Common use of National Treatment Clause in Contracts

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territoryinvestments. 2. Each Party shall accord to covered investments of investors of the other Party treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other another Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal other disposition of investments.

National Treatment. 1. Each Party shall shall, in its territory, accord to investors of the other another Party and their investments treatment no less favourable than that it accords, in like circumstances, to its own investors and their investments with respect to the management, conduct, operation, maintenance, use, enjoyment sale, liquidation, or other forms of disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of such investments.

National Treatment. 1. 1 Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investments and activities associated with such investments, with respect to management, conduct, operation, maintenance, use, enjoyment or disposal, by the investors of the other Party treatment no less favourable than that it accordsaccorded, in like circumstances, to the investments and associated activities by its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territoryinvestors. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, and to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered their investments treatment no less favourable than that it accordsaccords in like circumstances to its own investors and to their investments with respect to investment activities in its Area. 2. The treatment accorded by a Party under paragraph 1 means, with respect to a regional or local government or authority, treatment no less favourable than the most favourable treatment accorded, in like circumstances, by that regional or local government or authority to investors, and to investments in its territory of its own investors with respect to investors, of the management, maintenance, use, enjoyment or disposal Party of investmentswhich it forms a part.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, and to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered their investments treatment no less favourable than that it accords, accords in like circumstances, circumstances to investments in its territory of its own investors and to their investments with respect to investment activities. 2. Notwithstanding paragraph 1, each Party may prescribe special formalities in connection with investment activities of investors of the managementother Party in its Area, maintenance, use, enjoyment or disposal provided that such formalities do not materially impair the protection afforded by the former Party to investors of investmentsthe other Party and to their investments pursuant to this Chapter.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments of investors of the other Party treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and their investments, in relation to the establishment, acquisition, expansion, management, conduct, operation, sale or other disposition of investments, treatment no less favourable than that it accords, accords in like circumstances, circumstances to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territoryand their investments. 2. Each A Party may in accordance with the letter exchange on Article 5, adopt or maintain limitations to paragraph 1 in relation to any sectors or matters that shall accord to covered investments treatment no less favourable than that it accords, be set out in like circumstances, to investments in its territory the exchange of its own investors with respect Annexes pursuant to the management, maintenance, use, enjoyment or disposal of investmentssaid letter exchange.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments treatment no less favourable favorable than that it accords, in like circumstances, to its own investors and to their investments with respect to the establishment, acquisition, expansion, management, operation, maintenance, use, enjoyment possession, liquidation, sale, or disposal other disposition of investments (hereinafter referred to in its territorythis Chapter as “investment activities”). 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments, treatment no less favourable than that it accords, in like circumstances, to its own investors and to their investments with respect to the management, maintenance, use, enjoyment or disposal of investments in its territoryinvestment activities. 2. Each Notwithstanding paragraph 1, each Party shall accord to covered investments treatment no less favourable than that it accords, may prescribe special formalities in like circumstances, to investments connection with investment activities of investors of the other Party in its territory Area, such as compliance with registration requirements, provided that such special formalities do not impair the substance of its own the rights of such investors with respect to the management, maintenance, use, enjoyment or disposal of investmentsunder this Chapter.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investmentsinvestments in its territory.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments of investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or other disposal of investments in its territoryinvestments. 2. Each Party shall accord to covered investments of investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or other disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments, treatment no less favourable than that the treatment it accords, accords in like circumstances, circumstances2 to its own investors with respect and their investments, in relation to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or operation and disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments made in the Area of the former Party, treatment no less favourable favorable than that it accords, in like circumstances, to its own investors and to their investments with respect to the management, maintenance, use, enjoyment or disposal of investments investment activities in its territoryArea. