Decreto n.º 30/96

Definições

Para efeitos do presente Acordo:

1) O termo «investimentos» compreenderá toda a espécie de bens investidos por investidores de uma das Partes Contratantes no território da outra Parte Contratante, de acordo com as leis e regulamentos desta última, incluindo em particular, mas não exclusivamente:

a)Propriedade de móveis e imóveis, bem como outros direitos reais, tais como hipotecas, penhores e cauções e direitos similares;
b)Acções, quotas, obrigações ou outros interesses no capital de sociedades e ou interesses económicos resultantes da respectiva actividade;
c)Direitos de crédito ou quaisquer outras prestações com valor económico;
d)Direitos de propriedade intelectual, tais como direitos de autor, patentes, marcas, denominações comerciais, processos técnicos, know-how e clientela;
e)Concessões conferidas por lei, contrato ou acto administrativo de uma autoridade pública competente, incluindo concessões para prospecção, pesquisa e exploração de recursos naturais.
Qualquer alteração na forma de realização dos investimentos não afectará a sua qualificação como investimentos, desde que essa alteração seja feita de acordo com as leis e regulamentos da Parte Contratante no território da qual os investimentos tenham sido realizados;
2) O termo «rendimentos» designará as quantias geradas por investimentos num determinado período, incluindo, em particular mas não exclusivamente, lucros, dividendos, juros, royalties ou outros rendimentos relacionados com os investimentos, incluindo pagamentos por conta de assistência técnica ou de gestão.
No caso de os rendimentos de investimentos, na definição que acima lhes é dada, virem a ser reinvestidos, os rendimentos resultantes desse reinvestimento serão havidos também como rendimentos do investimento inicial;
3) O termo «investidores» designa:
a)Pessoas singulares, com a nacionalidade de qualquer uma das Partes Contratantes, de acordo com a respectiva lei; e
b)Pessoas colectivas, incluindo empresas, sociedades comerciais ou outras sociedades ou associações, que tenham sede no território de uma das Partes Contratantes, estejam constituídas e funcionem de acordo com a lei dessa Parte Contratante;
4) O termo «território» compreenderá o território de cada uma das Partes Contratantes, tal como se encontra definido nas respectivas leis, sobre o qual a Parte Contratante em questão exerça, de acordo com o direito internacional, soberania, direitos soberanos ou jurisdição.

Artigo 2.º

Promoção e protecção dos investimentos

1 -Ambas as Partes Contratantes promoverão e encorajarão, na medida do possível, a realização de investimentos de investidores da outra Parte Contratante no seu território, admitindo tais investimentos de acordo com as suas leis e regulamentos. Em qualquer caso, concederão aos investimentos tratamento justo e equitativo.
2 -Os investimentos realizados por investidores de qualquer das Partes Contratantes gozarão de plena protecção e segurança no território da outra Parte Contratante.
Nenhuma Parte Contratante sujeitará a gestão, manutenção, uso, fruição ou disposição dos investimentos realizados no seu território por investidores da outra Parte Contratante a medidas injustificadas, arbitrárias ou de carácter discriminatório.

Artigo 3.º

Tratamento nacional e da nação mais favorecida

1 -Os investimentos realizados por investidores de uma Parte Contratante no território da outra Parte Contratante, bem como os respectivos rendimentos, serão objecto de tratamento justo e equitativo e não menos favorável do que o concedido pela última Parte Contratante aos seus próprios investidores ou a investidores de qualquer terceiro Estado.
2 -Ambas as Partes Contratantes concederão aos investidores da outra Parte Contratante, no que respeita à gestão, manutenção, uso, fruição ou disposição dos investimentos realizados no seu território, um tratamento justo e equitativo e não menos favorável do que o concedido aos seus próprios investidores ou a investidores de qualquer terceiro Estado.
3 -As disposições deste artigo não implicam a concessão de qualquer tratamento, preferência ou privilégio por uma das Partes Contratantes a investidores da outra Parte Contratante que possa ser outorgado em virtude de:
1. a)Participação em zonas de comércio livre, uniões aduaneiras, mercados comuns existentes ou a criar e em outros acordos internacionais semelhantes, incluindo outras formas de cooperação económica, aos quais uma das Partes Contratantes tenha aderido ou venha a aderir; e
2. b)Acordos internacionais de natureza total ou parcialmente fiscal.

Artigo 4.º

Expropriação

1 -Os investimentos efectuados por investidores de uma das Partes Contratantes no território da outra Parte Contratante não poderão ser expropriados, nacionalizados ou sujeitos a outras medidas com efeitos equivalentes à expropriação ou nacionalização, adiante designadas como expropriação, excepto por força da lei, no interesse público, sem carácter discriminatório e mediante pronta indemnização.
2 -A indemnização deverá corresponder ao valor de mercado que os investimentos expropriados tinham à data imediatamente anterior ao momento em que a expropriação tenha sido do conhecimento público. A indemnização deverá ser paga sem demora, vencerá juros à taxa comercial usual até à data da sua liquidação e deverá ser pronta, efectiva, adequada e livremente transferível.
3 -O investidor a quem os investimentos tenham sido expropriados terá o direito, de acordo com a lei da Parte Contratante no território da qual os bens tenham sido expropriados, à revisão do seu caso, em processo judicial ou outro, e à avaliação dos seus investimentos de acordo com os princípios definidos neste artigo.

