CONFIDENTIAL
PERMANENT SOVEREIGNTY OVER NATURAL RESOURCES
UK View
We recognise the right of governments to expropriate foreign owned property. But we believe that this should be done for a public purpose related to the internal requirements of the country, be non-discriminatory in its application, and comply with the duty under international law to pay prompt, adequate and effective compensation.
UK Aims
To join with the Delegations of other major investing countries in defending our common position on permanent sovereignty over natural resources, while avoiding as far as possible confrontations with developing countries.
Line to Take (Defensive)
10
If an intervention to defend our position is necessary, Delegation might draw on the following points:
the
It is the UK's aim to narrow areas of conflict between the nations of the world. In the context of natural resources, the UK wichos to avoid, and failing that to narrow, the area of possible friction
The expropriation/ between the developing and developed countries. nationalisation of foreign property without (adequate) compensation is not only contrary to international lew but also generates :`riction between the developed and developing countries.
It is
he UK view that such friction is harmful to the stability of the international economy: if the nationalisation of foreign assets without reference to international obligations were to be accepted as standard international practice, both developed and developing countries would suffer.
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CONUDENTIAL
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