investment - state.gov

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TREATIES AND OTHER INTERNATIONAL ACTS SERIES 97-101

INVESTMENT

Treaty Between the

UNITED STATES OF AMERICA

and MONGOLIA

Signed at Washington October 6 1994

with

Annex and Protocol

NOTE BY THE DEPARTMENT OF STATE

Pursuant to Public Law 89mdash497 approved July 8 1966 (80 Stat 271 1 USC 113)mdash

ldquo the Treaties and Other International Acts Series issued under the authority of the Secretary of State shall be competent evidence of the treaties international agreements other than treaties and proclamations by the President of such treaties and international agreements other than treaties as the case may be therein contained in all the courts of law and equity and of maritime jurisdiction and in all the tribunals and public offices of the United States and of the several States without any further proof or authentication thereofrdquo

MONGOLIA

Investment

Treaty signed at Washington October 6 1994 Transmitted by the President of the United States of America

to the Senate June 26 1995 (Treaty Doc 104-10 104th Congress 1st Session)

Reported favorably by the Senate Committee on Foreign Relations March 27 1996 (Senate Executive Report No 104-15 104th Congress 2d Session)

Advice and consent to ratification by the Senate June 27 1996

Ratified by the President September 12 1996 Ratifications exchanged at Ulaanbaatar December 2 1996 Entered into force January 1 1997 With annex and protocol

TREATY BETWEEN THE UNITED STATES OF AMERICA AND

MONGOLIA CONCERNING THE ENCOURAGEMENT

AND RECIPROCAL PROTECTION OF INVESTMENT

The United States of America and Mongolia (hereinafte- the Parties)

Desiring to promote greater economic cooperation between them with respect to investment by nat~onals and companies of one Party in the territory of the other Party

Recognizing that agreement upon the treatment to be accorded such investment will stimulate the flow of private capi~al and the economic development of the Parties

Agreeing that fair and equitable treatment of investment 5s desirable in order to maintain a stable fra~ework for investment and maximum effective utilization of economic resources

Recognizing that the development of economic and business ties can contribute to the well-being of workers in both Parties and promote respect for internationally recognized worker rights and

Having resolved to conclude a Treaty concerning the encouragement and reciprocal protection of investment

Have agreed as follows

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ARTICLE I

1 For the purposes of this Treaty

(a) investment means every kind of investment in the territory of one Party owned or controlled directly or indirectly by nationals or companies of the other Party such as equity debt and service and investment contracts and includes

i) tangible and intangible property including rights such as mortgages liens and pledges

(ii) a company or shares of stock or other interests in a company or interests in the assets thereof

(iii) a claim to money or a claim to performance having economic value and associated with an investment

(iv) intellectual property which includes inter alia rights relating to

literary and artistic works including sound recordings

inventions in all fields of human endeavor

industrial designs

semiconductor mask works

trade secrets know-how and confidential business information and

trademarks service marks and trade names and

(v) any right conferred by law or contract and any licenses and permits pursuant to law

(b) company of a Party means any kind of corporation company association partnership or other organization legally constituted under the laws and regulations of a Party or a political subdivision thereof whether or not organized for pecuniary gain or privately or governmentally owned or controlled

(c) national of a Party means a natural person who is a national of a Party under its applicable law

-3shy

(d) return means an amount derived from or associated with an investment including profit dividend interest capital gain royalty payment management technical assistance or other fee or returns in kind

(e) associated activities include the organization control operation maintenance and disposition of companies branches agencies offices factories or other facilities for the conduct of business the making performance and enforcement of contracts the acquisition use protection and disposition of property of all kinds including intellectual property rights the borrowing of poundunds the purchase issuance and sale of equity shares and other securities and the purchase of poundoreign exchange for imports

(f) investment authorization means an authorization granted by the foreign investment authority of a Party to an investment or a national or company of the other Party

(g investment agreement means a written agreement between the national authorities of a Party and an investment or a national or company of the other Party that (i grants rights with respect to natural resources or other assets controlled by the national authorities and (ii) the investment national or company relies upon in establishing or acquiring an investment

2 Each Party reserves the right to deny to any company the advantages of this Treaty if nationals of any third country control such company and in the case of a company of the other Party that company has no substantial business activities in the territory of the other Party or is controlled by nationals of a third country with which the denying Party does not maintain normal economic relations

