Bilateral Investment Treaty


Treaty Series No. 33 (1982)
Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments.
Belmopan, 30 April 1982
The Agreement entered into force on 30 April 1982
Presented to Parliament by the Secretary of State for Foreign and Commonwealth Affairs by Command of Her Majesty September 1982

Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments

The Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize;

Desiring to create favourable conditions for greater investment by nationals and companies of one state in the territory of the other state;

Recognising that the encouragement and reciprocal protection under international agreement of such investments will be conducive to the stimulation of individual business initiative and will increase prosperity in both States;

Have agreed as follows:

Article 1

Definitions

For the purpose of this agreement:

(a) “investment” means every kind of asset and in particular, though not exclusively, includes:

(i) movable and immovable property and any other property rights such as mortgages, liens or pledges;

(ii) shares, stock and debentures of companies or interests in the property of such companies;

(iii) claims to money or to any performance under contract having a financial value;

(iv) intellectual property rights and goodwill;

(v) business concessions conferred by law or under contract, including concessions to search for, cultivate, extract or exploit natural resources.

(b) “returns” means the amounts yielded by an investment and in particular, though not exclusively, includes profit, interest, capital gains, dividend, royalties or fees;

(c) “nationals” means:

(i) in respect of the United Kingdom: physical person deriving their status as United Kingdom nationals from the law in force in the United Kingdom

(ii) in respect to Belize: physical person deriving their status as Belizean nationals from the Constitution and any other law in force in Belize.

(d) “companies” means:

(i) in respect to the United Kingdom: corporations, firms or associations incorporated or constituted in any territory to which this agreement is extended in accordance with the provisos of Article 11;

(ii) in respect to Belize: corporations, firms or associations incorporated or constituted under the law in force in any part of Belize or any other companies as may be agreed by exchange of notes between the Contracting Parties.

(e) “territory” means, in respect of the United Kingdom, Great Britain and Northern Ireland and any territory to which this Agreement is extended in accordance with the provisions of article II.

Article 2

Promotion and Protection of Investment

(1) Each Contracting Party shall encourage and create favorable conditions for nationals or companies of the other contracting Party to invest capital in its territory, and, subject to its right to exercise powers coffered by its laws, and constantly with its national objectives, shall admit such capital.

(2) Investments of nationals or companies of the other Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy in full protection and security in the territory of the other Contracting Party. Neither Contracting Party shall in any way impair by unreasonable or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory of nationals or companies of the other Contracting Party. Each Contracting Party shall observe any obligation it may have entered into with regard to investments of nationals or companies of the other Contracting Party.

Article 3

National treatment and Most-favored-nation Provisions

(1) Neither Contracting Party shall in its territory subject investments or returns of nationals of companies of the other Contracting Party to treatment less favorable than that which it accords in the same circumstances to investments of nationals or companies of any third State.

(2) Neither Contracting Party shall in its territory subject nationals or companies of the other Contracting Party, as regards to they management, use, enjoyment or disposal of their investments, to treatment less favorable than that which it accords to its own nationals or companies or to national or companies of any third State.

Article 4

Compensation for Losses

(1) Nationals or companies of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, revolution, a state of national emergency, revolt, insurrection or riot in the territory latter Contracting Party shall be accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation or other settlement, no less favorable than that which the latter Contracting Party accords its own nationals or companies or to nationals or companies of any third State.

(2) Without prejudice to paragraph (1) of this Article, nationals or companies of one Contracting Party who in any of the situations referred to in that paragraph suffer losses in the territory of the other Contracting Party resulting from –

(a) requisition of their property by its forces or authorities, or

(b) destruction of their property by its forces or authorities which was not caused in combat action or was not required by the necessity of the situation,

shall be accorded restitution or adequate compensation. Resulting payments shall be freely transferable.

Article 5

Expropriation

(1) investments of nationals or companies of either Contracting Party shall not be nationalized, expropriated or subjected to the measures having effect equivalent to nationalization or expropriation (hereinafter referred to as “expropriation’) in the territory of the other Contracting Party except for a public purpose related to the internal need for that Party and against just and equitable compensation. Such compensation shall amount to the fair market value of the investment expropriated before the expropriation or impending expropriation became public knowledge, shall be made without undue delay, be affectively realisable and be freely transferrable. The national or company affected shall have a right under the law of the Contracting Party making the expropriation , to prompt review, by a judicial or other independent authority of that Party, of his or its case and of the valuation of his or its investment in accordance with the principles set out in this paragraph.