Artigo 5.º

Compensação por perdas

Os investidores de uma das Partes Contratantes que venham a sofrer perdas de investimentos no território da outra Parte Contratante em virtude de guerra ou conflitos armados, estado de emergência nacional e outros eventos considerados equivalentes pelo direito internacional não receberão dessa Parte Contratante tratamento menos favorável do que o concedido aos seus próprios investidores ou a investidores de terceiros Estados, consoante o que for mais favorável, no que diz respeito à restituição, indemnização ou outros factores pertinentes. As compensações daí resultantes deverão ser transferíveis, livremente e sem demora, em moeda convertível.

Artigo 6.º

Transferências

1 -Cada Parte Contratante, em conformidade com a sua lei, garantirá aos investidores da outra Parte Contratante a livre transferência das importâncias relacionadas com os investimentos, nomeadamente:
1. a)Do capital e das importâncias adicionais necessárias à manutenção ou ampliação dos investimentos;
2. b)Dos rendimentos definidos no n.º 2) do artigo 1.º deste Acordo;
3. c)Das importâncias necessárias para o serviço, reembolso e amortização de empréstimos reconhecidos por ambas as Partes Contratantes como investimentos;
4. d)Do produto resultante da alienação ou da liquidação total ou parcial dos investimentos;
5. e)Das indemnizações ou outros pagamentos previstos nos artigos 4.º e 5.º deste Acordo; ou
6. f)De quaisquer pagamentos preliminares que possam ter sido efectuados em nome do investidor de acordo com o artigo 7.º do presente Acordo.
2 -As transferências referidas neste artigo serão efectuadas sem demora, em moeda convertível, à taxa de câmbio aplicável na data de transferência.

Artigo 7.º

Sub-rogação

No caso de uma das Partes Contratantes, ou a agência por ela designada, efectuar pagamentos a um dos seus investidores em virtude de uma garantia prestada a um investimento realizado no território da outra Parte Contratante, ficará por esse facto sub-rogada nos direitos e acções desse investidor, podendo exercê-los nos mesmos termos e condições que o titular originário.

Artigo 8.º

Diferendos entre as Partes Contratantes

1 -Os diferendos que surjam entre as Partes Contratantes sobre a interpretação ou aplicação do presente Acordo serão, na medida do possível, resolvidos através de negociações, por via diplomática.
2 -Se as Partes Contratantes não chegarem a acordo no prazo de seis meses após o início das negociações, o diferendo será submetido a um tribunal arbitral, a pedido de qualquer das Partes Contratantes, de acordo com o disposto neste artigo.
3 -O tribunal arbitral será constituído ad hoc, do seguinte modo: cada Parte Contratante designará um membro e ambos os membros proporão um nacional de um terceiro Estado como presidente, que será nomeado pelas duas Partes Contratantes. Os membros serão nomeados no prazo de dois meses e o presidente no prazo de três meses a contar da data em que uma Parte Contratante tenha comunicado à outra que deseja submeter o diferendo a um tribunal arbitral.
4 -Se os prazos fixados no n.º 3 deste artigo não forem observados, cada uma das Partes Contratantes poderá, na falta de qualquer outro acordo, solicitar ao Presidente do Tribunal Internacional de Justiça que proceda às necessárias nomeações. Se o Presidente estiver impedido ou for nacional de uma das Partes Contratantes, as nomeações caberão ao Vice-Presidente.
Se este também estiver impedido ou for nacional de uma das Partes Contratantes, as nomeações caberão ao membro do Tribunal que se siga na hierarquia, desde que não seja nacional de qualquer das Partes Contratantes.
5 -O presidente do tribunal arbitral deverá ser nacional de um Estado com o qual ambas as Partes Contratantes mantenham relações diplomáticas.
6 -O tribunal arbitral decidirá por maioria de votos. As suas decisões serão definitivas e obrigatórias para ambas as Partes Contratantes. A cada uma das Partes Contratantes caberão as despesas do respectivo árbitro, bem como da respectiva representação, no processo perante o tribunal arbitral. Ambas as Partes Contratantes suportarão em partes iguais as despesas do presidente, bem como as demais despesas. O tribunal arbitral poderá adoptar um regulamento diferente quanto às despesas. O tribunal arbitral definirá as suas próprias regras processuais.

