Advanced Search

Law No. 55 Of 16 April 1997

Original Language Title:  LEGE nr. 55 din 16 aprilie 1997

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LEGE no. 55 55 of 16 April 1997 for the ratification of the Agreement, made by Exchange of Letters, between the Government of Romania and the Government of the Republic of Korea, made in Bucharest on 22 May 1996, for the amendment of the Agreement between the Government of Romania promotion and mutual protection of investments, signed in Bucharest on August 7, 1990
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 69 69 of 18 April 1997



The Romanian Parliament adopts this law + Article UNIC The Agreement, made by Exchange of Letters, between the Government of Romania and the Government of the Republic of Korea, made in Bucharest on May 22, 1996, for the amendment of the Agreement between the Government of Romania and the Government of the Republic mutual protection of investments *), signed in Bucharest on August 7, 1990. -------------- Note *) The agreement between the Romanian Government and the Government of the Republic of Korea on the promotion and mutual protection of investments was ratified by Law no 103/1994 and published in the Official Gazette of Romania, Part I, no. 330 330 of 29 November 1994. This law was adopted by the Chamber of Deputies at its meeting on March 3, 1997, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT ANDREI IOAN CHILIMAN This law was adopted by the Senate at its meeting of 18 March 1997, in compliance with the provisions of art. 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT PETRE ROMAN MINISTRY OF FOREIGN AFFAIRS OF ROMANIA CABINET MINISTER + Annex Bucharest, 22 May 1996 Your Grace, I have the honor of referring to the Agreement between the Government of Romania and the Government of the Republic of Korea on the promotion and mutual protection of investments, signed in Bucharest on August 7, 1990 and entered into force on December 30, 1994, and to propose amendments to art. 2 2, 8 and 10 of the said Agreement, as follows: 1. Article 2 "Definitions" (1) (a) shall be read: "proprietary rights to movable and immovable property and any other associated rights, such as: mortgages, sequestration and grovels;" 2. Article 2 (1) (d) shall be read: "intellectual property rights, including, but not limited to copyright, patents, trademarks, trade names, industrial drawings, trade secrets, technical processes, know-how and goodwill;" 3. Article 2 (4) shall be read: "" (4) The territory shall designate: a) with regard to Romania, the territory of Romania, including the territorial sea, as well as the exclusive economic zone, on which Romania exercises, in accordance with domestic and international law, sovereignty, sovereign rights or jurisdiction; b) with regard to the Republic of Korea, the territory of the Republic of Korea, including its territorial sea, as well as its exclusive economic zone and its continental shelf, on which the Republic of Korea exercises sovereignty, sovereign rights, jurisdiction and other rights in accordance with international law, including the United Nations Convention on the Law of the Sea of 1982. ' 4. Article 8 "Settlement of disputes concerning investments between a Contracting Party and an investor of the other Contracting Party" shall be read: " (1) Any dispute between any contracting party and the investor of the other contracting party, including the expropriation or nationalization of an investment, shall be settled, as far as possible, by the parties to the dispute amicably. (2) The legal remedies, provided by the laws and regulations of a Contracting Party in whose territory the investment was made, shall be applicable for the investor of the other Contracting Party. (3) If a dispute cannot be settled within 6 (six) months from the date of the regulatory application, the investor may submit to the dispute, upon his or her choice, to: a) The International Center for the Regulation of Relative Investment Differences (C.I.R.D.I.), provided by the Convention for the Settlement of Investment Disputes between States and Persons of Other States, concluded in Washington on 18 March 1965 1965; or b) an ad hoc arbitral tribunal which, unless otherwise agreed between the parties to the dispute, will be constituted under the arbitration rules of the United Nations Commission for International Commercial Law (UNCITRAL). (4) The contracting party which is a party to the dispute shall never, during the proceedings relating to investment disputes, rely as a defence, its immunity or the fact that the investor has received compensation under an insurance contract. covering all or part of the damage or damage suffered. ' 5. Article 10 "Application of the Agreement" shall be read: " This Agreement shall also apply to investments made in the territory of a Contracting Party, in accordance with its laws and regulations, to investors of the other Contracting Party, prior to the entry into force of this Agreement. However, the agreement will not apply to the differences that arose before its entry into force. " All other provisions of that agreement remain valid. If the proposed amendments are acceptable to the Government of the Republic of Korea, I also have the honour to propose that this letter together with the letter of Your Excellency, in response to this, constitute an agreement between the Government of Romania and the Government of the Republic of Korea, to amend the Agreement between the Government of Romania and the Government of the Republic of Korea on the promotion and mutual protection of investments, signed in Bucharest on August 7, 1990 and entered into force on December This Agreement will enter into