The Government Of The Republic Of Latvia And The Government Of The Republic Of India On The Promotion And Protection Of Investments

Original Language Title: Par Latvijas Republikas valdības un Indijas Republikas valdības līgumu par ieguldījumu veicināšanu un aizsardzību

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/220136

The Saeima has adopted and the President promulgated the following laws: For the Government of the Republic of Latvia and the Government of the Republic of India on the promotion and protection of investments 1. 2010. February 18, Delhi signed by the Government of the Republic of Latvia and the Government of the Republic of India on the promotion and protection of investment (hereinafter contract) with this law is adopted and approved.
2. article. The agreement shall enter into force for the period specified in article 14 and in order, and the Ministry of Foreign Affairs shall notify the newspaper "journal".
3. article. The law shall enter into force on the day following its promulgation. To put the contract in law Latvian and English.
The law adopted by the Parliament in 2010 7 October.
President Valdis Zatlers in Riga V 2010. on 27 October, the Government of the Republic of LATVIA and the GOVERNMENT of the Republic of India on the promotion and protection of investments the Government of the Republic of Latvia and the Government of the Republic of India (hereinafter referred to as "the Contracting Parties");
Desirous of creating favourable conditions for investors of one Contracting Party for the promotion of investments in the territory of the other Contracting Party;
Recognizing that the investors of one Contracting Party for the promotion and reciprocal investment protection in the territory of the other Contracting Party on a non-discriminatory basis in accordance with the international agreement will contribute to stimulating individual business initiatives and enhance prosperity both within the territories of the Contracting Parties;
Have agreed as follows: article 1 definitions for the purpose of this agreement: (a) the term "investment" means every kind of asset invested in or acquired, including changes in the form of such contributions, in accordance with the laws of the Contracting Party in whose territory the investment is made and, in particular, but not exclusively, includes: (i) movable and immovable property and other rights, such as mortgages, liens or pledges;
(ii) the part of the company and the company's shares and promissory notes, and any other similar forms of participation in a company;
(iii) the right to money or to any performance under contract of commercial, having financial value;
(iv) intellectual property rights in accordance with the relevant contracting parties concerned laws and regulations;
(v) business benefits granted under the legislation, regulations or commercial advantages agreement, including the search for and extracting oil and other minerals;
(b) the term "investor" means any natural or legal person who has made an investment in the territory of the other Contracting Party: (i) "person" means: as regards the Republic of Latvia: a citizen or non-citizen of the Republic of Latvia in accordance with the regulations;
with respect to the Republic of India: the people who have the status of citizens of India under the India in existing laws;
(ii) "legal person" means, in respect of the Republic of Latvia: company (partnership or Corporation), society and Foundation set up or established in accordance with the laws of the Republic of Latvia, which is for profit or not;
with respect to the Republic of India: any organization, set up, create, or otherwise duly organized under any part of India in the existing laws; What is profit or non-profit, private or other, with limited or unlimited liability, including any corporation, company, Association, partnership, trust, joint venture, cooperative or single-member company;
(c) the term "earnings" means the amount of money derived from an investment, such as profit, interest income, income from capital, dividends, royalties and payments;
(d) the term "territory" means: (i) in the case of Latvia: Latvian land territory, internal waters and territorial waters and the airspace above them, as well as in adjacent coastal areas, including the seabed, zemaugsn, which the Republic of Latvia in accordance with the applicable national laws and international law, exercises its sovereign rights or jurisdiction for the purpose of exploration of natural resources and the use of such areas;
(ii) in the case of India: the territory of the Republic of India, including its territorial waters and the airspace above them and the other in adjacent coastal areas, including exclusive economic zone and the continental shelf, the latter of which, in accordance with the applicable national laws and regulations of the United Nations on 10 December 1982 on the law of the sea and international law is the sovereignty, sovereign rights or exclusive jurisdiction.
Article 2 the scope of the agreement this Agreement shall apply to all investments, which investors of a Contracting Party are carried out in the territory of the other Contracting Party, adopted, in accordance with its laws and regulations, before or after the entry into force of this agreement, but shall not apply to any dispute concerning an investment which arose, or requirements that were submitted before the date of its entry into force.
