i
) ne
cess
ary
to s
ecur
e co
mpl
ianc
e w
ith
law
s an
d re
gula
tion
s th
at a
re n
ot
inco
nsis
tent
wit
h th
is T
reat
y;
(ii)
ne
cess
ary
to p
rote
ct h
uman
, ani
mal
, or
plan
t lif
e or
hea
lth;
or
(iii
) re
late
d to
the
cons
erva
tion
of
livi
ng o
r no
n-li
ving
exh
aust
ible
nat
ural
re
sour
ces.
(d)
Par
agra
phs
1(a)
, (b)
, and
(c)
, and
2(a
) an
d (b
), d
o no
t app
ly to
qua
lifi
cati
on
requ
irem
ents
for
goo
ds o
r se
rvic
es w
ith
resp
ect t
o ex
port
pro
mot
ion
and
fore
ign
aid
prog
ram
s.
(e)
Par
agra
phs
1(b)
, (c)
, (f)
, (g)
, and
(h)
, and
2(a
) an
d (b
), d
o no
t app
ly to
gov
ernm
ent
proc
urem
ent.
13
The
Par
ties
reco
gniz
e th
at a
pat
ent d
oes
not n
eces
sari
ly c
onfe
r m
arke
t pow
er.
-
13-
(f)
Par
agra
phs
2(a)
and
(b)
do
not a
pply
to r
equi
rem
ents
impo
sed
by a
n im
port
ing
Par
ty r
elat
ing
to th
e co
nten
t of
good
s ne
cess
ary
to q
uali
fy f
or p
refe
rent
ial t
arif
fs
or p
refe
rent
ial q
uota
s.
4. F
or g
reat
er c
erta
inty
, par
agra
phs
1 an
d 2
do n
ot a
pply
to a
ny c
omm
itm
ent,
unde
rtak
ing,
or
requ
irem
ent o
ther
than
thos
e se
t out
in th
ose
para
grap
hs.
5. T
his
Art
icle
doe
s no
t pre
clud
e en
forc
emen
t of
any
com
mit
men
t, un
dert
akin
g, o
r re
quir
emen
t be
twee
n pr
ivat
e pa
rtie
s, w
here
a P
arty
did
not
impo
se o
r re
quir
e th
e co
mm
itm
ent,
unde
rtak
ing,
or
req
uire
men
t.
Art
icle
9:
Sen
ior
Man
agem
ent
and
Boa
rds
of D
irec
tors
1. N
eith
er P
arty
may
req
uire
that
an
ente
rpri
se o
f th
at P
arty
that
is a
cov
ered
inve
stm
ent a
ppoi
nt
to s
enio
r m
anag
emen
t pos
itio
ns n
atur
al p
erso
ns o
f an
y pa
rtic
ular
nat
iona
lity
.
2. A
Par
ty m
ay r
equi
re th
at a
maj
orit
y of
the
boar
d of
dir
ecto
rs, o
r an
y co
mm
itte
e th
ereo
f, o
f an
en
terp
rise
of
that
Par
ty th
at is
a c
over
ed in
vest
men
t, be
of
a pa
rtic
ular
nat
iona
lity
, or
resi
dent
in
the
terr
itor
y of
the
Par
ty, p
rovi
ded
that
the
requ
irem
ent d
oes
not m
ater
iall
y im
pair
the
abil
ity
of
the
inve
stor
to e
xerc
ise
cont
rol o
ver
its
inve
stm
ent.
Art
icle
10:
Pu
bli
cati
on o
f L
aws
and
Dec
isio
ns
Res
pec
tin
g In
vest
men
t
1.
Eac
h P
arty
sha
ll e
nsur
e th
at it
s:
(a)
law
s, r
egul
atio
ns, p
roce
dure
s, a
nd a
dmin
istr
ativ
e ru
ling
s of
gen
eral
app
lica
tion
; an
d
(b)
adju
dica
tory
dec
isio
ns
resp
ecti
ng a
ny m
atte
r co
vere
d by
this
Tre
aty
are
prom
ptly
pub
lish
ed o
r ot
herw
ise
mad
e pu
blic
ly
avai
labl
e.
2. F
or p
urpo
ses
of th
is A
rtic
le,“
adm
inis
trativ
e ru
ling
of g
ener
al a
pplic
atio
n” m
eans
an
adm
inis
trat
ive
ruli
ng o
r in
terp
reta
tion
that
app
lies
to a
ll p
erso
ns a
nd f
act s
itua
tion
s th
at f
all
gene
rall
y w
ithi
n it
s am
bit a
nd th
at e
stab
lish
es a
nor
m o
f co
nduc
t but
doe
s no
t inc
lude
:
(a)
a de
term
inat
ion
or r
ulin
g m
ade
in a
n ad
min
istr
ativ
e or
qua
si-j
udic
ial p
roce
edin
g th
at a
ppli
es to
a p
arti
cula
r co
vere
d in
vest
men
t or
inve
stor
of
the
othe
r P
arty
in a
sp
ecif
ic c
ase;
or
(b
) a
ruli
ng th
at a
djud
icat
es w
ith
resp
ect t
o a
part
icul
ar a
ct o
r pr
acti
ce.
-
14-
Art
icle
11:
Tra
nsp
aren
cy
1.T
he P
arti
es a
gree
to c
onsu
lt p
erio
dica
lly
on w
ays
to im
prov
e th
e tr
ansp
aren
cy p
ract
ices
set
ou
t in
this
Art
icle
, Art
icle
10
and
Art
icle
29.
2. P
ubli
cati
on
To
the
exte
nt p
ossi
ble,
eac
h P
arty
sha
ll:
(a)
publ
ish
in a
dvan
ce a
ny m
easu
re r
efer
red
to in
Art
icle
10(
1)(a
) th
at it
pro
pose
s to
ad
opt;
and
(b)
prov
ide
inte
rest
ed p
erso
ns a
nd th
e ot
her
Par
ty a
rea
sona
ble
oppo
rtun
ity
to
com
men
t on
such
pro
pose
d m
easu
res.
3.W
ith
resp
ect t
o pr
opos
ed r
egul
atio
ns o
f ge
nera
l app
lica
tion
of
its
cent
ral l
evel
of
gove
rnm
ent
resp
ecti
ng a
ny m
atte
r co
vere
d by
this
Tre
aty
that
are
pub
lish
ed in
acc
orda
nce
wit
h pa
ragr
aph
2(a)
, eac
h P
arty
:
(a)
sh
all p
ubli
sh th
e pr
opos
ed r
egul
atio
ns in
a s
ingl
e of
fici
al jo
urna
l of
nati
onal
ci
rcul
atio
n an
d sh
all e
ncou
rage
thei
r di
stri
buti
on th
roug
h ad
diti
onal
out
lets
;
(b)
sh
ould
in m
ost c
ases
pub
lish
the
prop
osed
reg
ulat
ions
not
less
than
60
days
bef
ore
the
date
pub
lic
com
men
ts a
re d
ue;
(c)
sh
all i
nclu
de in
the
publ
icat
ion
an e
xpla
nati
on o
f th
e pu
rpos
e of
and
rat
iona
le f
or
the
prop
osed
reg
ulat
ions
; and
(d)
shal
l, at
the
tim
e it
ado
pts
fina
l reg
ulat
ions
, add
ress
sig
nifi
cant
, sub
stan
tive
co
mm
ents
rec
eive
d du
ring
the
com
men
t per
iod
and
expl
ain
subs
tant
ive
revi
sion
s th
at it
mad
e to
the
prop
osed
reg
ulat
ions
in it
s of
fici
al jo
urna
l or
in a
pro
min
ent
loca
tion
on
a go
vern
men
t Int
erne
t sit
e.
4.
Wit
h re
spec
t to
regu
lati
ons
of g
ener
al a
ppli
cati
on th
at a
re a
dopt
ed b
y it
s ce
ntra
l lev
el o
f go
vern
men
t res
pect
ing
any
mat
ter
cove
red
by th
is T
reat
y, e
ach
Par
ty:
(a)
sh
all p
ubli
sh th
e re
gula
tion
s in
a s
ingl
e of
fici
al jo
urna
l of
nati
onal
cir
cula
tion
and
sh
all e
ncou
rage
thei
r di
stri
buti
on th
roug
h ad
diti
onal
out
lets
; and
(b)
shal
l inc
lude
in th
e pu
blic
atio
n an
exp
lana
tion
of
the
purp
ose
of a
nd r
atio
nale
for
th
e re
gula
tion
s.
5.P
rovi
sion
of
Info
rmat
ion
(a)
On
requ
est o
f th
e ot
her
Par
ty, a
Par
ty s
hall
pro
mpt
ly p
rovi
de in
form
atio
n an
d re
spon
d to
que
stio
ns p
erta
inin
g to
any
act
ual o
r pr
opos
ed m
easu
re th
at th
e re
ques
ting
Par
ty c
onsi
ders
mig
ht m
ater
iall
y af
fect
the
oper
atio
n of
this
Tre
aty
or
othe
rwis
e su
bsta
ntia
lly
affe
ct it
s in
tere
sts
unde
r th
is T
reat
y.
-
15-
(b)
Any
req
uest
or
info
rmat
ion
unde
r th
is p
arag
raph
sha
ll b
e pr
ovid
ed to
the
othe
r P
arty
thro
ugh
the
rele
vant
con
tact
poi
nts.
(c)
Any
info
rmat
ion
prov
ided
und
er th
is p
arag
raph
sha
ll b
e w
itho
ut p
reju
dice
as
to
whe
ther
the
mea
sure
is c
onsi
sten
t wit
h th
is T
reat
y.
6. A
dmin
istr
ativ
e P
roce
edin
gs
Wit
h a
view
to a
dmin
iste
ring
in a
con
sist
ent,
impa
rtia
l, an
d re
ason
able
man
ner
all
mea
sure
s re
ferr
ed to
in A
rtic
le 1
0(1)
(a),
eac
h P
arty
sha
ll e
nsur
e th
at in
its
adm
inis
trat
ive
proc
eedi
ngs
appl
ying
suc
h m
easu
res
to p
arti
cula
r co
vere
d in
vest
men
ts o
r in
vest
ors
of th
e ot
her
Par
ty in
spe
cifi
c ca
ses:
(a)
whe
reve
r po
ssib
le, c
over
ed in
vest
men
ts o
r in
vest
ors
of th
e ot
her
Par
ty th
at a
re
dire
ctly
aff
ecte
d by
a p
roce
edin
g ar
e pr
ovid
ed r
easo
nabl
e no
tice
, in
acco
rdan
ce
wit
h do
mes
tic
proc
edur
es, w
hen
a pr
ocee
ding
is in
itia
ted,
incl
udin
g a
desc
ript
ion
of th
e na
ture
of
the
proc
eedi
ng, a
sta
tem
ent o
f th
e le
gal a
utho
rity
und
er w
hich
the
proc
eedi
ng is
init
iate
d, a
nd a
gen
eral
des
crip
tion
of
any
issu
es in
con
trov
ersy
;
(b)
such
per
sons
are
aff
orde
d a
reas
onab
le o
ppor
tuni
ty to
pre
sent
fac
ts a
nd a
rgum
ents
in
sup
port
of
thei
r po
siti
ons
prio
r to
any
fin
al a
dmin
istr
ativ
e ac
tion
, whe
n ti
me,
th
e na
ture
of
the
proc
eedi
ng, a
nd th
e pu
blic
inte
rest
per
mit
; and
(c)
its
proc
edur
es a
re in
acc
orda
nce
wit
h do
mes
tic
law
.
7. R
evie
w a
nd A
ppea
l
(a)
Eac
h P
arty
sha
ll e
stab
lish
or
mai
ntai
n ju
dici
al, q
uasi
-jud
icia
l, or
adm
inis
trat
ive
trib
unal
s or
pro
cedu
res
for
the
purp
ose
of th
e pr
ompt
rev
iew
and
, whe
re
war
rant
ed, c
orre
ctio
n of
fin
al a
dmin
istr
ativ
e ac
tion
s re
gard
ing
mat
ters
cov
ered
by
this
Tre
aty.
Suc
h tr
ibun
als
shal
l be
impa
rtia
l and
inde
pend
ent o
f th
e of
fice
or
auth
orit
y en
trus
ted
wit
h ad
min
istr
ativ
e en
forc
emen
t and
sha
ll n
ot h
ave
any
subs
tant
ial i
nter
est i
n th
e ou
tcom
e of
the
mat
ter.
(b)
Eac
h P
arty
sha
ll e
nsur
e th
at, i
n an
y su
ch tr
ibun
als
or p
roce
dure
s, th
e pa
rtie
s to
the
proc
eedi
ng a
re p
rovi
ded
with
the
righ
t to:
(i)
a re
ason
able
opp
ortu
nity
to s
uppo
rt o
r de
fend
thei
r re
spec
tive
pos
itio
ns;
and
(ii)
a
deci
sion
bas
ed o
n th
e ev
iden
ce a
nd s
ubm
issi
ons
of r
ecor
d or
, whe
re
requ
ired
by
dom
esti
c la
w, t
he r
ecor
d co
mpi
led
by th
e ad
min
istr
ativ
e au
thor
ity.
-
16-
(c)
Eac
h P
arty
sha
ll e
nsur
e, s
ubje
ct to
app
eal o
r fu
rthe
r re
view
as
prov
ided
in it
s
dom
esti
c la
w, t
hat s
uch
deci
sion
s sh
all b
e im
plem
ente
d by
, and
sha
ll g
over
n th
e pr
acti
ce o
f, th
e of
fice
s or
aut
hori
ties
wit
h re
spec
t to
the
adm
inis
trat
ive
acti
on a
t is
sue.
8.S
tand
ards
-Set
ting
(a)
Eac
h P
arty
sha
ll a
llow
per
sons
of
the
othe
r P
arty
to p
arti
cipa
te in
the
deve
lopm
ent
of s
tand
ards
and
tech
nica
l reg
ulat
ions
by
its
cent
ral g
over
nmen
t bod
ies.
14E
ach
Par
ty s
hall
all
ow p
erso
ns o
f th
e ot
her
Par
ty to
par
tici
pate
in th
e de
velo
pmen
t of
thes
e m
easu
res,
and
the
deve
lopm
ent o
f co
nfor
mit
y as
sess
men
t pro
cedu
res
by it
s ce
ntra
l gov
ernm
ent b
odie
s, o
n te
rms
no le
ss f
avor
able
than
thos
e it
acc
ords
to it
s ow
n pe
rson
s.
(b)
Eac
h P
arty
sha
ll r
ecom
men
d th
at n
on-g
over
nmen
tal s
tand
ardi
zing
bod
ies
in it
s te
rrit
ory
allo
w p
erso
ns o
f th
e ot
her
Par
ty to
par
tici
pate
in th
e de
velo
pmen
t of
stan
dard
s by
thos
e bo
dies
. E
ach
Par
ty s
hall
rec
omm
end
that
non
-gov
ernm
enta
l st
anda
rdiz
ing
bodi
es in
its
terr
itor
y al
low
per
sons
of
the
othe
r P
arty
to p
arti
cipa
te
in th
e de
velo
pmen
t of
thes
e st
anda
rds,
and
the
deve
lopm
ent o
f co
nfor
mit
y as
sess
men
t pro
cedu
res
by th
ose
bodi
es, o
n te
rms
no le
ss f
avor
able
than
thos
e th
ey
acco
rd to
per
sons
of
the
Par
ty.
(c)
Sub
para
grap
hs 8
(a)
and
8(b)
do
not a
pply
to:
(i)
sani
tary
and
phy
tosa
nita
ry m
easu
res
as d
efin
ed in
Ann
ex A
of
the
Wor
ld
Tra
de O
rgan
izat
ion
(WT
O)
Agr
eem
ent o
n th
e A
ppli
cati
on o
f S
anit
ary
and
Phy
tosa
nita
ry M
easu
res;
or
(ii)
pu
rcha
sing
spe
cifi
cati
ons
prep
ared
by
a go
vern
men
tal b
ody
for
its
prod
ucti
on o
r co
nsum
ptio
n re
quir
emen
ts.
