Sanctioned: November 27, 2001.
Enacted: January 7, 2002.
The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:ARTICLE 1 Appropriate an agreement between the Government of the ARGENTINA REPUBLIC and the Government of the ARGELINA DEMOCRATICA AND POPULAR REPUBLIC ON PROMOTION AND PROTECTION RECIPROCAS OF INVERSIONS, signed in Algiers AREPUBLICA ARGELINA DEMOCRATICA, October 11, 2000 ARTICLE 2 Contact the national executive branch.
IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, THE VEINTSIETE OF NOVEMBER OF THE YEAR DOS MIL ONE.
PASCUAL RAFAEL. . MARIO A. LOSADA. . Guillermo Aramburu. . Juan C. Oyarzún.
_Agreed between the Government of the ARGENTINA REPUBLIC and the Government of the ARGELINA DEMOCRATICAL AND POLITICAL REPUBLIC ON THE PROMOTION AND PROTECTION OF INVERSIONS
The Government of the Argentine Republic and the Government of the Democratic and People ' s Republic of Algeria, henceforth referred to as "the Contracting Parties".
With the desire to intensify economic cooperation between the two States and to create favourable conditions for the increase of investments in their respective territories;
Convinced that the promotion and protection of these investments, on the basis of an agreement, is appropriate to stimulate the economic and individual initiative, and to promote transfers of capital and technology among Contracting Parties, in the interest of economic development, and thus increase prosperity in both States;
Agree to the following:ARTICLE 1
For the purposes of this Agreement,
(1) The Term Investment: designates, in accordance with the laws and regulations of the Contracting Party in whose territory the investment is carried out, any kind of asset, invested by an investor of one of the Contracting Parties in the territory of the other Contracting Party according to the law of the latter. It includes in particular, but not exclusively.
(a) movable and immovable property, as well as other real rights such as mortgages, privileges, guarantees, captions, usufructs and similar rights;
(b) shares, shares, titles, obligations and any other type of corporate participation;
(c) titles of credit and rights to contractual benefits with economic value;
(d) Regular loans for productive investment;
(e) copyright and industrial property rights, such as invention patents, licences, trademarks, models and industrial designs, technical procedures, registered names and clientele.
(f) Economic concessions agreed upon by law or under a contract, in particular concessions relating to the exploration, cultivation, extraction or exploitation of natural resources.
No change in the form of investment will affect your investment rating, provided that this change is not contrary to the laws of the Contracting Party receiving it.
(2) the term investor designates:
(a) Any natural person who, in accordance with the laws of the Contracting Parties, is a national of one of the Contracting Parties,
(b) Any legal person acting in accordance with the laws and regulations of the Contracting Parties and having its seat in the territory of these Contracting Parties and making an investment in the territory of the other Contracting Party.
In respect of the provisions provided for in Articles 5 and 8, natural persons who are nationals of a Contracting Party and who have their domicile in the territory of the Contracting Party where the investment is located may only be prevalent of the treatment granted by this Contracting Party to their own nationals.
(3) The term profits designates all amounts produced by an investment, such corn utilities, interests, royalties, dividends or surplus values.
(4) The term territory: designates the territories of each Contracting Party bound by land borders, territorial sea and maritime areas adjacent to the outer limit of the territorial sea on which each Contracting Party exercises, in accordance with international law, sovereign rights and jurisdiction.ARTICLE 2
Each Contracting Party shall promote in its territory the investments of investors of the other Contracting Party and shall admit such investments in accordance with its existing laws and regulations.ARTICLE 3
(1) Each Contracting Party shall at all times ensure fair and equitable treatment of the investments of investors of the other Contracting Party and shall not prejudice its management, maintenance, use, enjoyment, exploitation or provision; through unjustified or discriminatory measures.
(2) Each Contracting Party shall ensure to the investments admitted to its territory full legal protection and treatment no less favourable than that accorded to the investments of its own investors or third-party investors;
(3) Without prejudice to the provisions of paragraph 2 of this Article, the treatment of the most-favoured-nation nation shall not meet the advantages and preferences or privileges accorded to investors of a third State for their participation or association in a free trade zone, customs union, common market or regional agreements.