Article 3 the promotion and protection of investments (1) each Contracting Party shall encourage and create favourable conditions of the other Contracting Party of the investor, investment in its territory, and shall adopt such investments in accordance with its laws and regulations.
(2) the contribution of each Contracting Party and the income of investors in the territory of the other Contracting Party at all times apply fair and equitable treatment.
(3) Contracting Party in its territory in accordance with its laws and regulations apply to investment protection and security and do not impair investment management, maintenance, use, benefit from them or their sale.
Article 4 national and most-favoured-nation treatment (1) each Contracting Party of the other party, investments of investors apply mode, which is no less favourable than that which applies to your investments or investors of a third country investments of investors, whichever is the more favourable.
(2) in addition, each Contracting Party the investors of the other Contracting Party, including in relation to their income from investments, such as mode, which is no less favourable than that which it applies to investors of any third country.
(3) those mentioned above in this article, part 1 and 2 do not iztulkojam it, to replace the one Contracting Party the obligation to extend to the investors of the other Contracting Party, their investments and the return on investment of any existing or future arrangements, benefit or privilege arising out of: (a) any participation in the free trade area, Customs Union, Monetary Union, common market, and in any international agreement to which similar agreements have been created or (b) any international agreement, or agreements, or national laws that fully or largely relates to taxation.
Article 5 expropriation (1) investors of either Contracting Party, investments in the territory of the other Contracting Party shall not be nationalized, expropriated or are not appropriate measures that are equal to the nationalization or expropriation (hereinafter referred to as "expropriation"), except when they are carried out in the public interest, in accordance with the regulations, a non-discriminatory manner and to fair and just compensation. Such compensation shall be determined in the investment expropriated at fair market value immediately before the amount of expropriation or impending expropriation became known to the public, whichever is the sooner, it includes the interest payment in accordance with the market rate to date, payment is made shall, without undue delay, is effectively realizable and freely transferable.
(2) an investor who, under the laws of a Contracting Party shall have the right to expropriation proceedings so that party of judicial or other independent authority and its contribution to the evaluation in accordance with the provisions of this article. The contracting party carrying out expropriation shall endeavour to ensure that this investigation is carried out without delay.
(3) if the Contracting Party ekspropri assets the company established or created under any part of its territory, the applicable regulations, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions of part 1 apply, in so far as necessary to ensure fair and equitable compensation for such investors of the other Contracting Party, which owns the shares.
Article 6 compensation for losses investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses in war or other armed conflict, State of national emergency or civil unrest last week in the territory of a Contracting Party, the latter Contracting Party shall apply to the arrangements relating to the restitution, reimbursement, compensation or other settlement, no less favourable than that which the latter Contracting Party to its own investors or apply any third country investors whichever is the more favourable. The resulting payments are freely transferable.
Article 7 transfers

(1) each Contracting Party shall ensure that all of the other Contracting Party of the investor funds related to an investment in its territory, a free transfer without undue delay and in a non-discriminatory manner. Such means may include: (a) the initial capital and additional capital investment to maintain or increase;
(b) the proceeds, including dividends and interest revenue under the ownership of shares;
(c) any payments of the loan, including the relevant interest payments related to investment;
(d) the payment of royalties and service charges in connection with an investment;
(e) revenue from the sale of shares;
(f) revenue received by investors from investment to total or partial sale or liquidation;
(g) one Contracting Party compensation of individuals who work in connection with the investment in the territory of the other Contracting Party.
(2) Nothing in this part 1 of article do not affect any compensation order under article 6 of this agreement.
(3) If there is no agreement between the parties, the currency in which transfers are made in accordance with this part of article is the currency in which the initial investment is made or other freely convertible currency. Such transfers shall be made according to the prevailing market rate of Exchange at the date of transfer.