(2) Where a Contracting Party expropriates the assets of a company which is incorporated or constituted under the law in force in any part of its own territory, and in which nationals or companies of the other Contracting Party own shares, it shall ensure that the provisions of paragraph (1) of this article are applied to the extent necessary to guarantee the compensation provided for in that paragraph in respect of their investment to such nationals or companies of the other Contracting Party who are owners of such shares.

Article 6

Repatriation of Investment and Returns

Each Contracting Party shall in respect of Investments guarantee to nationals or companies of the other Contracting Party the unrestricted transfer to the country where they reside of their investments and returns, subject to the right of each Contracting Party in the exceptional balance of payments difficulties and for a limited period to exercise equitably and in good faith powers conferred by its laws. Such powers shall not however be used to impede the transfer of returns, and as regards the proceeds of the sale or the liquidation of the investment the actual transfer may be spread over as few years as possible, but not more than five years. Transfers of currency shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. Unless otherwise agreed by the investor transfers shall be made at the rate of exchange applicable on the date of transfer pursuant to the exchange regulations in force.

Article 7

Exceptions

The provisions in this Agreement relative to the grant of treatment not less favorable than that accorded to the nationals or companies of either Contracting Party or of any third State shall not be construed so as to oblige one Contracting Party to extend to the nationals or companies of the other the benefit of any treatment, preference or privilege resulting from –

(a) any existing or future customs union, common market or similar international agreement to which either of the Contracting Parties is or may become a party, or

(b) any international agreement or arrangement relating wholly or mainly to taxation or any domestic legislation relating wholly or mainly to any taxation, or

(c) domestic legislation in force at the time of signature of this Agreement relating to specific economic activities reserved to nationals or companies of one Contracting Party, as specified in the Annex to this Agreement.

Article 8

Settlement of Disputes between and Investor and the Host State

(1) Disputes between a national or company of one of the Contracting Party and the other Contracting Party concerning and obligation of the latter under this Agreement in relation to an investment of the former which have not been amicably settled shall after a period of three months from written notification of a claim be submitted to international arbitration if either party to the dispute wishes.

(2) Where the dispute is referred to international arbitration, the investor and the Contracting Party concerned in the dispute and agree to refer the dispute either to –

(a) the International Center for the Settlement of Investment Disputes (having regard to the provisions, where applicable, of the Convention the Settlement of Investors Disputes between States and Nationals of other States, opened for signature at Washington D.C. on 18 March 1965 and the Additional Facility for the Administration of Conciliation, Arbitration and Fact-Finding Proceedings); or

(b) the Court of Arbitration of the International Chamber of Commerce; or

(c) an international arbitrator or an ad hoc arbitration tribunal to be appointed by a special agreement or established under the Arbitration Rules of the United Nations Commission on International Trade Law.

If after a period of three months from written notification of the claim there is not agreement to an alternative procedure, the parties to the dispute shall be abound to submit it to arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law as then in force. The parties to the dispute may agree in writing to modify these rules.

Article 9

Disputes between the Contracting Parties

(1) Disputes between the Contracting Parties concerning the interpretation or application of this Agreement should, if possible, be settled through the diplomatic channel.

(2) If a dispute between the Contracting Parties cannot thus be settled, it shall upon the request of either Contracting Party be submitted to an arbitral tribunal.

(3) Such an arbitral tribunal shall be constituted for each individual case in the following way. Within two months of the receipt of the request for arbitration, each Contracting Party shall appoint one member of the tribunal. These two members shall then select a national of a third State who on approval by the two Contracting Parties shall be appointed Chairman of the tribunal. The Chairman shall be appointed within two months from the date of appointment of the other two members.

(4) If within the periods specified in paragraph (3) of this Article the necessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any necessary appointments. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the necessary appointments. If the Vice-President is a national of either Contracting Party or if he is prevented from discharging the said function, the Member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the necessary appointments.

