ARTICLE 3
4.
CONFIDENTIAL
- 3
Articles 3 (1)
and 3 (2) are very
similar to
Articles 3(1) and 3(2) of the Hong Kong model text. Each
paragraph was amended to make it clear that the treatment
standard
to be adopted would be that which is more
favourable to the investor concerned. Also, a reference to
protection of
investments was added to Article 3(1) of the
initialled text (see paragraph 3 above).
5.
Article
3 (3) was added at the request of the
Italian delegation to make clear that investors are not
prevented from taking advantage of any law of the other Contracting Party or other obligations between the Contracting Parties which are applicable to them and more
than the provisions of the IPPA. It is clear, in the case of Hong Kong, that the provisions of the IPPA are in line with existing laws and obligations.
favourable
ARTICLE 4
5.
This Article is identical to Article 4 of the Hong
Kong model text.
ARTICLE 5
7.
of the
made to
Article 5
is
Hong Kong
substantively the same as Article 5
model text. However, some changes were
Article 5 (1) of the initialled text to meet the
concerns of the Italian delegation, as follows
(a) in the first sentence, the term "measures" was
further to make clear that investors
be
qualified
shall not
equivalent
subjected to measures having effect
to limiting the enjoyment of the investment. The Italian side considered that this
reference was
essential to make the Agreement
CONFIDENTIAL