Article 8 subrogation if a Contracting Party or its designated agency has guaranteed its investments of investors of the other Contracting Party in the territory of any remuneration against non-commercial risks and made payments to such investors in accordance with the requirements under this agreement, the other party agrees that the first Contracting Party or its designated agency, as a result of a transfer or rights is entitled to exercise its rights and requirements of the investor. Replace rights and claims shall not exceed the following initial investor rights and requirements.
Article 9 disputes between an investor and a Contracting Party (1) any dispute between an investor of one Contracting Party and other Contracting Party in connection with the recent investments in accordance with this agreement, in so far as possible, addressing the friendly negotiation between the parties to the dispute.
(2) if the dispute has not been settled within six months from the date on which it was notified in writing, the dispute may be the choice of the investor, filed: (a) the Contracting Party in whose territory the investment is made, the competent courts; or (b) the International Center for investment dispute settlement arbitration established by the Convention on the settlement of investment disputes between States and other natural or legal persons, opened for signature 18 March 1965 in Washington (hereinafter referred to as "the Centre"), if both parties to the dispute, the Contracting Party and the Contracting Party of the investor are parties to the ICSID Convention; or (c) in addition to the bodies of the Centre of arbitration if either the dispute or the Contracting Party of the investor are ICSID contracting party party to the Convention; or (d) any special arbitration, which, if both parties to the dispute otherwise agreed, in accordance with established United Nations Commission on international trade law (UNCITRAL) arbitration rules with the following amendments: (i) the Nozīmējoš institution in accordance with the UNCITRAL arbitration rules, article 7 of the International Court of Justice, the President, the Vice-President or next senior International Court of Justice, a member who is not a citizen of a Contracting Party.
(ii) the parties to the dispute means the arbitrators within two months.
(iii) the arbitration decision is adopted in accordance with the provisions of this agreement.
(3) the Tribunal shall notify the reasons for the decision and the explanations provided by any of the parties.
(4) the judgment of the Arbitration Board is final and binding on both parties to the dispute. Both Contracting Parties undertake the execution of the judgment of the Arbitration Board.
(5) If one of the parties to the dispute shall be submitted for resolution of disputes, in accordance with this article (a) share, it is possible to start off in accordance with the procedure in article (b), (c) or 2 (d) of part 2 and vice versa.
(6) any Contracting Party that is party to the dispute, at any stage of the proceedings or after the delivery of the judgment of the Arbitration Board cannot raise an objection based on the fact that the investor who is the other party to the dispute, has received full or partial compensation for loss under insurance.
Article 10 settlement of disputes between the Contracting Parties (1) any dispute between Contracting Parties concerning the interpretation or application of this agreement, as far as possible, be settled by negotiation.
(2) if the dispute between the parties cannot therefore be settled within six months from the date of commencement of the dispute, by any of the Contracting Parties, be submitted to arbitration requirements.
(3) the following arbitration case creates the following way. Two months of the receipt of the request to review the case in arbitration, each Contracting Party shall appoint one arbitrator. Then these two arbitrators shall select a third-country national which of the two Contracting Parties shall be appointed by the Chairman of the Arbitration Board for approval. The Chairman shall be appointed within two months from the date on which it was appointed the other two arbitrators.
(4) If the deadlines set out in part 3 of the necessary appointments have not been made, either Contracting Party, if there is no other agreement, request the President of the International Court of Justice to make the necessary appointments. If the President of the International Court of Justice is a citizen of a Contracting Party, or for any other reason can not perform these functions, the Deputy Chairman is invited to make the necessary appointments. If the Vice-President is a national of a Contracting Party, or for any other reason unable to execute these functions, then the next highest ranking International Court of Justice, a member who is not a citizen of a Contracting Party is invited to make the necessary appointments.
(5) the Arbitration Board shall take its decision by a majority. Such decision shall be binding on both Contracting Parties. Each Contracting Party shall bear its own costs of the arbitrators and the costs of its representation in the arbitral proceedings; Chairman's expenses and other costs equally borne by the two Contracting Parties. The Tribunal, in its decision, however, may indicate that one party to the costs to be borne by higher volumes, and such a judgment is binding on the two Contracting Parties. The arbitral tribunal shall determine its own procedure.
