245 1995 (December 29)
Official Gazette No. 42,171., Of 29 December 1995 which
Through the "Agreement between the Government of the Republic of Colombia and the Government approved of the Republic of Cuba on the Promotion and Reciprocal Protection of Investment ", signed in Bogotá on 16 July 1994. Summary
THE CONGRESS OF COLOMBIA
having regard to the text of the "AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF COLOMBIA AND THE GOVERNMENT OF THE REPUBLIC OF CUBA ON PROMOTION AND PROTECTION OF INVESTMENTS MUTUAL" signed in Bogota on July 16 1994. CONVENTION
Between the Government of the Republic of Colombia and the Government of the Republic of Cuba on promotion and reciprocal protection of investments.
The Government of the Republic of Colombia and the Government of the Republic of Cuba, hereinafter referred to as "the Contracting Parties".
Desiring to create a climate of trust to facilitate greater investment by nationals and companies of one State in the territory of another State.
Recognizing that the promotion and reciprocal protection of such investments bao an international agreement can serve to stimulate economic initiative and increase the prosperity of both peoples.
Have agreed as follows: ARTICLE 1o
. DEFINITIONS. For the purposes of this Convention:
1. "Investment" means every kind of asset and in particular, though not exclusively:
a) Ownership of movable and immovable property and other property rights such as mortgages and pledges;
B) Shares and any other kind of participation in companies or rights generated by joint venture contracts;
C) Bonds, documents and financial papers and any other contractual obligation of having an economic value;
D) intellectual and industrial property;
E) concessions conferred by law or under a contract for the exercise of an economic activity, including concessions for prospecting, exploration and exploitation of natural resources.
Notwithstanding the foregoing, for the purposes of this Convention the Republic of Colombia does not consider loans as investments.
2. "Earnings" means the amounts obtained from an investment made in accordance with this Convention, in particular but not exclusively, profits, dividends and royalties.
3. "Companies" means:
a) With respect to the Republic of Colombia, companies, firms and associations incorporated or constituted under the law in Colombia and domiciled in Colombian territory partnerships;
B) As regards the Republic of Cuba, legal entities including companies, associations of companies, corporations and other organizations that are incorporated or, in any event, duly organized under national law and have their headquarters in Cuban territory.
4. "National" means natural persons who according to the laws of each Contracting Party are nationals of the same.
5. "Territory" also designated areas within the land boundaries, the adjacent maritime areas including soil and subsoil and airspace that make up the territory of each of the Contracting Parties, in accordance with its Constitution and rules of law International.
. PROMOTION AND PROTECTION OF INVESTMENTS. Each Contracting Party shall promote within its territory investments by nationals or companies of the other Contracting Party and shall admit them in accordance with its laws and regulations.
ARTICLE 3. TREATMENT FOR INVESTMENT.
1. Investments by nationals or companies of each Contracting Party shall at all receive fair and equitable treatment time and shall enjoy full protection and security in accordance with the principles of international law, so no less favorable than that which enjoy investment of national or companies of the other Contracting Party in its own territory in similar activities in accordance with current legislation.
2. The Contracting Parties, in accordance with the provisions of the Annex to this Agreement shall refrain from arbitrary or discriminatory measures regarding the management, maintenance, use, enjoyment or disposal of investments in its territory of nationals or companies of the other Contracting Party .
ARTICLE 4. NATIONAL TREATMENT AND CLAUSE most favored nation.
1. Each Contracting Party shall, in accordance with the provisions in the Annex to this Convention shall in its territory to investments and gains nationals or companies of the other Contracting Party a treatment no less favorable than that accorded to investments and returns made by investors from third countries.
2. Each Contracting Party shall accord to investments and earnings of nationals or companies of the other Contracting Party no less favorable treatment under the law, which it established for investments and returns of its own investors in similar activities.
3. The Contracting Parties shall provide in its territory to nationals or companies of the other Contracting Party in similar activities and in accordance with current legislation as regards the management, maintenance, use, enjoyment or disposal of investments, treatment no less favorable than that accorded to its own nationals or companies or to nationals or companies of any third State.
The 5th ITEM. EXCEPTIONS. The provisions of this Agreement relating to the granting of treatment no less favorable than that granted to nationals or companies of either Contracting Party or any third State, shall not be construed so as to oblige one Contracting Party to extend to nationals or companies of the other Contracting Party the benefit of any treatment, preference or privilege resulting from:
a) any customs union, common market, free trade area or similar international agreement exists or exist in the future, in which it is or becomes some part of the Contracting Parties, or
b) Any agreement, international arrangement or domestic legislation related full or partially to taxation.