Artigo 9.º

Diferendos entre uma Parte Contratante e um investidor da outra Parte Contratante

1 -Os diferendos que surjam entre um investidor de uma das Partes Contratantes e a outra Parte Contratante relacionados com um investimento do primeiro no território da segunda serão resolvidos de forma amigável, através de negociações.
2 -Se esses diferendos não puderem ser resolvidos no prazo de seis meses contados da data em que uma das partes litigantes o tiver suscitado, o investidor poderá, a seu pedido, submeter o diferendo:
1. a)Ao tribunal competente da Parte Contratante; ou
2. b)Ao Centro Internacional para a Resolução de Diferendos Relativos a Investimentos (CIRDI), nos termos da Convenção para a Resolução de Diferendos entre Estados e Nacionais de Outros Estados, celebrada em Washington D. C. em 18 de Março de 1965.
3 -Nenhuma das Partes Contratantes poderá recorrer às vias diplomáticas para resolver qualquer questão relacionada com a arbitragem, salvo se o processo já estiver concluído e a Parte Contratante não tenha acatado nem cumprido a decisão do Centro Internacional para a Resolução de Diferendos Relativos a Investimentos.
4 -A sentença será obrigatória para ambas as Partes e não será objecto de qualquer tipo de recurso para além dos previstos na referida Convenção A sentença será vinculativa de acordo com a lei interna da Parte Contratante no território da qual se situa o investimento em causa.

Artigo 10.º

Aplicação de outras regras

Se, para além do presente Acordo, as disposições da lei interna de uma das Partes Contratantes ou as obrigações emergentes do direito internacional em vigor ou que venha a vigorar entre as duas Partes Contratantes estabelecerem um regime, geral ou especial, que confira aos investimentos efectuados por investidores da outra Parte Contratante um tratamento mais favorável do que o previsto no presente Acordo, prevalecerá sobre este o regime mais favorável.

Artigo 11.º

Aplicação do Acordo

O presente Acordo aplicar-se-á aos investimentos realizados, antes ou após a sua entrada em vigor, por investidores de uma das Partes Contratantes no território da outra Parte Contratante, em conformidade com as respectivas leis e regulamentos, mas não se aplica aos diferendos surgidos antes da sua entrada em vigor.

Artigo 12.º

Consultas

Os representantes das Partes Contratantes deverão, sempre que necessário, realizar reuniões sobre qualquer matéria relacionada com a aplicação deste Acordo. Estas reuniões serão realizadas, sob proposta de uma das Partes Contratantes, em lugar e data a acordar por via diplomática.

