Posted the: 2013-06-21 Numac: 2013015136 FEDERAL PUBLIC SERVICE Foreign Affairs, trade outside and 20 August 2000 development COOPERATION. -Law concerning consent to the agreement between the Belgo-Luxembourg Economic Union and the Government of the Republic of Côte d'Ivoire concerning the promotion and reciprocal investment protection, done at Brussels on 1 April 1999 (1) (2) (3) ALBERT II, King of the Belgians, all, present and future, hi.
The Chambers have adopted and we endorse the following: Article 1. This Act regulates a matter referred to in article 77 of the Constitution.
S. 2. the agreement between the Belgo-Luxembourg Economic Union and the Government of the Republic of Côte d'Ivoire concerning the promotion and reciprocal investment protection, done at Brussels on April 1, 1999, will release its full and complete effect.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given in Nice, August 20, 2000.
ALBERT by the King: Foreign Minister L. MICHEL. the Secretary of State for external trade, P. Knight seen and sealed with the seal of the State: the Minister of Justice, M.
VERWILGHEN _ Notes (1) 1999-2000 Session.
-Bill tabled on May 2, 2000, no. 2 - 420/1. -Report on behalf of the Committee, no. 2-420/2.
-Text adopted by the Commission, no 2-420/3.
Parliamentary Annals. -Discussion. Meeting of June 21, 2000. -Vote. Meeting of June 22, 2000.
Room Documents. -Draft transmitted by the Senate, no. 50-743/1. -Text adopted in plenary and subject to Royal assent, meeting No. 50-743/2.
Parliamentary Annals. -Discussion and vote. Meeting of July 6, 2000.
(2) see Decree of the Flemish Region of 19 July 2002 (Moniteur belge of 31 August 2002), Decree of the Walloon Region from July 12, 2001 (Moniteur belge of 1 August 2001 - ed. 2), order of the Region of Brussels - capital of 7 February 2002 (Moniteur belge of 24 December 2002).
(3) Ce Traité entered into force June 15, 2013.
Agreement between the Belgo economic Union and the Government of the Republic of Côte d'Ivoire concerning the promotion and protection of reciprocal investments the Government of the Kingdom of Belgium, acting both in its name and on behalf of the Government of the Grand Duchy of Luxembourg under existing agreements, the Walloon Government, the Flemish Government, and the Brussels-capital Government on the one hand and the Government of the Republic of Côte d'Ivoire (, on the other hand, (hereinafter referred to as the 'Contracting Parties') wishing to strengthen their economic cooperation by creating conditions favourable to investment by nationals of one of the Contracting Parties in the territory of the other Contracting Party, have agreed to the following: ARTICLE 1 Definitions for the purposes of this agreement, 1. 'investor' means: has) "national", i.e. any natural person who According to the legislation of the Kingdom of Belgium, the Grand Duchy of Luxembourg or the Republic of Côte d'Ivoire is considered as a citizen of the Kingdom of Belgium, the Grand Duchy of Luxembourg and the Republic of Côte d'Ivoire respectively;
b) societies, i.e. any legal entity incorporated in accordance with the legislation of the Kingdom of Belgium, the Grand Duchy of Luxembourg and the Republic of Côte d'Ivoire and having its registered office in the territory of the Kingdom of Belgium, the Grand Duchy of Luxembourg and the Republic of Côte d'Ivoire respectively.
2. the term 'investment' means assets any and all direct or indirect contribution in cash, in kind or in services, invested or reinvested in all sectors of economic activity, whatever it is.
Are considered including, but not exclusively, as of the investments within the meaning of this agreement: a) movable and immovable property and any other real rights such as mortgages, privileges, liens, usufruct and similar rights;
b) shares, shares and other forms of equity, even minority or indirect, to companies incorporated in the territory of one of the Contracting Parties;
c) obligations, claims and rights to all benefits with economic value;
d) copyright, industrial property rights, technical processes, trade names and goodwill;
e) concessions arising out of an act of unilateral or synallagmatic, public law or private law, including those relating to the exploration, extraction or exploitation of natural resources.
No change in the legal form in which the assets and capital have been invested or reinvested does not affect their qualification of investments within the meaning of this agreement.
3. the term "earnings" means the amounts produced by an investment and in particular, but not exclusively, profits, interest, increases in capital, dividends, royalties or compensation.
4. the term "territory" means: has) with regard to the Union economic Belgo, the territory of the Kingdom of Belgium and the territory of the Grand Duchy of Luxembourg as well as the maritime areas, i.e. the marine and submarine areas that extend beyond the territorial waters of the State concerned and over which it exercises, in accordance with international law, sovereign rights and jurisdiction for the purpose of exploration exploitation and conservation of natural resources;
(b) in relation to the Republic of Côte d'Ivoire, the territory of the Republic of Côte d'Ivoire, including its territorial sea and the exclusive economic zone and the continental shelf over which Côte d'Ivoire has, in accordance with international law and its national law, sovereign rights for the purpose of exploration and exploitation of natural resources, biological and mineral found in the waters of the sea the soil and the subsoil thereof.
