The Republic of Turkey and The Republic of Uzbekistan, hereinafter called the Parties.
Desiring to promote greater economic cooperation between them. particularly with respect to investment by investors of one Party in the territory of the other Party.
Recognizing that agreement upon the treatment to be accorded such investment will stimulate the flow of caoital and technology and the economic developments of the Parties.
Agreeing that fair and equitable treatment of investment is desirable in order to maintain a stable framework for investment and maximum effective utilization of economic resources, and
Having resolved to conclude an agreement concerning the encouragement and reciprocal protection of investments.
Hereby agree as follows:
The term "investment". in conformity with the hosting Party’s Laws and Populations. shall include every kind of asset in particular, but not exclusively:
Promotion and Protection of Investments
Subject to the laws and regulations of the parties relating to the entry, sojourn and employment of aliens;
nationals of either Party shall be permitted to enter and remain in the territory of the other Party far purposes of establishing, developing, administering or advising on the operation of an investment to which they, or an investor of the first Party that employs them, have committed or are in the process of committing a substantial amount of capital or other resources.
Expropriation and Compensation
Investmens shall not be expropriated, nationalized or subject directly or indirectly, to measures of similar effect except for a public purpose, in a non-discriminatory manner, upon payment of prompt, adequate and effective compensation, and in accordance with due process of law and the general principles of treatment provided for in Article II of this Agreement.
Investors of either Party whose investments suffer losses in the territory of the other Party owing to war, insurrection. civil disturbance or other similar events shall be accorded by such other Party treatment not less favourable than that accorded to its own investors or the investors of and third country, whichever is the most favourable treatment, as regards any measures it adopts in relation to such losses.
Repatriation and Transfer
Each Party shall permit in good faith all transfers related to an investment to be made freely and without unreasonable delay into and out of its territory, such transfers include:
Settlement of Disputes Between One Party and Investors of the Other Party
Disputes between one of the Parties and one investor of the other Party, in connection with his investment, shall be notified in writing, including a detailed information by the investor to the recipient Party of the investment. As far as possible the investor and the concerned Party shall endeavour to settle these disputes by consultations and negotiations in good faith.
Settlement of Disputes Between the Parties
The Parties shall seek in good faith and a spirit of cooperation a rapid and equitable solution to any dispute between them concerning the interpretation or application of this Agreement. In this regard, the Parties agree to engage in direct and meaningful negotiations to arrive at such solutions. If the Parties cannot reach an agreement within six months after the beginning of dispute between themselves through the foregoing procedure, the dispute may be submitted, upon the request of either Party, to an arbitral tribunal of three members.
within two months of receipt of a request. each Party shall appoint an arbitrator. The two arbitrators shall select a third arbitrator as Chairman, who is a national of a third State. In the event either Party fails to appoint an arbitrator within the specified time, the other Party may request the President of the International Court of Justice to make the appointment.
If, in the cases specified under paragraphs (2) and (3) of this Article. the President of the International Court of Justice is prevented from carrying out the said function or if he is a national of either Party, the appointment shall be made by the Vice-President, and if the Vice-President is prevented from carrying out the said function or if he is a national of either Party, the appointment shall be made by the most senior member of the Court who is not a national of either Party.
The tribunal shall have three months from the date of the selection of the Chairman to agree upon rules of procedure consistent with the other provisions of this agreement. In the absence of such agreement, the tribunal shall request the President of the International Court of Justice to designate rules of procedure, taking into account generally recognized rules of international arbitral procedure.
Unless otherwise agreed, all submissions shall be made and all hearings shall be completed within eight months of the date of selection of the third arbitrator, and the tribunal shall render its decision within two months after the date of the final submissions or the date of the closing of the hearings, whichever is later. The arbitral tribunal shall reach its decisions. which shall be final and binding, by a majority of votes.
A dispute shall not be submitted to an international arbitration court under the provisions of this Article, if the same dispute has been brought before another international arbitration court under the provisions of Article VII and is still before the court. This will not impair the engagement in direct and meaningful negotiations between both Parties.
Entering into Force
This Agreement shall enter into force on the date on which the exchange of instruments of ratification has been completed. It shall remain in force for a period of ten years and shall continue in force unless terminated in accordance with paragraph 2 of this Article. It shall apply to investments existing at the time of entry into force as well as to investments made or acquired thereafter.
With respect to investments made or acquired prior to the date of termination of this Agreement and to which this Agreement otherwise applies, the provisions of all of the other Articles of this Agreement shall thereafter continue to be effective for a further period of ten years from such date of termination.
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