Agreement on Encouragement and Reciprocal Protection of Investments

Where the legal norms of a Party or the obligations arising from international agreements which currently exist or are subsequently concluded between the Contracting Parties in addition to this Agreement contain a general or specific arrangement which entitles the investments of investors of the other Party to more favourable treatment than that provided for in this Agreement, such rules shall prevail over this Agreement to the extent that they are more favourable. The Court shall rule on the basis of respect for the law, including the provisions of this Agreement and other relevant agreements between the Parties, the general principles of international law and relevant national law. Before the court makes a decision, it may propose to the parties, at any stage of the proceedings, that the dispute be settled amicably. The foregoing provisions are without prejudice to the power of the court to resolve the dispute ex aequo et bono if the parties agree. Each Party shall ensure fair and equitable treatment of the investments of investors of the other Party and shall not prejudice the operation, management, maintenance, use, enjoyment or disposal of such investments by such investors through undue or discriminatory measures. Each Party shall ensure the full physical security and protection of such investments. 2. The term `return` means the amounts generated by an investment and includes, in particular, but not exclusively, profits, interest, capital gains, dividends, royalties and fees. Investment income and, in the case of reinvestments, income from reinvestments enjoy the same protection as investments. 1. Nothing in the Convention shall be construed to mean that rights or obligations relating to intellectual property rights arising from the International Convention for the Protection of Industrial Property, signed at Paris on March 20, 1883, or after subsequent revisions thereof, or from an existing or future international convention to which one of the two States is or may become a party, moved. Where the investments of an investor of one Party are insured against non-commercial risks under a system established by laws, regulations or administrative provisions, the other Contracting Party shall recognize any subrogation of the claims of the insurer or reinsurer into the rights of that investor in accordance with the terms of such insurance.

Recognizing that an agreement on the treatment of such investments will promote the flow of capital and technology and the economic development of the Parties and that fair and equitable treatment of investments is desirable, neither Party shall take measures such as nationalization, expropriation, seizure or other measures having a similar effect, depriving investors of the other Party of their investments, unless: the following conditions are met: the provisions of this Agreement shall also apply from the date of its entry into force to investments made before that date. However, disputes arising before its entry into force shall be settled in accordance with the Agreement on the Reciprocal Promotion and Protection of Investments concluded between the Contracting Parties on 27 October 1983. If, within two months of their appointment, the two arbitrators are unable to agree on the choice of the third arbitrator, either Party may request the President of the International Court of Justice to make the necessary appointment. Without prejudice to the requirements of Article 4, the Romanian Government shall take appropriate measures to improve the efficiency of the procedures for the transfer of payments related to investments. In any event, investors in the Netherlands are not treated less favourably than investors in a third country. In particular, each Party shall accord such investments treatment, including from a tax point of view, which shall in no case be less favourable than that accorded either to investments of its own investors or to investments of investors of a third country, whichever is more favourable to the investor concerned. Tax matters concern taxes, fees, duties, as well as tax deductions and exemptions not covered by paragraph 3. This Agreement shall apply to investments and income made by investors of the other State in the territory of a State 2. The remedies provided for by the applicable laws, regulations and administrative provisions of a State in whose territory the investment was made shall be made available to the investor of the other State on the basis of treatment no less favourable than that accorded to investments of its own investors or investors of a third country. 1.

Where a matter is governed simultaneously by this Agreement and by another international agreement to which both States are parties, this Agreement shall not prevent either the Contracting Party or any of its investors holding investments in the territory of the other State from benefiting from the rules most favourable to their case. 3. Where a dispute concerning the amount of compensation referred to in Article 5(3) cannot be settled between an investor of a State and the Government of the State or any other body required to pay compensation under its laws and regulations within six months of the date on which one of the Parties requested an amicable settlement: such a dispute shall, at the request of that investor, be submitted to a conciliation body or to a board of arbitration (hereinafter referred to as the “Board of Arbitration”) established with reference to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (hereinafter referred to as the “Washington Convention”), concluded at Washington on 18 March 1965. Any dispute concerning other matters between an investor of one State and the Government of the other State shall be submitted by mutual agreement to the Arbitration Commission as set out above. Where that national or company has had recourse to administrative or judicial rules in the territory of the latter State, the dispute shall not be submitted to the arbitration commission. (1) The investments and returns of investors of both States shall be protected and guaranteed in the most consistent manner in the territory of the other State. Each Party shall comply with all commitments it has made with respect to investments made by investors of the other Party. (b) any international agreement or arrangement relating wholly or mainly to taxation. Nor may such treatment relate to an advantage granted by a Party to investors from a third country under a double taxation agreement or another agreement based on reciprocity in tax matters. The term “investment” means any type of asset invested by investors of one Party in the territory of the other Party in accordance with the laws, regulations and administrative provisions of the other Party, in particular, but not exclusively: the measures are taken in return for fair compensation. Such compensation shall be equal to the fair value of the investments concerned immediately before the taking or publication of the measures, shall include interest at the market rate until the date of payment and, in order to be effective for applicants, shall be paid without delay to the country designated by the applicants concerned and in the currency of the country of which the applicants are investors: or in another country whose applicants are investors, paid and made transferable. freely convertible currency accepted by applicants.

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