AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO ON THE The Government of the People’s Republic of China and the Government of the Republic of Trinidad and Tobago, hereinafter referred to Desiring to intensify economic cooperation between both States on the basis of equality and mutual benefits; Recognizing that the reciprocal encouragement, promotion and protection of investments will be conducive to stimulating business initiatives Intending to create favourable conditions for investment by investors of one Contracting Party in the territory of the other Contacting Agreeing that these objectives can be achieved without relaxing health, safety and environmental measures of general application; Respecting the sovereignty and laws of the Contracting Party within whose jurisdiction the investment falls; Have agreed as follows: Article 1 Definitions For the purpose of this Agreement: 1. “investment” means every kind of asset invested by investors of one Contracting Party in accordance with the laws and regulations (a) movable and immovable property as well as any other property rights such as mortgages, liens and pledges; (b) shares, stock, debentures and any other form of participation in a company; (c) claims to money, or to any performance under contract having an economic value associated with an investment, loans only being included (d) intellectual property rights including copyrights, patents, industrial designs, trademarks, trade names, technical processes, know-how (e) business concessions conferred by law or under contract permitted by law, including concessions to search for, cultivate, extract Any change in the form in which assets are invested shall not affect the character of the assets as investments, provided that such 2. “investors” means: (a) natural persons who have nationality of either Contracting Party in accordance with the laws of that Contracting Party; (b) economic entities, including companies, corporations, associations, partnerships and other organizations, incorporated and constituted 3. “nationals” means those persons referred to in 2 (a) above. 4. “returns ” means the amounts yielded from an investment and in particular, though not exclusively, includes profits, interests, capital 5. “territory” means: (a) in respect of the People’s Republic of China, the territory of the People’s Republic of China, (including the land area, internal (b) in respect of the Republic of Trinidad and Tobago: the Archipelagic State of Trinidad and Tobago, comprising the several islands of Article 2 Application of Agreement This Agreement shall apply to all investments, which are made prior to or after its entry into force by investors of either Contracting Article 3 Promotion and Protection of Investments 1. Each Contracting Party shall encourage and create favourable conditions for investors of the other Contracting Party to invest in 2. Investments of the investors of each Contracting Party shall be accorded fair and equitable treatment and shall enjoy full protection 3. Without prejudice to its laws and regulations, neither Contracting Party shall in any way impair by unreasonable or discriminatory 4. Returns from investments and in the event of their re-investment, the returns wherefrom shall enjoy the same protection as the investments. Article 4 National and Most-Favoured-Nation Treatment 1. For the purposes of this Article, “activities associated with the investments” means the operation, management, maintenance, use, 2. Without prejudice to its laws and regulations, each Contracting Party shall accord to investments or returns and activities associated 3. Neither Contracting Party shall subject investments or returns and activities associated with the investments by the investors of 4. The treatment granted under this Article shall not relate to privileges which either Contracting Party accords to investors of third 5. The treatment granted under this Article shall not relate to advantages which either Contracting Party accords to investors of third Article 5 Compensation for Losses Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or Article 6 Expropriation 1. Neither Contracting Party shall expropriate, nationalize or take other similar measures (hereinafter referred to as “expropriation”) (a) for the public purpose; (b) under domestic law; (c) without discrimination; (d) against compensation. 2. The compensation mentioned in Paragraph 1 of this Article shall be equivalent to the market value of the expropriated investments 3. The investor affected shall have a right, under the law of the Contracting Party making the expropriation, to prompt review, by a Article 7 Transfers 1. Each Contracting Party shall, subject to its laws and regulations, grant to the investors of the other Contracting Party the unrestricted (a) profits, dividends, interest and other current income; (b) proceeds obtained from the total or partial sale or liquidation of investments; (c) payments pursuant to loans referred to in Article 1 (c); (d) royalties and fees; (e) earnings of nationals of the other Contracting Party who are allowed to work in connection with an investment in the territory of (f) capital and additional sums necessary for the maintenance and development of the investments; (g) compensation provided for in Article 5 . 