ARTICLE 2 Promotion of investment 1. Each of the Contracting Parties encourages the investments in its territory by investors of the other Contracting Party and admit such investments in accordance with its legislation.
2. in particular, each Contracting Party will allow the conclusion and execution of contracts and license agreements of commercial, administrative or technical, provided assistance that these activities have a report with the investments.
ARTICLE 3 Protection of investments 1. All direct or indirect investments made by investors of either of the Contracting Parties, shall enjoy on the territory of the other Contracting Party fair and equitable treatment.
2. subject to the measures necessary for the maintenance of public order, these investments have a safety and constant protection, excluding any unjustified or discriminatory measures that could obstruct the performance, in law or in fact, their management, their maintenance, their use, their enjoyment or their liquidation.
3. the processing and the protection defined in paragraphs 1 and 2 of this article are at least equal to those enjoyed by investors of a third State and are, in any case, less favourable than those recognized by international law.
4. However, this treatment and this protection do not extend the privileges that a Contracting Party shall accord to investors of a third State, under its participation or its association to a free trade area, a customs union, a market and all other forms of regional economic organizations.
ARTICLE 4 measures custodial and restrictive property 1. Each of the Contracting Parties undertakes to take no action of expropriation or nationalization, or any other action whose effect is to dispossess, directly or indirectly, the investors of the other Contracting Party of investments which belong to them on its territory.
2. If public utility, security or national interest considerations justify a derogation from paragraph 1 of this article, the following conditions must be met: a) the measures are taken according to a legal procedure, and b) they are not discriminatory, and c) they are accompanied by provisions for the payment of adequate and effective compensation.
3. the amount of compensation will correspond to the actual value of the investments concerned on the eve of the day where measures have been taken or made public.
Benefits are paid in the currency in which the investment was made or in any other convertible currency agreed between the investor and the Contracting Party.
They will be paid without delay and freely transferable. They shall bear interest at the normal commercial rate from the date of their attachment to their payment.
4. to the matters governed by this article, each Contracting Party shall accord to investors of the other party treatment, at least equal to that which it reserves on its territory to investors of the most favoured nation.
This treatment is certainly not less favourable than that recognized by international law.
ARTICLE 5 losses have exceptional events investors of one of the Contracting Parties whose investments have suffered damages due to war or other armed conflict, revolution, State of national emergency or revolt occurred in the territory of the other Contracting Party, enjoy, on the part of the latter, at least equal to that accorded to the investors treatment
favoured in the nation regarding refunds, compensation, compensation, or other compensation.
ARTICLE 6 transfers 1. Each Contracting Party shall guarantee, in accordance with its legislation in force at the date of the transfer to the investors of the other Contracting Party the free transfer, to or from its territory of all payments relating to an investment, and in particular: a) amounts intended to establish, maintain or develop the investment;
(b) amounts intended for the regulation of contractual obligations, including money for the repayment of loans, royalties and other payments arising out of licenses, franchises, concessions and other similar rights, as well as the salaries of expatriate staff;
(c) the investment income;
d) the proceeds of the liquidation total or partial investments, including gains or increases in the capital invested;
(e) compensation paid in pursuance of article 4).
2. the nationals of each of the Contracting Parties authorized to work as an investment in the territory of the other Contracting Party, are also allowed to transfer to their country of origin a proportion of their remuneration.
3. transfers are done freely during the applicable at the date of these spot transactions in the currency used.
4 each Contracting Party shall issue authorisations necessary to ensure, without delay, the execution of transfers and this, without other charges as taxes and fees everyday.
5. the guarantees provided for by this article are at least equal to those accorded to investors of the most favoured nation.
ARTICLE 7 Subrogation 1.
If one Contracting Parties or a public body it pays compensation to its own investors under a guarantee given for an investment, the other Contracting Party recognizes, subject to notification, that the rights and actions of investors be transferred to the Contracting Party or the public body concerned.
2. as regards the rights transferred, the other Contracting Party may assert against the insurer, subrogated to the rights of compensated investors, obligations that legally or contractually to the latter.
ARTICLE 8 rules applicable where a question relating to investments is governed by this agreement and by the national legislation of a Contracting Party, or by existing international agreements or subscribed by one or other of the Contracting Parties in the future, investors of the other Contracting Party may rely on the provisions which are more favourable.
ARTICLE 9 special agreements 1. Investments were the subject of a special agreement between one of the Contracting Parties and investors of the other party shall be governed by the provisions of this agreement, and those of the particular agreement which may provide, where appropriate, of the economic and financial provisions derogating from this agreement.
2. each Contracting Party at any time ensures respect for the commitments it has made to investors of the other Contracting Party.
ARTICLE 10 settlement of disputes relating to investment 1. Any dispute relating to investments, between an investor of one of the Contracting Parties and the other Contracting Party is subject to the jurisdiction agreed upon between the parties to the dispute.
In the absence of such conventional competence attribution, it shall apply paragraphs 2 to 7 of this article.