Artigo 13.º

Entrada em vigor e duração

1 -Este Acordo entrará em vigor 30 dias após a data em que ambas as Partes Contratantes tiverem notificado uma à outra, por escrito, o cumprimento dos respectivos procedimentos constitucionais internos.
2 -Este Acordo permanecerá em vigor por um período de 10 anos e será automaticamente prorrogado por períodos sucessivos de 5 anos, excepto se denunciado, por escrito, por uma das Partes Contratantes 12 meses antes da data do termo da sua vigência.
3 -As disposições dos artigos 1.º a 12.º permanecerão em vigor por um período de 10 anos a contar da data de denúncia do presente Acordo relativamente aos investimentos realizados antes daquela denúncia.
Em fé do que, os representantes abaixo assinados, devidamente autorizados para o efeito, assinaram o presente Acordo.
Feito em duplicado, no dia 17 do mês de Abril do ano de 1995, em português e inglês, ambos os textos fazendo igualmente fé.
Pelo Governo da República Portuguesa:
José Manuel Morais Briosa e Gala.
Pelo Governo da República Islâmica do Paquistão:
Gong Ro Myung.
PROTOCOLO
Por ocasião da assinatura do Acordo sobre a Promoção e a Protecção Mútua de Investimentos entre a República Portuguesa e a República Islâmica do Paquistão, os abaixo assinados, devidamente autorizados para o efeito, acordaram ainda nas seguintes disposições interpretativas, que constituem parte integrante do referido Acordo:
1 -Com referência ao artigo 2.º do presente Acordo, aplicar-se-á o disposto no artigo 2.º do presente Acordo aos investidores de uma das Partes Contratantes que já estejam estabelecidos no território da outra Parte Contratante e pretendam ampliar as suas actividades ou estabelecer-se noutros sectores.
Tais investimentos serão considerados como novos e, como tal, deverão ser realizados de acordo com as regras que regulam a admissão dos investimentos, nos termos do artigo 2.º do presente Acordo.
2 -Com respeito ao artigo 3.º do presente Acordo, as Partes Contratantes consideram que as disposições do artigo 3.º do presente Acordo não prejudicam o direito de cada uma das Partes Contratantes de aplicar as disposições pertinentes do seu direito fiscal que estabeleçam uma distinção entre contribuintes que não se encontrem em idêntica situação no que se refere ao seu lugar de residência ou ao lugar em que o seu capital é investido.
Feito em Islamabad, no dia 17 do mês de Abril do ano de 1995, em português e inglês, ambos os textos fazendo igualmente fé.
Pelo Governo da República Portuguesa:
José Manuel Morais Briosa e Gala.
Pelo Governo da República Islâmica do Paquistão:
Gong Ro Myung.
AGREEMENT BETWEEN THE PORTUGUESE REPUBLIC AND THE ISLAMIC REPUBLIC OF PAKISTAN ON THE MUTUAL PROMOTION AND PROTECTION OF INVESTMENTS.
The Government of the Portuguese Republic and the Government of the Islamic Republic of Pakistan, hereinafter referred to as the «Contracting Parties»:
Desiring to intensify the economic co-operation between the two States;
Intending to encourage and create favourable conditions for investments made by investors of one Contracting Party in the territory of the other Contracting Party on the basis of equality and mutual benefit;
Recognizing that the mutual promotion and protection of investments on the basis of this Agreement will stimulate business initiative;
have agreed as follows:
Article 1
Definitions
For the purpose of this Agreement:
1) The term «investment» shall mean every kind of asset invested by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the laws and regulations of the latter including, in particular, though not exclusively:
1. a)Movable and immovable property as well as any rights in rem, such as mortgages, liens, pledges and similar rights;
2. b)Shares, stocks, debentures, or other forms of interest in the equity of companies and or economic interests from the respective activity;
3. c)Claims to money or to any performance having an economic value;
4. d)Intellectual property rights such as copyrights, patents, trade marks, trade names, technical processes, know-how and good will;
5. e)Concessions conferred by law under a contract or an administrative act of a competent state authority, including concessions for prospecting, research and exploitation of natural resources.
  Any alteration of the form in which assets are invested shall not affect their character as investments, provided that such a change does not contradict the laws and regulations of the relevant Contracting Party;
  2) The term «returns» shall mean the amounts yielded by investments, over a given period, in particular, though not exclusively, shall include profits, dividends, interests, royalties or other forms of income related to the investments including technical assistance fees.
  In cases where the returns of investment, as defined above, are reinvested, the income resulting from the reinvestment shall also be considered as income related to the first investments;
  3) The term «investor» means:
6. a)Natural persons having the nationality of either Contracting Party, in accordance with its laws; and
7. b)Legal persons, including corporations, commercial companies or other companies or associations, which have a main office in the territory of either Contracting Party and are incorporated or constituted in accordance with the law of that Contracting Party;
  4) The term «territory» means the territory of either of the Contracting Parties, as defined by their respective laws, over which the Contracting Party concerned exercises, in accordance with international law, sovereignty, sovereign rights or jurisdiction.
  Article 2
  Promotion and protection of investments
1 -Each Contracting Party shall promote and encourage, as far as possible, within its territory investments made by investors of the other Contracting Party and shall admit such investments into its territory in accordance with its laws and regulations and shall in any case accord such investments fair and equitable treatment.
2 -Investments made by investors of either Contracting Party shall enjoy full protection and security in the territory of the other Contracting Party.
Neither Contracting Party shall in any way impair by unreasonable, arbitrary or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory of investors of the other Contracting Party.
Article 3
National and most favoured nation treatment
1 -Investments made by investors of one Contracting Party in the territory of the other Contracting Party, as also the returns therefrom, shall be accorded treatment which is fair and equitable and not less favourable than the latter Contracting Party accords to the investments and returns of its own investors or to investors of any third State.
2 -Investors of one Contracting Party shall be accorded by the other Contracting Party, as regards the management, maintenance, use, enjoyment or disposal of their investments, treatment which is fair and equitable and not less favourable that the latter Contracting Party accords its own investors or to investors of any third State.
3 -The provisions of this article shall not be construed so as to oblige one Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or privilege which may be extended by the former Contracting Party by virtue of:
1. a)Any existing or future free trade area, customs union, common market or other similar international agreements including other forms of regional economic cooperation to which either of the Contracting Parties is or may become a Party; and
2. b)Any international agreement relating wholly or mainly to taxation.
  Article 4
  Expropriation
1 -Investments made by investors of either Contracting Party in the territory of the other Contracting Party shall not be expropriated, nationalised or subject to any other measure with effects equivalent to expropriation or nationalisation (hereinafter referred to as expropriation) except by virtue of law for a public purpose, on a non-discriminatory basis and against prompt compensation.
2 -Such compensation shall amount to the market value of the expropriated investments immediately before the expropriation became publicly known. The compensation shall be paid without delay, shall include the usual commercial interest until the date of payment and shall be prompt, effective and freely transferable.
3 -The investor whose investments are expropriated shall have the right under the law of expropriating Contracting Party the prompt review by a judicial or other competent authority of that Contracting Party of his or its case and of valuation of his or its investments in accordance with the principles set out in this article.
Article 5
Compensation for losses
Investors of one Contracting Party whose investments suffer losses in the territory of the other Contracting Party owing to war or armed conflict, a state of national emergency or other events considered as such by international law, shall be accorded treatment no less favourable by the latter Contracting Party than that Contracting Party accords to the investments of its own investors, or to the investments of investors of any third State, whichever is more favourable, as regards restitution, indemnification, compensation or other valuable consideration. Any payment made under this article shall be, without delay, freely transferable in convertible currency.