2. Nothing in Paragraph 1 of this Article shall affect the free transfer of compensation paid under Article 6 of this Agreement. 3. Transfers shall be made in a freely convertible currency and at the applicable prevailing market rate of exchange in the territory Article 8 Entry, Sojourn and Employment Within the framework of their national law the Contracting Parties shall permit the entry, sojourn and employment of nationals of Article 9 Subrogation If one Contracting Party or its designated agency makes a payment to its investor under an indemnity given in respect of an investment Article 10 Settlement of Disputes Between One Contracting Party and an Investor of the Other Contracting Party 1. For purposes of this Agreement, an “investment dispute” is a dispute between a Contracting Party and an investor of the other Contracting 2. In the event of an investment dispute, the Parties to the investment dispute should initially seek a resolution through consultation (a) to the courts or administrative tribunals of the Contracting Party that is a Contracting Party to the investment dispute; or (b) to international arbitration in accordance with paragraph 3 below, provided that the Contracting Party involved in the dispute may 3. Where the dispute is referred to international arbitration, the investor concerned may submit the dispute either to: (a) the International Center for the Settlement of Investment Disputes (having regard to the provisions, where applicable, of the Convention (b) an ad hoc arbitral tribunal to be appointed by a special agreement or established under the Arbitration Rules of the United Nations (c) an international arbitrator to be appointed by a special agreement of the parties to the investment dispute. 4. The tribunal referred to in Paragraph 3 (a), (b) and (c) of this Article shall adjudicate in accordance with the law of the Contracting 5. Any arbitral award rendered pursuant to this Article shall be final and binding on the parties to the investment dispute. Each Contracting 6. In any proceeding involving an investment dispute, a Contracting Party shall not assert, as a defense, counterclaim, right of set-off Article 11 Settlement of Disputes Between the Contracting Parties 1. Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, if possible, be 2. If the dispute has not been settled within a period of six months from the date on which the matter was raised by either Contracting 3. Such an Arbitral Tribunal shall be constituted ad hoc as follows: each Contracting Party shall appoint one member, and these two members 4. If within the periods specified in paragraph 3 above the necessary appointments have not been made, either Contracting Party shall, 5. Unless otherwise agreed, all submissions shall be made and all hearings shall be completed within six months of the date of selection Article 12 Relations Between Contracting Parties The provisions of the present Agreement shall apply irrespective of the existence of diplomatic or consular relations between the Article 13 Application of Other Rules 1. If the law of either Contracting Party or obligations under international law existing at present or established hereafter between 2. Each Contracting Party shall observe any commitments it may have entered into with the investors of the other Contracting Party as Article 14 Consultation 1. The representatives of the Contracting Parties shall hold meetings from time to time for the purpose of: (a) reviewing the implementation of and proposals for amendment of this Agreement; (b) exchanging legal information and investment opportunities; (c) resolving disputes arising out of investments; (d) forwarding proposals on promotion of investments; (e) studying other issues in connection with investments. 2. Where either Contracting Party requests consultation on any matter of Paragraph 1 of this Article, the other Contracting Party shall Article 15 Amendment Any provision of this Agreement may be amended by mutual agreement between the Contracting Parties. Any such amendment shall be confirmed Article 16 Entry into Force, Duration and Termination 1. Each Contracting Party shall notify the other in writing of the completion of the domestic legal procedures required in its territory 2. This Agreement shall remain in force for a period of ten years. Thereafter it shall continue in force until the expiration of twelve 3. With respect to investments made whilst the Agreement is in force, its provisions shall continue in effect with respect to such investments In witness whereof the undersigned, duly authorized thereto by their respective Governments, have signed this Agreement. Done in duplicate at Port of Spain on the date of 22nd July, 2002 in the Chinese and English languages, both texts being equally authentic. For the Government of theFor the Government of the People’s Republic of ChinaRepublic of Trinidad and Tobago |
The Government of the People’s Republic of China
2002-07-22