(d)
For
purp
oses
of
subp
arag
raph
s 8(
a) a
nd 8
(b),
“cen
tral g
over
nmen
t bod
y”,
“sta
ndar
ds”,
“te
chni
cal r
egul
atio
ns”
and
“con
form
ity a
sses
smen
t pro
cedu
res”
ha
ve th
e m
eani
ngs
assi
gned
to th
ose
term
s in
Ann
ex 1
of
the
WT
O A
gree
men
t on
Tec
hnic
al B
arri
ers
to T
rade
. C
onsi
sten
t wit
h A
nnex
1, t
he th
ree
latt
er te
rms
do
not i
nclu
de s
tand
ards
, tec
hnic
al r
egul
atio
ns o
r co
nfor
mit
y as
sess
men
t pro
cedu
res
`for
the
supp
ly o
f a
serv
ice.
14
A P
arty
may
sat
isfy
this
obl
igat
ion
by, f
or e
xam
ple,
pro
vidi
ng in
tere
sted
per
sons
a r
easo
nabl
e op
port
unit
y to
pro
vide
com
men
ts o
n th
e m
easu
re it
pro
pose
s to
dev
elop
and
taki
ng th
ose
com
men
ts in
to
acco
unt i
n th
e de
velo
pmen
t of
the
mea
sure
.
-
17-
Art
icle
12:
In
vest
men
t an
d E
nvi
ron
men
t
1. T
he P
arti
es r
ecog
nize
that
thei
r re
spec
tive
env
iron
men
tal l
aws
and
polic
ies,
and
mul
tila
tera
l en
viro
nmen
tal a
gree
men
ts to
whi
ch th
ey a
re b
oth
part
y, p
lay
an im
port
ant r
ole
in p
rote
ctin
g th
e en
viro
nmen
t.
2. T
he P
arti
es r
ecog
nize
that
it is
inap
prop
riat
e to
enc
oura
ge in
vest
men
t by
wea
keni
ng o
r re
duci
ng th
e pr
otec
tion
s af
ford
ed in
dom
esti
c en
viro
nmen
tal l
aws.
Acc
ordi
ngly
, eac
h P
arty
sha
ll
ensu
re th
at it
doe
s no
t wai
ve o
r ot
herw
ise
dero
gate
fro
m o
r of
fer
to w
aive
or
othe
rwis
e de
roga
te
from
its
envi
ronm
enta
l law
s15in
a m
anne
r th
at w
eake
ns o
r re
duce
s th
e pr
otec
tion
s af
ford
ed in
th
ose
law
s, o
r fa
il to
eff
ecti
vely
enf
orce
thos
e la
ws
thro
ugh
a su
stai
ned
or r
ecur
ring
cou
rse
of
acti
on o
r in
acti
on,a
s an
enc
oura
gem
ent f
or th
e es
tabl
ishm
ent,
acqu
isit
ion,
exp
ansi
on, o
r re
tent
ion
of a
n in
vest
men
t in
its
terr
itor
y.
3. T
he P
arti
es r
ecog
nize
that
eac
h P
arty
ret
ains
the
righ
t to
exer
cise
dis
cret
ion
wit
h re
spec
t to
regu
lato
ry, c
ompl
ianc
e, in
vest
igat
ory,
and
pro
secu
tori
al m
atte
rs, a
nd to
mak
e de
cisi
ons
rega
rdin
g th
e al
loca
tion
of
reso
urce
s to
enf
orce
men
t wit
h re
spec
t to
othe
r en
viro
nmen
tal m
atte
rs
dete
rmin
ed to
hav
e hi
gher
pri
orit
ies.
Acc
ordi
ngly
, the
Par
ties
und
erst
and
that
a P
arty
is in
co
mpl
ianc
e w
ith
para
grap
h 2
whe
re a
cou
rse
of a
ctio
n or
inac
tion
ref
lect
s a
reas
onab
le e
xerc
ise
of s
uch
disc
reti
on, o
r re
sult
s fr
om a
bon
a fid
e de
cisi
on r
egar
ding
the
allo
cati
on o
f re
sour
ces.
4. F
or p
urpo
ses o
f thi
s Arti
cle,
“en
viro
nmen
tal l
aw”
mea
ns e
ach
Party
’s st
atut
es o
r reg
ulat
ions
,16
or p
rovi
sion
s th
ereo
f, th
e pr
imar
y pu
rpos
e of
whi
ch is
the
prot
ecti
on o
f th
e en
viro
nmen
t, or
the
prev
enti
on o
f a
dang
er to
hum
an, a
nim
al, o
r pl
ant l
ife
or h
ealt
h, th
roug
h th
e:
(a)
pr
even
tion
, aba
tem
ent,
or c
ontr
ol o
f th
e re
leas
e, d
isch
arge
, or
emis
sion
of
poll
utan
ts o
r en
viro
nmen
tal c
onta
min
ants
;
(b)
co
ntro
l of
envi
ronm
enta
lly
haza
rdou
s or
toxi
c ch
emic
als,
sub
stan
ces,
mat
eria
ls,
and
was
tes,
and
the
diss
emin
atio
n of
info
rmat
ion
rela
ted
ther
eto;
or
(c)
pr
otec
tion
or
cons
erva
tion
of
wil
d fl
ora
or f
auna
, inc
ludi
ng e
ndan
gere
d sp
ecie
s,
thei
r ha
bita
t, an
d sp
ecia
lly
prot
ecte
d na
tura
l are
as,
in th
e Pa
rty’s
terr
itory
, but
doe
s not
incl
ude
any
stat
ute
or re
gula
tion,
or p
rovi
sion
ther
eof,
dire
ctly
rel
ated
to w
orke
r sa
fety
or
heal
th.
5.N
othi
ng in
this
Tre
aty
shal
l be
cons
true
d to
pre
vent
a P
arty
fro
m a
dopt
ing,
mai
ntai
ning
, or
enfo
rcin
g an
y m
easu
re o
ther
wis
e co
nsis
tent
wit
h th
is T
reat
y th
at it
con
side
rs a
ppro
pria
te to
15
Par
agra
ph 2
sha
ll n
ot a
pply
whe
re a
Par
ty w
aive
s or
der
ogat
es f
rom
an
envi
ronm
enta
l law
pur
suan
t to
a pr
ovis
ion
in la
w p
rovi
ding
for
wai
vers
or
dero
gati
ons.
16Fo
r the
Uni
ted
Stat
es, “
stat
utes
or r
egul
atio
ns”
for t
he p
urpo
ses o
f thi
s Arti
cle
mea
ns a
n ac
t of t
he
Uni
ted
Sta
tes
Con
gres
s or
reg
ulat
ions
pro
mul
gate
d pu
rsua
nt to
an
act o
f th
e U
nite
d S
tate
s C
ongr
ess
that
is
enf
orce
able
by
acti
on o
f th
e ce
ntra
l lev
el o
f go
vern
men
t.
-
18-
ensu
re th
at in
vest
men
t act
ivit
y in
its
terr
itor
y is
und
erta
ken
in a
man
ner
sens
itiv
e to
en
viro
nmen
tal c
once
rns.
6.A
Par
ty m
ay m
ake
a w
ritt
en r
eque
st f
or c
onsu
ltat
ions
wit
h th
e ot
her
Par
ty r
egar
ding
any
m
atte
r ar
isin
g un
der
this
Art
icle
. T
he o
ther
Par
ty s
hall
res
pond
to a
req
uest
for
con
sult
atio
ns
wit
hin
thir
ty d
ays
of r
ecei
pt o
f su
ch r
eque
st.
The
reaf
ter,
the
Par
ties
sha
ll c
onsu
lt a
nd e
ndea
vor
to
reac
h a
mut
uall
y sa
tisf
acto
ry r
esol
utio
n.
7. T
he P
arti
es c
onfi
rm th
at e
ach
Par
ty m
ay, a
s ap
prop
riat
e, p
rovi
de o
ppor
tuni
ties
for
pub
lic
part
icip
atio
n re
gard
ing
any
mat
ter
aris
ing
unde
r th
is A
rtic
le.
Art
icle
13:
In
vest
men
t an
d L
abor
1.T
he P
arti
es r
eaff
irm
thei
r re
spec
tive
obl
igat
ions
as
mem
bers
of
the
Inte
rnat
iona
l Lab
or
Org
aniz
atio
n (“
ILO
”) a
ndth
eir
com
mit
men
ts u
nder
the
ILO
Dec
lara
tion
on F
unda
men
tal
Prin
cipl
es a
nd R
ight
s at W
ork
and
its F
ollo
w-U
p.
2. T
he P
arti
es r
ecog
nize
that
it is
inap
prop
riat
e to
enc
oura
ge in
vest
men
t by
wea
keni
ng o
r re
duci
ng th
e pr
otec
tion
s af
ford
ed in
dom
esti
c la
bor
law
s.A
ccor
ding
ly, e
ach
Par
ty s
hall
ens
ure
that
it d
oes
not w
aive
or
othe
rwis
e de
roga
te f
rom
or
offe
r to
wai
ve o
r ot
herw
ise
dero
gate
fro
m it
s la
bor
law
s w
here
the
wai
ver
or d
erog
atio
n w
ould
be
inco
nsis
tent
wit
hth
e la
bor
righ
ts r
efer
red
to
insu
bpar
agra
phs
(a)
thro
ugh
(e)
of p
arag
raph
3, o
r fa
il to
eff
ecti
vely
enf
orce
its
labo
rla
ws
thro
ugh
a su
stai
ned
or r
ecur
ring
cou
rse
of a
ctio
n or
inac
tion
,as
an e
ncou
rage
men
t for
the
esta
blis
hmen
t, ac
quis
itio
n, e
xpan
sion
, or
rete
ntio
n of
an
inve
stm
ent i
n it
s te
rrit
ory.
3. F
or p
urpo
ses
of th
is A
rticl
e, “
labo
r law
s” m
eans
eac
h Pa
rty’s
stat
utes
or r
egul
atio
ns,17
or
prov
isio
ns th
ereo
f, th
at a
re d
irec
tly
rela
ted
to th
e fo
llow
ing:
(a)
free
dom
of
asso
ciat
ion;
(b)
the
effe
ctiv
e re
cogn
itio
n of
the
righ
t to
coll
ecti
ve b
arga
inin
g;
(c)
the
elim
inat
ion
of a
ll f
orm
s of
for
ced
or c
ompu
lsor
y la
bor;
(d)
the
effe
ctiv
e ab
olit
ion
of c
hild
labo
r an
d a
proh
ibit
ion
on th
e w
orst
for
ms
of c
hild
la
bor;
(e)
the
elim
inat
ion
of d
iscr
imin
atio
n in
res
pect
of
empl
oym
ent a
nd o
ccup
atio
n; a
nd
(f)
acce
ptab
le c
ondi
tion
s of
wor
k w
ith
resp
ect t
o m
inim
um w
ages
, hou
rs o
f w
ork,
an
d oc
cupa
tion
al s
afet
y an
d he
alth
.
17
For t
he U
nite
d St
ates
, “st
atut
es o
r reg
ulat
ions
” fo
r pur
pose
s of t
his A
rticl
e m
eans
an
act o
f th
e U
nite
d S
tate
s C
ongr
ess
or r
egul
atio
ns p
rom
ulga
ted
purs
uant
to a
n ac
t of
the
Uni
ted
Stat
es C
ongr
ess
that
isen
forc
eabl
e by
act
ion
of th
e ce
ntra
l lev
el o
f go
vern
men
t.
-
19-
4.A
Par
ty m
ay m
ake
a w
ritt
en r
eque
st f
or c
onsu
ltat
ions
wit
h th
e ot
her
Par
ty r
egar
ding
any
m
atte
r ar
isin
g un
der
this
Art
icle
. T
he o
ther
Par
ty s
hall
res
pond
to a
req
uest
for
con
sult
atio
ns
wit
hin
thir
ty d
ays
of r
ecei
pt o
f su
ch r
eque
st.
The
reaf
ter,
the
Par
ties
sha
ll c
onsu
lt a
nd e
ndea
vor
to
reac
h a
mut
uall
y sa
tisf
acto
ry r
esol
utio
n.
5. T
he P
arti
es c
onfi
rm th
at e
ach
Par
ty m
ay, a
s ap
prop
riat
e, p
rovi
de o
ppor
tuni
ties
for
pub
lic
part
icip
atio
n re
gard
ing
any
mat
ter
aris
ing
unde
r th
is A
rtic
le.
Art
icle
14:
Non
-Con
form
ing
Mea
sure
s
1.A
rtic
les
3 [N
atio
nal T
reat
men
t], 4
[M
ost-
Favo
red-
Nat
ion
Tre
atm
ent]
, 8 [
Per
form
ance
R
equi
rem
ents
], a
nd 9
[S
enio
r M
anag
emen
t and
Boa
rds
of D
irec
tors
] do
not
app
ly to
:
(a)
any
exis
ting
non
-con
form
ing
mea
sure
that
is m
aint
aine
d by
a P
arty
at:
(i)
the
cent
ral l
evel
of
gove
rnm
ent,
as s
et o
ut b
y th
at P
arty
in it
s S
ched
ule
to
Ann
ex I
or
Ann
ex I
II,
(ii)
a
regi
onal
leve
l of
gove
rnm
ent,
as s
et o
ut b
y th
at P
arty
in it
s S
ched
ule
to
Ann
ex I
or
Ann
ex I
II, o
r
(iii
) a
loca
l lev
el o
f go
vern
men
t;
(b)
the
cont
inua
tion
or
prom
pt r
enew
al o
f an
y no
n-co
nfor
min
g m
easu
re r
efer
red
to in
su
bpar
agra
ph (
a); o
r
(c)
an a
men
dmen
t to
any
non-
conf
orm
ing
mea
sure
ref
erre
d to
in s
ubpa
ragr
aph
(a)
to
the
exte
nt th
at th
e am
endm
ent d
oes
not d
ecre
ase
the
conf
orm
ity
of th
e m
easu
re, a
s it
exi
sted
imm
edia
tely
bef
ore
the
amen
dmen
t, w
ith
Art
icle
3 [
Nat
iona
l T
reat
men
t], 4
[M
ost-
Favo
red-
Nat
ion
Tre
atm
ent]
, 8 [
Per
form
ance
Req
uire
men
ts],
or
9 [
Sen
ior
Man
agem
ent a
nd B
oard
s of
Dir
ecto
rs].
2. A
rtic
les
3 [N
atio
nal T
reat
men
t], 4
[M
ost-
Favo
red-
Nat
ion
Tre
atm
ent]
, 8 [
Per
form
ance
R
equi
rem
ents
], a
nd 9
[S
enio
r M
anag
emen
t and
Boa
rds
of D
irec
tors
] do
not
app
ly to
any
mea
sure
th
at a
Par
ty a
dopt
s or
mai
ntai
ns w
ith
resp
ect t
o se
ctor
s, s
ubse
ctor
s, o
r ac
tivi
ties
, as
set o
ut in
its
Sch
edul
e to
Ann
ex I
I.
3. N
eith
er P
arty
may
, und
er a
ny m
easu
re a
dopt
ed a
fter
the
date
of
entr
y in
to f
orce
of
this
Tre
aty
and
cove
red
by it
s S
ched
ule
to A
nnex
II,
req
uire
an
inve
stor
of
the
othe
r P
arty
, by
reas
on o
f it
s na
tion
alit
y, to
sel
l or
othe
rwis
e di
spos
e of
an
inve
stm
ent e
xist
ing
at th
e ti
me
the
mea
sure
be
com
es e
ffec
tive
.