Article 11 entry and residence staff, Contracting Parties, in accordance with its laws and regulations that apply to foreign nationals, entry and residence permit other Contracting Parties and the staff of natural persons employed by a company of the other Contracting Party for entry into, and stay in its territory with the goal of engaging with investment-related activities.
Article 12 of the applicable laws and regulations (1) if the contract does not specify otherwise, all investments are regulated in accordance with the Contracting Parties the rules and regulations in force in the territory of which such investments are made.
(2) despite part 1 of this article, nothing in this Agreement shall limit the contribution of the host contracting party to take action in its vital security interests, or in exceptional circumstances, in accordance with its laws and regulations for reasonable, non-discriminatory manner.
Article 13 application of other rules If one of the Contracting Parties legislation conditions or existing or future obligations under international law between the Contracting Parties in addition to this agreement provides for General or specific provisions that grant investors of the other Contracting Party for investment in more favourable treatment than is provided for under this agreement, the following provisions, in so far as they are more favourable, prevail over this agreement.
Article 14 entry into force Each of the Contracting Parties shall notify the other in writing of the procedures required under its laws to take effect, the Treaty. The agreement shall enter into force on the thirtieth day following the date on which the last notice was received.
Article 15 duration and termination (1) this agreement is valid for ten years and then it automatically extends, unless one of the Contracting Parties in writing notify the other Contracting Party of its intention to terminate this agreement. The contract shall expire twelve months after the date of receipt of such written notice on the other parties.
(2) despite the dissolution of the contract in accordance with this article, part 1 of the Treaty with regard to investments made or acquired prior to the date of termination of the contract, shall remain in force for fifteen years from the date of its termination.
(3) the Protocol shall form an integral part of this agreement.
In witness whereof the undersigned, being duly authorized representatives of the Government, have signed this agreement.

Signed in duplicate in Delhi, 18.02.2010, Latvian, Hindi and English languages, each text being equally authentic.
If there is a difference in interpretation, the text is decisive in English.
The Government of the Republic of LATVIA in Artis camphor Economy Minister of the Republic of India Government, Anand Sharma, Minister of trade and industry of the GOVERNMENT of the Republic of Latvia to the PROTOCOL, and the Government of the Republic of INDIA, the agreement on the promotion and protection of investments the Government of the Republic of Latvia Signed, and the Government of the Republic of India, the agreement on investment promotion and protection, the undersigned representatives of the parties have agreed upon the following provisions which form an integral part of the Treaty: point to article 1 the Republic of India shall take account of the statement of the Republic of Latvia that the term "non-citizen" in article 1 (b) (i) means a person in accordance with the law "on the status of former USSR citizens who are not Latvian or other nationality" are entitled to a Latvian citizen's passport not issued.
Pointing to article 5 article 5 1 (expropriation) of national commitments related to the expropriation, made to reflect customary international law.
2. the Contracting Parties a measure or series of measures is not considered to be expropriation, unless it is linked to material or non-material property rights or participation rights violations related to investment.
3. Article 5 defines two situations. The first is direct expropriation when the investment is nationalized or otherwise expropriated directly, formally changing ownership or completely seized up.
4. the second situation, which is determined in article 5, are indirect expropriation which the Contracting Parties have an event or set of events is equivalent to direct expropriation without formal effect of change of ownership or full forfeiture.
(a) to establish or measure or series of measures of a specific factual situation constitute an indirect expropriation requires a fact-based case studies that include, among other factors: (i) the Government, the economic impact of the measure, while one of the fact that the measure of a Contracting Party or a set of measures has an adverse effect on the economic value of the investment does not establish that an indirect expropriation has occurred;
(iii) a Government degree measure hinders the determination, the reasonable return on investment based on forecast; and (iii) the nature of the measures of the Government.
(b) the Government or a Government controlled by the existing measures which are adopted within the framework of normal business activities, do not constitute indirect expropriation, unless they are obviously (prima facie) are taken with the aim of creating a negative effect on the economic value of the investment.
