Article 3 Treatment of Investments

1. Each Contracting Party shall provide in the territory of its State fair and equitable treatment for the investments made by investors of the other Contracting Party in respect of management, maintenance, enjoyment, use or disposal of such investments.

2. The treatment referred to in paragraph 1 of this Article shall not be less favourable than that granted by a Contracting Party to the investments of its own investors or to the investments of investors of any third State, whichever investor considers as more favourable.

3. Each Contracting Party shall reserve the right to apply and to introduce exceptions of national treatment in respect of foreign investors and their investments, including reinvestments.

4. The provision of paragraph 2 of this Article related to the most-favored nation treatment shall not be construed so as to oblige one Contracting Party to extend to the investments made by investors of the other Contracting Party the benefits of any treatment, preference or privilege which are extended or may be extended in the future by the former Contracting Party:

5. Without prejudice to the provisions of Articles 4, 5 and 8 of this Agreement, neither Contracting Party is committed by this Agreement to accord a treatment more favourable than the treatment granted by that Contracting Party in accordance with its obligations under the Agreement establishing the World Trade Organization (the Agreement WTO) signed in April, 15-th, 1994 including the obligations of the General Agreement on Trade in Services (GATS) and also in accordance with any multilateral arrangements concerning the treatment of investments to which both Contracting Parties are parties.