2010-04-09Cabinet approves draft agreement revitalization and protection of mutual investments between Iraq and Lebanon
بغداد ( إيبا ).. BAGHDAD (Iba) ..
The Cabinet approved to authorize the Minister of Finance to negotiate and sign a draft agreement revitalization and protection of mutual investments between the Government of the Republic of Iraq and the Government of the Lebanese Republic According to the provisions of Article (80 / item VI) of the Constitution with the Foreign Ministry in coordination with the Ministry of Finance on the preparation of the authorization required contexts according to the approved and submitted to the Secretariat of the Council of Ministers for obtaining the signature of the President Council of Ministers.
He said government spokesman Ali Dabbagh said approval of the draft Convention on encouragement and reciprocal protection of mutual investments between the Government of the Republic of Iraq and the Government of the Republic of Lebanon comes as part of a series of accords with brotherly and friendly countries through the promotion of economic cooperation and create and maintain favorable conditions for investment, promotion and protection of both parties and opportunity investment and ensure the rights of the investor in a legal framework under these agreements to stimulate and protect those investments, because Iraq was on the verge of economic openness about his brothers from the Arab and foreign countries and to reassure investors that their investments are substantial guarantees from the government.
Dabbagh said that the Ministry of Finance submitted a copy of the draft Convention on encouragement and reciprocal protection of mutual investments between the Government of the Republic of Iraq and the Government of the Republic of Lebanon and issued legal advice from the Council of State that showed that where both the ministries of finance and oil have shown some observations on the Convention and supported the Central Bank of Iraq to conclude such agreements with Arab countries and documentation of the investment and economic cooperation for mutual benefits in the area of investment.
He noted that the National Investment Commission has made some remarks and introduced the State Consultative Council in the preparation of the draft agreement, which serve as a basis for negotiation and in accordance with the corrected version in preparation for the conclusion of the agreement.
The Convention, which included 12 items, stating that each Contracting Party shall ensure fair and equitable treatment within its territory for investments of investors of the other Contracting Party and such treatment should not be less favorable than those granted by each Contracting Party to investments made within its territory by investors of a third party The Contracting Parties shall ensure the protection of investments by investors of either Party in the territory of the other Contracting Party.
He said agreement also provided that no party should take, directly or indirectly, the decisions of expropriation or nationalization or any measures having a similar effect with regard to investments of investors of the other Contracting Party unless they are beneficial in general accordance with the laws and regulations in both parties on a non- discriminatory or under a court ruling is a just compensation, the reality and real without any discrimination and equal to the value of investments and payable without delay and be freely transferable.
And that the agreement also included if an investor one of the parties to the damage or loss in its investments made in the territory of the other Contracting Party as a result of war or armed conflict or an emergency situation or other such are given a Contracting Party and the host of the investor compensation for damages or losses in at least care about what is granted to its own investors or investors of another country, whichever is more favorable and such compensation shall be freely transferable as Contracting Parties shall guarantee to investors of the other Contracting Party and subject to this Agreement freely transfer of payments relating to the proceeds and the funds allocated for the payment of loans and revenue obtained from the sale total or partial liquidation or college partial investment gains and compensation, and other host Contracting Party is obliged to invest in its territory to allow investors to deal in foreign exchange market in a non-discriminatory and purchase of foreign currency necessary for the conversion.
The spokesman confirmed that differences between the parties concerning the interpretation or application of the provisions of this Agreement settled through diplomatic channels and present Convention applies to investments made in the territory of a Contracting Party and in accordance with the laws and regulations by investors of the other Contracting Party before the entry into force of this Convention does not apply this Convention to differences that have arisen before the entry into force.
He said al-Dabbagh said that if the investment to an investor of one Contracting Party locked or secured in relation to risk of non-trade with the Foundation in the framework of the Builder under the law of that Contracting Party, any replacement of the insurer or guarantor emitted from the terms of the insurance or the warranty will be awkward the other Contracting Party.
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