ARTICLE 6o. REPATRIATION OF CAPITAL AND INVESTMENT GAINS.
1. Each Contracting Party shall guarantee to nationals or companies of the other Contracting Party the free transfer of payments related to an investment, in particular but not exclusively:
a) The capital investment and reinvestments made of accordance with the laws and regulations of the Contracting Party in which the investment was made;
B) All of the profits;
C) The proceeds from the sale or total or partial liquidation of the investment.
2. The transfer shall be made in freely convertible currency, without restriction or delay.
3. Notwithstanding the provisions of the preceding paragraph the Contracting Parties may establish restrictions on the free transfer of payments related to an investment in the event of serious difficulties in their balance of payments. In any case, this power shall be exercised for a limited period, fairly, in good faith and without discrimination.
4. Contracting Parties shall accord to transfers which this article refers treatment no less favorable than that accorded to transfers originating from investors of any third State.
5. Notwithstanding paragraphs 1 and 2 of this Article, either Party may maintain laws and regulations establishing tax applicable to dividends or other transfers.
ARTICLE 7. Expropriation and Countervailing Measures. Effective Jurisprudence
Article 8. Compensation for losses.
1. Nationals or companies of one Contracting Party who suffer losses on their investments owing to war or other armed conflict, state of national emergency, state of siege, insurrection or other similar events in the territory of the other Contracting Party events will be treated the latter no less favorably than their own nationals or companies or to nationals or companies of any third State as regards restitution, compensation and benefits. Such refunds, compensation and resulting compensation shall be freely transferable in accordance with the provisions in Article 6. of this Convention.
Notwithstanding paragraph 1 of this article, in the event that nationals or companies of a Contracting Party suffer in any of the situations referred to in that paragraph the occupation of their property by force authorities of the other Contracting Party, it will be reinstated. If you are losses from property damage caused by acts of force authorities of the other Contracting Party that were not required by the needs of the situation, they are granted adequate compensation. Resulting payments shall be freely transferable in accordance with Article 6. of this Agreement.
Article 9. Subrogation.
1. Notwithstanding the provisions of paragraph 2 of this Article, if a Contracting Party or its authorized agent makes payments to its nationals ... of a guarantee given by an investment against non-commercial risks in the territory of the other Contracting Party the latter, without prejudice to the rights under Article 13 correspond to the first Contracting Party shall accept the subrogation of the former Contracting Party to the rights of the investor from the time when the first Contracting Party made a first payment under the guarantee. This subrogation will enable the former Contracting Party or its authorized agent is the direct beneficiary of all kinds of compensation payments to which the investor could be a creditor.
With regard to property rights, use, enjoyment or any other property right, subrogation only after obtaining the necessary authorizations, in accordance with the law of the Contracting Party where the investment was made may occur.
ARTICLE 10. IMPLEMENTATION OF THE CONVENTION. This Agreement shall apply to investments made by ... nationals or companies of a Contracting Party in the territory of the other Contracting Party before their entry into ..., provided that such investments are acting as legal in that time and shall apply to the investments made in the field and on under this Agreement.
ARTICLE 11 More favorable treatment. ... Of the laws of Contracting Parties ... of the agreement by Contracting Parties beyond what was agreed in this Agreement, whether general or special regulations under which must be granted to investments the nationals or companies of the other Contracting Party a more favorable than that provided in this Agreement treatment, such regulations will prevail on it as soon as more favorable.
ARTICLE 12. SETTLEMENT OF DISPUTES BETWEEN A CONTRACTING PARTY AND A NATIONAL COMPANY OR THE OTHER CONTRACTING PARTY.
1. Disputes arising between one Contracting Party and an investor of the other Contracting Party in connection with investments covered by this Agreement should, as far as possible, be settled amicably between the parties to the dispute.
2. If a dispute can not be settled within six months from the date on which the written notification of the difference occurs, it may be submitted, at the option of the investor, to:
a) The competent Court the Contracting Party in whose territory the dispute has arisen;
B) An Arbitral Tribunal under the provisions of paragraphs 3 to 5 of Article 13 in relation to its composition and in other respects in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law "Arbitration Rules UNCITRAL ") adopted by the United Nations General Assembly on 15 December 1976. 3
. The Contracting Party involved in the dispute shall abstain during the arbitration proceedings or enforcement of the award to oppose the fact that the investor of the other Contracting Party has received compensation resulting from an insurance policy with partial or full coverage of the damage.
ARTICLE 13. DISPUTES BETWEEN THE CONTRACTING PARTIES.
1. Disputes between the Contracting Parties relating to the interpretation or application of this Agreement should as far as possible, be resolved through diplomatic channels.
