ALCA FTAA ZLEA - Investment: Standards - Chile/Venezuela

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Chile and Venezuela
2 April 1993

Subject: III. Treatment

A. Standards

1. Fair & Equitable Treatment
Yes, in accordance with international law. (Article 4 (2)).

2. Full Protection and Security
Each Party shall protect investments made, in its territory, according to its laws and regulations. (Article 4 (1)).

3. Non-Discrimination
Yes. Each Contracting Party will not impair by arbitrary and discriminatory measures the management, maintenance, utilization, enjoyment, extension, sale or liquidation of investments of investors of the other Contracting Party. (Article 4 (1)).

4. National Treatment
Yes. The treatment accorded by each Contracting Party to investments of investors of the other Contracting Party shall be no less favorable than that it grants to its own investors or investors of any third State, whichever is more favorable. (Article 4 (2)).

5. Most-Favored-Nation Treatment
Yes. The treatment accorded by each Contracting Party to investments of investors of the other Contracting Party shall not be less favorable than that it grants to its own investors or investors of any third State, whichever is more favorable. (Article 4 (2)).

B. Exceptions
A Contracting Party is not obliged to extend to investments of investors of the other Contracting Party benefits it receives as a result of a free trade agreement, customs union, or common market or similar agreement, or by virtue of a taxation agreement. (Article 4 (3)).

C. Other Aspects

1. Performance Requirements

2. Others
Investors of one Contracting Party suffering losses due to war or armed conflict, revolution, national emergency, revolt, insurrection or civil disturbances in the territory of the other Contracting Party shall not be treated less favorably than investors of this Contracting Party or those of any third State, whichever is the more favorable, with regard to restitution, compensation, indemnification or other settlement. (Article 6 (2)). Once a Contracting Party has admitted an investment in its territory, it will facilitate, in accordance with its laws and regulations, the obtaining of permits necessary for this investment, including those for the execution of licensing contracts, technical, commercial or administrative assistance; and those for the activities of consultants and other people of other nationalities. (Article 3 (2)).


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