Law No. 55 Of 16 April 1997

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

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Law No. 55 of 16 April 1997 on the ratification of the agreement, by Exchange of letters between the Government of Romania and the Government of the Republic of Korea, held at Bucharest on 22 May 1996, in order to amend the agreement between the Government of Romania and the Government of the Republic of Korea on mutual promotion and protection of investments, signed in Bucharest on 7 august 1990, the PARLIAMENT published in ISSUING the OFFICIAL GAZETTE nr. 69 of 18 April 1997, the Romanian Parliament adopts this law.


The sole article Shall ratify the agreement, achieved through an exchange of letters between the Government of Romania and the Government of the Republic of Korea, held at Bucharest on 22 May 1996, in order to amend the agreement between the Government of Romania and the Government of the Republic of Korea on mutual promotion and protection of investments *), signed at Bucharest on 7 august 1990.
— — — — — — — — — — — — — — * Note) agreement between the Government of Romania and the Government of the Republic of Korea on mutual promotion and protection of investments ratified by law No. 103/1994 and published in the Official Gazette of Romania, part I, no. 330 of 29 November 1994.

This law was adopted by the Chamber of deputies at its meeting on 3 March 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT ANDREW JOHN CHILIMAN this law was adopted by the Senate at its meeting on 18 March 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
SENATE PRESIDENT PETRE ROMAN of the ROMANIAN MINISTRY of FOREIGN AFFAIRS OFFICE of the MINISTER, May 22 Annex Bucharest 1996 Your Excellency, I have the honour to refer to the agreement between the Government of Romania and the Government of the Republic of Korea on mutual promotion and protection of investments, signed in Bucharest on august 7, 1990 and entered into force on 30 December 1994, and of proposing amendments to art. 2, 8 and 10 of the agreement, as follows: 1. Article 2 "Definitions" in paragraph (1)(a) to) read: "ownership of movable and immovable property and any other associated rights, such as mortgages, liens and pledges;

2. In article 2 (1) (d)) shall read: ' intellectual property rights, including, but not limited to, copyrights, patents, trademarks, trade names, industrial designs, trade secrets, technical processes, know-how and goodwill; "

3. In article 2 (4) read: "(4) means: the Territory) with regard to Romania, the Romanian territory, including the territorial sea, and exclusive economic zone over which Romania exercised in accordance with internal legislation and international law, sovereignty, sovereign rights or jurisdiction;
  

b) with respect to the Republic of Korea, the Republic of Korea, including its territorial sea, and exclusive economic zone or continental shelf and over which the Republic of Korea to exercise sovereignty, sovereign rights, jurisdiction and rights in accordance with international law, including the United Nations Convention on the right of the sea since 1982. "
  

4. In article 8 "disputes relating to investments between a Contracting Party and an investor of the other Contracting Party ' shall read:" (1) any dispute between any Contracting Party and other Contracting Party investor, including expropriation or nationalization of an investment, it will be resolved, as possible, the parties to the dispute amicably.

(2) legal remedies provided for by the laws and regulations of a Contracting Party in whose territory the investment has been made, apply to the investor the other Contracting Party.
  

(3) If a dispute cannot be resolved within a period of 6 (six) months from the date of application of the regulation, the investor may be subject to dispute, at his choice, to: the International Centre for the settlement of) Disputes relating to Investments (C.I.R.D.I.), established by the Convention for the settlement of disputes relating to investments between States and individuals of other States, done at Washington on 18 March 1965; or (b)) a ad hoc arbitration tribunal which, unless otherwise agreed between the parties to the dispute, will be constituted on the basis of the rules of arbitration of the United Nations Commission on International Trade Law (UNCITRAL).
  

  

(4) the Contracting Party which is a party to the dispute will not invoke never during procedures concerning disputes relating to investments, like defense, his immunity or that the investor has received an indemnity under a contract of insurance covering all or part of the loss, damage or injury suffered. "times
  

5. Article 10 "implementation of the agreement" read: "this Agreement shall also apply to investments made in the territory of a Contracting Party, in accordance with its laws and regulations, investors other Contracting Party prior to the entry into force of this agreement. However the agreement will not apply to disputes that arose before its entry into force. "