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party party treatment no less favourable than that it accords, accorded in like circumstances, circumstances to its own investors with respect to the establishment, expansion and acquisition, administration, management, maintenance, use, enjoyment operation and sale or disposal other disposition of financial institutions and investments in financial institutions in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to covered investments treatment no less favourable than that it accords, in like circumstances, to its own investors and to their investments with respect to the management, maintenance, use, enjoyment or disposal of investments investment activities in its territoryArea. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments, in relation to their investment activities, treatment no less favourable than that it accords, in like circumstancessituations, to its own investors with respect and to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of their investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territoryinvestments. 2. Each Party shall accord to covered investments of investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord provide to the investors of the other Party party and to investments of investors of the other party treatment no less favourable than that it accords, accorded in like circumstances, circumstances to its own to investors with respect to the management, maintenance, use, enjoyment or disposal and investments of investments in its territorysuch investors. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall within its country’s territory accord to investors of the other Party and to their investments, treatment no less favourable than that it accords, accords in like circumstances, circumstances to its own investors and to their investments with respect to the establishment, acquisition, expansion, management, operation, maintenance, use, enjoyment possession, liquidation, sale, or disposal other disposition of investments (hereinafter referred to in its territorythis Chapter as “investment activities”). 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. ‌ Each Party shall accord to investors of the other Party and covered investments treatment no less favourable than that it accords, in like circumstances, to its own investors and their investments with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other another Party treatment no less favourable favorable than that it accordsaccords to its own investors, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of financial institutions and investments in financial institutions in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party party shall accord to covered investments treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their covered investments with respect to their establishment in its territory, treatment no less favourable than that the treatment it accords, in like circumstancessituations, to its own investors with respect and to the management, maintenance, use, enjoyment or disposal of investments in its territorytheir enterprises. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall shall, in accordance with its applicable laws and regulations, accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territoryArea. 2. Each Party shall shall, in accordance with its applicable laws and regulations, accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory Area of its own investors with respect to the management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to covered investments in relation to establishment, acquisition, expansion, management, conduct, operation, liquidation, sale, transfer, or other disposition of investments, treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of and their investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other a Party and to an investment of an investor of a Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, and to investments in its territory of its own such investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments, as regards the establishment of an enterprise in its territory, treatment no less favourable than that the treatment it accords, in like circumstancessituations, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territoryand their investments. 2. Each Party shall accord to covered investments investors of the other Party and to their investments, as regards their operation in its territory, treatment no less favourable than that the treatment it accords, in like circumstancessituations, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of and investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable favorable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of investmentsinvestments in its territory.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that which it accordsgrants, in like similar circumstances, to its own investors with respect in relation to the managementestablishment, maintenanceacquisition, useexpansion, enjoyment administration, conduct, operation and sale or disposal otherwise. of disposition of investments in its territory. 2. Each Party shall accord to grant covered investments treatment no less favourable favorable treatment than that it accordsgranted, in like similar circumstances, to investments in its territory of its own investors with respect in relation to the managementestablishment, maintenanceacquisition, useexpansion, enjoyment administration, conduct, operation and sale or another form of disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party Party, and to their covered investments, treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to and investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investmentsinvestments in its territory.