(4) The treatment provided for in paragraph 2 of this Article shall not meet either the advantages agreed by one of the Contracting Parties to third-party investors, pursuant to an arrangement to avoid double taxation or any other tax agreement.
(5) The provisions of paragraph 2 of this Article shall not be interpreted in the sense of compelling investors of the other Contracting Party to extend the benefit of any treatment, preference or privilege resulting from the specific bilateral agreements relating to the concessional financing signed by the Argentine Republic with the Italian Republic on 10 December 1987 and with the Kingdom of Spain on 3 June 1988.ARTICLE 4
Expropriation and Compensation
(1) None of the Contracting Parties shall directly or indirectly take expropriation or nationalization measures, or any other measure which has similar effect against the investments in their territory and which belong to investors of the other Contracting Party;
(2) If public utility imperatives justify a derogation from paragraph 1 of this Article, the following conditions shall be met:
(a) That such measures are taken under due process of law;
(b) That they are not discriminatory;
(c) that they are accompanied by provisions providing for the payment of prompt, adequate and effective compensation.
(3) The amount of such compensation shall correspond to the real value that the investments concerned had on the eve of the day with which these measures were adopted or published. The amount of compensation will result in interest from the date of expropriation to the current interest rate in trade. Compensation shall be paid without delay, and shall be effectively enforceable and freely transferable.
(4) The affected investor shall enjoy the right, by virtue of the laws and regulations of the Contracting Party which makes the expropriation, to an early review of its case and to the assessment of its investment, in accordance with the principles set forth in this Article, by a judicial authority or by any other independent authority of this Contracting Party.
(5) The investors of one of the Contracting Parties, whose investments were made in the territory of the other Contracting Party and who suffered losses, due to a war or other armed conflict, revolution, state of national emergency, revolt, insurrection or riot will receive from the latter a treatment no less favourable than that accorded to their own investors or third-party investors, in respect of restitutions, compensation, compensation or other forms of compensation.ARTICLE 5
Investment and Gain Transfers
(1) Each Contracting Party shall guarantee to investors of the other Contracting Party the free transfer of investments and profits, and in particular, but not exclusively:
(a) Benefits, interests and dividends;
(b) royalties, including those resulting from the immaterial rights set out in Article 1, paragraph 1.e.
(c) the capital and the additional % required for the maintenance and development of investments;
(d) the amounts necessary for the reimbursement of loans defined in Article 1(1)(d);
(e) the proceeds of the total or partial sale or liquidation of the investment (including capital gains invested);
(f) compensation provided for in Article 4;
(g) Income from nationals of a Contracting Party that have been authorized to work on an investment in the territory of the other Contracting Party.
(2) Transfers shall be made without delay, to the exchange rate applicable to the date of the transfer, in freely convertible currency in which the capital was initially invested, or in any other freely convertible currency on which the investor and the Contracting Party receiving such investment have agreed, and according to the procedures provided by this Contracting Party.
(3) Transfers will be made within a period of two (2) months from the file of the duly constituted documentation deposit.ARTICLE 6
(1) If one of the Contracting Parties or one of its agencies makes a payment to one of its investors under a guarantee or insurance contract that it has concluded in connection with an investment, the other Contracting Party shall recognize the subrogation of the first Contracting Party or that of its agency in the rights and actions of such investor.
The Contracting Party or one of its agencies shall be authorized to exercise the same rights as the investor that has been authorized to exercise.
(2) In the case of a subrogation pursuant to paragraph 1 of this Article, the investor shall not lodge any claim, unless authorized by the Contracting Party or an agency thereof.ARTICLE 7
Application of Other Rules
If the legislation of a Contracting Party or the existing or future obligations of international law by Contracting Parties in addition to this Agreement, or if an agreement between an investor of a Contracting Party and the other Contracting Party contains general or particular rules that give to investments made by investors of the other Contracting Party a more favourable treatment than that established in this Agreement, such investors may be more favourable than those provisions.ARTICLE 8
Dispute Settlement between an Investor and the Receptive Part of Investment
(1) Investment disputes, within the meaning of this Agreement, between one of the Contracting Parties and an investor of the other Contracting Party shall, as far as possible, be settled in a friendly manner between the two parties involved.