Article 6
Transfers
1 -Pursuant to its own legislation, each Contracting Party shall guarantee investors of the other Contracting Party the free transfer of sums related to their investments, in particular, though not exclusively:
1. a)Capital and additional amounts necessary to maintain or increase the investments;
2. b)The returns defined in paragraph 2) of article 1 of this Agreement;
3. c)Funds in service, repayment and amortisation of loans, recognized by both Contracting Parties to be an investment;
4. d)The proceeds obtained from the sale or from the total or partial liquidation of the investment;
5. e)Any compensation or other payment referred to in articles 4 and 5 of this Agreement; or
6. f)Any preliminary payments that may be made in the name of the investor in accordance with article 7 of this Agreement.
2 -The transfers referred to in this article shall be made without restriction or delay at the exchange rate applicable on the date of the transfer in convertible currency.
Article 7
Subrogation
In case one Contracting Party, or its designated agency, makes any payment to one of its investors as a result of a guarantee in respect of an investment made in the territory of the other Contracting Party, the former Contracting Party, or its designated agency, shall be subrogated to the rights and shares of this investor, and may exercise them according to the same terms and conditions as the original holder.
Article 8
Disputes between the Contracting Parties
1 -Disputes between the Contracting Parties concerning the interpretation and application of this Agreement should, as far as possible, be settled by negotiations through diplomatic channels.
2 -If the Contracting Parties fail to reach such settlement within six months after the begining of negotiations, the dispute shall, upon the request of either Contracting Party, be submitted to an arbitral tribunal, in accordance with the provisions of this article.
3 -The arbitral tribunal shall be constituted ad hoc, as follows: each of the Contracting Parties shall appoint one member and these two members shall propose a national of a third State as chairman to be appointed by the two Contracting Parties. The members shall be appointed within two months and the chairman shall be appointed within three months from the date on which either Contracting Party notifies the other that it wishes to submit the dispute to an arbitral tribunal.
4 -If the deadlines specified in paragraph 3 of this article are not complied with, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments. If the President is prevented from doing so, or is a national of either Contracting Party, the Vice-President shall be invited to make the necessary appointments.
If the Vice-President is also a national of either Contracting Party or if he is prevented from making the appointments for any other reason, the appointments shall be made by the member of the Court who is next in seniority and who is not a national of either Contracting Party.
5 -The chairman of the arbitral tribunal shall be a national of a third State with which both Contracting Parties maintain diplomatic relations.
6 -The arbitral tribunal shall rule according to majority vote. The decisions of the tribunal shall be final and binding on both Contracting Parties. Each Contracting Party shall be responsible for the costs of its own member and of its representatives at the arbitral proceedings. Both Contracting Parties shall assume an equal share of the expenses incurred by the chairman, as well as any other expenses. The tribunal may make a different decision regarding costs. In all other respects, the tribunal court shall define its own rules of procedure.
Article 9
Disputes between a Contracting Party and an investor of the other Contracting Party
1 -Any dispute which may arise between one Contracting Party and an investor of the other Contracting Party concerning an investment of that investor in the territory of the former Contracting Party shall be settled amicably through negotiations.
2 -If such dispute cannot be settled within a period of six months from the date of request for settlement, the investor concerned may submit the dispute to:
1. a)The competent court of the Contracting Party for decision; or
2. b)The International Center for the Settlement of Investments Disputes (ICSID), established under the Convention on the Settlement of Investments Disputes between States and Nationals of other States, opened for signature in Washington D. C., on March 18, 1965.
3 -Neither Contracting Party shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting Party has failed to abide by or to comply with the award rendered by the International Center for the Settlement of Investments Disputes.
4 -The award shall be enforceable on the parties and shall not be subject to any appeal or remedy other than that provided for in the said Convention. The award shall be enforceable in accordance with the domestic law of the Contracting Party in whose territory the investment in question is situated.
Article 10
Application of other rules
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 this Agreement contain a regulation, whether general or specific, entitling investments made by investors of the other Contracting Party to a treatment more favourable than is provided for by this agreement, such provisions shall, to the extent that they are more favourable, prevail over this Agreement.
Article 11
Application of the Agreement
This Agreement shall apply to all investments, made by investors from one of the Contracting Parties in the territory of the other Contracting Party in accordance with the respective legal provisions, prior to as well as after its entry into force, but shall not apply to any dispute concerning investments which have arisen before its entry into force.
Article 12
Consultations
Representatives of the Contracting Parties shall, whenever necessary, hold consultations on any matter affecting the implementation of this Agreement. These consultations shall be held on the proposal of one of the Contracting Parties at a place and a time to be agreed upon through diplomatic channels.
Article 13
Entry into force and duration
1 -This Agreement shall enter into force 30 days after the Contracting Parties notify each other in writing that their respective internal constitutional procedures have been fulfilled.
2 -This Agreement shall remain in force for a period of 10 years and continue in force thereafter unless, 12 months before its expiration or any subsequent five-year period, either Contracting Party notifies the other in writing of its intention to terminate the Agreement.
3 -In respect of investment made prior to the date of termination of this Agreement the provisions of articles 1 to 12 shall remain in force for a further period of 10 years from the date of termination of this Agreement.
In witness whereof, the undersigned representatives, duly authorized thereto, have signed the present Agreement.
Done in duplicate at this 17th day of April 1995 in the Portuguese and English languages, both texts being equally authentic.
For the Government of the Portuguese Republic:
José Manuel Morais Briosa e Gala.
For the Government of the Islamic Republic of Pakistan:
Gong Ro Myung.
PROTOCOL
On the occasion of the signing of the Agreement between the Government of the Portuguese Republic and the Government of the Islamic Republic of Pakistan on the Mutual Promotion and Protection of the Investments, the undersigned, duly authorized to this effect, have agreed also on the following interpretative provisions, which constitute an integral part of the said Agreement:
1 -With reference to article 2 of this Agreement, the provisions of article 2 of this Agreement should be applicable when investors of one of the Contracting Parties are already established in the territory of the other Contracting Party and wish to extend their activities or to carry out activities in other sectors.
Such investments shall be considered as new ones and, to that extent, shall be made in accordance with the rules on the admission of investments, according to article 2 of this Agreement.
2 -With reference to article 3 of this Agreement, the Contracting Parties consider that provisions of article 3 of this Agreement shall be without prejudice to the right of either Contracting Party to apply the relevant provisions of their tax law which distinguish between tax-payers who are not in the same situation with regard to their place of residence or with regard to the place where their capital is invested.
Done in Islamabad this 17th day of April 1995 in the Portuguese and English languages, both texts being equally authentic.
For the Government of the Portuguese Republic:
José Manuel Morais Briosa e Gala.
For the Government of the Islamic Republic of Pakistan:
Gong Ro Myung.