4. A
rtic
les
3 [N
atio
nal T
reat
men
t] a
nd 4
[M
ost-
Favo
red-
Nat
ion
Tre
atm
ent]
do
not a
pply
to a
ny
mea
sure
cov
ered
by
an e
xcep
tion
to, o
r de
roga
tion
fro
m, t
he o
blig
atio
ns u
nder
Art
icle
3 o
r 4
of
-
20-
the
TR
IPS
Agr
eem
ent,
as s
peci
fica
lly
prov
ided
in th
ose
Art
icle
s an
d in
Art
icle
5 o
f th
e T
RIP
S
Agr
eem
ent.
5. A
rtic
les
3 [N
atio
nal T
reat
men
t], 4
[M
ost-
Favo
red-
Nat
ion
Tre
atm
ent]
, and
9 [
Sen
ior
Man
agem
ent a
nd B
oard
s of
Dir
ecto
rs]
do n
ot a
pply
to:
(a)
gove
rnm
ent p
rocu
rem
ent;
or
(b)
subs
idie
s or
gra
nts
prov
ided
by
a P
arty
, inc
ludi
ng g
over
nmen
t-su
ppor
ted
loan
s,
guar
ante
es, a
nd in
sura
nce.
Art
icle
15:
Sp
ecia
l For
mal
itie
s an
d I
nfo
rmat
ion
Req
uir
emen
ts
1. N
othi
ng in
Art
icle
3 [
Nat
iona
l Tre
atm
ent]
sha
ll b
e co
nstr
ued
to p
reve
nt a
Par
ty f
rom
ado
ptin
g or
mai
ntai
ning
a m
easu
re th
at p
resc
ribe
s sp
ecia
l for
mal
itie
s in
con
nect
ion
wit
h co
vere
d in
vest
men
ts, s
uch
as a
req
uire
men
t tha
t inv
esto
rs b
e re
side
nts
of th
e P
arty
or
that
cov
ered
in
vest
men
ts b
e le
gall
y co
nsti
tute
d un
der
the
law
s or
reg
ulat
ions
of
the
Par
ty, p
rovi
ded
that
suc
h fo
rmal
itie
s do
not
mat
eria
lly
impa
ir th
e pr
otec
tion
s af
ford
ed b
y a
Par
ty to
inve
stor
s of
the
othe
r P
arty
and
cov
ered
inve
stm
ents
pur
suan
t to
this
Tre
aty.
2. N
otw
iths
tand
ing
Art
icle
s 3
[Nat
iona
l Tre
atm
ent]
and
4 [
Mos
t-Fa
vore
d-N
atio
n T
reat
men
t], a
P
arty
may
req
uire
an
inve
stor
of
the
othe
r P
arty
or
its
cove
red
inve
stm
ent t
o pr
ovid
e in
form
atio
n co
ncer
ning
that
inve
stm
ent s
olel
y fo
r in
form
atio
nal o
r st
atis
tica
l pur
pose
s. T
he P
arty
sha
ll
prot
ect a
ny c
onfi
dent
ial b
usin
ess
info
rmat
ion
from
any
dis
clos
ure
that
wou
ld p
reju
dice
the
com
peti
tive
pos
itio
n of
the
inve
stor
or
the
cove
red
inve
stm
ent.
Not
hing
in th
is p
arag
raph
sha
ll
be c
onst
rued
to p
reve
nt a
Par
ty f
rom
oth
erw
ise
obta
inin
g or
dis
clos
ing
info
rmat
ion
in c
onne
ctio
n w
ith
the
equi
tabl
e an
d go
od f
aith
app
lica
tion
of
its
law
.
Art
icle
16:
Non
-Der
ogat
ion
Thi
s T
reat
y sh
all n
ot d
erog
ate
from
any
of
the
foll
owin
g th
at e
ntit
le a
n in
vest
or o
f a
Par
ty o
r a
cove
red
inve
stm
ent t
o tr
eatm
ent m
ore
favo
rabl
e th
an th
at a
ccor
ded
by th
is T
reat
y:
1.
law
s or
reg
ulat
ions
, adm
inis
trat
ive
prac
tice
s or
pro
cedu
res,
or
adm
inis
trat
ive
or
adju
dica
tory
dec
isio
ns o
f a
Par
ty;
2.
inte
rnat
iona
l leg
al o
blig
atio
ns o
f a
Par
ty; o
r
3.
obli
gati
ons
assu
med
by
a P
arty
, inc
ludi
ng th
ose
cont
aine
d in
an
inve
stm
ent a
utho
riza
tion
or
an
inve
stm
ent a
gree
men
t.
Art
icle
17:
Den
ial o
f B
enef
its
-
21-
1. A
Par
ty m
ay d
eny
the
bene
fits
of
this
Tre
aty
to a
n in
vest
or o
f th
e ot
her
Par
ty th
at is
an
ente
rpri
se o
f su
ch o
ther
Par
ty a
nd to
inve
stm
ents
of
that
inve
stor
if p
erso
ns o
f a
non-
Par
ty o
wn
or c
ontr
ol th
e en
terp
rise
and
the
deny
ing
Par
ty:
(a)
does
not
mai
ntai
n di
plom
atic
rel
atio
ns w
ith
the
non-
Par
ty; o
r
(b)
adop
ts o
r m
aint
ains
mea
sure
s w
ith
resp
ect t
o th
e no
n-P
arty
or
a pe
rson
of
the
non-
Par
ty th
at p
rohi
bit t
rans
acti
ons
wit
h th
e en
terp
rise
or
that
wou
ld b
e vi
olat
ed o
r ci
rcum
vent
ed if
the
bene
fits
of
this
Tre
aty
wer
e ac
cord
ed to
the
ente
rpri
se o
r to
its
inve
stm
ents
.
2. A
Par
ty m
ay d
eny
the
bene
fits
of
this
Tre
aty
to a
n in
vest
or o
f th
e ot
her
Par
ty th
at is
an
ente
rpri
se o
f su
ch o
ther
Par
ty a
nd to
inve
stm
ents
of
that
inve
stor
if th
e en
terp
rise
has
no
subs
tant
ial b
usin
ess
acti
viti
es in
the
terr
itor
y of
the
othe
r P
arty
and
per
sons
of
a no
n-P
arty
, or
of
the
deny
ing
Par
ty, o
wn
or c
ontr
ol th
e en
terp
rise
.
Art
icle
18:
Ess
enti
al S
ecu
rity
Not
hing
in th
is T
reat
y sh
all b
e co
nstr
ued:
1.
to r
equi
re a
Par
ty to
fur
nish
or
allo
w a
cces
s to
any
info
rmat
ion
the
disc
losu
re o
f w
hich
it
dete
rmin
es to
be
cont
rary
to it
s es
sent
ial s
ecur
ity
inte
rest
s; o
r
2.
to p
recl
ude
a P
arty
fro
m a
pply
ing
mea
sure
s th
at it
con
side
rs n
eces
sary
for
the
fulf
illm
ent o
f it
s ob
liga
tion
s w
ith
resp
ect t
o th
e m
aint
enan
ce o
r re
stor
atio
n of
in
tern
atio
nal p
eace
or
secu
rity
, or
the
prot
ecti
on o
f it
s ow
n es
sent
ial s
ecur
ity
inte
rest
s.
Art
icle
19:
Dis
clos
ure
of
Info
rmat
ion
Not
hing
in th
is T
reat
y sh
all b
e co
nstr
ued
to r
equi
re a
Par
ty to
fur
nish
or
allo
w a
cces
s to
co
nfid
enti
al in
form
atio
n th
e di
sclo
sure
of
whi
ch w
ould
impe
de la
w e
nfor
cem
ent o
r ot
herw
ise
be
cont
rary
to th
e pu
blic
inte
rest
, or
whi
ch w
ould
pre
judi
ce th
e le
giti
mat
e co
mm
erci
al in
tere
sts
of
part
icul
ar e
nter
pris
es, p
ubli
c or
pri
vate
.
Art
icle
20:
Fin
anci
al S
ervi
ces
1. N
otw
iths
tand
ing
any
othe
r pr
ovis
ion
of th
is T
reat
y, a
Par
ty s
hall
not
be
prev
ente
d fr
om
adop
ting
or
mai
ntai
ning
mea
sure
s re
lati
ng to
fin
anci
al s
ervi
ces
for
prud
enti
al r
easo
ns, i
nclu
ding
fo
r th
e pr
otec
tion
of
inve
stor
s, d
epos
itor
s, p
olic
y ho
lder
s, o
r pe
rson
s to
who
m a
fid
ucia
ry d
uty
is
owed
by
a fi
nanc
ial s
ervi
ces
supp
lier
, or
to e
nsur
e th
e in
tegr
ity
and
stab
ilit
y of
the
fina
ncia
l
-
22-
syst
em.18
Whe
re s
uch
mea
sure
s do
not
con
form
wit
h th
e pr
ovis
ions
of
this
Tre
aty,
they
sha
ll n
ot
be u
sed
as a
mea
ns o
f avo
idin
g th
e Pa
rty’s
com
mitm
ents
or o
blig
atio
ns u
nder
this
Tre
aty.
2.
(a)
Not
hing
in th
is T
reat
y ap
plie
s to
non
-dis
crim
inat
ory
mea
sure
s of
gen
eral
ap
plic
atio
n ta
ken
by a
ny p
ubli
c en
tity
in p
ursu
it o
f m
onet
ary
and
rela
ted
cred
it
polic
ies o
r exc
hang
e ra
te p
olic
ies.
Thi
s par
agra
ph sh
all n
ot a
ffec
t a P
arty
’s
obli
gati
ons
unde
r A
rtic
le 7
[T
rans
fers
] or
Art
icle
8 [
Per
form
ance
R
equi
rem
ents
].19
(b
) Fo
r pur
pose
s of t
his p
arag
raph
, “pu
blic
ent
ity”
mea
ns a
cen
tral b
ank
or m
onet
ary
auth
orit
y of
a P
arty
.
3. W
here
a c
laim
ant s
ubm
its
a cl
aim
to a
rbit
rati
on u
nder
Sec
tion
B [
Inve
stor
-Sta
te D
ispu
te
Set
tlem
ent]
, and
the
resp
onde
nt in
voke
s pa
ragr
aph
1 or
2 a
s a
defe
nse,
the
foll
owin
g pr
ovis
ions
sh
all a
pply
:
(a
) T
he r
espo
nden
t sha
ll, w
ithi
n 12
0 da
ys o
f th
e da
te th
e cl
aim
is s
ubm
itte
d to
ar
bitr
atio
n un
der
Sec
tion
B, s
ubm
it in
wri
ting
to th
e co
mpe
tent
fin
anci
al
auth
orit
ies20
of b
oth
Par
ties
a r
eque
st f
or a
join
t det
erm
inat
ion
on th
e is
sue
of
whe
ther
and
to w
hat e
xten
t par
agra
ph 1
or
2 is
a v
alid
def
ense
to th
e cl
aim
. T
he
resp
onde
nt s
hall
pro
mpt
ly p
rovi
de th
e tr
ibun
al, i
f co
nsti
tute
d, a
cop
y of
suc
h re
ques
t.T
he a
rbit
rati
on m
ay p
roce
ed w
ith
resp
ect t
o th
e cl
aim
onl
y as
pro
vide
d in
sub
para
grap
h (d
).
(b)
The
com
pete
nt f
inan
cial
aut
hori
ties
of
both
Par
ties
sha
ll m
ake
them
selv
es
avai
labl
e fo
r co
nsul
tati
ons
wit
h ea
ch o
ther
and
sha
ll a
ttem
pt in
goo
d fa
ith
to m
ake
a de
term
inat
ion
as d
escr
ibed
in s
ubpa
ragr
aph
(a).
Any
suc
h de
term
inat
ion
shal
l be
tran
smit
ted
prom
ptly
to th
e di
sput
ing
part
ies
and,
if c
onst
itut
ed, t
o th
e tr
ibun
al.
The
det
erm
inat
ion
shal
l be
bind
ing
on th
e tr
ibun
al.
(c)
If th
e co
mpe
tent
fin
anci
al a
utho
riti
es o
f bo
th P
arti
es, w
ithi
n 12
0 da
ys o
f th
e da
te
by w
hich
they
hav
e bo
th re
ceiv
ed th
e re
spon
dent
’s w
ritte
n re
ques
t for
a jo
int
dete
rmin
atio
n un
der
subp
arag
raph
(a)
, hav
e no
t mad
e a
dete
rmin
atio
n as
de
scri
bed
in th
at s
ubpa
ragr
aph,
the
trib
unal
sha
ll d
ecid
e th
e is
sue
or is
sues
left
18
It is
und
erst
ood
that
the
term
“pr
uden
tial r
easo
ns”
incl
udes
the
mai
nten
ance
of t
he sa
fety
, sou
ndne
ss,
inte
grit
y, o
r fi
nanc
ial r
espo
nsib
ilit
y of
indi
vidu
al f
inan
cial
inst
itutio
ns, a
s w
ell a
s th
e m
aint
enan
ce o
f th
e sa
fety
and
fin
anci
al a
nd o
pera
tion
al in
tegr
ity
of p
aym
ent a
nd c
lear
ing
syst
ems.
19 F
or g
reat
er c
erta
inty
, mea
sure
s of
gen
eral
app
lica
tion
take
n in
pur
suit
of
mon
etar
y an
d re
late
d cr
edit
po
licie
s or
exc
hang
e ra
te p
olic
ies
do n
ot in
clud
e m
easu
res
that
exp
ress
ly n
ulli
fy o
r am
end
cont
ract
ual
prov
isio
ns th
at s
peci
fy th
e cu
rren
cy o
f de
nom
inat
ion
or th
e ra
te o
f ex
chan
ge o
f cu
rren
cies
. 20
For
pur
pose
s of
this
Arti
cle,
“co
mpe
tent
fina
ncia
l aut
horit
ies”
mea
ns, f
or th
e U
nite
d St
ates
, the
D
epar
tmen
t of
the
Tre
asur
y fo
r ba
nkin
g an
d ot
her
fina
ncia
l ser
vice
s, a
nd th
e O
ffic
e of
the
Uni
ted
Stat
es
Tra
de R
epre
sent
ativ
e, in
coo
rdin
atio
n w
ith
the
Dep
artm
ent o
f C
omm
erce
and
oth
er a
genc
ies,
for
in
sura
nce;
and
for
[C
ount
ry],
[
].
-
23-
unre
solv
ed b
y th
e co
mpe
tent
fin
anci
al a
utho
riti
es.
The
pro
visi
ons
of S
ecti
on B
sh
all a
pply
, exc
ept a
s m
odif
ied
by th
is s
ubpa
ragr
aph.
(i)
In th
e ap
poin
tmen
t of
all a
rbit
rato
rs n
ot y
et a
ppoi
nted
to th
e tr
ibun
al, e
ach
disp
utin
g pa
rty
shal
l tak
e ap
prop
riat
e st
eps
to e
nsur
e th
at th
e tr
ibun
al h
as
expe
rtis
e or
exp
erie
nce
in f
inan
cial
ser
vice
s la
w o
r pr
acti
ce.
The
exp
erti
se
of p
arti
cula
r ca
ndid
ates
wit
h re
spec
t to
the
part
icul
ar s
ecto
r of
fin
anci
al
serv
ices
in w
hich
the
disp
ute
aris
es s
hall
be
take
n in
to a
ccou
nt in
the
appo
intm
ent o
f th
e pr
esid
ing
arbi
trat
or.
(ii)
If, b
efor
e th
e re
spon
dent
sub
mit
s th
e re
ques
t for
a jo
int d
eter
min
atio
n in
co
nfor
man
ce w
ith
subp
arag
raph
(a)
, the
pre
sidi
ng a
rbit
rato
r ha
s be
en
appo
inte
d pu
rsua
nt to
Art
icle
27(
3), s
uch
arbi
trat
or s
hall
be
repl
aced
on
the
requ
est o
f ei
ther
dis
puti
ng p
arty
and
the
trib
unal
sha
ll b
e re
cons
titu
ted
cons
iste
nt w
ith
subp
arag
raph
(c)
(i).