(2) If the dispute could not have been settled within six months from the time it had been raised by one or another of the parties involved, it shall be submitted to the investor:
; to the national jurisdictions of the Contracting Party that is a party to the dispute;
. to international arbitration under the conditions described in paragraph 3 below.
Once the investor has submitted the dispute, either to the jurisdictions of the Contracting Party involved, whether to international arbitration, the choice of one or another of these procedures shall be final.
(3) In the event of recourse to international arbitration, the dispute may be brought before one of these arbitration bodies, which are then referred to as the investor ' s choice:
The International Centre for Settlement of Investment Disputes (C.I.A.D.I.) created by the "Convention on Settlement of Investment Disputes between States and Nationals of Other States" opened for signature in Washington on 18 March 1965, when each State party to this Agreement has acceded to it.
As long as this condition is not met, each Contracting Party gives its consent to the dispute being subject to arbitration under the Rules of the Complementary Mechanism of the I.A.D.I.
Tribunal to an ad-hoc arbitration tribunal, established under the rules of arbitration of the United Nations Commission on International Trade Law (C.N.U.M.D.I.);
(4) the arbitration body shall decide on the basis of:
, of the provisions of this Agreement,
del of the law of the Contracting Party that is a party to the dispute, including rules relating to conflicts of law,
los of the terms of possible special agreements that have been concluded regarding investment,
. as well as principles of international law in the field.
(5) Arbitral judgements are final and binding on the parties to the dispute.
Each Contracting Party shall execute them in accordance with its legislation.ARTICLE 9
Dispute Settlement between Contracting Parties
(1) Disputes between Contracting Parties relating to the interpretation or application of this Agreement must be resolved as far as possible by diplomatic means.
(2) If within six months of the time that the dispute has been raised by one of the Contracting Parties is not settled, it shall be submitted to an arbitral tribunal by any Contracting Party.
(3) The Court shall be constituted for each particular case as follows:
(a) Each Contracting Party shall designate an arbitrator within two months of receipt of the request for arbitration. The two members shall then elect a representative of a third State who, with the approval of the two Contracting Parties, shall be appointed President of the Tribunal.
The President shall be appointed within two months of the date of appointment of the other two members of the court.
(b) If, within the time limits prescribed in paragraph 3 of this Article, the arbitrators have not been appointed, one or another Contracting Party may, in the absence of any other form of understanding, invite the President of the International Court of Justice to make the necessary designations. If the President possesses the nationality of one of the Contracting Panes or if he is otherwise prevented from exercising this function, the Vice-President shall be invited to make the designations requested.
If the Vice-President is a national of one of the Contracting Parties, the member of the Court immediately following the order of precedence and not a national of one of the Contracting Parties shall be invited to make the necessary designations.
(c) The arbitral tribunal shall set its own rules of procedure. The arbitral tribunal shall make its decision by a majority of votes. This judgement shall be binding and final for the two Contracting Parties.
Each Contracting Party shall bear the expenses of its member of the court and its representation in the arbitral proceedings. Expenditures relating to the President and the remaining expenses shall be equally shared between the two Contracting Parties. The arbitral tribunal may, however, decide that a higher proportion of costs will be met by one of the Contracting Parties and this decision will be binding on the two Contracting Parties.ARTICLE 10
This Agreement shall also apply to investments made by investors of one Contracting Party in the territory of the other Contracting Party, in accordance with its laws and regulations, prior to the entry into force of this Agreement to the extent that such investments are in accordance with the laws and regulations of the Contracting Party in whose territory the investments were made at the date of the entry into force of this Agreement.
In no case shall this Agreement apply to disputes arising prior to the date of its entry into force.ARTICLE 11
Entry in Vigor
(1) This Agreement shall enter into force, where each Contracting Party has notified the other Contracting Party of the performance of its domestic procedures necessary for the entry into force.
The entry into force shall have effect from the date of receipt of the last notification.
(2) This Agreement shall be implemented for an initial period of 10 years. It will remain in force after that period, unless one of the Contracting Parties denounces it by diplomatic means with a pre-avigation of one year.
(3) When the validity period of this Agreement has been concluded, investments made while the Agreement was in force will continue to benefit from the protection of its provisions for a supplementary period of 10 years.
Made in Algiers, on October 4, 2000, in two original copies, in Spanish, Arabic and French, the three texts are equally authentic.