Artigo 13.º

Entrada em vigor e duração

1 -Este Acordo entrará em vigor 30 dias após a data em que ambas as Partes Contratantes tiverem notificado uma à outra, por escrito, o cumprimento dos respectivos procedimentos constitucionais internos.
2 -Este Acordo permanecerá em vigor por um período de 10 anos e será automaticamente prorrogado por períodos sucessivos de 5 anos, excepto se denunciado, por escrito, por uma das Partes Contratantes 12 meses antes da data do termo da sua vigência.
3 -As disposições dos artigos 1.º a 12.º permanecerão em vigor por um período de 10 anos a contar da data de denúncia do presente Acordo relativamente aos investimentos realizados antes daquela denúncia.
Em fé do que, os representantes abaixo assinados, devidamente autorizados para o efeito, assinaram o presente Acordo.
Feito em duplicado, no dia 17 do mês de Abril do ano de 1995, em português e inglês, ambos os textos fazendo igualmente fé.
Pelo Governo da República Portuguesa:
José Manuel Morais Briosa e Gala.
Pelo Governo da República Islâmica do Paquistão:
Gong Ro Myung.
PROTOCOLO
Por ocasião da assinatura do Acordo sobre a Promoção e a Protecção Mútua de Investimentos entre a República Portuguesa e a República Islâmica do Paquistão, os abaixo assinados, devidamente autorizados para o efeito, acordaram ainda nas seguintes disposições interpretativas, que constituem parte integrante do referido Acordo:
1 -Com referência ao artigo 2.º do presente Acordo, aplicar-se-á o disposto no artigo 2.º do presente Acordo aos investidores de uma das Partes Contratantes que já estejam estabelecidos no território da outra Parte Contratante e pretendam ampliar as suas actividades ou estabelecer-se noutros sectores.
Tais investimentos serão considerados como novos e, como tal, deverão ser realizados de acordo com as regras que regulam a admissão dos investimentos, nos termos do artigo 2.º do presente Acordo.
2 -Com respeito ao artigo 3.º do presente Acordo, as Partes Contratantes consideram que as disposições do artigo 3.º do presente Acordo não prejudicam o direito de cada uma das Partes Contratantes de aplicar as disposições pertinentes do seu direito fiscal que estabeleçam uma distinção entre contribuintes que não se encontrem em idêntica situação no que se refere ao seu lugar de residência ou ao lugar em que o seu capital é investido.
Feito em Islamabad, no dia 17 do mês de Abril do ano de 1995, em português e inglês, ambos os textos fazendo igualmente fé.
Pelo Governo da República Portuguesa:
José Manuel Morais Briosa e Gala.
Pelo Governo da República Islâmica do Paquistão:
Gong Ro Myung.
AGREEMENT BETWEEN THE PORTUGUESE REPUBLIC AND THE ISLAMIC REPUBLIC OF PAKISTAN ON THE MUTUAL PROMOTION AND PROTECTION OF INVESTMENTS.
The Government of the Portuguese Republic and the Government of the Islamic Republic of Pakistan, hereinafter referred to as the «Contracting Parties»:
Desiring to intensify the economic co-operation between the two States;
Intending to encourage and create favourable conditions for investments made by investors of one Contracting Party in the territory of the other Contracting Party on the basis of equality and mutual benefit;
Recognizing that the mutual promotion and protection of investments on the basis of this Agreement will stimulate business initiative;
have agreed as follows:
Article 1
Definitions
For the purpose of this Agreement:
1) The term «investment» shall mean every kind of asset invested by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the laws and regulations of the latter including, in particular, though not exclusively:
1. a)Movable and immovable property as well as any rights in rem, such as mortgages, liens, pledges and similar rights;
2. b)Shares, stocks, debentures, or other forms of interest in the equity of companies and or economic interests from the respective activity;
3. c)Claims to money or to any performance having an economic value;
4. d)Intellectual property rights such as copyrights, patents, trade marks, trade names, technical processes, know-how and good will;
5. e)Concessions conferred by law under a contract or an administrative act of a competent state authority, including concessions for prospecting, research and exploitation of natural resources.
  Any alteration of the form in which assets are invested shall not affect their character as investments, provided that such a change does not contradict the laws and regulations of the relevant Contracting Party;
  2) The term «returns» shall mean the amounts yielded by investments, over a given period, in particular, though not exclusively, shall include profits, dividends, interests, royalties or other forms of income related to the investments including technical assistance fees.
  In cases where the returns of investment, as defined above, are reinvested, the income resulting from the reinvestment shall also be considered as income related to the first investments;
  3) The term «investor» means:
6. a)Natural persons having the nationality of either Contracting Party, in accordance with its laws; and
7. b)Legal persons, including corporations, commercial companies or other companies or associations, which have a main office in the territory of either Contracting Party and are incorporated or constituted in accordance with the law of that Contracting Party;
  4) The term «territory» means the territory of either of the Contracting Parties, as defined by their respective laws, over which the Contracting Party concerned exercises, in accordance with international law, sovereignty, sovereign rights or jurisdiction.
  Article 2
  Promotion and protection of investments
1 -Each Contracting Party shall promote and encourage, as far as possible, within its territory investments made by investors of the other Contracting Party and shall admit such investments into its territory in accordance with its laws and regulations and shall in any case accord such investments fair and equitable treatment.
2 -Investments made by investors of either Contracting Party shall enjoy full protection and security in the territory of the other Contracting Party.