(5) The arbitral tribunal shall reach its decision by a majority of votes. Such decision shall be binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own member of the tribunal and of its representation in the arbitral proceedings; the cost of the Chairman and the remaining costs shall be borne in equal parts by the Contracting Parties. The tribunal may, however, in its decision direct that a higher proportion of costs shall be borne by one of the two Contracting Parties, and this award shall be binding on both Contracting Parties. The tribunal shall determine its own procedure.

Article 10

Subrogation

If either Contracting Party makes payment under an indemnity it has given in respect of an investment or any part thereof in the territory of the other Contracting Party, the later Contracting Party shall recognize –

(a) the assignment, whether under law or pursuant to a legal transaction, of any right or claim from the party indemnified to the former Contracting Party (or its designated Agency), and

(b) that the former Contracting Party (or its designated Agency) is entitled by virtue of subrogation to exercise the rights and enforce the claims of such a party.

The former Contracting Party (or its designated Agency) shall accordingly if it so desires be entitled to assert any such right or clam to the same extent as its predecessor in the title either before a Court or tribunal in the territory of the latter Contracting Party or in any other circumstances. If the former Contracting Party acquires amounts in the lawful currency of the other Contracting Party or credits thereof by assignment under the terms of an indemnity, the former Contracting Party shall be accorded in respect thereof treatment not less favorable than that accorded to the funds of companies or nationals of the latter Contracting Party or of any third State deriving from investment activities similar tot hose in which the party indemnified was engaged. Such amounts and credits shall be freely available to the former Contracting Party concerned for the purpose of meeting its expenditure in the territory of the other Contracting Party.

Article 11

Territorial Extension

At the time of signature of this agreement, or at any time thereafter, the provisions of this Agreement may be extended to such territories for whose international relations the Government of the United Kingdom are responsible as may be agreed between Contracting Parties in an Exchange of Notes.

Article 12

Entry in Force

This agreement shall enter into force on signature.

Article 13

Duration and Termination

This agreement shall remain in force for a period of ten years. Thereafter it shall continue in force until the expiration of twelve months from the date on which the Contracting Party shall have given written notice of termination to the other. Provided that in respect of investments made whilst the Agreement is in force, its provision shall continue in effect with respect to such investments for a period of ten years after the date of termination and with our prejudice to the application thereafter of the rules of general international law.

In witness thereof the undersigned, duly authorized thereto by their respective Governments, have signed this Agreement.

Done in duplicate at Belmopan this thirtieth day of April 1982

For the Government of the United Kingdom of Great Britain and Northern Ireland: NEIL MARTIN

For the Government of Belize: GEORGE PRICE

Annex

To Article 7(c)

Domestic Legislation

Aliens Landholding Ordinance … … No. 31/1973

Adoption Ordinance … … … … Chp 187 of 1985 Laws

Legal Profession Ordinance … … … No. 8/1980

Medical Practitioners Ordinance … … … Chp 80 of 1985 Laws

Citizenship Act … … … No. 1/1981

Treaty Series No 43 (1983)

Exchange of Notes between the Government of the United Kingdom and Northern Ireland and the Government of Belize concerning the extension to Hong Kong, the Bailiwicks of Jersey and Guernsey and the Isle of Man of the agreement for the Promotion and Protection of Investments, signed at Belmopan on 30 April 1982

Belmopan, 8 and 14 March 1983

[The Agreement entered into force on March 14 1983]

Present to Parliamen

by the Secretary of State for Foreign and Commonwealth Affair

by Command of Her Majest

August 1983

LONDON

HER MAJESTY’S STATIONERY OFFICE

EXCHANGE OF NOTES BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE GOVERNMENT OF BELIZE CONCERNING THE EXTENSION TO HONG KONG, THE BAILIWICKS OF JERSEY AND GUERNSEY AND THE ISLE OF MAN OF THE AGREEMENT FOR THE PROMOTION AND PROTECTION OF INVESTMENTS SIGNED AT BELMOPAN ON 30 APRIL 1982

No. 1

The United Kingdom High Commissioner at Belmopan to the Prime Minister of Belize

British High Commission

Belmopan

8 March 1983

Sir,

I have the honor to refer to the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments signed at Belmopan on 30 April 1982 (1) and, in accordance with the provisions of Article 11, to the purpose that the Agreement shall extend to Hong Kong, the Bailiwicks of Jersey and Guernsey, and the Isle of Man.