If,
wit
hin
30 d
ays
of th
e da
te th
e ar
bitr
atio
n pr
ocee
ding
s ar
e re
sum
ed u
nder
sub
para
grap
h (d
), th
e di
sput
ing
part
ies
have
not
agr
eed
on th
e ap
poin
tmen
t of
a ne
w p
resi
ding
arb
itra
tor,
th
e S
ecre
tary
-Gen
eral
, on
the
requ
est o
f a
disp
utin
g pa
rty,
sha
ll a
ppoi
nt
the
pres
idin
g ar
bitr
ator
con
sist
ent w
ith
subp
arag
raph
(c)
(i).
(iii
)T
he tr
ibun
al s
hall
dra
w n
o in
fere
nce
rega
rdin
g th
e ap
plic
atio
n of
pa
ragr
aph
1 or
2 f
rom
the
fact
that
the
com
pete
nt f
inan
cial
aut
hori
ties
hav
e no
t mad
e a
dete
rmin
atio
n as
des
crib
ed in
sub
para
grap
h (a
).
(iv)
The
non
-dis
puti
ng P
arty
may
mak
e or
al a
nd w
ritt
en s
ubm
issi
ons
to th
e tr
ibun
al r
egar
ding
the
issu
e of
whe
ther
and
to w
hat e
xten
t par
agra
ph 1
or
2 is
a v
alid
def
ense
to th
e cl
aim
. U
nles
s it
mak
es s
uch
a su
bmis
sion
, the
no
n-di
sput
ing
Par
ty s
hall
be
pres
umed
, for
pur
pose
s of
the
arbi
trat
ion,
to
take
a p
osit
ion
on p
arag
raph
1 o
r 2
not i
ncon
sist
ent w
ith
that
of
the
resp
onde
nt.
(d)
The
arb
itra
tion
ref
erre
d to
in s
ubpa
ragr
aph
(a)
may
pro
ceed
wit
h re
spec
t to
the
clai
m:
(i)
10 d
ays a
fter t
he d
ate
the
com
pete
nt fi
nanc
ial a
utho
ritie
s’ jo
int
dete
rmin
atio
n ha
s be
en r
ecei
ved
by b
oth
the
disp
utin
g pa
rtie
s an
d, if
co
nsti
tute
d, th
e tr
ibun
al; o
r
(ii)
10 d
ays
afte
r th
e ex
pira
tion
of
the
120-
day
peri
od p
rovi
ded
to th
e co
mpe
tent
fin
anci
al a
utho
riti
es in
sub
para
grap
h (c
).
(e)
On
the
requ
est o
f th
e re
spon
dent
mad
e w
ithi
n 30
day
s af
ter
the
expi
rati
on o
f th
e 12
0-da
y pe
riod
for
a jo
int d
eter
min
atio
n re
ferr
ed to
in s
ubpa
ragr
aph
(c),
or,
if th
e tr
ibun
al h
as n
ot b
een
cons
titu
ted
as o
f th
e ex
pira
tion
of
the
120-
day
peri
od, w
ithi
n 30
day
s af
ter
the
trib
unal
is c
onst
itut
ed, t
he tr
ibun
al s
hall
add
ress
and
dec
ide
the
issu
e or
issu
es le
ft u
nres
olve
d by
the
com
pete
nt f
inan
cial
aut
hori
ties
as
refe
rred
to
-
24-
in s
ubpa
ragr
aph
(c)
prio
r to
dec
idin
g th
e m
erit
s of
the
clai
m f
or w
hich
par
agra
ph
1 or
2 h
as b
een
invo
ked
by th
e re
spon
dent
as
a de
fens
e. F
ailu
re o
f th
e re
spon
dent
to
mak
e su
ch a
req
uest
is w
itho
ut p
reju
dice
to th
e ri
ght o
f th
e re
spon
dent
to
invo
ke p
arag
raph
1 o
r 2
as a
def
ense
at a
ny a
ppro
pria
te p
hase
of
the
arbi
trat
ion.
4.
Whe
re a
dis
pute
ari
ses
unde
r S
ecti
on C
and
the
com
pete
nt f
inan
cial
aut
hori
ties
of
one
Par
ty
prov
ide
wri
tten
not
ice
to th
e co
mpe
tent
fin
anci
al a
utho
riti
es o
f th
e ot
her
Par
ty th
at th
e di
sput
e in
volv
es f
inan
cial
ser
vice
s, S
ecti
on C
sha
ll a
pply
exc
ept a
s m
odif
ied
by th
is p
arag
raph
and
pa
ragr
aph
5.
(a)
The
com
pete
nt f
inan
cial
aut
hori
ties
of
both
Par
ties
sha
ll m
ake
them
selv
es
avai
labl
e fo
r co
nsul
tati
ons
wit
h ea
ch o
ther
reg
ardi
ng th
e di
sput
e, a
nd s
hall
hav
e 18
0 da
ys f
rom
the
date
suc
h no
tice
is r
ecei
ved
to tr
ansm
it a
rep
ort o
n th
eir
cons
ulta
tion
s to
the
Par
ties
. A
Par
ty m
ay s
ubm
it th
e di
sput
e to
arb
itra
tion
und
er
Sec
tion
C o
nly
afte
r th
e ex
pira
tion
of
that
180
-day
per
iod.
(b
) E
ithe
r P
arty
may
mak
e an
y su
ch r
epor
t ava
ilab
le to
a tr
ibun
al c
onst
itut
ed u
nder
S
ecti
on C
to d
ecid
e th
e di
sput
e re
ferr
ed to
in th
is p
arag
raph
or
a si
mil
ar d
ispu
te,
or to
a tr
ibun
al c
onst
itut
ed u
nder
Sec
tion
B to
dec
ide
a cl
aim
ari
sing
out
of
the
sam
e ev
ents
or
circ
umst
ance
s th
at g
ave
rise
to th
e di
sput
e un
der
Sec
tion
C.
5. W
here
a P
arty
sub
mit
s a
disp
ute
invo
lvin
g fi
nanc
ial s
ervi
ces
to a
rbit
rati
on u
nder
Sec
tion
C in
co
nfor
man
ce w
ith
para
grap
h 4,
and
on
the
requ
est o
f ei
ther
Par
ty w
ithi
n 30
day
s of
the
date
the
disp
ute
is s
ubm
itte
d to
arb
itra
tion
, eac
h P
arty
sha
ll, i
n th
e ap
poin
tmen
t of
all a
rbit
rato
rs n
ot y
et
appo
inte
d, ta
ke a
ppro
pria
te s
teps
to e
nsur
e th
at th
e tr
ibun
al h
as e
xper
tise
or
expe
rien
ce in
fi
nanc
ial s
ervi
ces
law
or
prac
tice
. T
he e
xper
tise
of
part
icul
ar c
andi
date
s w
ith
resp
ect t
o fi
nanc
ial
serv
ices
sha
ll b
e ta
ken
into
acc
ount
in th
e ap
poin
tmen
t of
the
pres
idin
g ar
bitr
ator
.
6. N
otw
iths
tand
ing
Art
icle
11(
2)-(
4) [
Tra
nspa
renc
y –
Pub
lica
tion
], e
ach
Par
ty, t
o th
e ex
tent
pr
acti
cabl
e,
(a)
shal
l pub
lish
in a
dvan
ce a
ny r
egul
atio
ns o
f ge
nera
l app
lica
tion
rel
atin
g to
fi
nanc
ial s
ervi
ces
that
it p
ropo
ses
to a
dopt
and
the
purp
ose
of th
e re
gula
tion
;
(b
) sh
all p
rovi
de in
tere
sted
per
sons
and
the
othe
r P
arty
a r
easo
nabl
e op
port
unit
y to
co
mm
ent o
n su
ch p
ropo
sed
regu
lati
ons;
and
(c
) sh
ould
at t
he ti
me
it a
dopt
s fi
nal r
egul
atio
ns, a
ddre
ss in
wri
ting
sig
nifi
cant
su
bsta
ntiv
e co
mm
ents
rec
eive
d fr
om in
tere
sted
per
sons
wit
h re
spec
t to
the
prop
osed
reg
ulat
ions
.
7.Th
e te
rms “
finan
cial
serv
ice”
or “
finan
cial
serv
ices
” sh
all h
ave
the
sam
e m
eani
ng a
s in
subp
arag
raph
5(a
) of
the
Ann
ex o
n Fi
nanc
ial S
ervi
ces
of th
e G
AT
S.
8. F
or g
reat
er c
erta
inty
, not
hing
in th
is T
reat
y sh
all b
e co
nstr
ued
to p
reve
nt th
e ad
opti
on o
r en
forc
emen
t by
a pa
rty
of m
easu
res
rela
ting
to in
vest
ors
of th
e ot
her
Par
ty, o
r co
vere
d
-
25-
inve
stm
ents
, in
fina
ncia
l ins
titu
tion
s th
at a
re n
eces
sary
to s
ecur
e co
mpl
ianc
e w
ith
law
s or
re
gula
tion
s th
at a
re n
ot in
cons
iste
nt w
ith
this
Tre
aty,
incl
udin
g th
ose
rela
ted
to th
e pr
even
tion
of
dece
ptiv
e an
d fr
audu
lent
pra
ctic
es o
r th
at d
eal w
ith
the
effe
cts
of a
def
ault
on
fina
ncia
l ser
vice
s co
ntra
cts,
sub
ject
to th
e re
quir
emen
t tha
t suc
h m
easu
res
are
not a
ppli
ed in
a m
anne
r w
hich
wou
ld
cons
titu
te a
mea
ns o
f ar
bitr
ary
or u
njus
tifi
able
dis
crim
inat
ion
betw
een
coun
trie
s w
here
like
co
ndit
ions
pre
vail
, or
a di
sgui
sed
rest
rict
ion
on in
vest
men
t in
fina
ncia
l ins
titu
tion
s.
Art
icle
21:
Tax
atio
n
1.E
xcep
t as
prov
ided
in th
is A
rtic
le, n
othi
ng in
Sec
tion
A s
hall
impo
se o
blig
atio
ns w
ith
resp
ect
to ta
xati
on m
easu
res.
2. A
rtic
le 6
[E
xpro
pria
tion]
sha
ll a
pply
to a
ll ta
xati
on m
easu
res,
exc
ept t
hat a
cla
iman
t tha
t as
sert
s th
at a
taxa
tion
mea
sure
invo
lves
an
expr
opri
atio
n m
ay s
ubm
it a
cla
im to
arb
itra
tion
und
er
Sec
tion
B o
nly
if:
(a)
the
clai
man
t has
fir
st r
efer
red
to th
e co
mpe
tent
tax
auth
orit
ies21
of b
oth
Par
ties
in
wri
ting
the
issu
e of
whe
ther
that
taxa
tion
mea
sure
invo
lves
an
expr
opri
atio
n; a
nd
(b)
wit
hin
180
days
aft
er th
e da
te o
f su
ch r
efer
ral,
the
com
pete
nt ta
x au
thor
itie
s of
bo
th P
arti
es f
ail t
o ag
ree
that
the
taxa
tion
mea
sure
is n
ot a
n ex
prop
riat
ion.
3. S
ubje
ct to
par
agra
ph 4
, Art
icle
8 [
Per
form
ance
Req
uire
men
ts]
(2)
thro
ugh
(4)
shal
l app
ly to
al
l tax
atio
n m
easu
res.
4. N
othi
ng in
this
Tre
aty
shal
l aff
ect t
he r
ight
s an
d ob
liga
tion
s of
eit
her
Par
ty u
nder
any
tax
conv
enti
on.
In th
e ev
ent o
f an
y in
cons
iste
ncy
betw
een
this
Tre
aty
and
any
such
con
vent
ion,
that
co
nven
tion
sha
ll p
reva
il to
the
exte
nt o
f th
e in
cons
iste
ncy.
In
the
case
of
a ta
x co
nven
tion
be
twee
n th
e P
arti
es, t
he c
ompe
tent
aut
hori
ties
und
er th
at c
onve
ntio
n sh
all h
ave
sole
re
spon
sibi
lity
for
det
erm
inin
g w
heth
er a
ny in
cons
iste
ncy
exis
ts b
etw
een
this
Tre
aty
and
that
co
nven
tion
.
Art
icle
22:
En
try
into
For
ce, D
ura
tion
, an
d T
erm
inat
ion
1. T
his
Tre
aty
shal
l ent
er in
to f
orce
thir
ty d
ays
afte
r th
e da
te th
e P
arti
es e
xcha
nge
inst
rum
ents
of
rati
fica
tion
. It
sha
ll r
emai
n in
for
ce f
or a
per
iod
of te
n ye
ars
and
shal
l con
tinu
e in
for
ce
ther
eaft
er u
nles
s te
rmin
ated
in a
ccor
danc
e w
ith
para
grap
h 2.
21
For t
he p
urpo
ses o
f thi
s Arti
cle,
the
“com
pete
nt ta
x au
thor
ities
” m
eans
:
(a)
for
the
Uni
ted
Sta
tes,
the
Ass
ista
nt S
ecre
tary
of
the
Tre
asur
y (T
ax P
olic
y), D
epar
tmen
t of
the
Tre
asur
y; a
nd
(b
) fo
r [C
ount
ry],
[
].
-
26-
2. A
Par
ty m
ay te
rmin
ate
this
Tre
aty
at th
e en
d of
the
init
ial t
en-y
ear
peri
od o
r at
any
tim
e th
erea
fter b
y gi
ving
one
yea
r’s w
ritte
n no
tice
to th
e ot
her P
arty
.
3. F
or te
n ye
ars
from
the
date
of
term
inat
ion,
all
oth
er A
rtic
les
shal
l con
tinu
e to
app
ly to
cov
ered
in
vest
men
ts e
stab
lish
ed o
r ac
quir
ed p
rior
to th
e da
te o
f te
rmin
atio
n, e
xcep
t ins
ofar
as
thos
e A
rtic
les
exte
nd to
the
esta
blis
hmen
t or
acqu
isit
ion
of c
over
ed in
vest
men
ts.
SE
CT
ION
B
Art
icle
23:
Con
sult
atio
n a
nd
Neg
otia
tion
In th
e ev
ent o
f an
inve
stm
ent d
ispu
te, t
he c
laim
ant a
nd th
e re
spon
dent
sho
uld
init
iall
y se
ek to
re
solv
e th
e di
sput
e th
roug
h co
nsul
tati
on a
nd n
egot
iati
on, w
hich
may
incl
ude
the
use
of n
on-
bind
ing,
thir
d-pa
rty
proc
edur
es.
Art
icle
24:
Su
bm
issi
on o
f a
Cla
im t
o A
rbit
rati
on
1. I
n th
e ev
ent t
hat a
dis
puti
ng p
arty
con
side
rs th
at a
n in
vest
men
t dis
pute
can
not b
e se
ttle
d by
co
nsul
tati
on a
nd n
egot
iati
on:
(a)
the
clai
man
t, on
its
own
beha
lf, m
ay s
ubm
it to
arb
itra
tion
und
er th
is S
ecti
on a
cl
aim
(i
) th
at th
e re
spon
dent
has
bre
ache
d
(A)
an o
blig
atio
n un
der
Art
icle
s 3
thro
ugh
10,
(B)
an in
vest
men
t aut
hori
zati
on, o
r
(C)
an in
vest
men
t agr
eem
ent;
and
(ii)
th
at th
e cl
aim
ant h
as in
curr
ed lo
ss o
r da
mag
e by
rea
son
of, o
r ar
isin
g ou
t of
, tha
t bre
ach;
and
(b)
the
clai
man
t, on
beh
alf
of a
n en
terp
rise
of
the
resp
onde
nt th
at is
a ju
ridi
cal p
erso
n th
at th
e cl
aim
ant o
wns
or
cont
rols
dir
ectl
y or
indi
rect
ly, m
ay s
ubm
it to
arb
itra
tion
un
der
this
Sec
tion
a c
laim
(i)
that
the
resp
onde
nt h
as b
reac
hed
-
27-
(A)
an o
blig
atio
n un
der
Art
icle
s 3
thro
ugh
10,
(B)
an in
vest
men
t aut
hori
zati
on, o
r
(C)
an in
vest
men
t agr
eem
ent;
and
(ii)
th
at th
e en
terp
rise
has
incu
rred
loss
or
dam
age
by r
easo
n of
, or
aris
ing
out
of, t
hat b
reac
h,
prov
ided
that
a c
laim
ant m
ay s
ubm
it p
ursu
ant t
o su
bpar
agra
ph (
a)(i
)(C
) or
(b)
(i)(
C)
a cl
aim
for
br
each
of
an in
vest
men
t agr
eem
ent o
nly
if th
e su
bjec
t mat
ter
of th
e cl
aim
and
the
clai
med
da
mag
es d
irec
tly
rela
te to
the
cove
red
inve
stm
ent t
hat w
as e
stab
lish
ed o
r ac
quir
ed, o
r so
ught
to
be e
stab
lish
ed o
r ac
quir
ed, i
n re
lian
ce o
n th
e re
leva
nt in
vest
men
t agr
eem
ent.