(c) except in cases where the Contracting Parties non-discriminatory regulatory measures that are designed and applied to protect legitimate public welfare objectives, such as public health, safety and the environment, do not constitute indirect expropriation.
The Government of the Republic of LATVIA in Artis camphor Economy Minister of the Republic of India Government, Anand Sharma, Minister of trade and industry agreement BETWEEN the Government OF the REPUBLIC OF Latvia AND the Government OF the REPUBLIC OF India FOR the PROMOTION AND PROTECTION OF investments the Government of the Republic of Latvia and the Government of the Republic of India (hereinafter referred to as the "Contracting Parties");
(Menu rngton Line4) to create conditions for fostering favourabl greater investment by an investor of one Contracting Party in the territory of the other Contracting Party;
Recognising that the encouragement and reciprocal protection of investments of investors of one Contracting Party in the territory of the other Contracting Party on a non discriminatory basis under the international agreement will be conduciv to the stimulation of individual business initiative and will increase prosperity in the territory of both Contracting Parties;
Have agreed as follows: article 1 Definition For the purpose of this agreement: (a) "investment" means every kind of asset established or acquired including the change in the form of such investment, in accordanc with the national laws and regulations of the Contracting Party in whose territory the investment is made and in particular, though not exclusively, includes: (i) movable and immovabl as well as other property rights such as mortgages , lien or pledge;
(ii) shares in and stocks and debentur of a company and any other similar forms of participation in a company;
(iii) rights to money or to any performance under contract having a financial value;
(iv) intellectual property rights, in accordanc with the relevant laws and regulations of the Contracting Parties the respectiv;
(v) business of concession by law conferred or under contract, including concession to search for and extract oil and other minerals;
(b) "investor" means any natural or juridical person who has made the investment in the territory of the other Contracting Party: (i) "natural person" means: in respect of the Republic of Latvia: (a) a citizen or non-citizen in accordanc with the laws and regulations of the Republic of Latvia;
in respect of the Republic of India: persons deriving their status as Indian nationals from the law in force in India;
(ii) "juridical person" means: in respect of the Republic of Latvia: commercial company (partnership or capital company), association and foundation, incorporated or constituted in accordanc with the laws and regulations of the Republic of Latvia, whethers or not for profit;
in respect of the Republic of India: any entity that is incorporated, constituted, in set up or otherwise duly organized under the law in force in any part of India; whethers or not for profit, or otherwise privately owned whethers, with limited or unlimited liability, including any corporation, company, association, partnership, trust, joint venture, co-operative or sole proprietorship;
(c) ' return ' means the monetary investment yielded by a non UN such as profit, interest, capital gains, dividends, and royalt fe;
(d) "territory" means: (i) in respect of Corporation: the land territory, internal waters and territorial sea of the Republic of Latvia and the airspac is above it, as well as the maritime zones beyond the territorial sea, including the seabed and subsoil, over which the Republic of Latvia exercises sovereign rights or jurisdiction in accordanc with its national laws in force and international law , for the purpose of exploration and exploitation of the natural resources of such areas;
(ii) in respect of India: the territory of the Republic of India including its territorial waters and the airspac is above it and other maritime zones including the exclusive Economic Zone and the continental shelf over which the Republic of India has sovereignty, sovereign rights or exclusive jurisdiction in accordanc with it law in force, the United Nations Convention l982 on the Law of the sea and International Law.
Article 2 scope of the agreement this Agreement shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting Party, accepted as such in accordanc with its laws and regulations, whethers made before or after the coming into force of this agreement, but shall not apply to any dispute concerning an investment which aros is or any claim, which was settled before its entry into force.
Article 3 the Promotion and Protection of investment (1) Each Contracting Party shall create a favourabl encourag and condition for investors of the other Contracting Party to make investments in its territory, and such investments be admi in accordanc with its laws and regulations.
(2) investments and return of each Contracting Party of the investor shall at all times be accorded fair and equitable treatment in the territory of the other Contracting Party.