All other provisions of the agreement in question shall 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 Your Excellency's letter in response to that effect, shall constitute an agreement between his Government and the Government of the Republic of Korea, which to amend the agreement between the Governments of Romania and the Republic of Korea on mutual promotion and protection of investments, signed in Bucharest on august 7, 1990 and entered into force on 30 December 1994.
This agreement shall enter into force on the date of the last notification to the Contracting Parties regarding the fulfilment of requirements of the internal legal order of its entry into force.
You receive, please, my highest assurance considerations.
Teodor Viorel Mady, Minister of State, Minister for Foreign Affairs of Romania, his Excellency Lee Ki-Choo, Deputy Minister for Foreign Affairs of the Republic of Korea MINISTRY of FOREIGN AFFAIRS of the REPUBLIC OF KOREA on 22 May 1996 in Bucharest, Your Excellency, I have the honour to acknowledge receipt Of Your letter dated 22 May 1996, which read as follows: lt; Lt; I have the honour to refer to the agreement between the Government of Romania and the Government of the Republic of Korea on mutual promotion and protection of investments, signed in Bucharest on august 7, 1990 and entered into force on 30 December 1994, and of proposing amendments to art. 2, 8 and 10 of the agreement, as follows: 1. Article 2 "Definitions" in paragraph (1)(a) to) read: "ownership of movable and immovable property and any other associated rights, such as mortgages, liens and pledges;

2. In article 2 (1) (d)) shall read: ' intellectual property rights, including, but not limited to, copyrights, patents, trademarks, trade names, industrial designs, trade secrets, technical processes, know-how and goodwill; "

3. In article 2 (4) read: "(4) means: the Territory) with regard to Romania, the Romanian territory, including the territorial sea, and exclusive economic zone over which Romania exercised in accordance with internal legislation and international law, sovereignty, sovereign rights or jurisdiction;
  

b) with respect to the Republic of Korea, the Republic of Korea, including its territorial sea, and exclusive economic zone or continental shelf and over which the Republic of Korea to exercise sovereignty, sovereign rights, jurisdiction and rights in accordance with international law, including the United Nations Convention on the right of the sea since 1982. "
  

4. In article 8 "disputes relating to investments between a Contracting Party and an investor of the other Contracting Party ' shall read:" (1) any dispute between any Contracting Party and other Contracting Party investor, including expropriation or nationalization of an investment, it will be resolved, as possible, the parties to the dispute amicably.

(2) legal remedies provided for by the laws and regulations of a Contracting Party in whose territory the investment has been made applicable to the other Contracting Party for the investor.
  

(3) If a dispute cannot be resolved within a period of 6 (six) months from the date of application of the regulation, the investor may be subject to dispute, at his choice, to: the International Centre for the settlement of) Disputes relating to Investments (C.I.R.D.I.), established by the Convention for the settlement of disputes relating to investments between States and individuals of other States, done at Washington on 18 March 1965; or (b)) a ad hoc arbitration tribunal which, unless otherwise agreed between the parties to the dispute, will be constituted on the basis of the rules of arbitration of the United Nations Commission on International Trade Law (UNCITRAL).
  

  

(4) the Contracting Party which is a party to the dispute will not invoke never during procedures concerning disputes relating to investments, like defense, his immunity or that the investor has received an indemnity under a contract of insurance covering all or part of the loss, damage or injury suffered. "times
  

5. Article 10 "implementation of the agreement" read: "this Agreement shall also apply to investments made in the territory of a Contracting Party, in accordance with its laws and regulations, investors other Contracting Party prior to the entry into force of this agreement. However the agreement will not apply to disputes that arose before its entry into force. "

All other provisions of the agreement in question shall 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 Your Excellency's letter in response to that effect, shall constitute an agreement between his Government and the Government of the Republic of Korea, which to amend the agreement between the Governments of Romania and the Republic of Korea on mutual promotion and protection of investments, signed in Bucharest on august 7, 1990 and entered into force on 30 December 1994.
This agreement shall enter into force on the date of the last notification to the Contracting Parties regarding the fulfilment of requirements of the internal legal order of 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 as Your Excellency's letter together with this letter in response to that effect, shall constitute an agreement between the Government of the Republic of Korea and the Government of Romania amending 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 august 7, 1990 and entered into force on 30 December 1994.
This agreement shall enter into force on the date of the last notification to the Contracting Parties regarding the fulfilment of requirements of the internal legal order of its entry into force.
You receive, please, my highest assurance considerations.
Lee Ki-Choo, Deputy Minister for Foreign Affairs of the Republic of Korea his Excellency Teodor Viorel Mady, Minister of State, Minister for Foreign Affairs of Romania — — — — — — — — — — — — — — — — — — —