Common use of National Treatment Clause in Contracts

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less 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, conduct, operation, and sale or other disposition of investments. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of government to natural persons resident in and enterprises constituted under the laws of other regional levels of government of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsinvestments in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable favourable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less 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, conduct, operation, and sale or other disposition of investments. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of government, treatment no less favorable than the most favorable treatment accorded, in like circumstances, by that regional level of government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other another Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less 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, conduct, operation, and sale or other disposition of investments. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of government, treatment no less favorable than the most favorable treatment accorded, in like circumstances, by that regional level of government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsinvestments in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of subnational government, treatment no less favorable favourable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in and enterprises constituted under the laws of other regional levels of government of the Party of which it forms a partinvestors, and to their respective investmentsinvestments of investors, of a non-Party.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub- national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable than that it i t accords, in like circumstances, to investments in its territory of its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of government, treatment no less favorable than the most favorable treatment accorded, in like circumstances, by that regional level of government to natural persons resident in investors, and enterprises constituted under the laws t o investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less 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, conduct, operation, and sale or other disposition of investments. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of government, treatment no less favorable than the most favorable treatment accorded, in like circumstances, by that regional level of government goverment to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less 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, conduct, operation, and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub- national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of subnational government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsinvestments in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub- national government, treatment no less favorable favourable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of subnational government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to te a regional level of sub-national government, treatment no less favorable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. • 1. Each Party shall accord to investors of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsinvestments in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 paragraphs1 and2 means, with respect to a regional level of sub-national government, treatment no less favorable favourable than the treatment accorded, in like circumstances, by that regional level of sub-national government to natural persons resident in investors, and enterprises constituted under the laws to investments of other regional levels of government investors, of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors of the other another Party treatment no less favorable favourable than that it accords, in like circumstances, accords to its own investors with respect to investors, under similar circumstances, in terms of the establishment, acquisition, expansion, administration, management, conduct, operation, operation and sale or other disposition of investments in its territory. 2. Each Party shall accord to covered investments treatment no less favorable favourable than that it accordsaccords the investments of their own investors in its territory, under similar circumstances, in like circumstances, to investments in its territory terms of its own investors with respect to the establishment, acquisition, expansion, administration, management, conduct, operation, operation and sale or other disposition of investments. 3investments in their territory. The treatment to be Treatment accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of or state government, treatment no less favorable than favourable that the most favourable treatment accordedwhich that regional or state government accords, in like circumstances, by that regional level to the investors and investments of government to natural persons resident in and enterprises constituted under the laws of other regional levels of government investors of the Party of which it forms a part, and to their respective investments.

National Treatment. 1. Each Party shall accord to investors an investor of the other Party treatment no less favorable favourable than that it accords, in like circumstances, to its own investors with respect to the establishment, acquisition, expansion, management, conduct, operation, operation and sale or other disposition of investments an investment in its territory. 2. Each Party shall accord to a covered investments investment treatment no less favorable 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, conduct, operation, operation and sale or other disposition of investmentsan investment in its territory. 3. The treatment to be accorded by a Party under paragraphs 1 and 2 means, with respect to a regional level of sub-national government, treatment no less favorable favourable than the treatment accorded, accorded in like circumstances, circumstances by that regional level of sub-national government to natural persons resident in investors and enterprises constituted under the laws to investments of other regional levels of government investors of the Party of which it forms a part, and to their respective investments.