(3) A Contracting Party shall, subject to its law, the accord within its territory protection and security of their investments and shall not impair the management, maintenance, use, or disposal of investments enjoymen.
Article 4 National treatment and Most-Favoured-Nation treatment Each Contracting Party (l) shall accord to investments of investors of the other Contracting Party, which shall not be treatment less than that accorded favourabl either of its own the investments or investments of investors of any third State, whichever is more favourabl.
(2) each Contracting Party shall In addition, accord to investors of the other Contracting Party, including in respect of returns on their investments, a treatment which shall not be less than that accorded favourabl to investors of any third State.
(3) the provision of paragraph (1) and (2) above shall not be construed so as to comp one Contracting Party to extend to the investors of the other Contracting Party and to their investments and return on investments in the present or future benefit of any treatment, preference or privilege resulting from: (a) any membership in a free trade area, customs union monetary union, common market, and any international agreement resulting in similar arrangements, or (b) any international agreement or through domestic legislation relating wholly or mainly to the or to taxation.
Article 5 Expropriation

(1) investments of investors of either Contracting Party shall not be expropriated, nationalised or subjected to measure having effect equivalent to the nationalisation or expropriation (hereinafter referred to as "expropriation") in the territory of the other Contracting Party except for a public purpose in accordanc with law on a non-discriminatory basis and against fair and equitable compensation. Such compensation shall amount to the fair market value of the expropriated investment immediately before the expropriation or before the impending expropriation becam public knowledge, whichever is the earlier, shall include interest at the normal market rate until the date of payment, shall be made without delay, be effectively realizabl the unreasonabl and be freely transferabl.
(2) the investor affected shall have a right, under the law of the Contracting Party making the expropriation, the review, by a judicial or other independent authority of that Contracting Party, of his or its case and of the valuations of his or its investment in accordanc with the principles set out in this article. The Contracting Party making the expropriation shall make every endeavour to ensur that such review is carried out promptly.
(3) where a Contracting Party expropriat the assets of a company which is incorporated or constituted under the law in force in any part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensur that the provision of paragraph (1) of this article with the applied to the exten cessary to ensur it fair and equitable compensation in respect of their investment to such investors of the other Contracting Party who are owners of those shares.
Article 6 Compensation for Loss of the investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer the loss of the war or other armed conflict Owings, a State of national emergency or civil disturbanc in the territory of the latter Contracting Party shall be accorded by the latter Contracting Party the treatment, as regards restitution, indemnification, compensation or other settlement from less than a favourabl that which the latter Contracting Party to its own investors accord or the investor of any third State, whichever is more favourabl. Resulting payments shall be freely transferabl.
Article 7 Transfer (l) Contracting Party shall permit Each all funds of an investor of the other Contracting Party related to an investment in its territory to be transferred freely, without the delay and on a unreasonabl non-discriminatory basis. Such funds may include: (a) the Initial capital and additional capital is used to maintain non and increase investments;
(b) Net operating profits including dividends and interest in proportion to their share-holdings;
(c) repayments of any loan including interest thereon, relating to the investment;
(d) payment of royalt and services fees relating to the investment;
(e) Proceed from sales of their shares;
(f) Proceed received by the investor in the case of sale or partial sale or liquidation;
(g) the earnings of natural persons of one Contracting Party who work in connection with investment in the territory of the other Contracting Party.
(2) Nothing in paragraph (l) of this article shall be affec the transfer of any compensation under article 6 of this agreement.
(3) Unless it is otherwise agreed between the parties, currency transfer under paragraph (1) of this article shall be permitted in the currency of the original investment or any other freely convertible currency. Such transfer shall be made at the prevailing market rate of Exchange on the date of transfer.
Article 8 Subrogation where one Contracting Party or its designated agency has guaranteed any indemnity against non-commercial risks in respect of an investment by any of it to investors in the territory of the other Contracting Party and has made payment to such investors in respect of their claims under this agreement, the other Contracting Party agree that of the first Contracting Party or its designated agency is entitled by virtue of subrogation to exercise the rights and claims of the asser those investors. The subrogated rights or claims shall not exceeds 100 the original rights or claim of such investor.