2. A
t lea
st 9
0 da
ys b
efor
e su
bmit
ting
any
cla
im to
arb
itra
tion
und
er th
is S
ecti
on, a
cla
iman
t sha
ll
deli
ver
to th
e re
spon
dent
a w
ritt
en n
otic
e of
its
inte
ntio
n to
sub
mit
the
clai
m to
arb
itra
tion
(“
notic
e of
inte
nt”)
. Th
e no
tice
shal
l spe
cify
:
(a)
the
nam
e an
d ad
dres
s of
the
clai
man
t and
, whe
re a
cla
im is
sub
mit
ted
on b
ehal
f of
an
ent
erpr
ise,
the
nam
e, a
ddre
ss, a
nd p
lace
of
inco
rpor
atio
n of
the
ente
rpri
se;
(b)
for
each
cla
im, t
he p
rovi
sion
of
this
Tre
aty,
inve
stm
ent a
utho
riza
tion
, or
inve
stm
ent a
gree
men
t all
eged
to h
ave
been
bre
ache
d an
d an
y ot
her
rele
vant
pr
ovis
ions
;
(c)
the
lega
l and
fac
tual
bas
is f
or e
ach
clai
m; a
nd
(d)
the
reli
ef s
ough
t and
the
appr
oxim
ate
amou
nt o
f da
mag
es c
laim
ed.
3. P
rovi
ded
that
six
mon
ths
have
ela
psed
sin
ce th
e ev
ents
giv
ing
rise
to th
e cl
aim
, a c
laim
ant
may
sub
mit
a c
laim
ref
erre
d to
in p
arag
raph
1:
(a)
unde
r th
e IC
SID
Con
vent
ion
and
the
ICS
ID R
ules
of
Pro
cedu
re f
or A
rbit
rati
on
Pro
ceed
ings
, pro
vide
d th
at b
oth
the
resp
onde
nt a
nd th
e no
n-di
sput
ing
Par
ty a
re
part
ies
to th
e IC
SID
Con
vent
ion;
(b)
unde
r th
e IC
SID
Add
itio
nal F
acil
ity
Rul
es, p
rovi
ded
that
eit
her
the
resp
onde
nt o
r th
e no
n-di
sput
ing
Par
ty is
a p
arty
to th
e IC
SID
Con
vent
ion;
(c)
unde
r th
e U
NC
ITR
AL
Arb
itra
tion
Rul
es; o
r
(d)
ifth
e cl
aim
ant a
nd r
espo
nden
t agr
ee, t
o an
y ot
her
arbi
trat
ion
inst
itut
ion
or u
nder
an
y ot
her
arbi
trat
ion
rule
s.
-
28-
4. A
cla
im sh
all b
e de
emed
subm
itted
to a
rbitr
atio
n un
der t
his S
ectio
n w
hen
the
clai
man
t’s
notic
e of
or r
eque
st fo
r arb
itrat
ion
(“no
tice
of a
rbitr
atio
n”):
(a)
refe
rred
to in
par
agra
ph 1
of
Art
icle
36
of th
e IC
SID
Con
vent
ion
is r
ecei
ved
by
the
Sec
reta
ry-G
ener
al;
(b)
refe
rred
to in
Art
icle
2 o
f S
ched
ule
C o
f th
e IC
SID
Add
itio
nal F
acil
ity
Rul
es is
re
ceiv
ed b
y th
e S
ecre
tary
-Gen
eral
;
(c)
refe
rred
to in
Art
icle
3 o
f th
e U
NC
ITR
AL
Arb
itra
tion
Rul
es, t
oget
her
wit
h th
e st
atem
ent o
f cl
aim
ref
erre
d to
in A
rtic
le 2
0 of
the
UN
CIT
RA
L A
rbit
rati
on R
ules
, ar
e re
ceiv
ed b
y th
e re
spon
dent
; or
(d)
refe
rred
to u
nder
any
arb
itra
l ins
titu
tion
or
arbi
tral
rul
es s
elec
ted
unde
r pa
ragr
aph
3(d)
is r
ecei
ved
by th
e re
spon
dent
.
A c
laim
ass
erte
d by
the
clai
man
t for
the
firs
t tim
e af
ter
such
not
ice
of a
rbit
rati
on is
sub
mit
ted
shal
l be
deem
ed s
ubm
itte
d to
arb
itra
tion
und
er th
is S
ecti
on o
n th
e da
te o
f it
s re
ceip
t und
er th
e ap
plic
able
arb
itra
l rul
es.
5. T
he a
rbit
rati
on r
ules
app
lica
ble
unde
r pa
ragr
aph
3, a
nd in
eff
ect o
n th
e da
te th
e cl
aim
or
clai
ms
wer
e su
bmit
ted
to a
rbit
rati
on u
nder
this
Sec
tion
, sha
ll g
over
n th
e ar
bitr
atio
n ex
cept
to th
e ex
tent
mod
ifie
d by
this
Tre
aty.
6. T
he c
laim
ant s
hall
pro
vide
wit
h th
e no
tice
of
arbi
trat
ion:
(a)
the
nam
e of
the
arbi
trat
or th
at th
e cl
aim
ant a
ppoi
nts;
or
(b)
the
clai
man
t’s w
ritte
n co
nsen
t for
the
Secr
etar
y-G
ener
al to
app
oint
that
arb
itra
tor.
Art
icle
25:
Con
sen
t of
Eac
h P
arty
to
Arb
itra
tion
1. E
ach
Par
ty c
onse
nts
to th
e su
bmis
sion
of
a cl
aim
to a
rbit
rati
on u
nder
this
Sec
tion
in
acco
rdan
ce w
ith
this
Tre
aty.
2. T
he c
onse
nt u
nder
par
agra
ph 1
and
the
subm
issi
on o
f a
clai
m to
arb
itra
tion
und
er th
is S
ecti
on
shal
l sat
isfy
the
requ
irem
ents
of:
(a)
Cha
pter
II
of th
e IC
SID
Con
vent
ion
(Jur
isdi
ctio
n of
the
Cen
tre)
and
the
ICS
ID
Add
itio
nal F
acil
ity
Rul
es f
or w
ritt
en c
onse
nt o
f th
e pa
rtie
s to
the
disp
ute;
[an
d]
(b)
Arti
cle
II of
the
New
Yor
k C
onve
ntio
n fo
r an
“agr
eem
ent i
n w
ritin
g[.”
] [;”
and
(c)
Art
icle
I o
f th
e In
ter-
Am
eric
an C
onve
ntio
n fo
r an
“agr
eem
ent.”
]
-
29-
Art
icle
26:
Con
dit
ion
s an
d L
imit
atio
ns
on C
onse
nt
of E
ach
Par
ty
1. N
o cl
aim
may
be
subm
itte
d to
arb
itra
tion
und
er th
is S
ecti
on if
mor
e th
an th
ree
year
s ha
ve
elap
sed
from
the
date
on
whi
ch th
e cl
aim
ant f
irst
acq
uire
d, o
r sh
ould
hav
e fi
rst a
cqui
red,
kn
owle
dge
of th
e br
each
all
eged
und
er A
rtic
le 2
4(1)
and
kno
wle
dge
that
the
clai
man
t (fo
r cl
aim
s br
ough
t und
er A
rtic
le 2
4(1)
(a))
or
the
ente
rpri
se (
for
clai
ms
brou
ght u
nder
Art
icle
24(
1)(b
)) h
as
incu
rred
loss
or
dam
age.
2. N
o cl
aim
may
be
subm
itte
d to
arb
itra
tion
und
er th
is S
ecti
on u
nles
s:
(a)
the
clai
man
t con
sent
s in
wri
ting
to a
rbit
rati
on in
acc
orda
nce
wit
h th
e pr
oced
ures
se
t out
in th
is T
reat
y; a
nd
(b)
the
noti
ce o
f ar
bitr
atio
n is
acc
ompa
nied
,
(i)
for
clai
ms
subm
itte
d to
arb
itra
tion
und
er A
rtic
le 2
4(1)
(a),
by
the
clai
man
t’s w
ritte
n w
aive
r, an
d
(ii)
fo
r cl
aim
s su
bmit
ted
to a
rbit
rati
on u
nder
Art
icle
24(
1)(b
), b
y th
e cl
aim
ant’s
and
the
ente
rpris
e’s w
ritte
n w
aive
rs
of a
ny r
ight
to in
itia
te o
r co
ntin
ue b
efor
e an
y ad
min
istr
ativ
e tr
ibun
al o
r co
urt
unde
r th
e la
w o
f ei
ther
Par
ty, o
r ot
her
disp
ute
sett
lem
ent p
roce
dure
s, a
ny
proc
eedi
ng w
ith r
espe
ct to
any
mea
sure
all
eged
to c
onst
itut
e a
brea
ch r
efer
red
to
in A
rtic
le 2
4.
3.N
otw
iths
tand
ing
para
grap
h 2(
b), t
he c
laim
ant (
for
clai
ms
brou
ght u
nder
Art
icle
24(
1)(a
)) a
nd
the
clai
man
t or
the
ente
rpri
se (
for
clai
ms
brou
ght u
nder
Art
icle
24(
1)(b
)) m
ay in
itia
te o
r co
ntin
ue
an a
ctio
n th
at s
eeks
inte
rim
inju
ncti
ve r
elie
f an
d do
es n
ot in
volv
e th
e pa
ymen
t of
mon
etar
y da
mag
es b
efor
e a
judi
cial
or
adm
inis
trat
ive
trib
unal
of
the
resp
onde
nt, p
rovi
ded
that
the
acti
on is
br
ough
t for
the
sole
pur
pose
of p
rese
rvin
g th
e cl
aim
ant’s
or t
he e
nter
pris
e’s r
ight
s and
inte
rest
s du
ring
the
pend
ency
of
the
arbi
trat
ion.
Art
icle
27:
Sel
ecti
on o
f A
rbit
rato
rs
1. U
nles
s th
e di
sput
ing
part
ies
othe
rwis
e ag
ree,
the
trib
unal
sha
ll c
ompr
ise
thre
e ar
bitr
ator
s, o
ne
arbi
trat
or a
ppoi
nted
by
each
of
the
disp
utin
g pa
rtie
s an
d th
e th
ird,
who
sha
ll b
e th
e pr
esid
ing
arbi
trat
or, a
ppoi
nted
by
agre
emen
t of
the
disp
utin
g pa
rtie
s.
2. T
he S
ecre
tary
-Gen
eral
sha
ll s
erve
as
appo
inti
ng a
utho
rity
for
an
arbi
trat
ion
unde
r th
is
Sec
tion
.
-
30-
3. S
ubje
ct to
Art
icle
20(
3), i
f a
trib
unal
has
not
bee
n co
nsti
tute
d w
ithi
n 75
day
s fr
om th
e da
te
that
a c
laim
is s
ubm
itte
d to
arb
itra
tion
und
er th
is S
ecti
on, t
he S
ecre
tary
-Gen
eral
, on
the
requ
est
of a
dis
puti
ng p
arty
, sha
ll a
ppoi
nt, i
n hi
s or
her
dis
cret
ion,
the
arbi
trat
or o
r ar
bitr
ator
s no
t yet
ap
poin
ted.
4. F
or p
urpo
ses
of A
rtic
le 3
9 of
the
ICS
ID C
onve
ntio
n an
d A
rtic
le 7
of
Sch
edul
e C
to th
e IC
SID
A
ddit
iona
l Fac
ilit
y R
ules
, and
wit
hout
pre
judi
ce to
an
obje
ctio
n to
an
arbi
trat
or o
n a
grou
nd
othe
r th
an n
atio
nali
ty:
(a)
the
resp
onde
nt a
gree
s to
the
appo
intm
ent o
f ea
ch in
divi
dual
mem
ber
of a
trib
unal
es
tabl
ishe
d un
der
the
ICS
ID C
onve
ntio
n or
the
ICS
ID A
ddit
iona
l Fac
ilit
y R
ules
;
(b)
a cl
aim
ant r
efer
red
to in
Art
icle
24(
1)(a
) m
ay s
ubm
it a
cla
im to
arb
itra
tion
und
er
this
Sec
tion
, or
cont
inue
a c
laim
, und
er th
e IC
SID
Con
vent
ion
or th
e IC
SID
A
ddit
iona
l Fac
ilit
y R
ules
, onl
y on
con
diti
on th
at th
e cl
aim
ant a
gree
s in
wri
ting
to
the
appo
intm
ent o
f ea
ch in
divi
dual
mem
ber
of th
e tr
ibun
al; a
nd
(c)
a cl
aim
ant r
efer
red
to in
Art
icle
24(
1)(b
) m
ay s
ubm
it a
cla
im to
arb
itra
tion
und
er
this
Sec
tion
, or
cont
inue
a c
laim
, und
er th
e IC
SID
Con
vent
ion
or th
e IC
SID
A
ddit
iona
l Fac
ilit
y R
ules
, onl
y on
con
diti
on th
at th
e cl
aim
ant a
nd th
e en
terp
rise
ag
ree
in w
riti
ng to
the
appo
intm
ent o
f ea
ch in
divi
dual
mem
ber
of th
e tr
ibun
al.
Art
icle
28:
Con
du
ct o
f th
e A
rbit
rati
on
1. T
he d
ispu
ting
par
ties
may
agr
ee o
n th
e le
gal p
lace
of
any
arbi
trat
ion
unde
r th
e ar
bitr
al r
ules
ap
plic
able
und
er A
rtic
le 2
4(3)
. If
the
disp
utin
g pa
rtie
s fa
il to
rea
ch a
gree
men
t, th
e tr
ibun
al s
hall
de
term
ine
the
plac
e in
acc
orda
nce
wit
h th
e ap
plic
able
arb
itra
l rul
es, p
rovi
ded
that
the
plac
e sh
all
be in
the
terr
itor
y of
a S
tate
that
is a
par
ty to
the
New
Yor
k C
onve
ntio
n.
2. T
he n
on-d
ispu
ting
Par
ty m
ay m
ake
oral
and
wri
tten
sub
mis
sion
s to
the
trib
unal
reg
ardi
ng th
e in
terp
reta
tion
of
this
Tre
aty.
3. T
he tr
ibun
al s
hall
hav
e th
e au
thor
ity
to a
ccep
t and
con
side
r am
icus
cur
iae
subm
issi
ons
from
a
pers
on o
r en
tity
that
is n
ot a
dis
puti
ng p
arty
.