3 Any alteration of the form in which assets are invested or reinvested shall not affect their character as investment

ARTICLE II

1 Each Party shall permit and treat investment and activities associated therewith on a basis no less favorable than that accorded in like situations to investment or associated activities of its own nationals or companies or of nationals or companies of any third country whichever is the most favorable subject to the right of each Party to make or maintain exceptions falling within one of the sectors or matters listed in the Annex to this Treaty Each Party agrees to notify the other Party before or on the date of entry into force of this Treaty of all such laws and regulations of which it is aware concerning the sectors or matters listed in the

-4shy

Annex Moreover each Party agrees to notify the other of any future exception with respect to the sectors or matters listed in the Annex and to limit such exceptions to a minimum Any future exception by either Party shall not apply to investment existing in that sector or matter at the time the exception becomes effective The treatment accorded pursuant to any exceptions shall unless specified otherwise in the Annex be not less favorable than that accorded in like situations to investments and associated activities of nationals or companies of any third country

2 (a) Investment shall at all times be accorded fair and equitable treatment shall enjoy full protection and security and shall in no case be accorded treatment less than that required by international law

(b) Neither Party shall in any way impair by unreasonable and discriminatory measures the management operation maintenance use enjoyment acquisition expansion or disposal of investments

(c) Each Party shall observe any obligation it may have entered into with regard to investments

3 Subject to the laws relating to the entry and sojourn of aliens nationals of either Party shall be permitted to enter and to remain in the territory of the other Party for the purpose of establishing developing administering or advising on the operation of an investment to which they or a company of the first Party that employs them have committed or are in the process of committing a substantial amount of capital or other resources

4 Companies which are legally constituted under the applicable laws or regulations of one Party and which are investments shall be permitted to engage top managerial personnel of their choice regardless of nationality

5 Neither Party shall impose performance requirements as a condition of establishment expansion or maintenance of investments which require or enforce commitments to export goods produced or which specify that goods or services must be purchased locally or which impose any other similar requirements

6 Each Party shall provide effective means of asserting claims and enforcing rights with respect to investment investment agreements and investment authorizations

-5shy

7 Each Party shall make public all laws regulations administrative practices and procedures and adjudicatory decisions that pertain to or affect investments

8 The treatment accorded by the United states of America to investments and associated activities of nationals and companies of Mongolia under the provisions of this Article shall in any State Territory or possession of the United States of America be no less favorable than the treatment accorded therein to investments and associated activities of nationals of the United States of America resident in and companies legally constituted under the laws and regulations of other States Territories or possessions of the United States of America

9 The most favored nation provisions of this Article shall not apply to advantages accorded by either Party to nationals or companies of any third country by virtue of

(a) that Partys binding obligations that derive from full membership in a free trade area or customs union or

(b) that Partys binding obligations under any multilateral international agreement under the framework of the General Agreement on Tariffs and Trade that enters into force subsequent to the signature of this Treaty

ARTICLE III

1 Investments shall not be expropriated or nationalized either directly or indirectly through measures tantamount to expropriation or nationalization (expropriation) except for a public purpose in a nondiscriminatory manner upon payment of prompt adequate and effective compensation and in accordance with due process of law and the general principles of treatment provided for in Article II(2) Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriatory action was taken or became known whichever is earlier be calculated on the basis of the prevailing market rate of exchange at that time be paid without delay include interest at a commercially reasonable rate from the date of expropriation be fully realizable and be freely transferable

2 A national or company of either Party that asserts that all or part of its investment has been expropriated shall have a right to prompt review by the appropriate judicial or administrative authorities of the other Party to determine whether any such expropriation has occurred and if so whether such expropriation and any associated compensation conforms to the principles of international law

-6shy

3 Nationals or companies of either Party whose investments suffer losses in the territory of the other Party owing to war or other armed conflict revolution state of national emergency insurrection civil disturbance or other similar events shall be accorded treatment by such other Party no less favorable than that accorded to its own nationals or companies or to nationals or companies of any third country whichever is the most favorable treatment as regards any measures it adopts in relation to such losses

