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(Arabic Translation is attached)(الترجمة العربية مرفقة)
June 7, 2012
No.16
Statement by Press Secretary/Director-General for Press and Public Relations,
Ministry of Foreign Affairs of Japan, on Signing the Japan-Iraq Investment Agreement
- On Thursday, June 7, Mr. Susumu Hasegawa, Ambassador of Japan to the Republic of Iraq, and Dr. Sami R. Al-Araji, Chairman, National Investment Commission of Iraq signed the Agreement between Japan and the Republic of Iraq for the Promotion and Protection of Investment (hereinafter referred to as “the Agreement”) in Baghdad.
- The Agreement stipulates treatments of an investor of a Contracting Party who invests in the other Contracting Party, such as national treatment, most-favored-nation treatment, free transfers, conditions for expropriation and compensation, and the procedures of dispute settlements.
- Iraq, which has the world’s fourth largest proved oil reserves, is an important provider of energy resources for Japan. The Agreement is expected to contribute to creation of a favorable environment for investors by improving legal stability, and thereby further promoting the Japan-Iraq economic relationship and supporting the development of Iraq.
- The Agreement will enter into force on the thirtieth day after the date of exchange of diplomatic notes between the Governments of the Contracting Parties informing each other that their respective legal procedures necessary for the entry into force of this Agreement have been completed.
(END)
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