If this proposal is acceptable to the Government of Belize, I have the honor to suggest that the present Note and your reply to that effect shall constitute and Agreement between the two Governments which shall enter into voce on the date of your reply.

I avail myself of this opportunity to renew the assurance of my highest consideration.

F.S.E. TREW

1 Treaty Series No. 33 (1982), Cmnd 8631

No 2

The Prime Minister of Belize to the United Kingdom High Commissioner at Belmopan

Ministry of Foreign Affairs

Belmopan

14 March 1983

Dear Excellency,

I have the honor to acknowledge receipt of your Note dated 8th March, 1983, regarding the Agreement between the Government of Belize and the Government of the United Kingdom of Great Britain and Northern Ireland for the Promotion and Protection of Investments, which reads as follows:

[As in No. 1]

I have further honor to confirm that the proposal in Your Excellency’s Note is acceptable to the Government of Belize who therefore agree that Your Excellency’s Note and this reply shall constitute an Agreement between the two Governments which shall enter into force on this 14th day of March 1983.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

GEORGE PRICE

Treaty Series No. 30 (1986)

Exchange of Notes between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize concerning the extension to the Turks and Caicos Island of the Agreement for the Promotion and Protection of Investments, signed in Belmopan on 30 April 1982.

Belmopan, 28 November and 10 December 1985

[The Agreement entered into force on 10 December 1985]

Presented to Parliament

by the Secretary for Foreign and Commonwealth Affairs

by Command of Her Majesty

May 1986

LONDON

HER MAJESTY’S STATIONERY OFFICE

EXCHANGE OF NOTES BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM AND NORTHER IRELAND AND THE GOVERNMENT OF BELIZE CONCERNING THE EXTENSION TO THE TURKS AND CAICOS ISLANDS OF THE AGREEMENT FOR THE PROMOTION AND PROTECTION OF INVESTMENTS, SIGNED IN BELMOPAN ON 30 APRIL 1983

No 1

The United Kingdom High Commissioner at Belmopan to the Minister for Foreign Affairs and Economic Development of Belize

British High Commission

Belmopan

28 November 1985

Note No. 10

Your Excellency,

I have the honor to refer to the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments signed in Belmopan on 30 April 19821 and in accordance with the provisions of Article 11 to propose that the Agreement shall be extended to the Turks and Caicos Islands.

If this proposal is acceptable to the Government of Belize, I have the honor to suggest that the present Note and Your Excellency’s reply to that effect shall constitute and Agreement the two Governments which shall enter into force on the date of your reply.

I avail myself of this opportunity to extend Your Excellency the assurance of my highest consideration.

J.M. CROSBY

1 Treaty Series No. 33 (1982), Cmnd. 8631

No. 2

The Prime Minister of Belize to the United Kingdom High Commissioner at Belmopan

Ministry of Foreign Affairs

Belmopan

14 April 1983

Dear Excellency,

I have the honor to acknowledge receipt of your Note dated 8th March, 1983, regarding the Agreement between the Government of Belize and the Government of the United kingdom of Great Britain and Northern Ireland for the Promotion and Protection of Investments, which reads as follows:

[As in No. 1]

I have the further honor to confirm that the proposal in Your Excellency’s Note is acceptable to the Government of Belize who therefore agree that Your Excellency’s Note and this reply constitute and Agreement between the two Governments which shall enter into force on this 14th day of March 1983.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

GEORGE PRICE

Treaty Series No. 30 (1986)

Exchange of Notes between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize concerning the extension to the Turks and Caicos Islands of the Agreement for the Promotion and Protection of Investments, signed in Belmopan on 30 April 1982.

Belmopan, 28 November and 10 December 1985

[The agreement entered into force on 10 December 1985]

Presented to Parliament

by the Secretary of State for Foreign and Commonwealth Affairs

by Command of Her Majesty M

ay 1986

LONDON

HER MAJESTY’S STATIONERY OFFICE

EXCHANGE OF NOTES BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM AND NORTHERN IRELAND AND THE GOVERNMENT OF BELIZE CONCERNING THE EXTENSION TO THE TURKS AND CAICOS ISLANDS OF THE AGREEMENT FOR THE PROMOTION AND PROTECTION OF INVESTMENTS, SIGNED IN BELMOPAN ON 30 APRIL 1982

No. 1

The United Kingdom High Commissioner at Belmopan to the Minister for Foreign Affairs and Economic Development of Belize

British High Commission Belmopan

28 November 1985

Your Excellency.

