Joint Declaration in relation to Article 28

Joint Declaration in relation to Article 28

Without prejudice to the provisions of Articles 50 and 51, the Parties agree that the words "in conformity with... legislation and regulations" mentioned in paragraphs 1 and 4 of Article 28 mean that each Party may regulate the establishment of companies, by means of setting up subsidiaries and branches, as defined in Article 30 and the operation of branches provided that this legislation and regulations do not create reservations resulting in a less favourable treatment than that accorded to companies or branches of any third country respectively.

Without prejudice to the reservations listed in Annexes 3 and 4 and to the provisions of Articles 50 and 51, the Parties agree that the words "in conformity with... legislation and regulations" mentioned in paragraphs 2 and 3 of Article 28 mean that each Party may regulate the operation of companies on its territory, provided that this legislation and regulations do not create for the operations of companies of the other Party any new reservations resulting in a less favourable treatment than that accorded to their own companies or to subsidiaries of companies of any third country whichever is the better.