For the purposes of this Agreement, the term “nationals” includes:
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a) a legal person constituted in accordance with the law of either Contracting Party
in the territory of that Contracting Party, and
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b) a legal person constituted in accordance with the law of either Contracting Party
in the territory of that Contracting Party, in respect of which, because of its being
controlled by a national of the other Contracting Party, permission has been granted
or agreement by contract has been reached that it should be treated, for the purposes
of the present Agreement, as a national of the latter Contracting Party.
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(2) Each Contracting Party undertakes, in accordance with its laws and requirements, to
facilitate in its territory the participation of nationals of the other Contracting
Party in the establishment of productive and commercial activities and the supply
of services.
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(2) They shall, within the framework of and subject to their national legislation, further
the co-operation between companies, associations and other organisations of any kind
or subsidiary bodies thereof, which are connected with the economic life of the two
countries, and all their other nationals engaged in economic activities, in order
to develop their respective resources.
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(1) Each Contracting Party is prepared, within the limits of its legislation, to facilitate
the delivery of capital goods to, or the carrying out of public works for, governmental
and private enterprises by its nationals in the territory of the other Contracting
Party against payment by instalments.
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(2) In pursuance of transactions entered into under paragraph (1) above, each Contracting
Party shall authorize, within the limits of its legislation, the transfer, when due,
of money owing to nationals of the other Contracting Party.
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(1) With respect to the payment of taxes, fees or charges and to the enjoyment of fiscal
deductions and exemptions, each Contracting Party shall accord in its territory to
nationals of the other Contracting Party engaged in any economic activity treatment
no less favourable than that accorded to nationals of a third country.
Nationals of either Contracting Party shall, as regards the protection of industrial
property, enjoy in the territory of the other Contracting Party a protection not less
favourable than that enjoyed by its own nationals, without prejudice to the rights
provided by relevant international conventions binding the two Contracting Parties.
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(1) Each Contracting Party shall ensure fair and equitable treatment of the investments,
goods, rights and interests of nationals of the other Contracting Party and shall
not impair, by unjustified or discriminatory measures, the management, maintenance,
use, enjoyment or disposal thereof by them.
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(2) More particularly, each Contracting Party shall accord to such investments, goods,
rights and interests the same security and protection as it accords to those of nationals
of third states.
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(2) Subject to prevailing exchange regulations and practices of each Contracting Party
which are in conformity with its obligations as a member of the International Monetary
Fund, authorization for transfer shall be given and the transfer carried out without
undue restriction or delay, within such period of time as is normally required for
the completion of transfer formalities.
Neither Contracting Party shall take any measures depriving, directly or indirectly,
nationals of the other Contracting Party of their investments, goods, rights or interests,
unless the following conditions are complied with:
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a) the measures are taken for the public benefit and under due process of law;
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b) the measures are not discriminatory; and
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c) the measures are accompanied by provision for the payment of ompensation in accordance
with international law. Such ompensation shall be made, and authorization for transfer
shall be given, without undue delay to the country of which laimants are nationals
and in the currency of that country. In case of tranfers of large amounts, such transfers
may be permitted in reasonable amounts by instalments so as to prevent undue fluctuations
of the exchange rates.
The Contracting Party in the territory of which an investment approved by it has been
made, in respect of which investment the other Contracting Party or a national thereof
has granted any financial security against non-commercial risks, recognizes the subrogation
of the grantor of that security into the rights of the investor as to damages if payment
has been made under the security, and to the extent of that payment.
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(2) The Joint Commission shall meet, at the request of one of the Contracting Parties,
to discuss any matters pertaining to the implementation of the present Agreement and
to consider means of promoting the economic co-operation between the two countries.
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(3) The Joint Commission shall therefore keep under review the development of the economic
relations between the two countries, both in bilateral and multilateral contexts.
It shall moreover make recommendations to the respective Governments in cases where
the objectives of this Agreement might be furthered and a fuller measure of economic
co-operation might be obtained.
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(1) Any dispute between the Contracting Parties concerning the interpretation or application
of the present Agreement which is not settled in any other way, shall be submitted,
at the request of any Party to the dispute, to an arbitral tribunal composed of three
members. Each Party shall appoint one arbitrator and the two arbitrators thus appointed
shall together appoint a third arbitrator who is not a national of either Party.
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(2) If one of the Parties fails to appoint its arbitrator and has not proceeded to do
so within two months after an invitation from the other Party to make such appointment,
the arbitrator shall be appointed, at the request of the latter Party, by the President
of the International Court of Justice.
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(3) If the two arbitrators are unable to reach agreement, in the two months following
their appointment, on the choice of the third arbitrator, the latter shall be appointed,
at the request of either Party, by the President of the International Court of Justice.
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(4) If, in the cases provided for in the second and third paragraphs of this Article,
the President of the International Court of Justice is prevented from discharging
the said function or is a national of either Party, the Vice-president shall make
the necessary appointment. If the Vice-President is prevented from discharging the
said function or is a national of either Party, the member of the Court who is next
in seniority and is not a national of either Party shall make the necessary appointment.
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(5) The tribunal shall base its decision on the provisions of the present Agreement in
conformity with the principles of law. Before the tribunal gives its decision, it
may at any stage of the proceedings propose to the Parties that the dispute be settled
amicably. The foregoing provisions shall not prejudice the power of the arbitral tribunal
to decide the dispute ex aequo et bono if the Parties so agree.
As regards the Kingdom of the Netherlands, the present Agreement shall apply to the
territory of the Kingdom in Europe, to Surinam and to the Netherlands Antilles.
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(2) The present Agreement shall enter into force on the 30th day after the date of the
exchange of the instruments of ratification. It shall remain in force for a period
of ten years and shall, unless notice of termination is given in writing by either
Contracting Party one year before its expiry, continue in force thereafter for an
unlimited period. After the expiry of the period of ten years the present Agreement
may be terminated at any time by either Contracting Party giving one year's notice.