2. any dispute relating to investments, between an investor of one of the Contracting Parties and the other Contracting Party, subject to a written notification, accompanied by a sufficiently detailed notes, by the more diligent party.
Insofar as possible, the parties will attempt to settle the dispute amicably through negotiation, eventually resorting to the expertise of a third party, or by the conciliation between the Parties through the diplomatic channel.
3 the absence of amicable settlement by direct arrangement between the parties to the dispute or by conciliation through diplomatic channels within six months of its notification, the dispute is submitted to the choice of the investor, either to the competent court of the State where the investment was made, or to international arbitration.
To this end, each of the Contracting Parties gives early and irrevocable consent that any dispute is subject to arbitration. This consent implies that each of the Contracting Parties renounce require exhaustion of internal judicial or administrative remedies.
4. in the event of recourse to arbitration international, the dispute is submitted to one of the bodies of arbitration designated below, at the option of the investor: an arbitration tribunal ad hoc, established under the rules of arbitration of the United Nations (UNCITRAL) International Trade Law Commission, the international Centre for the settlement of disputes relating to investments (Repubic) created by "the Convention for the settlement of disputes relating to investments between States and nationals of other States", opened for signature at Washington on 18 March 1965, the Court of arbitration of the International Chamber of Commerce, Paris;
the Arbitration Institute of the Stockholm Chamber of Commerce.
If the arbitration proceeding is introduced on the initiative of a Contracting Party, it will written invite investor concerned to express their choice regarding the arbitration body which shall be seised of the dispute.
5 none of the Contracting Parties, a party to a dispute, will raise objection, at any stage of the arbitration enforcement of an arbitration award, the fact that the investor party opposing to the dispute, would have received an indemnity covering all or part of its losses in pursuance of a policy of insurance or the guarantee laid down in article 7 of this agreement.
6. the arbitral tribunal shall decide on the basis of the domestic law of the contracting party party to the dispute on the territory of which the investment is located, including the rules relating to conflict of laws, provisions of this agreement, terms of the specific agreement which would be made about investing, as well as of the principles of international law.
7. the arbitration award is final and binding for the parties to the dispute. Each Contracting Party undertakes to execute sentences in accordance with its legislation.
ARTICLE 11 most favoured Nation for all matters relating to the treatment of foreign investment, the investors of each of the Contracting Parties enjoy, in the territory of the other party, the most-favoured-Nation treatment.
ARTICLE 12 application or interpretation disputes between the contracting parties 1. Any dispute concerning the interpretation or application of this Agreement shall be adjusted, if possible, through the diplomatic channel.
2 the absence of regulation by diplomatic means, the dispute is submitted to a joint ad hoc Committee, composed of representatives of the two Parties; It meets at the request of the most diligent party.
3. If the aforementioned Joint Committee may settle the dispute, it will be submitted, at the request of one or other of the Contracting Parties to an arbitration implementation for each particular case, as follows: each Contracting Party shall appoint an arbitrator within a period of two months from the date on which one of the Contracting Parties has expressed to the other of its intention to submit the dispute to arbitration. Within two months of their appointment, the two arbitrators shall appoint by common accord a national of a third State who will be president of the college of arbitrators.
If these time limits are not observed, either Contracting Party shall invite the President of the International Court of Justice to proceed with the appointment of the arbitrator or arbitrators not appointed.
If the President of the International Court of Justice is a national of one or the other Contracting Party or of a State with which one or the other Contracting Party has no diplomatic relations, or if for any other reason, he is unable to perform this function, the Vice President of the International Court of Justice will be invited to proceed with this appointment.
If the Vice-president is also a national of one of the Contracting Parties, or of a State with which one or the other Contracting Party has no diplomatic relations, or if he is prevented, it is up to the Member of the Court immediately following in the hierarchy and who is not a national of one of the Contracting Parties, to said appointment.
4. the thus constituted college will establish its own rules of procedure. Its decisions will be taken at the majority of votes; It shall be final and binding for the Contracting Parties.
5 each Contracting Party shall bear the costs related to the designation of the arbitrator. Expenses to the appointment of the third arbitrator and those related to the operation of the college will be supported in equal shares by the Contracting Parties.
ARTICLE 13 previous investments this agreement applies also to investment effectuesavant its entry into force by investors of one of the Contracting Parties in the territory of the other Contracting Party, in accordance with its legislation.
Entry into force and duration 1. This agreement shall enter into force one month from the date on which the Contracting Parties have exchanged instruments of ratification. It shall remain in force for a period of ten years.
Unless one of the Contracting Parties denounces at least twelve months before the expiry of its period of validity, it is each time be tacitly renewable for a further period of ten years, each Contracting Party reserves the right to denounce it by a notification introduced at least twelve months before the date of expiry of the current period.
2. the investments effected prior to the date of expiry of this Agreement shall remain subject to him for a period of ten years from this date.
In witness whereof, the undersigned representatives, duly authorized by their respective Governments, have signed this agreement.
Done at Brussels, on 1 April 1999, in two originals, each in French and Dutch languages all texts being equally authentic. The French text shall prevail in case of conflict of interpretation.