4. W
ithou
t pre
judi
ce to
a tr
ibun
al’s
aut
horit
y to
add
ress
oth
er o
bjec
tions
as a
pre
limin
ary
ques
tion
, a tr
ibun
al s
hall
add
ress
and
dec
ide
as a
pre
lim
inar
y qu
esti
on a
ny o
bjec
tion
by
the
resp
onde
nt th
at, a
s a
mat
ter
of la
w, a
cla
im s
ubm
itted
is n
ot a
cla
im f
or w
hich
an
awar
d in
fav
or
of th
e cl
aim
ant m
ay b
e m
ade
unde
r A
rtic
le 3
4.
(a)
Suc
h ob
ject
ion
shal
l be
subm
itte
d to
the
trib
unal
as
soon
as
poss
ible
aft
er th
e tr
ibun
al is
con
stit
uted
, and
in n
o ev
ent l
ater
than
the
date
the
trib
unal
fix
es f
or th
e re
spon
dent
to s
ubm
it it
s co
unte
r-m
emor
ial (
or, i
n th
e ca
se o
f an
am
endm
ent t
o th
e no
tice
of
arbi
trat
ion,
the
date
the
trib
unal
fix
es f
or th
e re
spon
dent
to s
ubm
it it
s re
spon
se to
the
amen
dmen
t).
-
31-
(b)
On
rece
ipt o
f an
obj
ecti
on u
nder
this
par
agra
ph, t
he tr
ibun
al s
hall
sus
pend
any
pr
ocee
ding
s on
the
mer
its,
est
abli
sh a
sch
edul
e fo
r co
nsid
erin
g th
e ob
ject
ion
cons
iste
nt w
ith
any
sche
dule
it h
as e
stab
lish
ed f
or c
onsi
deri
ng a
ny o
ther
pr
elim
inar
y qu
esti
on, a
nd is
sue
a de
cisi
on o
r aw
ard
on th
e ob
ject
ion,
sta
ting
the
grou
nds
ther
efor
.
(c)
In d
ecid
ing
an o
bjec
tion
und
er th
is p
arag
raph
, the
trib
unal
sha
ll a
ssum
e to
be
true
cl
aim
ant’s
fact
ual a
llega
tions
in su
ppor
t of a
ny c
laim
in th
e no
tice
of a
rbitr
atio
n (o
r an
y am
endm
ent t
here
of)
and,
in d
ispu
tes
brou
ght u
nder
the
UN
CIT
RA
L
Arb
itra
tion
Rul
es, t
he s
tate
men
t of
clai
m r
efer
red
to in
Art
icle
20
of th
e U
NC
ITR
AL
Arb
itra
tion
Rul
es.
The
trib
unal
may
als
o co
nsid
er a
ny r
elev
ant f
acts
no
t in
disp
ute.
(d)
The
res
pond
ent d
oes
not w
aive
any
obj
ecti
on a
s to
com
pete
nce
or a
ny a
rgum
ent
on th
e m
erit
s m
erel
y be
caus
e th
e re
spon
dent
did
or
did
not r
aise
an
obje
ctio
n un
der
this
par
agra
ph o
r m
ake
use
of th
e ex
pedi
ted
proc
edur
e se
t out
in p
arag
raph
5.
5. I
n th
e ev
ent t
hat t
he r
espo
nden
t so
requ
ests
wit
hin
45 d
ays
afte
r th
e tr
ibun
al is
con
stit
uted
, the
tr
ibun
al s
hall
dec
ide
on a
n ex
pedi
ted
basi
s an
obj
ecti
on u
nder
par
agra
ph 4
and
any
obj
ecti
on th
at
the
disp
ute
is n
ot w
ithin
the
tribu
nal’s
com
pete
nce.
The
trib
unal
shal
l sus
pend
any
pro
ceed
ings
on
the
mer
its
and
issu
e a
deci
sion
or
awar
d on
the
obje
ctio
n(s)
, sta
ting
the
grou
nds
ther
efor
, no
late
r th
an 1
50 d
ays
afte
r th
e da
te o
f th
e re
ques
t. H
owev
er, i
f a
disp
utin
g pa
rty
requ
ests
a h
eari
ng,
the
trib
unal
may
take
an
addi
tion
al 3
0 da
ys to
issu
e th
e de
cisi
on o
r aw
ard.
Reg
ardl
ess
of
whe
ther
a h
eari
ng is
req
uest
ed, a
trib
unal
may
, on
a sh
owin
g of
ext
raor
dina
ry c
ause
, del
ay
issu
ing
its
deci
sion
or
awar
d by
an
addi
tion
al b
rief
per
iod,
whi
ch m
ay n
ot e
xcee
d 30
day
s.
6. W
hen
it de
cide
s a re
spon
dent
’s o
bjec
tion
unde
r par
agra
ph 4
or 5
, the
trib
unal
may
, if
war
rant
ed, a
war
d to
the
prev
ailin
g di
sput
ing
party
reas
onab
le c
osts
and
atto
rney
’s fe
es in
curr
ed
in s
ubm
itti
ng o
r op
posi
ng th
e ob
ject
ion.
In
dete
rmin
ing
whe
ther
suc
h an
aw
ard
is w
arra
nted
, the
tri
buna
l sha
ll co
nsid
er w
heth
er e
ither
the
clai
man
t’s c
laim
or t
he re
spon
dent
’s o
bjec
tion
was
fr
ivol
ous,
and
sha
ll p
rovi
de th
e di
sput
ing
part
ies
a re
ason
able
opp
ortu
nity
to c
omm
ent.
7. A
res
pond
ent m
ay n
ot a
sser
t as
a de
fens
e, c
ount
ercl
aim
, rig
ht o
f se
t-of
f, o
r fo
r an
y ot
her
reas
on th
at th
e cl
aim
ant h
as r
ecei
ved
or w
ill r
ecei
ve in
dem
nifi
cati
on o
r ot
her
com
pens
atio
n fo
r al
l or
part
of
the
alle
ged
dam
ages
pur
suan
t to
an in
sura
nce
or g
uara
ntee
con
trac
t.
8. A
trib
unal
may
ord
er a
n in
teri
m m
easu
re o
f pr
otec
tion
to p
rese
rve
the
righ
ts o
f a
disp
utin
g pa
rty, o
r to
ensu
re th
at th
e tri
buna
l’s ju
risdi
ctio
n is
mad
e fu
lly e
ffec
tive,
incl
udin
g an
ord
er to
pr
eser
ve e
vide
nce
in th
e po
sses
sion
or c
ontro
l of a
dis
putin
g pa
rty o
r to
prot
ect t
he tr
ibun
al’s
ju
risd
icti
on.
A tr
ibun
al m
ay n
ot o
rder
att
achm
ent o
r en
join
the
appl
icat
ion
of a
mea
sure
all
eged
to
con
stit
ute
a br
each
ref
erre
d to
in A
rtic
le 2
4. F
or p
urpo
ses
of th
is p
arag
raph
, an
orde
r in
clud
es
a re
com
men
dati
on.
-
32-
9.
(a)
In a
ny a
rbit
rati
on c
ondu
cted
und
er th
is S
ecti
on, a
t the
req
uest
of
a di
sput
ing
part
y,
a tr
ibun
al s
hall
, bef
ore
issu
ing
a de
cisi
on o
r aw
ard
on li
abil
ity,
tran
smit
its
prop
osed
dec
isio
n or
aw
ard
to th
e di
sput
ing
part
ies
and
to th
e no
n-di
sput
ing
Par
ty.
Wit
hin
60 d
ays
afte
r th
e tr
ibun
al tr
ansm
its
its
prop
osed
dec
isio
n or
aw
ard,
th
e di
sput
ing
part
ies
may
sub
mit
wri
tten
com
men
ts to
the
trib
unal
con
cern
ing
any
aspe
ct o
f it
s pr
opos
ed d
ecis
ion
or a
war
d. T
he tr
ibun
al s
hall
con
side
r an
y su
ch
com
men
ts a
nd is
sue
its
deci
sion
or
awar
d no
t lat
er th
an 4
5 da
ys a
fter
the
expi
rati
on o
f th
e 60
-day
com
men
t per
iod.
(b)
Sub
para
grap
h (a
) sh
all n
ot a
pply
in a
ny a
rbit
rati
on c
ondu
cted
pur
suan
t to
this
S
ecti
on f
or w
hich
an
appe
al h
as b
een
mad
e av
aila
ble
purs
uant
to p
arag
raph
10.
10.
Inth
e ev
ent t
hat a
n ap
pell
ate
mec
hani
sm f
or r
evie
win
g aw
ards
ren
dere
d by
inve
stor
-Sta
te
disp
ute
sett
lem
ent t
ribu
nals
is d
evel
oped
in th
e fu
ture
und
er o
ther
inst
itut
iona
l arr
ange
men
ts, t
heP
arti
es s
hall
con
side
r w
heth
er a
war
ds r
ende
red
unde
r A
rtic
le 3
4 sh
ould
be
subj
ect t
o th
at
appe
llat
e m
echa
nism
. T
he P
arti
es s
hall
str
ive
to e
nsur
e th
at a
ny s
uch
appe
llat
e m
echa
nism
they
co
nsid
er a
dopt
ing
prov
ides
for
tran
spar
ency
of
proc
eedi
ngs
sim
ilar
to th
e tr
ansp
aren
cy
prov
isio
ns e
stab
lish
ed in
Art
icle
29.
Art
icle
29:
Tra
nsp
aren
cy o
f A
rbit
ral P
roce
edin
gs
1. S
ubje
ct to
par
agra
phs
2 an
d 4,
the
resp
onde
nt s
hall
, aft
er r
ecei
ving
the
foll
owin
g do
cum
ents
, pr
ompt
ly tr
ansm
it th
em to
the
non-
disp
utin
g P
arty
and
mak
e th
em a
vail
able
to th
e pu
blic
:
(a)
the
noti
ce o
f in
tent
;
(b)
the
noti
ce o
f ar
bitr
atio
n;
(c)
plea
ding
s, m
emor
ials
, and
bri
efs
subm
itte
d to
the
trib
unal
by
a di
sput
ing
part
y an
d an
y w
ritt
en s
ubm
issi
ons
subm
itte
d pu
rsua
nt to
Art
icle
28(
2) [
Non
-Dis
puti
ng P
arty
su
bmis
sion
s] a
nd (
3) [
Amic
usS
ubm
issi
ons]
and
Art
icle
33
[Con
soli
dati
on];
(d)
min
utes
or
tran
scri
pts
of h
eari
ngs
of th
e tr
ibun
al, w
here
ava
ilab
le; a
nd
(e)
orde
rs, a
war
ds, a
nd d
ecis
ions
of
the
trib
unal
.
2. T
he tr
ibun
al s
hall
con
duct
hea
ring
s op
en to
the
publ
ic a
nd s
hall
det
erm
ine,
in c
onsu
ltat
ion
wit
h th
e di
sput
ing
part
ies,
the
appr
opri
ate
logi
stic
al a
rran
gem
ents
. H
owev
er, a
ny d
ispu
ting
par
ty
that
inte
nds
to u
se in
form
atio
n de
sign
ated
as
prot
ecte
d in
form
atio
n in
a h
eari
ng s
hall
so
advi
se
the
trib
unal
. T
he tr
ibun
al s
hall
mak
e ap
prop
riat
e ar
rang
emen
ts to
pro
tect
the
info
rmat
ion
from
di
sclo
sure
.
3. N
othi
ng in
this
Sec
tion
req
uire
s a
resp
onde
nt to
dis
clos
e pr
otec
ted
info
rmat
ion
or to
fur
nish
or
all
ow a
cces
s to
info
rmat
ion
that
it m
ay w
ithho
ld in
acc
orda
nce
wit
h A
rtic
le 1
8 [E
ssen
tial
S
ecur
ity
Art
icle
] or
Art
icle
19
[Dis
clos
ure
of I
nfor
mat
ion
Art
icle
].
-
33-
4. A
ny p
rote
cted
info
rmat
ion
that
is s
ubm
itte
d to
the
trib
unal
sha
ll b
e pr
otec
ted
from
dis
clos
ure
in a
ccor
danc
e w
ith
the
foll
owin
g pr
oced
ures
:
(a)
Sub
ject
to s
ubpa
ragr
aph
(d),
nei
ther
the
disp
utin
g pa
rtie
s no
r th
e tr
ibun
al s
hall
di
sclo
se to
the
non-
disp
utin
g P
arty
or
to th
e pu
blic
any
pro
tect
ed in
form
atio
n w
here
the
disp
utin
g pa
rty
that
pro
vide
d th
e in
form
atio
n cl
earl
y de
sign
ates
it in
ac
cord
ance
wit
h su
bpar
agra
ph (
b);
(b)
Any
dis
puti
ng p
arty
cla
imin
g th
at c
erta
in in
form
atio
n co
nsti
tute
s pr
otec
ted
info
rmat
ion
shal
l cle
arly
des
igna
te th
e in
form
atio
n at
the
tim
e it
is s
ubm
itted
to
the
trib
unal
;
(c)
A d
ispu
ting
par
ty s
hall
, at t
he ti
me
it s
ubm
its a
doc
umen
t con
tain
ing
info
rmat
ion
clai
med
to b
e pr
otec
ted
info
rmat
ion,
sub
mit
a r
edac
ted
vers
ion
of th
e do
cum
ent
that
doe
s no
t con
tain
the
info
rmat
ion.
Onl
y th
e re
dact
ed v
ersi
on s
hall
be
prov
ided
to
the
non-
disp
utin
g P
arty
and
mad
e pu
blic
in a
ccor
danc
e w
ith
para
grap
h 1;
and
(d)
The
trib
unal
sha
ll d
ecid
e an
y ob
ject
ion
rega
rdin
g th
e de
sign
atio
n of
info
rmat
ion
clai
med
to b
e pr
otec
ted
info
rmat
ion.
If
the
trib
unal
det
erm
ines
that
suc
h in
form
atio
n w
as n
ot p
rope
rly
desi
gnat
ed, t
he d
ispu
ting
par
ty th
at s
ubm
itte
d th
e in
form
atio
n m
ay (
i) w
ithd
raw
all
or
part
of
its
subm
issi
on c
onta
inin
g su
ch
info
rmat
ion,
or
(ii)
agr
ee to
res
ubm
it c
ompl
ete
and
reda
cted
doc
umen
ts w
ith
corr
ecte
d de
sign
atio
ns in
acc
orda
nce
with
the
tribu
nal’s
det
erm
inat
ion
and
subp
arag
raph
(c)
. In
eit
her
case
, the
oth
er d
ispu
ting
par
ty s
hall
, whe
neve
r ne
cess
ary,
res
ubm
it c
ompl
ete
and
reda
cted
doc
umen
ts w
hich
eit
her
rem
ove
the
info
rmat
ion
wit
hdra
wn
unde
r (i
) by
the
disp
utin
g pa
rty
that
fir
st s
ubm
itte
d th
e in
form
atio
n or
red
esig
nate
the
info
rmat
ion
cons
iste
nt w
ith
the
desi
gnat
ion
unde
r (i
i) o
f th
e di
sput
ing
part
y th
at f
irst
sub
mit
ted
the
info
rmat
ion.
5. N
othi
ng in
this
Sec
tion
req
uire
s a
resp
onde
nt to
wit
hhol
d fr
om th
e pu
blic
info
rmat
ion
requ
ired
to b
e di
sclo
sed
by it
s la
ws.
Art
icle
30:
Gov
ern
ing
Law
1. S
ubje
ct to
par
agra
ph 3
, whe
n a
clai
m is
sub
mitt
ed u
nder
Art
icle
24(
1)(a
)(i)
(A)
or A
rtic
le
24(1
)(b)
(i)(
A),
the
trib
unal
sha
ll d
ecid
e th
e is
sues
in d
ispu
te in
acc
orda
nce
wit
h th
is T
reat
y an
d ap
plic
able
rul
es o
f in
tern
atio
nal l
aw.