2. If a dispute between the Contracting Parties can not be settled in this way within six months from the date on which written notice of the difference notification occurs, it shall submit, at the request of either Contracting Party, to an court of arbitration in accordance with the provisions of this Article.
3. Such an arbitral tribunal shall be constituted for each individual case as follows: within two months from the receipt of the request for arbitration, each Contracting Party shall appoint one member of the tribunal. Those two members shall then choose a national of a third State who, subject to the approval of the two Contracting Parties shall be appointed Chairman of the tribunal. The Chairman shall be appointed within three months from the date of appointment of the other two members.
4. If within the time limits specified in paragraph 3 of this article have not produced the necessary appointments, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the appointments necessary . If the President is a national of either Contracting Party or if for any other reason is prevented from performing that function, the Vice President be invited to make the necessary appointments. If the Vice President is a national of either Contracting Party or if he is also prevented from discharging the said function, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to perform appointments necessary.
5. The arbitral tribunal shall reach a decision by majority vote. This decision shall be binding. Each Contracting Party shall bear the costs of its member of the tribunal and of its representation in the arbitration proceedings; the cost of the Chairman and the remaining costs will be assumed equally between the Contracting Parties. However, the court in its decision can have a greater ... to one of the two Contracting Parties and this award shall be binding on both Contracting Parties. The tribunal shall determine its own procedure.
INTERRUPTION ARTICLE 14. Diplomatic and consular relations. The provisions of this Convention continue to be fully applicable whether or not there are diplomatic or consular relations between the Contracting Parties.
ARTICLE 15. ENTRY INTO FORCE, DURATION AND TERMINATION OF THE AGREEMENT.
1. The Contracting Parties shall notify each other when the demands of their respective laws for the entry into force of this Agreement have been fulfilled.
2. This Agreement shall enter into force thirty days after the date of the second notification. Its validity is ten years and thereafter for an indefinite period, unless one of the Contracting Parties gives written notice to the other Contracting Party of its intention to terminate it twelve months before its expiration.
3. For investments made before the date of termination of this Agreement, this will govern during the ten years following that date.
In witness whereof, the undersigned, being duly authorized thereto
by their respective governments, have signed this
Made in the city of Bogota,
DC, on July 16, 1994
in two copies in Castilian language,
texts being equally authentic.
For the Government of the Republic of Colombia,
The Director of the National Planning Department,
For the Government of the Republic of Cuba,
The Deputy Minister of Foreign Investment and Economic
The Chief (E)
Legal Office of the Ministry of Foreign Affairs signed, DECLARES
That this reproduction is faithful copy of the original text taken ®Convenio between the Government of the Republic of Colombia and the Government of the Republic of Cuba on the Promotion and Reciprocal Protection of investments, made in Bogotá on July 16, 1994, which lies in the archives of the Legal Office of the Ministry.
Given in Bogota, DC, at thirty-one (31)
day of October in 1994 (1994).
The Chief Legal Office (E)
CABRERA JOSE JOAQUIN GORI.
Legislative Branch of Public Power _ Presidency of the Republic.
Approved. Submit to the consideration of the honorable
National Congress for constitutional purposes.
(Sgd.) Ernesto Samper Pizano
The Minister of Foreign Affairs,
(Sgd.) RODRIGO PARDO GARCÍA-PEÑA. DECREES
ITEM 1A. To approve the "Agreement between the Government of the Republic of Colombia and the Government of the Republic of Cuba on the Promotion and Reciprocal Protection of Investments" signed in Bogotá on 16 July 1994.
ARTICLE 2A. In accordance with the provisions of article 1. 7a Act. 1944, the "Agreement between the Government of the Republic of Colombia and the Government of the Republic of Cuba on the Promotion and Reciprocal Protection of Investments" signed in Bogotá on July 16, 1994, that the first article of this Act approved, it will force the country from the date the international link is perfect therefrom.
ARTICLE 3A. This law applies from the date of publication.
The President of the honorable Senate of the Republic,
JULIUS CAESAR Tulena
The Secretary General of the honorable Senate,
PUMAREJO PEDRO VEGA.
The President of the honorable House of Representatives,
Rodrigo Rivera Salazar.
The Secretary General of the honorable House of Representatives, DIEGO VIVAS
REPUBLIC OF COLOMBIA - NATIONAL GOVERNMENT Run
prior review by the Constitutional Court,
under Article 241-10 of the Constitution.
Given in Bogota, DC, on December 29, 1995.
Ernesto Samper Pizano Minister of Foreign Affairs,
RODRIGO PARDO GARCÍA-PEÑA.
The Minister of Foreign Trade, Luis Alfredo Ramos Botero