I have the honor to refer to the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments signed in Belmopan on 30 April 19821 and in accordance with the provisions of Article 11 to propose that the Agreement shall be extended to the Turks and Caicos Islands.

If this proposal is acceptable to the Government of Belize, I have the honor to suggest that the present Note and Your Excellency’s reply to that effect shall constitute an Agreement between the two Governments which shall enter into force on the date of your reply.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

J.M. CROSBY

1 Treaty Series NO. 33 (1982), Cmnd. 8631

No. 2

The Minister of Foreign affairs and Economic Development of Belize to the United Kingdom High Commissioner at Belmopan

Ministry of Foreign Affairs

Belmopan Belize

10 December 1985

FA/D/12/1/85/(20)

Dear High Commissioner,

I have the honor to acknowledge receipt of your Note dated 28 November 1985, regarding the Agreement Extension between the Government of Belize and that Government of the United Kingdom of Great Britain and Northern Ireland for the Promotion and Protection of Investments, which reads as follows:

[As in No. 1]

I have further honor to confirm that the proposal in Your Excellency’s Note is acceptable to the Government of Belize, who therefore agree that Your Excellency’s Note and this reply shall constitute an Agreement between the two Governments which shall enter into force on this 10th December 1985.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

DEAN O. BARROW

Treaty Series No. 32 (1986)

Exchange of Notes

between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Belize concerning the Extension to the Cayman Islands of the Agreement for the Promotion and Protection of Investments, signed at Belmopan on 30 April 1982

[Belmopan, 29 January and 4 February 1986]

Presented to Parliament by the Security of State for Foreign and Commonwealth Affairs by Command of Her Majesty July 1986

LONDON

HER MAJESTY’S STATIONERY OFFICE

80p net

Cmnd. 9812

EXCHANGE OF NOTES BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE GOVERNMENT OF BELIZE CONCERNING THE EXTENSION TO THE CAYMAN ISLANDS OF THE AGREEMENT OF PROMOTION AND PROTECTION OF INVESTMENTS, SIGNED AT BELMOPAN ON 30 APRIL 1982

No.1

The United Kingdom High Commissioner at Belmopan to the Minister for Foreign Affairs and Economic Development of Belize

British High Commissioner Belmopan

29 January 1986

Your Excellency,

I have the honour to refer to the Agreement between the Government of the United Kingdom and Northern Ireland and the Government of Belize for the Promotion and Protection of Investments signed in Belmopan on 4 April 19821 and in accordance with the provisions of Article 11 to propose that the Agreement shall be extended to Cayman Islands.

If this proposal is acceptable tot he Government of Belize, I have the honor that the present Note and Your Excellency’s reply to that effete shall constitute and Agreement between the two Governments which shall enter into force on the date of your reply.

I avail myself of this opportunity to extend Your Excellency the assurance of my highest consideration.

J.M. CROSBY

1 Treaty Series No. 33 (1982), Cmnd. 8631

No. 2

The Minister of Foreign Affairs and Economic Development of Belize to the United Kingdom High Commissioner at Belmopan

Ministry of Foreign Affairs Belmopan

4 February 1986

Dear High Commissioner,

I have the honor to acknowledge receipt of your Note dated 29 January 198, regarding the Agreement between the Government of Belize and the Government of the United Kingdom of Great Britain and Northern Ireland for the Promotion and Protection of Investments, which reads as follows:

[As in No. 1]

I have the further honor to confirm that the proposal in Your Excellency’s Note is acceptable to the Government of Belize who therefore agree that Your Excellency’s Note and this reply shall constitute an Agreement between the Governments which shall enter into force on this 4th day of February 1986.

I avail myself of this opportunity to extend to Your Excellency the assurance of my highest consideration.

DEAN O. BARROW

Enhanced by Zemanta

About FiWeBelize

FiWeBelize is dedicated to providing quality information to our visitors. We aim to provide an open forum where people can have a voice without censorship while maintaining respect for the opinions of others. Find us on Google

Share your thoughts ...