Article 9 settlement of the Dispute Between an Investor and a Contracting Party (1) Any dispute between an investor of one Contracting Party and the other Contracting Party in relations to an investment of the former under this Agreement shall, as far as possible, be settled amicably through negotiation between the parties to the dispute.
(2) If the dispute has not been settled within six months from the date on which it was raised in writing, the dispute may, at the choice of the investor, be submitted: (a) to the competent courts of the Contracting Party in whose territory the investment is made; or (b) to arbitration under the International Centre for settlement of investment Dispute between the State and the National of other States, opened for signature at Washington on March 18th, 1965 (hereinafter referred to as the ' Centre '), provided that both the disputing Contracting Party and the Contracting Party of the investor are parties to the ICSID Convention; or (c) the arbitration under the Additional Facility of the Centre, provided that either the disputing Contracting Party or the Contracting Party of the investor is a party to the ICSID Convention; or (d) to any ad hoc arbitration tribunal which unless otherwise is agreed on by the parties to the dispute, is to be established under the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) with the following modifications: (i) the appointing authority under article 7 of the rules shall be the President, the Vice-President or the next senior judge of the International Court of Justice , who is not a national of either Contracting Party. The third arbitrator shall not be a national of either Contracting party.
(ii) the Parties shall be the arbitrator of their respectiv appoin within two months.
(iii) the CAs awards shall be made in accordanc with the provision of this agreement.
(3) the CAs tribunal shall state the basis of its decision and give reasons upon the request of either party.
(4) the arbitration award shall be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves to the enforcement of the award.
(5) If either Party to submit a dispute for resolution under paragraph 2 (a), it shall be precluded from invoking the procedure under paragraph 2 (b), 2 (c) or 2 (d) and vice-versa.
(6) an ither of the Contracting Parties, which is a Party to a dispute, can raise an objection, at any phase of the arbitration procedure or of the execution of an award, the CAs on account of the fact that the investor, which is the other Party to the dispute, has received an indemnification covering a part or the whole of its loss by virtue of an insurance.
Article of Dispute settlement between l0 of the Contracting Parties (1) the Dispute between the Contracting Parties concerning the interpretation or application of this agreement should, as far as possible, be settled through negotiation.
(2) If a dispute between the Contracting Parties cannot be settled within six months of the from the time of the dispute, it shall aros upon the request of either Contracting Party be submitted to an CAs tribunal.
(3) the tribunal shall be constituted Such an CAs for each individual case in the following way. Within two months of the receipt of the request for arbitration, each Contracting Party shall be appoin one member of the tribunal. Those two members shall then select a national of a third State who on approval by the two Contracting Parties shall be appointed Chairman of the tribunal. The Chairman shall be appointed within two months from the date of appointment of the other two members.
(4) If within the period specified in paragraph (3) of this article the cessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any appointments not cessary. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice President shall be invited to make the cessary appointments. If the Vice President is a national of either Contracting Party or, if he is prevented from discharging the said function, the Member of the the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the cessary appointments.
(5) the tribunal shall reach its decision CAs by a majority of votes. Such a decision shall be binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own member of the tribunal and of its representation in the CAs proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by the Contracting Parties. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two Contracting Parties, shall be binding and this award on both Contracting Parties. The tribunal shall it will determin own procedures.
Article 11 Entry and Sojourn of Personnel A Contracting Party shall, subject to its laws and regulations relating to the entry and sojourn of foreign nationals, permit natural persons of the other Contracting Party and personnel employed by the companies of the other Contracting Party to enter and remain in its territory for the purpose of engaging in activities connected with investments.
Article 12-applicable Law (1) Except as otherwise provided in this agreement, shall be governed by all the investment the law and regulations in force in the territory of the Contracting Party in which such investments are made.