force on the date of the last notification of the Contracting Parties concerning the fulfilment of the legal internal requirements for its entry into force. Receive, please, Your Excellency, the assurance of my high regard. Teodor Viorel Melescanu, minister of state, minister of foreign affairs of Romania To His Excellency Lee Ki-Choo, deputy minister of affairs Republic of Korea MINISTRY OF FOREIGN AFFAIRS KOREA REPUBLIC Bucharest, 22 May 1996 Your Grace, I have the honor of confirming the receipt of the letter of Your Excellency on May 22, 1996, which will be read as follows: Lt; I have the honour of referring to the Agreement between the Government of Romania and the Government of the Republic of Korea on the promotion and mutual protection of investments, signed in Bucharest on 7 August 1990 and entered into force on 30 December 1994, and to propose amendments to art. 2 2, 8 and 10 of the said Agreement, as follows: 1. Article 2 "Definitions" (1) (a) shall be read: "proprietary rights to movable and immovable property and any other associated rights, such as: mortgages, sequestration and grovels;" 2. Article 2 (1) (d) shall be read: "intellectual property rights, including, but not limited to copyright, patents, trademarks, trade names, industrial drawings, trade secrets, technical processes, know-how and goodwill;" 3. Article 2 (4) shall be read: "" (4) The territory shall designate: a) with regard to Romania, the territory of Romania, including the territorial sea, as well as the exclusive economic zone, on which Romania exercises, in accordance with domestic and international law, sovereignty, sovereign rights or jurisdiction; b) with regard to the Republic of Korea, the territory of the Republic of Korea, including its territorial sea, as well as its exclusive economic zone and its continental shelf, on which the Republic of Korea exercises sovereignty, sovereign rights, jurisdiction and other rights in accordance with international law, including the United Nations Convention on the Law of the Sea of 1982. ' 4. Article 8 "Settlement of disputes concerning investments between a Contracting Party and an investor of the other Contracting Party" shall be read: " (1) Any dispute between any contracting party and the investor of the other contracting party, including the expropriation or nationalization of an investment, shall be settled, as far as possible, by the parties to the dispute amicably. (2) The legal remedies provided for by the laws and regulations of a Contracting Party in whose territory the investment was made are applicable to the investor of the other Contracting Party. (3) If a dispute cannot be settled within 6 (six) months from the date of the regulatory application, the investor may submit to the dispute, upon his or her choice, to: a) The International Center for the Regulation of Relative Investment Differences (C.I.R.D.I.), provided by the Convention for the Settlement of Investment Disputes between States and Persons of Other States, concluded in Washington on 18 March 1965 1965; or b) an ad hoc arbitral tribunal which, unless otherwise agreed between the parties to the dispute, will be constituted under the arbitration rules of the United Nations Commission for International Commercial Law (UNCITRAL). (4) The contracting party which is a party to the dispute shall never, during the proceedings relating to investment disputes, rely as a defence, its immunity or the fact that the investor has received compensation under an insurance contract. covering all or part of the damage or damage suffered. ' 5. Article 10 "Application of the Agreement" shall be read: " This Agreement shall also apply to investments made in the territory of a Contracting Party, in accordance with its laws and regulations, to investors of the other Contracting Party, prior to the entry into force of this Agreement. However, the agreement will not apply to the differences that arose before its entry into force. " All other provisions of that agreement remain valid. If the proposed amendments are acceptable to the Government of the Republic of Korea, I also have the honour to propose that this letter together with the letter of Your Excellency, in response to this, constitute an agreement between the Government of Romania and the Government of the Republic of Korea, to amend the Agreement between the Government of Romania and the Government of the Republic of Korea on the promotion and mutual protection of investments, signed in Bucharest on August 7, 1990 and entered into force on December This Agreement will enter into force on the date of the last notification of the Contracting Parties concerning the fulfilment of the legal internal requirements for its entry into force. gt; gt; I also have the honour to confirm that the above mentioned provisions are acceptable to the Government of the Republic of Korea and that the letter of Your Excellency along with this letter, in response to this, will constitute an agreement between the Government The Republic of Korea and the Romanian Government, which fines the Agreement between the Government of the Republic of Korea and the Government of Romania on the promotion and mutual protection of investments, signed in Bucharest on 7 August 1990 and entered into force on 1994. This Agreement will enter into force on the date of the last notification of the Contracting Parties concerning the fulfilment of the legal internal requirements for its entry into force. Receive, please, Your Excellency, the assurance of my high regard. Lee Ki-Choo, deputy minister of affairs Republic of Korea To His Excellency Teodor Viorel Melescanu, minister of state, minister of foreign affairs of Romania -------------------