ALCA FTAA ZLEA - Investment: Standards - Barbads/Venezuela

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Barbados and Venezuela
15 July 1994

Subject: III. Treatment

A. Standards

1. Fair & Equitable Treatment
Yes. Investments of nationals and companies of the other Contracting Party shall receive, in all cases, fair and equitable treatment in accordance with the rules and principles of international law. (Article 2 (2)).

2. Full Protection and Security
Yes. Full protection and security. (Article 2 (2)).

3. Non-Discrimination
Yes. None of the Contracting Parties shall use arbitrary and discriminatory measures with respect to the management, maintenance,use, enjoyment or disposal of investments in its territory of nationals or companies of the other Contracting Party. (Article 2 (2)).

4. National Treatment
Yes. None of the Contracting Parties shall submit investments or returns of nationals or companies of the other Contracting Party to a treatment less favorable than that it grants to investments or returns of its own nationals or companies, or investments or returns of nationals or companies of any third State. (Article 3 (1)).

5. Most-Favored-Nation Treatment
Yes. None of the Contracting Parties shall submit investments or returns of nationals or companies of the other Contracting Party to a treatment less favorable than that it grants to investments or returns of its own nationals or companies or investments or returns of nationals or companies of any third State. (Article 3 (1)). None of the Contracting Parties shall submit investments or returns of nationals or companies of the other Contracting Party, with respect to the management, maintenance, use, enjoyment or disposal of these investments, to a treatment less favorable than that it grants to investments or returns of nationals or companies of any third State. (Article 3 (2)).

B. Exceptions
Contracting Parties are not obliged to extend the benefits of national treatment and most-favored-nation treatment to nationals or companies of the other Contracting Party when these benefits derive from: a) an existing or future customs union, or similar international agreement, in which the Contracting Party is participating; or b) an agreement or settlement related entirely or principally to taxation. (Article 7).

C. Other Aspects

1. Performance Requirements

2. Others
If the provisions in the legislation of a Contracting Party, or if the existing or future obligations under international law between the two Contracting Parties, or if an agreement between an investor of a Contracting Party and the other Contracting Party include provisions granting to investments of investors of the first Contracting Party a more favorable treatment, these provisions shall prevail (if they are more favorable). (Article 11). Each Contracting Party shall observe any obligation it has entered into with respect to the treatment of investments of investors or companies of the other Contracting Party. (Article 2 (2)). Investors of a Contracting Party suffering losses with respect to their investments in the territory of the other Contracting Party, due to war or other armed conflicts, national emergency, revolt, insurrection or uprising, shall receive treatment, in regard to restitution, compensation or other settlement, no less favorable than that accorded by the latter Contracting Party to its own investors or investors of any third State. (Article 4 (1)). Article 4 (1) shall not be interpreted to relieve a Contracting Party from its obligations, by virtue of international law, to grant restitution or compensation for losses of nationals or companies of the other Contracting Party as a result of requisition or destruction of their property by its forces or authorities. (Article 4 (2)).


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