Neither Contracting Party shall in any way impair by unreasonable, arbitrary or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments in its territory of investors of the other Contracting Party.
Article 3
National and most favoured nation treatment
1 -Investments made by investors of one Contracting Party in the territory of the other Contracting Party, as also the returns therefrom, shall be accorded treatment which is fair and equitable and not less favourable than the latter Contracting Party accords to the investments and returns of its own investors or to investors of any third State.
2 -Investors of one Contracting Party shall be accorded by the other Contracting Party, as regards the management, maintenance, use, enjoyment or disposal of their investments, treatment which is fair and equitable and not less favourable that the latter Contracting Party accords its own investors or to investors of any third State.
3 -The provisions of this article shall not be construed so as to oblige one Contracting Party to extend to the investors of the other Contracting Party the benefit of any treatment, preference or privilege which may be extended by the former Contracting Party by virtue of:
1. a)Any existing or future free trade area, customs union, common market or other similar international agreements including other forms of regional economic cooperation to which either of the Contracting Parties is or may become a Party; and
2. b)Any international agreement relating wholly or mainly to taxation.
  Article 4
  Expropriation
1 -Investments made by investors of either Contracting Party in the territory of the other Contracting Party shall not be expropriated, nationalised or subject to any other measure with effects equivalent to expropriation or nationalisation (hereinafter referred to as expropriation) except by virtue of law for a public purpose, on a non-discriminatory basis and against prompt compensation.
2 -Such compensation shall amount to the market value of the expropriated investments immediately before the expropriation became publicly known. The compensation shall be paid without delay, shall include the usual commercial interest until the date of payment and shall be prompt, effective and freely transferable.
3 -The investor whose investments are expropriated shall have the right under the law of expropriating Contracting Party the prompt review by a judicial or other competent authority of that Contracting Party of his or its case and of valuation of his or its investments in accordance with the principles set out in this article.
Article 5
Compensation for losses
Investors of one Contracting Party whose investments suffer losses in the territory of the other Contracting Party owing to war or armed conflict, a state of national emergency or other events considered as such by international law, shall be accorded treatment no less favourable by the latter Contracting Party than that Contracting Party accords to the investments of its own investors, or to the investments of investors of any third State, whichever is more favourable, as regards restitution, indemnification, compensation or other valuable consideration. Any payment made under this article shall be, without delay, freely transferable in convertible currency.
Article 6
Transfers
1 -Pursuant to its own legislation, each Contracting Party shall guarantee investors of the other Contracting Party the free transfer of sums related to their investments, in particular, though not exclusively:
1. a)Capital and additional amounts necessary to maintain or increase the investments;
2. b)The returns defined in paragraph 2) of article 1 of this Agreement;
3. c)Funds in service, repayment and amortisation of loans, recognized by both Contracting Parties to be an investment;
4. d)The proceeds obtained from the sale or from the total or partial liquidation of the investment;
5. e)Any compensation or other payment referred to in articles 4 and 5 of this Agreement; or
6. f)Any preliminary payments that may be made in the name of the investor in accordance with article 7 of this Agreement.
2 -The transfers referred to in this article shall be made without restriction or delay at the exchange rate applicable on the date of the transfer in convertible currency.
Article 7
Subrogation
In case one Contracting Party, or its designated agency, makes any payment to one of its investors as a result of a guarantee in respect of an investment made in the territory of the other Contracting Party, the former Contracting Party, or its designated agency, shall be subrogated to the rights and shares of this investor, and may exercise them according to the same terms and conditions as the original holder.
Article 8
Disputes between the Contracting Parties
1 -Disputes between the Contracting Parties concerning the interpretation and application of this Agreement should, as far as possible, be settled by negotiations through diplomatic channels.
2 -If the Contracting Parties fail to reach such settlement within six months after the begining of negotiations, the dispute shall, upon the request of either Contracting Party, be submitted to an arbitral tribunal, in accordance with the provisions of this article.
3 -The arbitral tribunal shall be constituted ad hoc, as follows: each of the Contracting Parties shall appoint one member and these two members shall propose a national of a third State as chairman to be appointed by the two Contracting Parties. The members shall be appointed within two months and the chairman shall be appointed within three months from the date on which either Contracting Party notifies the other that it wishes to submit the dispute to an arbitral tribunal.
4 -If the deadlines specified in paragraph 3 of this article are not complied with, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments. If the President is prevented from doing so, or is a national of either Contracting Party, the Vice-President shall be invited to make the necessary appointments.