2.S
ubje
ct to
par
agra
ph 3
and
the
othe
r te
rms
of th
is S
ecti
on, w
hen
a cl
aim
is s
ubm
itte
d un
der
Art
icle
24(
1)(a
)(i)
(B)
or (
C),
or
Art
icle
24(
1)(b
)(i)
(B)
or (
C),
the
trib
unal
sha
ll a
pply
:
(a)
the
rule
s of
law
spe
cifi
ed in
the
pert
inen
t inv
estm
ent a
utho
riza
tion
or
inve
stm
ent
agre
emen
t, or
as
the
disp
utin
g pa
rtie
s m
ay o
ther
wis
e ag
ree;
or
-
34-
(b
) if
the
rule
s of
law
hav
e no
t bee
n sp
ecif
ied
or o
ther
wis
e ag
reed
:
(i)
the
law
of
the
resp
onde
nt, i
nclu
ding
its
rule
s on
the
conf
lict
of
law
s;22
and
(ii)
su
ch r
ules
of
inte
rnat
iona
l law
as
may
be
appl
icab
le.
3. A
join
t dec
isio
n of
the
Par
ties
, eac
h ac
ting
thro
ugh
its
repr
esen
tati
ve d
esig
nate
d fo
r pu
rpos
es
of th
is A
rtic
le, d
ecla
ring
thei
r in
terp
reta
tion
of
a pr
ovis
ion
of th
is T
reat
y sh
all b
e bi
ndin
g on
a
trib
unal
, and
any
dec
isio
n or
aw
ard
issu
ed b
y a
trib
unal
mus
t be
cons
iste
nt w
ith
that
join
t de
cisi
on.
Art
icle
31:
In
terp
reta
tion
of
Ann
exes
1. W
here
a r
espo
nden
t ass
erts
as
a de
fens
e th
at th
e m
easu
re a
lleg
ed to
be
a br
each
is w
ithi
n th
e sc
ope
of a
n en
try
set o
ut in
Ann
ex I
, II,
or
III,
the
trib
unal
sha
ll, o
n re
ques
t of
the
resp
onde
nt,
requ
est t
he in
terp
reta
tion
of
the
Par
ties
on
the
issu
e. T
he P
arti
es s
hall
sub
mit
in w
riti
ng a
ny jo
int
deci
sion
dec
lari
ng th
eir
inte
rpre
tati
on to
the
trib
unal
wit
hin
90 d
ays
of d
eliv
ery
of th
e re
ques
t.
2. A
join
t dec
isio
n is
sued
und
er p
arag
raph
1 b
y th
e P
arti
es, e
ach
acti
ng th
roug
h it
s re
pres
enta
tive
des
igna
ted
for
purp
oses
of
this
Art
icle
, sha
ll b
e bi
ndin
g on
the
trib
unal
, and
any
de
cisi
on o
r aw
ard
issu
ed b
y th
e tr
ibun
al m
ust b
e co
nsis
tent
wit
h th
at jo
int d
ecis
ion.
If
the
Par
ties
fa
il to
issu
e su
ch a
dec
isio
n w
ithi
n 90
day
s, th
e tr
ibun
al s
hall
dec
ide
the
issu
e.
Art
icle
32:
Exp
ert
Rep
orts
Wit
hout
pre
judi
ce to
the
appo
intm
ent o
f ot
her
kind
s of
exp
erts
whe
re a
utho
rize
d by
the
appl
icab
le a
rbit
rati
on r
ules
, a tr
ibun
al, a
t the
req
uest
of
a di
sput
ing
part
y or
, unl
ess
the
disp
utin
g pa
rtie
s di
sapp
rove
, on
its
own
init
iati
ve, m
ay a
ppoi
nt o
ne o
r m
ore
expe
rts
to r
epor
t to
it in
w
riti
ng o
n an
y fa
ctua
l iss
ue c
once
rnin
g en
viro
nmen
tal,
heal
th, s
afet
y, o
r ot
her
scie
ntif
ic m
atte
rs
rais
ed b
y a
disp
utin
g pa
rty
in a
pro
ceed
ing,
sub
ject
to s
uch
term
s an
d co
ndit
ions
as
the
disp
utin
g pa
rtie
s m
ay a
gree
.
Art
icle
33:
Con
soli
dat
ion
1. W
here
two
or m
ore
clai
ms
have
bee
n su
bmit
ted
sepa
rate
ly to
arb
itra
tion
und
er A
rtic
le 2
4(1)
an
d th
e cl
aim
s ha
ve a
que
stio
n of
law
or
fact
in c
omm
on a
nd a
rise
out
of
the
sam
e ev
ents
or
circ
umst
ance
s, a
ny d
ispu
ting
par
ty m
ay s
eek
a co
nsol
idat
ion
orde
r in
acc
orda
nce
wit
h th
e ag
reem
ent o
f al
l the
dis
puti
ng p
arti
es s
ough
t to
be c
over
ed b
y th
e or
der
or th
e te
rms
of
para
grap
hs 2
thro
ugh
10.
22
The
“law
of t
he re
spon
dent
” m
eans
the
law
that
a d
omes
tic c
ourt
or tr
ibun
al o
f pro
per j
uris
dict
ion
wou
ld a
pply
in th
e sa
me
case
.
-
35-
2. A
dis
puti
ng p
arty
that
see
ks a
con
soli
datio
n or
der
unde
r th
is A
rtic
le s
hall
del
iver
, in
wri
ting
, a r
eque
st to
the
Sec
reta
ry-G
ener
al a
nd to
all
the
disp
utin
g pa
rtie
s so
ught
to b
e co
vere
d by
the
orde
r an
d sh
all s
peci
fy in
the
requ
est:
(a)
the
nam
es a
nd a
ddre
sses
of
all t
he d
ispu
ting
par
ties
sou
ght t
o be
cov
ered
by
the
orde
r;
(b)
the
natu
re o
f th
e or
der
soug
ht; a
nd
(c)
the
grou
nds
on w
hich
the
orde
r is
sou
ght.
3. U
nles
s th
e S
ecre
tary
-Gen
eral
fin
ds w
ithi
n 30
day
s af
ter
rece
ivin
g a
requ
est u
nder
par
agra
ph 2
th
at th
e re
ques
t is
man
ifes
tly
unfo
unde
d, a
trib
unal
sha
ll b
e es
tabl
ishe
d un
der
this
Art
icle
.
4. U
nles
s al
l the
dis
puti
ng p
arti
es s
ough
t to
be c
over
ed b
y th
e or
der
othe
rwis
e ag
ree,
a tr
ibun
al
esta
blis
hed
unde
r th
is A
rtic
le s
hall
com
pris
e th
ree
arbi
trat
ors:
(a
) on
e ar
bitr
ator
app
oint
ed b
y ag
reem
ent o
f th
e cl
aim
ants
;
(b
) on
e ar
bitr
ator
app
oint
ed b
y th
e re
spon
dent
; and
(c
) th
e pr
esid
ing
arbi
trat
or a
ppoi
nted
by
the
Sec
reta
ry-G
ener
al, p
rovi
ded,
how
ever
, th
at th
e pr
esid
ing
arbi
trat
or s
hall
not
be
a na
tion
al o
f ei
ther
Par
ty.
5. I
f, w
ithi
n 60
day
s af
ter
the
Sec
reta
ry-G
ener
al r
ecei
ves
a re
ques
t mad
e un
der
para
grap
h 2,
the
resp
onde
nt f
ails
or
the
clai
man
ts f
ail t
o ap
poin
t an
arbi
trat
or in
acc
orda
nce
wit
h pa
ragr
aph
4, th
e S
ecre
tary
-Gen
eral
, on
the
requ
est o
f an
y di
sput
ing
part
y so
ught
to b
e co
vere
d by
the
orde
r, s
hall
ap
poin
t the
arb
itra
tor
or a
rbit
rato
rs n
ot y
et a
ppoi
nted
. If
the
resp
onde
nt f
ails
to a
ppoi
nt a
n ar
bitr
ator
, the
Sec
reta
ry-G
ener
al s
hall
app
oint
a n
atio
nal o
f th
e di
sput
ing
Par
ty, a
nd if
the
clai
man
ts f
ail t
o ap
poin
t an
arbi
trat
or, t
he S
ecre
tary
-Gen
eral
sha
ll a
ppoi
nt a
nat
iona
l of
the
non-
disp
utin
g P
arty
.
6. W
here
a tr
ibun
al e
stab
lish
ed u
nder
this
Art
icle
is s
atis
fied
that
two
or m
ore
clai
ms
that
hav
e be
en s
ubm
itte
d to
arb
itra
tion
und
er A
rtic
le 2
4(1)
hav
e a
ques
tion
of
law
or
fact
in c
omm
on, a
nd
aris
e ou
t of
the
sam
e ev
ents
or
circ
umst
ance
s, th
e tr
ibun
al m
ay, i
n th
e in
tere
st o
f fa
ir a
nd
effi
cien
t res
olut
ion
of th
e cl
aim
s, a
nd a
fter
hea
ring
the
disp
utin
g pa
rtie
s, b
y or
der:
(a)
assu
me
juri
sdic
tion
ove
r, a
nd h
ear
and
dete
rmin
e to
geth
er, a
ll o
r pa
rt o
f th
e cl
aim
s;
(b)
assu
me
juri
sdic
tion
ove
r, a
nd h
ear
and
dete
rmin
e on
e or
mor
e of
the
clai
ms,
the
dete
rmin
atio
n of
whi
ch it
bel
ieve
s w
ould
ass
ist i
n th
e re
solu
tion
of
the
othe
rs; o
r
(c)
inst
ruct
a tr
ibun
al p
revi
ousl
y es
tabl
ishe
d un
der
Art
icle
27
[Sel
ecti
on o
f A
rbit
rato
rs]
to a
ssum
e ju
risd
icti
on o
ver,
and
hea
r an
d de
term
ine
toge
ther
, all
or
part
of
the
clai
ms,
pro
vide
d th
at
-
36-
(i)
that
trib
unal
, at t
he r
eque
st o
f an
y cl
aim
ant n
ot p
revi
ousl
y a
disp
utin
g
part
y be
fore
that
trib
unal
, sha
ll b
e re
cons
titu
ted
wit
h it
s or
igin
al m
embe
rs,
exce
pt th
at th
e ar
bitr
ator
for
the
clai
man
ts s
hall
be
appo
inte
d pu
rsua
nt to
pa
ragr
aphs
4(a
) an
d 5;
and
(ii)
th
at tr
ibun
al s
hall
dec
ide
whe
ther
any
pri
or h
eari
ng s
hall
be
repe
ated
.
7. W
here
a tr
ibun
al h
as b
een
esta
blis
hed
unde
r th
is A
rtic
le, a
cla
iman
t tha
t has
sub
mit
ted
a cl
aim
to
arb
itra
tion
und
er A
rtic
le 2
4(1)
and
that
has
not
bee
n na
med
in a
req
uest
mad
e un
der
para
grap
h 2
may
mak
e a
wri
tten
req
uest
to th
e tr
ibun
al th
at it
be
incl
uded
in a
ny o
rder
mad
e un
der
para
gra p
h 6,
and
sha
ll s
peci
fy in
the
requ
est:
(a)
the
nam
e an
d ad
dres
s of
the
clai
man
t;
(b
) th
e na
ture
of
the
orde
r so
ught
; and
(c
) th
e gr
ound
s on
whi
ch th
e or
der
is s
ough
t.
The
cla
iman
t sha
ll d
eliv
er a
cop
y of
its
requ
est t
o th
e S
ecre
tary
-Gen
eral
.
8. A
trib
unal
est
abli
shed
und
er th
is A
rtic
le s
hall
cond
uct i
ts p
roce
edin
gs in
acc
orda
nce
wit
h th
e U
NC
ITR
AL
Arb
itra
tion
Rul
es, e
xcep
t as
mod
ifie
d by
this
Sec
tion
.
9. A
trib
unal
est
abli
shed
und
er A
rtic
le 2
7 [S
elec
tion
of
Arb
itra
tors
] sh
all n
ot h
ave
juri
sdic
tion
to
deci
de a
cla
im, o
r a
part
of
a cl
aim
, ove
r w
hich
a tr
ibun
al e
stab
lish
ed o
r in
stru
cted
und
er th
is
Art
icle
has
ass
umed
juri
sdic
tion
.
10.
On
appl
icat
ion
of a
dis
puti
ng p
arty
, a tr
ibun
al e
stab
lish
ed u
nder
this
Art
icle
, pen
ding
its
deci
sion
und
er p
arag
raph
6, m
ay o
rder
that
the
proc
eedi
ngs
of a
trib
unal
est
abli
shed
und
er
Art
icle
27
[Sel
ecti
on o
f A
rbit
rato
rs]
be s
taye
d, u
nles
s th
e la
tter
trib
unal
has
alr
eady
adj
ourn
ed it
s pr
ocee
ding
s.
Art
icle
34:
Aw
ard
s
1. W
here
a tr
ibun
al m
akes
a f
inal
aw
ard
agai
nst a
res
pond
ent,
the
trib
unal
may
aw
ard,
sep
arat
ely
or in
com
bina
tion
, onl
y:
(a)
mon
etar
y da
mag
es a
nd a
ny a
ppli
cabl
e in
tere
st; a
nd
(b
) re
stit
utio
n of
pro
pert
y, in
whi
ch c
ase
the
awar
d sh
all p
rovi
de th
at th
e re
spon
dent
m
ay p
ay m
onet
ary
dam
ages
and
any
app
lica
ble
inte
rest
in li
eu o
f re
stit
utio
n.
A tr
ibun
al m
ay a
lso
awar
d co
sts a
nd a
ttorn
ey’s
fees
in a
ccor
danc
e w
ith th
is T
reat
y an
d th
e ap
plic
able
arb
itra
tion
rul
es.
-
37-
2. S
ubje
ct to
par
agra
ph 1
, whe
re a
cla
im is
sub
mit
ted
to a
rbit
rati
on u
nder
Art
icle
24(
1)(b
):
(a)
an a
war
d of
res
titu
tion
of
prop
erty
sha
ll p
rovi
de th
at r
esti
tuti
on b
e m
ade
to th
e en
terp
rise
;
(b)
an a
war
d of
mon
etar
y da
mag
es a
nd a
ny a
ppli
cabl
e in
tere
st s
hall
pro
vide
that
the
sum
be
paid
to th
e en
terp
rise
; and
(c)
the
awar
d sh
all p
rovi
de th
at it
is m
ade
wit
hout
pre
judi
ce to
any
rig
ht th
at a
ny
pers
on m
ay h
ave
in th
e re
lief
und
er a
ppli
cabl
e do
mes
tic
law
.
3. A
trib
unal
may
not
aw
ard
puni
tive
dam
ages
.
4. A
n aw
ard
mad
e by
a tr
ibun
al s
hall
hav
e no
bin
ding
for
ce e
xcep
t bet
wee
n th
e di
sput
ing
part
ies
and
in r
espe
ct o
f th
e pa
rtic
ular
cas
e.
5. S
ubje
ct to
par
agra
ph 6
and
the
appl
icab
le r
evie
w p
roce
dure
for
an
inte
rim
aw
ard,
a d
ispu
ting
pa
rty
shal
l abi
de b
y an
d co
mpl
y w
ith
an a
war
d w
itho
ut d
elay
.
6. A
dis
puti
ng p
arty
may
not
see
k en
forc
emen
t of
a fi
nal a
war
d un
til:
(
a)
in th
e ca
se o
f a
fina
l aw
ard
mad
e un
der
the
ICS
ID C
onve
ntio
n,
(i)
120
days
hav
e el
apse
d fr
om th
e da
te th
e aw
ard
was
ren
dere
d an
d no
di
sput
ing
part
y ha
s re
ques
ted
revi
sion
or
annu
lmen
t of
the
awar
d; o
r
(ii
) re
visi
on o
r an
nulm
ent p
roce
edin
gs h
ave
been
com
plet
ed; a
nd
(b)
in th
e ca
se o
f a
fina
l aw
ard
unde
r th
e IC
SID
Add
itio
nal F
acil
ity
Rul
es, t
he
UN
CIT
RA
L A
rbit
rati
on R
ules
, or
the
rule
s se
lect
ed p
ursu
ant t
o A
rtic
le 2
4(3)
(d),
(i)
90 d
ays
have
ela
psed
fro
m th
e da
te th
e aw
ard
was
ren
dere
d an
d no
di
sput
ing
part
y ha
s co
mm
ence
d a
proc
eedi
ng to
rev
ise,
set
asi
de, o
r an
nul
the
awar
d; o
r
(ii)
a
cour
t has
dis
mis
sed
or a
llow
ed a
n ap
plic
atio
n to
rev
ise,
set
asi
de, o
r an
nul t
he a
war
d an
d th
ere
is n
o fu
rthe
r ap
peal
.
