AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SEYCHELLES AND THE GOVENRMENT OF THE PEOPLE’ S REPUBLIC OF CHINA ON THE RECIPROCAL PROMOTION AND PROTECTION OF INVESTMENTS |
The original official languages of this BIT were: Chinese and English. The Tsinghua Rule of Law Project has produced this unofficial English language version from the original Chinese text. While the English language version is for the benefit of the website readers, users should rely on official language versions when advising clients or undertaking some legal process. The Government of the Republic of Seychelles and the Government of the People’s Republic of China hereinafter referred to as the Contracting Parties, Desiring to strengthen the economic cooperation between both States and to create favourable conditions for Seychellois investments in China and, Chinese investments in Seychelles, Convinced that the promotion and protection of these investments would succeed in stimulating transfers of capital and technology between the two countries in the interest of their economic development, Have agreed as follows: Article 1 Definitions For the purpose of this Agreement:
Any alteration of the form in which assets are invested shall not affect their qualification as investments provided that such alteration is not in conflict with the legislation of the Contracting Party on the territory of which the investment is made. “ Controlled indirectly” means corporations, partnerships and associations in a third country which are owned or controlled by natural persons who have the nationality of either Contracting Party or legal persons having their head office in either Contracting Party and incorporated or constituted under the law in force in that Contracting Party. Article 2 Scope of the Agreement For the purpose of this Agreement, it is understood that the Contracting Parties are responsible for the actions or omission of their sub-sovereign entities, including though not exclusively their federal states, regions, local governments or any other entity over which the Contracting Party exercises the control, the representation or the responsibility of its international affairs, or its sovereignty consistent with its internal legislation. Article 3 Promotion and admission of investments Each Contracting Party shall promote and admit on its territory, in accordance with its legislation and with the provisions of this Agreement, investments made by investors of the other Contracting Party. Article 4 Fair and equitable treatment Either Contracting Party shall extend fair and equitable treatment in accordance with the principles of International Law to investments made by investors of the other Contracting Party on its territory, and shall ensure that the exercise of the right thus recognised shall not be hindered by law or in practice. In particular though not exclusively, shall be considered as de jure or de facto impediments to fair and equitable treatment any discriminatory restriction on the purchase or transport of raw materials and auxiliary materials, energy and fuels, as well as the means of production and operation of all types, any hindrance of the sale or transport of products within the country and abroad, as well as any other measures that have a similar effect. Within the framework of their internal legislation, the Contracting Parties shall be favourably examine requests for entry and authorization to reside, work and travel made by the nationals of one Contracting Party in relation to an investment made on the territory of the other Contracting Party. Article 5 National treatment and most favoured Nation treatment Each Contracting Party shall apply on its territory to the investors of the other Party, with respect to their investments and activities related to the investments, a treatment not less favourable than that granted to its investors, or the treatment granted to the investors of the most favoured nation, if the latter is more favourable. In this respect, nationals authorized to work on the territory of one Contracting Party shall enjoy the relevant facilities to the exercise of their professional activities. This treatment shall not include the privileges granted by one Contracting Party to investors of a third party State by virtue of its participation or association in a free trade zone, customs union, common market or any other form of regional economic organization. The provisions of this Article shall not be construed so as to oblige one contracting Party to extend to the investors of the other the benefit of any treatment, preference or privilege resulting from any international agreement or arrangement relating wholly or mainly to taxation or domestic legislation relating wholly or mainly to taxation. Article 6 Dispossession and indemnification
Article 7 Free transfer Each Contracting Party on the territory of which the investments have been made by investors of the other Contracting Party shall guarantee to these nationals and companies the free transfer of: a) interest, dividends, profits and other current income; b) royalties deriving from incorporal rights as defined in Article 1, Paragraph 1, letters (d) and (e); c) repayments of loans which have been regularly contracted; d) value of partial or total liquidation or disposition of the investment, including capital gains on the capital invested; e) compensation for dispossession or loss described in Article 5, Paragraphs 2 and 3. f) payments in connection with contracting projects. The nationals of either Contracting Party, who have been authorized to work on the territory or in the maritime area of the other Contracting Party, as the result of an approved investment, shall also be permitted to transfer to their country of origin an appropriate proportion of their earnings. The transfers referred to in the foregoing paragraphs shall be promptly effected at the official exchange rate prevailing on the date of transfer in accordance with the laws of the Contracting States. When, in exceptional circumstances, capital movements from or to third countries cause or threaten to cause a serious disequilibrium to its balance of payments, each Contracting Party may temporarily apply safeguard measures to the transfers, provided that these measures shall be strictly necessary, would be imposed in an equitable, non-discriminatory basis and in accordance with the laws of the Contracting States. The provisions of the foregoing paragraphs of this article do not prejudice a Contracting Party’s exercise in good faith of its international obligation or of its rights and obligations by virtue of its participation or association in a free trade zone, customs union, common market, economic or monetary union or any other form of regional cooperation or integration. Article 8 Settlement of disputes between an investor and a Contracting Party
Once the investor has submitted the dispute to the competent court of the Contracting Party concerned or to the ICSID, the choice of one of the two procedures shall be final. Article 9 Guarantee and subrogation If one Contracting Party or its designated agency makes a payment to its investors under a guarantee or a contract of insurance against non-commercial risks it has accorded in respect of an investment made in the territory of the other Contracting Party, the latter Contracting Party shall recognize:
Article 10 Special commitment Investments having formed the subject of a special commitment of one Contracting Party, with respect to the investors of the other Contracting Party, shall be governed, without prejudice to the provisions of this Agreement, by the terms of the said commitment if the latter includes provisions more favourable than those of this Agreement. Article 11 Settlement of disputes between Contracting Parties
Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in the arbitral proceedings. The relevant costs of the Chairman in tribunal shall be borne in equal parts by the Contracting Parties. Article 12 Application This Agreement shall apply to investment made prior to or after its entry into force by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the laws and regulation of the Contracting Party concerned, but not apply to the disputes arose before its entry into force. Article 13 Entry into force and termination Each Party shall notify the other in writing of the completion of the internal legal procedures required concerning the entry into force of this Agreement, which shall enter into force from the first day one month after the later written notification being sent. The Agreement shall be in force for a period of ten years. It shall remain in force thereafter, unless one of the Contracting Parties gives written notice of termination 6 months in advance through diplomatic channels. In case of termination of this Agreement, investments made while it was in force shall continue to enjoy the protection of its provisions for an additional period of twenty years. Signed in Victoria, on February, 2007, done in duplicate in English and Chinese languages, both texts being equally authentic. For the Government Government of the Republic of Seychelles For the Government of the People’s Republic of China |