National Treatment. 1. Each Party shall within its country's territory accord to investors of the other Party and to their investments, treatment no less favourable than that it accords, accords in like circumstances, circumstances to its own investors and to their investments with respect to the establishment, acquisition, expansion, management, operation, maintenance, use, enjoyment possession, liquidation, sale, or disposal other disposition of investments (hereinafter referred to in its territorythis Chapter as "investment activities"). 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Subject to its laws and regulations, each Party shall accord to investors of the other Party and their investments treatment no less favourable than that it accords, in like circumstances, to its own investors and their investments with respect to the expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other another Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party another party directly related to their investments and to investments of investors of another party treatment no less favourable than that it accords, in like circumstances, accorded to its own to investors with respect to the management, maintenance, use, enjoyment or disposal and investments of investments in its territorysuch investors. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord grant in its territory, subject to its laws and regulations, to investments of investors of the other Party a treatment no less favourable favorable than that it accordsaccorded, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like similar circumstances, to investments in its territory of its own investors with respect regard to to the managementadministration, maintenance, useexploitation, enjoyment use or disposal of investmentsyour investment.

National Treatment. 1. Each Party shall accord to investors of the other Party party treatment no less favourable than that accorded in like circumstances to its own investors with respect to the establishment, expansion and acquisition, management, leadership "operation and sale or other disposition of investments in its territory, 2. Each party shall accord to covered investments favourable treatment no less that it accords, in like circumstances, to its own investments of investors with respect to the establishment, expansion and acquisition, administration, management, maintenance, use, enjoyment operation and sale or disposal other disposition of the investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors Investors and Investments of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments Investments in its territoryTerritory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party Party, and to investments of investors of the other Party, treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territoryinvestors. 2. Each Party shall accord to covered investments treatment no less favourable than that it accordsinvestors of the other Party, in like circumstances, with respect to investments that suffer losses in its territory due to armed conflict or civil strife, or acts of its own investors God or force majeure, nondiscriminatory treatment with respect to the management, maintenance, use, enjoyment any measures it adopts or disposal of investmentsmaintains with respect to such losses.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable than that it accordsaccords to its own investors, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, use, enjoyment operation and sale or disposal other disposition of financial institutions and investments in financial institutions in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to covered enterprises treatment no less favourable than that which it accords, in like circumstancessituations, to its own investors and to their enterprises, with respect to the management, maintenance, use, enjoyment or disposal of investments establishment and operation in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and to their investments treatment no less favourable favorable than that the treatment it accords, in like circumstances, to its own investors and to their investments with respect to the establishment, acquisition, expansion, management, conduct, operation, maintenance, use, enjoyment and sale or disposal other disposition of investments (hereinafter referred to in its territorythis Chapter as “investment activities”). 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party and covered investments treatment no less favourable than that it accords, in like circumstances, to its own investors and their investments with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party Party, and to covered investments, treatment no less favourable than that it accords, in like circumstances, to its own investors and their investments with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territoryinvestments. 2. Each Party shall accord to covered investments For greater certainty, whether treatment no less favourable than that it accords, is accorded in "like circumstances" depends on the totality of the circumstances, to including whether the relevant treatment distinguishes between investments in its territory of its own investors with respect to on the management, maintenance, use, enjoyment or disposal basis of investmentslegitimate public welfare objectives.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party party shall accord to covered investments treatment no less favourable favorable than that it It accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, accords in like circumstances, similar circumstances to its own investors in connection with respect to the managementestablishment, maintenanceacquisition, useexpansion, enjoyment administration, conduct, operation and sale or disposal otherwise Of disposition of the investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like under similar circumstances, to investments in its territory of by its own investors in connection with respect to the managementestablishment, maintenanceacquisition, useexpansion, enjoyment administration, conduct, operation and sale or disposal another form of disposition of the investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favourable favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party Party, and covered investments, in relation to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory, treatment that is no less favourable than that it accords, in like circumstances, to its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of and investments.

National Treatment. 1. Each Party shall accord to investors of the other Party party treatment no less favourable than that it accords, accorded in like circumstances, circumstances to its own investors with respect to the establishment, expansion and acquisition, administration, management, maintenance, use, enjoyment operation and sale or disposal other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.

National Treatment. 1. Each Party shall accord to investors of another party and to an investor of investments of the other Party party treatment no less favourable than that it accords, accorded in like circumstances, circumstances to its own to investors and investments of such investors with respect to the establishment, expansion and acquisition, administration, management, maintenance, use, enjoyment operation and sale or disposal of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal other disposition of investments.

National Treatment. 1. Each Party shall accord to investors of the other Party Party, and to covered investments of investors of the other Party, treatment no less favourable favorable than that it accords, in like circumstances, (16) to its own investors and investments with respect to the establishment, acquisition, expansion, management, maintenanceconduct, useoperation, enjoyment and sale or disposal other disposition of investments in its territory. 2. Each The treatment to be accorded by a Party shall accord under paragraph 1 means, with respect to covered investments a regional level of government, treatment no less favourable favorable than that it accordsthe most favorable treatment accorded, in like circumstances, by that regional level of government to investors, and to investments in its territory of its own investors with respect to investors, of the management, maintenance, use, enjoyment or disposal Party of investmentswhich it forms a part.

National Treatment. 1. Each Party shall accord to investors of the other Party and to covered enterprises treatment no less favourable than that it accords, in like circumstancessituations, to its own investors and to their enterprises, with respect to the management, maintenance, use, enjoyment or disposal of investments establishment and operation in its territory. 2. Each Party shall accord to covered investments treatment no less favourable than that it accords, in like circumstances, to investments in its territory of its own investors with respect to the management, maintenance, use, enjoyment or disposal of investments.