ARTICLE IV

1 Each Party shall permit all transfers related to an investment to be made freely and without delay into and out of its territory Such transfers include (a) returns (b) compensation pursuant to Article III (c) payments arising out of an investment dispute (d) payments made under a contract including amortization of principal and accrued interest payments made pursuant to a loan agreement (e) proceeds from the sale or liquidation of all or any part of an investment and (f) additional contributions to capital for the maintenance or development of an investment

2 Transfers shall be made in a freely usable currency as defined in Article 30 of the Articles of Agreement of the International Monetary Fund at the prevailing market rate of exchange on the date of transfer with respect to spot transactions in the currency to be transferred

3 Notwithstanding the provisions of paragraphs 1 and 2 either Party may maintain laws and regulations (a) requiring reports of currency transfer and (b) imposing income taxes by such means as a withholding tax applicable to dividends or other transfers Furthermore either Party may protect the rights of creditors or ensure the satisfaction of judgments in adjudicatory proceedings through the equitable nondiscriminatory and good faith application of its law

4 Each Party shall permit returns in kind to be made as authorized or specified in an investment authorization investment agreement or other written agreement between the Party and an investment or a national or company of the other Party

ARTICLE V

The Parties agree to consult promptly on the request of either to resolve any disputes in connection with the Treaty or to discuss any matter relating to the interpretation or application of the Treaty

-7shy

ARTICLE VI

1 For purposes of this Article an investment dispute is a dispute between a Party and a national or company of the other Party arising out of or relating to (a) an investment agreement between that Party and such national or company (b) an investment authorization granted by that Partys foreign investment authority to such national or company or (c) an alleged breach of any right conferred or created by this Treaty with respect to an investment

2 In the event of an investment dispute the parties to the dispute should initially seek a resolution through consultation and negotiation If the dispute cannot be settled amicably the national or company concerned may choose to submit the dispute for resolution

(a) to the courts or administrative tribunals of the Party that is a party to the dispute or

(b) in accordance with any applicable previously agreed dispute-settlement procedures or

(c) in accordance with the terms of paragraph 3

3 (a) Provided that the national or company concerned has not submitted the dispute for resolution under paragraph 2 (a) or (b) and that six months have elapsed from the date on which the dispute arose the national or company concerned may choose to consent in middotwriting to the submission of the dispute for settlement by binding arbitration

(i) to the International Centre for the Settlement of Investment Disputes (Centre) established by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States done at Washington March 18 1965 (ICSID Convention) provided that the Party is a party to such Convention or

(ii) to the Additional Facility of the Centre if the Centre is not available or

(iii) in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNICTRAL) or

(iv) to any other arbitration institution or in accordance with any other arbitration rules as may be mutually agreed between the parties to the dispute

-8shy

(b) Once the national or company concerned has so consented either party to the dispute may initiate arbitration in accordance with the choice so specified in the consent

4 Each Party hereby consents to the submission of any investment dispute for settlement by binding arbitration in accordance with the choice specified in the written consent of the national or company under paragraph 3 Such consent together with the written consent of the national or company when given under paragraph 3 shall satisfy the requirement for

(a) written consent of the parties to the dispute for purposes of Chapter II of the ICSID Convention (Jurisdiction of the Centre) and for purposes of the Additional Facility Rules and

(b) an agreement in writing for purposes of Article II of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards done at New York June 10 1958 (New York Convention)

5 Any arbitration under paragraph 3(a) (ii) (iii) or (iv) of this Article shall be held in a state that is a party to the New York Convention

6 Any arbitral award rendered pursuant to this Article shall be final and binding on the parties to the dispute Each Party undertakes to carry out without delay the provisions of any such award and to provide in its territory for its enforcement

7 In any proceeding involving an investment dispute a Party shall not assert as a defense counterclaim right of set-off or otherwise that the national or company concerned has received or will receive pursuant to an insurance or guarantee contract indemnification or other compensation for all or part of its alleged damages

8 For purposes of an arbitration held under paragraph 3 of this Article any company legally constituted under the applicable laws and regulations of a Party or a political subdivision thereof but that immediately before the occurrence of the event or events giving rise to the dispute was an investment of nationals or companies of the other Party shall be treated as a national or company of such other Party in accordance with Article 25(2) (b) of the ICSID Convention