(2) Notwithstanding paragraph (1) of this article nothing in this agreement preclud the host Contracting Party from taking action for the protection of its essential security interests or in circumstanc of extreme emergency in accordanc with it normally and reasonably applied by the laws on a non discriminatory basis.
L3 Applications of other article rules If the provision of the law of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties in addition to the present agreement contains rules, general or specific, entitling whethers investments by investors of the other Contracting Party to a treatment more than a favourabl is provided for by the present agreement , such rules shall to the exten the that they with more a favourabl prevails over the present agreement.
Article l4 Entry into force for Each Contracting Party shall notify the other in writing of the completion of the procedures required by its law for the bringing This agreement into force. The agreement shall enter into force on the thirtieth day following the date of receipt of the last notification.
Article l5 Duration and Termination (1) this Agreement shall remain in force for a period of ten years and thereafter it shall be deemed to have been automatically extended unless either Contracting Party give to the other Contracting Party a written notice of its intention to terminate the agreement. The termination of this Agreement shall become effective twelve months after the date of receipt of such written notice by the other Contracting Party.
(2) Notwithstanding termination of this agreement pursuan to paragraph (1) of this article, the agreement shall continue to be effective for a further period of fifteen years from the date of its termination in respect of investments made or acquired before the date of termination of this agreement.
(3) the Protocol shall form an integral part of the agreement.
In witness whereof the undersigned, duly authorised by the Governments of their respectiv theret, have signed this agreement.
Done at New Delhi on this 18th February 2010 in two originals each in the Latvian, Hindi and English languages, all texts being equally authentic.
In case of any divergenc, the English text shall prevails.
For the Government of the Republic of Latvia Artis camphor For the Government of the Republic of India Shri Anand Sharma PROTOCOL TO the agreement BETWEEN the Government OF the REPUBLIC OF Latvia AND the Government OF the REPUBLIC OF India FOR the PROMOTION AND PROTECTION OF investments On the signing of the agreement between the Government of the Republic of Latvia and the Government of the Republic of India for the Promotion and Protection of investments , the undersigned representatives have agreed on the following provision in which an integral on the constitut of the agreement: Ad article 1-the Republic of India takes note of the statement of the Republic of Latvia that the term "non-citizens" referred to in article 1, paragraph (b) (i), (a) the person who means, in accordanc with the Law on the status of those Former U.S.S.R. citizens who Do Not have Citizenship Of Latvia Or that of any Other State , has a right to a non-citizen passport issued by the Republic of Latvia.
Ad article 5 1. Article 5 (Expropriation) is intended to be customary international law reflec concerning the obligations of States with respect to expropriation.
2. An action or a series of actions by a Contracting Party cannot constitut an expropriation unless it interfer with a tangibl or intangibl of the property right or property interest in an investment.
3. Article 5 addresses two situation. The first is direct expropriation, where an investment is nationalized or otherwise expropriated directly through formal transfer of title or outright chicken pox vaccine and.
4. The second situation addressed by article 5 is indirect expropriation, where an action or series of actions by a Contracting Party has an effect equivalent to direct expropriation without formal transfer of title or outright chicken pox vaccine and.
(a) the determination of an action or series of whethers action, in a specific fact situation, an indirect expropriation of constitut requires a case-by-case, fact-based inquiry that consider factors, among others: (i) the economic impact of the governmental action, although the fact that an action or series of actions by a Contracting Party has an adverse effect on the economic value of an investment , standing alone, does not establish that an indirect expropriation has occurred;
(ii) the exten to which the Government action of interfer with distinct, reasonable investment-backed expectations; and (iii) the character of the Government action.
(b) Action by a Government or Government controlled bodies, taken as a part of normal business activities, will not the indirect expropriation constitut unless it is prima facie an apparen that it was taken with an intent to create an adverse impact on the economic value of an investment.
(c) Except in the rar, a non-discriminatory regulatory circumstanc action by a Contracting Party that are designed and applied to protect public welfare legitimat objective, such as public health, safety, and the environment, do not the indirect expropriation constitut.
For the Government of the Republic of Latvia Artis camphor For the Government of the Republic of India Shri Anand Sharma