- 1
- Each Contracting Party shall ensure fair and equitable treatment of the investments of nationals of the other Contracting Party, which shall not be less favourable than that accorded either to investments of its own nationals or to investments of nationals of any third State, and shall not impair, by unreasonable or discriminatory measures, the operation, management, maintenance, use, enjoyment or disposal thereof by those nationals. Each Contracting Party shall accord to such investments full physical security and protection.
- 2
- If a Contracting Party has accorded special advantages to nationals of any third State by virtue of agreements establishing customs unions, economic unions, or similar institutions, or on the basis of interim agreements leading to such unions or institutions, that Contracting Party shall not be obliged to accord such advantages to nationals of the other Contracting Party.
- 3
- For the purpose of the treatment mentioned in paragraph 1 there shall not be taken into account any special fiscal advantages accorded by that Party:
-
- a)under an agreement for the avoidance of double taxation;
- b)by virtue of its participation in a customs union, economic union or similar institution;
- c)on the basis of reciprocity with a third State.
- 4
- Each Contracting Party shall observe any obligation it may have entered into with regard to investments of nationals of the other Contracting Party.
- 5
- If the provisions of law of either Contracting Party or obligations under international law existing at present or established hereafter between the Contracting Parties in addition to the present Agreement contain a regulation, whether general or specific, entitling investments by nationals of the other Contracting Party to a treatment more favourable than is provided for by the present Agreement, such regulation shall to the extent that it is more favourable prevail over the present Agreement.