If the Vice-President is also a national of either Contracting Party or if he is prevented from making the appointments for any other reason, the appointments shall be made by the member of the Court who is next in seniority and who is not a national of either Contracting Party.
5 -The chairman of the arbitral tribunal shall be a national of a third State with which both Contracting Parties maintain diplomatic relations.
6 -The arbitral tribunal shall rule according to majority vote. The decisions of the tribunal shall be final and binding on both Contracting Parties. Each Contracting Party shall be responsible for the costs of its own member and of its representatives at the arbitral proceedings. Both Contracting Parties shall assume an equal share of the expenses incurred by the chairman, as well as any other expenses. The tribunal may make a different decision regarding costs. In all other respects, the tribunal court shall define its own rules of procedure.
Article 9
Disputes between a Contracting Party and an investor of the other Contracting Party
1 -Any dispute which may arise between one Contracting Party and an investor of the other Contracting Party concerning an investment of that investor in the territory of the former Contracting Party shall be settled amicably through negotiations.
2 -If such dispute cannot be settled within a period of six months from the date of request for settlement, the investor concerned may submit the dispute to:
1. a)The competent court of the Contracting Party for decision; or
2. b)The International Center for the Settlement of Investments Disputes (ICSID), established under the Convention on the Settlement of Investments Disputes between States and Nationals of other States, opened for signature in Washington D. C., on March 18, 1965.
3 -Neither Contracting Party shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting Party has failed to abide by or to comply with the award rendered by the International Center for the Settlement of Investments Disputes.
4 -The award shall be enforceable on the parties and shall not be subject to any appeal or remedy other than that provided for in the said Convention. The award shall be enforceable in accordance with the domestic law of the Contracting Party in whose territory the investment in question is situated.
Article 10
Application of other rules
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 this Agreement contain a regulation, whether general or specific, entitling investments made by investors of the other Contracting Party to a treatment more favourable than is provided for by this agreement, such provisions shall, to the extent that they are more favourable, prevail over this Agreement.
Article 11
Application of the Agreement
This Agreement shall apply to all investments, made by investors from one of the Contracting Parties in the territory of the other Contracting Party in accordance with the respective legal provisions, prior to as well as after its entry into force, but shall not apply to any dispute concerning investments which have arisen before its entry into force.
Article 12
Consultations
Representatives of the Contracting Parties shall, whenever necessary, hold consultations on any matter affecting the implementation of this Agreement. These consultations shall be held on the proposal of one of the Contracting Parties at a place and a time to be agreed upon through diplomatic channels.
Article 13
Entry into force and duration
1 -This Agreement shall enter into force 30 days after the Contracting Parties notify each other in writing that their respective internal constitutional procedures have been fulfilled.
2 -This Agreement shall remain in force for a period of 10 years and continue in force thereafter unless, 12 months before its expiration or any subsequent five-year period, either Contracting Party notifies the other in writing of its intention to terminate the Agreement.
3 -In respect of investment made prior to the date of termination of this Agreement the provisions of articles 1 to 12 shall remain in force for a further period of 10 years from the date of termination of this Agreement.
In witness whereof, the undersigned representatives, duly authorized thereto, have signed the present Agreement.
Done in duplicate at this 17th day of April 1995 in the Portuguese and English languages, both texts being equally authentic.
For the Government of the Portuguese Republic:
José Manuel Morais Briosa e Gala.
For the Government of the Islamic Republic of Pakistan:
Gong Ro Myung.
PROTOCOL
On the occasion of the signing of the Agreement between the Government of the Portuguese Republic and the Government of the Islamic Republic of Pakistan on the Mutual Promotion and Protection of the Investments, the undersigned, duly authorized to this effect, have agreed also on the following interpretative provisions, which constitute an integral part of the said Agreement:
1 -With reference to article 2 of this Agreement, the provisions of article 2 of this Agreement should be applicable when investors of one of the Contracting Parties are already established in the territory of the other Contracting Party and wish to extend their activities or to carry out activities in other sectors.
Such investments shall be considered as new ones and, to that extent, shall be made in accordance with the rules on the admission of investments, according to article 2 of this Agreement.
2 -With reference to article 3 of this Agreement, the Contracting Parties consider that provisions of article 3 of this Agreement shall be without prejudice to the right of either Contracting Party to apply the relevant provisions of their tax law which distinguish between tax-payers who are not in the same situation with regard to their place of residence or with regard to the place where their capital is invested.
Done in Islamabad this 17th day of April 1995 in the Portuguese and English languages, both texts being equally authentic.
For the Government of the Portuguese Republic:
José Manuel Morais Briosa e Gala.
For the Government of the Islamic Republic of Pakistan:
Gong Ro Myung.