7. E
ach
Par
ty s
hall
pro
vide
for
the
enfo
rcem
ent o
f an
aw
ard
in it
s te
rrit
ory.
8. I
f th
e re
spon
dent
fai
ls to
abi
de b
y or
com
ply
wit
h a
fina
l aw
ard,
on
deli
very
of
a re
ques
t by
the
non-
disp
utin
g P
arty
, a tr
ibun
al s
hall
be
esta
blis
hed
unde
r A
rtic
le 3
7 [S
tate
-Sta
te D
ispu
te
Set
tlem
ent]
. W
itho
ut p
reju
dice
to o
ther
rem
edie
s av
aila
ble
unde
r ap
plic
able
rul
es o
f in
tern
atio
nal l
aw, t
he r
eque
stin
g P
arty
may
see
k in
suc
h pr
ocee
ding
s:
-
38-
(a)
a de
term
inat
ion
that
the
fail
ure
to a
bide
by
or c
ompl
y w
ith
the
fina
l aw
ard
is
inco
nsis
tent
wit
h th
e ob
ligat
ions
of
this
Tre
aty;
and
(b
) a
reco
mm
enda
tion
that
the
resp
onde
nt a
bide
by
or c
ompl
y w
ith
the
fina
l aw
ard.
9. A
dis
puti
ng p
arty
may
see
k en
forc
emen
t of
an a
rbit
rati
on a
war
d un
der
the
ICS
ID C
onve
ntio
n or
the
New
Yor
k C
onve
ntio
n [o
r th
e In
ter-
Am
eric
an C
onve
ntio
n] r
egar
dles
s of
whe
ther
pr
ocee
ding
s ha
ve b
een
take
n un
der
para
grap
h 8.
10.
A c
laim
that
is s
ubm
itte
d to
arb
itra
tion
und
er th
is S
ecti
on s
hall
be
cons
ider
ed to
ari
se o
ut o
f a
com
mer
cial
rel
atio
nshi
p or
tran
sact
ion
for
purp
oses
of
Art
icle
I o
f th
e N
ew Y
ork
Con
vent
ion
[and
Art
icle
I o
f th
e In
ter-
Am
eric
an C
onve
ntio
n].
Art
icle
35:
An
nex
es a
nd
Foo
tnot
es
The
Ann
exes
and
foo
tnot
es s
hall
for
m a
n in
tegr
al p
art o
f th
is T
reat
y.
Art
icle
36:
Ser
vice
of
Doc
um
ents
Del
iver
y of
not
ice
and
othe
r do
cum
ents
on
a P
arty
sha
ll b
e m
ade
to th
e pl
ace
nam
ed f
or th
at
Par
ty in
Ann
ex C
.
SE
CT
ION
C
Art
icle
37:
Sta
te-S
tate
Dis
pu
te S
ettl
emen
t
1. S
ubje
ct to
par
agra
ph 5
, any
dis
pute
bet
wee
n th
e P
arti
es c
once
rnin
g th
e in
terp
reta
tion
or
appl
icat
ion
of th
is T
reat
y, th
at is
not
res
olve
d th
roug
h co
nsul
tati
ons
or o
ther
dip
lom
atic
cha
nnel
s,
shal
l be
subm
itte
d on
the
requ
est o
f ei
ther
Par
ty to
arb
itra
tion
for
a b
indi
ng d
ecis
ion
or a
war
d by
a
trib
unal
in a
ccor
danc
e w
ith
appl
icab
le r
ules
of
inte
rnat
iona
l law
. In
the
abse
nce
of a
n ag
reem
ent b
y th
e P
arti
es to
the
cont
rary
, the
UN
CIT
RA
L A
rbit
rati
on R
ules
sha
ll g
over
n, e
xcep
t as
mod
ifie
d by
the
Par
ties
or
this
Tre
aty.
2. U
nles
s th
e P
arti
es o
ther
wis
e ag
ree,
the
trib
unal
sha
ll c
ompr
ise
thre
e ar
bitr
ator
s, o
ne a
rbit
rato
r ap
poin
ted
by e
ach
Par
ty a
nd th
e th
ird,
who
sha
ll b
e th
e pr
esid
ing
arbi
trat
or, a
ppoi
nted
by
agre
emen
t of
the
Par
ties
. If
a tr
ibun
al h
as n
ot b
een
cons
titu
ted
wit
hin
75 d
ays
from
the
date
that
a
clai
m is
sub
mit
ted
to a
rbit
rati
on u
nder
this
Sec
tion
, the
Sec
reta
ry-G
ener
al, o
n th
e re
ques
t of
eith
er P
arty
, sha
ll a
ppoi
nt, i
n hi
s or
her
dis
cret
ion,
the
arbi
trat
or o
r ar
bitr
ator
s no
t yet
app
oint
ed.
3. E
xpen
ses
incu
rred
by
the
arbi
trat
ors,
and
oth
er c
osts
of
the
proc
eedi
ngs,
sha
ll b
e pa
id f
or
equa
lly
by th
e P
arti
es.
How
ever
, the
trib
unal
may
, in
its
disc
reti
on, d
irec
t tha
t a h
ighe
r pr
opor
tion
of
the
cost
s be
pai
d by
one
of
the
Par
ties
.
-
39-
4. A
rtic
les
28(3
) [A
mic
us C
uria
eS
ubm
issi
ons]
, 29
[Inv
esto
r-S
tate
Tra
nspa
renc
y], 3
0(1)
and
(3)
[G
over
ning
Law
], a
nd 3
1 [I
nter
pret
atio
n of
Ann
exes
] sh
all a
pply
mut
atis
mut
andi
sto
arbi
trat
ions
un
der
this
Art
icle
.
5. P
arag
raph
s 1
thro
ugh
4 sh
all n
ot a
pply
to a
mat
ter
aris
ing
unde
r A
rtic
le 1
2 or
Art
icle
13.
IN W
ITN
ES
S W
HE
RE
OF,
the
resp
ecti
ve p
leni
pote
ntia
ries
hav
e si
gned
this
Tre
aty.
DO
NE
in d
upli
cate
at [
city
] th
is [
num
ber]
day
of
[mon
th, y
ear]
, in
the
Eng
lish
and
[f
orei
gn]
lang
uage
s, e
ach
text
bei
ng e
qual
ly a
uthe
ntic
.
FOR
TH
E G
OV
ER
NM
EN
T O
F
FOR
TH
E G
OV
ER
NM
EN
T O
F
TH
E U
NIT
ED
ST
AT
ES
OF
AM
ER
ICA
:
[Cou
ntry
]:
-
40-
An
nex
A
Cu
stom
ary
Inte
rnat
ion
al L
aw
The
Parti
es c
onfir
m th
eir s
hare
d un
ders
tand
ing
that
“cu
stom
ary
inte
rnat
iona
l law
” ge
nera
lly
and
as s
peci
fica
lly
refe
renc
ed in
Art
icle
5 [
Min
imum
Sta
ndar
d of
Tre
atm
ent]
and
A
nnex
B [
Exp
ropr
iati
on]
resu
lts
from
a g
ener
al a
nd c
onsi
sten
t pra
ctic
e of
Sta
tes
that
they
fol
low
fr
om a
sen
se o
f le
gal o
blig
atio
n. W
ith
rega
rd to
Art
icle
5 [
Min
imum
Sta
ndar
d of
Tre
atm
ent]
, the
cu
stom
ary
inte
rnat
iona
l law
min
imum
sta
ndar
d of
trea
tmen
t of
alie
ns r
efer
s to
all
cus
tom
ary
inte
rnat
iona
l law
pri
ncip
les
that
pro
tect
the
econ
omic
rig
hts
and
inte
rest
s of
ali
ens.
-
41-
An
nex
B
Exp
rop
riat
ion
The
Par
ties
con
firm
thei
r sh
ared
und
erst
andi
ng th
at:
1. A
rtic
le 6
[E
xpro
pria
tion
and
Com
pens
atio
n](1
) is
inte
nded
to r
efle
ct c
usto
mar
y in
tern
atio
nal
law
con
cern
ing
the
obli
gati
on o
f S
tate
s w
ith
resp
ect t
o ex
prop
riat
ion.
2. A
n ac
tion
or
a se
ries
of
acti
ons
by a
Par
ty c
anno
t con
stit
ute
an e
xpro
pria
tion
unl
ess
it
inte
rfer
es w
ith
a ta
ngib
le o
r in
tang
ible
pro
pert
y ri
ght o
r pr
oper
ty in
tere
st in
an
inve
stm
ent.
3. A
rtic
le 6
[E
xpro
pria
tion
and
Com
pens
atio
n](1
) ad
dres
ses
two
situ
atio
ns.
The
fir
st is
dir
ect
expr
opri
atio
n, w
here
an
inve
stm
ent i
s na
tion
aliz
ed o
r ot
herw
ise
dire
ctly
exp
ropr
iate
d th
roug
h fo
rmal
tran
sfer
of
titl
e or
out
righ
t sei
zure
.
4. T
he s
econ
d si
tuat
ion
addr
esse
d by
Art
icle
6 [
Exp
ropr
iati
on a
nd C
ompe
nsat
ion]
(1)
is in
dire
ct
expr
opri
atio
n, w
here
an
acti
on o
r se
ries
of
acti
ons
by a
Par
ty h
as a
n ef
fect
equ
ival
ent t
o di
rect
ex
prop
riat
ion
wit
hout
for
mal
tran
sfer
of
titl
e or
out
righ
t sei
zure
.
(a)
The
det
erm
inat
ion
of w
heth
er a
n ac
tion
or
seri
es o
f ac
tion
s by
a P
arty
, in
a sp
ecif
ic f
act s
itua
tion
, con
stit
utes
an
indi
rect
exp
ropr
iati
on, r
equi
res
a ca
se-b
y-ca
se, f
act-
base
d in
quir
y th
at c
onsi
ders
, am
ong
othe
r fa
ctor
s:
(i)
the
econ
omic
impa
ct o
f th
e go
vern
men
t act
ion,
alt
houg
h th
e fa
ct th
at a
n ac
tion
or
seri
es o
f ac
tion
s by
a P
arty
has
an
adve
rse
effe
ct o
n th
e ec
onom
ic
valu
e of
an
inve
stm
ent,
stan
ding
alo
ne, d
oes
not e
stab
lish
that
an
indi
rect
ex
prop
riat
ion
has
occu
rred
;
(ii)
th
e ex
tent
to w
hich
the
gove
rnm
ent a
ctio
n in
terf
eres
wit
h di
stin
ct,
reas
onab
le in
vest
men
t-ba
cked
exp
ecta
tion
s; a
nd
(iii
) th
e ch
arac
ter
of th
e go
vern
men
t act
ion.
(b)
Exc
ept i
n ra
re c
ircu
mst
ance
s, n
on-d
iscr
imin
ator
y re
gula
tory
act
ions
by
a P
arty
th
at a
re d
esig
ned
and
appl
ied
to p
rote
ct le
giti
mat
e pu
blic
wel
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Fact Sheet on the United States Model Bilateral Investment
Treaty
Office of the Spokesperson of the U.S. Department of State,
20 April 2012
In February 2009, the Obama Administration initiated a review of the United States’ model bilateral investment treaty (BIT) to ensure that it was consistent with
the public interest and the Administration’s overall economic agenda. The Administration sought and received extensive input from Congress, companies,
business associations, labor groups, environmental and other non-governmental organizations, and academics. While revisions to a U.S. model BIT do not
require Congressional action, negotiated BITs require advice and consent of two thirds of the Senate.
The 2012 model BIT maintains language from the 2004 model BIT, in particular its carefully calibrated balance between providing strong investor protections
and preserving the government’s ability to regulate in the public interest. The Administration made several targeted and important changes from the previous
model text, however, in order to improve protections for American firms, promote transparency, and strengthen the protection of labor rights and the
environment.
Transparency and Public Participation
Stakeholders representing a range of interests called on the Administration to enhance transparency and opportunities for public participation in the model BIT.
The revised model BIT enhances transparency and public participation in several important ways, including:
1. Transparency consultations. The 2012 model BIT requires the Parties to consult periodically regarding how to improve their transparency practices, both
in the context of developing and implementing laws, regulations, and other measures affecting investment and in the context of investor-State dispute
settlement.
2. Notice and comment procedures. The 2012 model BIT bolsters Parties’ obligations to publish proposed regulations, explain their purposes and
rationales, and address substantive comments provided by stakeholders (among other actions), including, as appropriate, with respect to financial
services.
3. Multilateral appellate procedures. The Administration enhanced language regarding the possibility of a future multilateral appellate mechanism by
requiring Parties to strive to ensure that any such mechanism includes provisions on transparency and public participation comparable to those already
provided for in investor-State dispute settlement under the BIT.
Labor and Environment
It was an Administration priority to enhance labor and environmental standards in the model BIT. As a result, the 2012 model BIT expands obligations in the
areas of labor and environment in four important ways.
1. New obligation not to “waive or derogate” from domestic laws. The 2012 model BIT includes an obligation on Parties to not waive or derogate from their
domestic labor and environmental laws as an encouragement for investment.
2. New obligation to “effectively enforce” domestic laws. The 2012 model BIT also contains an obligation on Parties not to fail to effectively enforce their
domestic labor and environmental laws as an encouragement for investment.
3. New provision whereby Parties reaffirm and recognize international commitments. Under the 2012 model BIT, Parties reaffirm their commitments
under the International Labor Organization (ILO) Declaration and recognize the importance of multilateral environmental agreements.
4. Strengthened consultations procedure. Finally, the 2012 model BIT subjects the articles on labor and environment to more detailed and extensive
consultation procedures than those applicable under the 2004 model BIT.
State-Led Economies
During the Administration’s review, several stakeholders raised concerns regarding “state-led economies,” i.e., countries that organize economic activity to a
significant degree on the basis of state-owned enterprises (SOEs) and other mechanisms of state influence and control. While the 2004 model BIT already
contains numerous tools to address such concerns, the Administration responded to this input by including three key innovations in the text.
1. Domestic technology requirements. The Administration crafted a new discipline to prevent Parties from imposing domestic technology requirements, i.e.,
requiring the purchase, use, or according of a preference to domestically developed technology in order to provide an advantage to a Party’s own investors,
investments, or technology.
2. Participation in standard-setting. U.S. investors may be at a competitive disadvantage when product standards in foreign markets are developed in an
opaque, unpredictable, or discriminatory fashion, especially where governments use standards or technical regulations to favor domestic firms and
technologies. The 2012 model BIT includes new language requiring Parties to allow investors of the other Party to participate in the development of
April 20, 2012
Model Bilateral Investment Treaty
Fact Sheet
Office of the Spokesperson
Washington, DC
116
standards and technical regulations on non-discriminatory terms. This provision also recommends that non-governmental standards bodies observe this
requirement.
3. Delegated government authority. The Administration developed a new footnote to clarify the standard for whether a Party has delegated governmental
authority to an SOE or any other person or entity, in order to help ensure that the actions of SOEs and other entities acting under delegated governmental
authority are fully covered by the BIT’s obligations.
The text of the 2012 Model BIT can be viewed at: http://www.state.gov/e/eb/ifd/bit/index.htm.
PRN: 2012/612
117
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