-9shy

ARTICLE VII

1 Any dispute between the Parties concerning the interpretation or application of the Treaty which is not resolved through consultations or other diplomatic channels shall be submitted upon the request of either Party to an arbitral tribunal for binding decision in accordance with the applicable rules of international law In the absence of an agreement by the Parties to the contrary the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) except to the extent modified by the Parties or by the arbitrators shall govern

2 Within two months of receipt of a request each Party shall appoint an arbitrator The two arbitrators shall select a third arbitrator as Chairman who is a national of a third State The UNCITRAL Rules for appointing members of three member panels shall apply mutatis mutandis to the appointment of the arbitral panel except that the appointing authority referenced in those rules shall be the Secretary General of the Centre

3 Unless otherwise agreed all submissions shall be made and all hearings shall be completed within six months of the date of selection of the third arbitrator and the Tribunal shall render its decisions within two months of the date of the final submissions or the date of the closing of the hearings whichever is later

4 Expenses incurred by the Chairman the other arbitrators and other costs of the proceedings shall be paid for equally by the Parties The Tribunal may however at its discretion direct that a higher proportion of the costs be paid by one of the Parties

ARTICLE VIII

The provisions of Article VI and VII shall not apply to a dispute arising (a) under the export credit guarantee or insurance programs of the Export-Import Bank of the United States or (b) under other official credit guarantee or insurance arrangements pursuant to which the Parties have agreed to other means of settling disputes

ARTICLE IX

This Treaty shall not derogate from

(a) laws and regulations administrative practices or procedures or administrative or adjudicatory decisions of either Party

-10shy

(b) international legal obligations or

(c) obligations assumed by either Party including those contained in an investment agreement or an investment authorization

that entitle investments or associated activities to treatment more favorable than that accorded by this Treaty in like situations

ARTICLE X

1 This Treaty shall not preclude the application by either Party of measures necessary for the maintenance of public order the fulfillment of its obligations with respect to the maintenance or restoration of international peace or security or the protection of its own essential security interests

2 This Treaty shall not preclude either Party from prescribing special formalities in connection with the establishment of investments but such formalities shall not impair the substance of any of the rights set forth in this Treaty

ARTICLE XI

1 With respect to its tax policies each Party should strive to accord fairness and equity in the treatment of investment of nationals and companies of the other Party

2 Nevertheless the provisions of this Treaty and in particular Article VI and VII shall apply to matters of taxation only with respect to the following

(a) expropriation pursuant to Article III

(b) transfers pursuant to Article IV or

(c) the observance and enforcement of terms of an investment agreement or authorization as referred to in Article VI (1) (a) or (b)

to the extent they are not subject to the dispute settlement provisions of a Convention for the avoidance of double taxation between the two Parties or have been raised under such settlement provisions and are not resolved within a reasonable period of time

-11shy

ARTICLE XII

This Treaty shall apply to the political subdivisions of the Parties

ARTICLE XIII

1 This Treaty shall enter into force thirty days after the date of exchange of instruments of ratification It shall remain in force for a period of ten years and shall continue in force unless terminated in accordance with paragraph 2 of this Article It shall apply to investments existing at the time of entry into force as well as to investments made or acquired thereafter

2 Either Party may by giving one years written notice to the other Party terminate this Treaty at the end of the initial ten year period or at any time thereafter

3 With respect to investments made or acquired prior to the date of termination of this Treaty and to which this Treaty otherwise applies the provisions of all of the other Articles of this Treaty shall thereafter continue to be effective for a further period of ten years from such date of termination

4 The Annex and Protocol shall form an integral part of the Treaty

IN WITNESS WHEREOF the respective plenipotentiaries have signed this Treaty

DONE in duplicate at Washington on the sixth day of October 1994 in the English and Mongolian languages both texts being equally authentic

FOR THE UNITED STATES FOR MONGOLIA OF AMERI A

ANNEX

1 The United States reserves the right to make or maintain limited exceptions to national treatment as provided in Article II paragraph 1 in the sectors or matters it has indicated below

air transportation ocean and coastal shipping banking insurance securities and other financial services government grants government insurance and loan programs energy and power production customhouse brokers ownership of real property ownership and operation of broadcast or common carrier radio and television stations ownership of shares in the communications Satellite Corporation the provision of common carrier telephone and telegraph services the provision of submarine cable services use of land and natural resources mining on the public domain and maritime services and maritime-related services

2 The United States reserves the right to make or maintain limited exceptions to most favored nation treatment as provided in Article II paragraph 1 in the sectors or matters it has indicated below

ownership of real property mining on the public domain maritime services and maritime-related services and primary dealership in United States government securities

3 Mongolia reserves the right to make or maintain limited exceptions to national treatment as provided in Article II paragraph 1 in the sectors or matters it has indicated below

land ownership and banking

PROTOCOL

With respect to Article II paragraph 1 the Parties confirm their mutual understanding that the national and most favored nation treatment obligations specified therein apply to the establishment and acquisition as well as to the expansion management conduct operation and sale or other disposition of investments

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9

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10

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11

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12

TIPOTOKOJI

Xoepnyraap 3yHn11i1H l-11i1H xyabll TfYHll 3aacatt yttll3CHHH 6oJioH H3H TaaJiaM)l(fati YHll3CTHl1H ttexuen onrox yyp3r Hb xepettre opyynaJITbtr 3XJI3H 6ai1ryynax 6oJioH OJI)I( aaax M9H TfYH4JI3H TyyH11tir epre)l(YfJI3X 3pXJI3H xeTnex yll11pnax ytin a)l(11JIJiaraaraa Hayynax 6oJIOH xynanllax 6y10y 6ycall X3Jifop33p 6atipnyynaxall xaMaaptta r3C3H H3rllC3H oHnronrro11 6atiraaraa Tanyyll HOTOJI)I( 6atitta

13

NOTE BY THE DEPARTMENT OF STATE

Pursuant to Public Law 89mdash497 approved July 8 1966 (80 Stat 271 1 USC 113)mdash

ldquo the Treaties and Other International Acts Series issued under the authority of the Secretary of State shall be competent evidence of the treaties international agreements other than treaties and proclamations by the President of such treaties and international agreements other than treaties as the case may be therein contained in all the courts of law and equity and of maritime jurisdiction and in all the tribunals and public offices of the United States and of the several States without any further proof or authentication thereofrdquo

MONGOLIA

Investment
















-2shy

ARTICLE I









industrial designs







-3shy







ARTICLE II


-4shy









-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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12

TIPOTOKOJI


13

MONGOLIA

Investment
















-2shy

ARTICLE I









industrial designs







-3shy







ARTICLE II


-4shy









-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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3SBllleep1t




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10









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11

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12

TIPOTOKOJI


13











-2shy

ARTICLE I









industrial designs







-3shy







ARTICLE II


-4shy









-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




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12

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13

-3shy







ARTICLE II


-4shy









-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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12

TIPOTOKOJI


13

-4shy









-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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12

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13

-5shy






ARTICLE III



-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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12

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13

-6shy


ARTICLE IV





ARTICLE V


-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





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30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

-7shy

ARTICLE VI











-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

-8shy









-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

-9shy

ARTICLE VII





ARTICLE VIII


ARTICLE IX



-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

-10shy




ARTICLE X



ARTICLE XI







-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

-11shy

ARTICLE XII


ARTICLE XIII








ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

ANNEX







PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

PROTOCOL



f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13


f3P33





xyJI33H 38Bllleep4





3SBllleep1t




H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

H3fllYf33P 3YHJI

















JIHUeH3 3eameepeJI








op11orb1r X3JIH3

2











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13











XOEPJIYfAAP 3YHJI



3




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13




















4










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13










rYPABlIYTAAP 3YHJ1










5



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13



3llJIYYJIH3

aePeB)lYf33P 3Yfln






















T ABUYf AAP 3Yl1JI




6

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

3YPfAlIYrAAP 3YHJI













xaHnax

















30Xl1UYY11ax


7













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13













110TUlYrAAP 3YHJI


8










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13










HAfiMLIYrAAP 3Yl1JI





EC1IYf33P 3YfiJI


6ai1raa



9


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13


APABllYrAAP 3YHJI













xaMaapHa








10









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13









rapbrn yc3r 3ypaa




8MH88C eMHeec

11

XABCPAJIT





















12

TIPOTOKOJI


13

XABCPAJIT





















12

TIPOTOKOJI


13

TIPOTOKOJI


13

investment - state.gov

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