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Law of Ukraine of 19.01.2006 № 3384-IV
On Ratification of the Agreement between the Government of Ukraine and the Government of the Republic of The Gambia on Promotion and Mutual Protection of Investments
 Valid, Summary version from 19.01.2006



The Law of Ukraine


On Ratification of the Agreement between the Government of Ukraine and the Government of the Republic of The Gambia on Promotion and Mutual Protection of Investments


Date of entry into force:

February 27, 2006


The Law ratifies the Agreement between the Government of Ukraine and the Government of the Republic of The Gambia on Promotion and Mutual Protection of Investments. The Agreement was signed July 12, 2001 in Kyiv.


The Government of Ukraine and the Government of the Republic of The Gambia have concluded this Agreement with the objective of creation and supporting favorable conditions for investments of investors of one Contracting Party on the territory of the other Contracting Party.


Each Contracting Party shall encourage and create favorable conditions for investors of the other Contracting Party for making investments on its territory and admits such investments in accordance with its legislation. Investments of investors of any of the Contracting Parties shall enjoy fair and equal treatment and shall receive full protection and safety on the territory of the other Contracting Party.

The term “investment” means any type of assets invested in connection with economic activity by investor of one Contracting Party on the territory of the other Contracting Party in accordance with the laws and rules of the latter and includes in particular:


  • movable property and real estate, just as any other property rights, such as pledge, retention right, loan guarantee and similar rights;

  • shares, securities and debt instruments of companies or any other type of participation in a company;

  • demands concerning money or any fulfillment of liability that has economic value connected with the investment;

  • intellectual property rights, including copyright, trademarks, patents, industrial designs, technical processes, know-how, trade secrets, company names and goodwill, connected with the investment;

  • any right granted in accordance with the legislation or by contract and any licenses and permissions according to the legislation, including concessions for prospecting, production, development and use of natural resources.


Each Contracting Party on its territory provides investments and profits of investors of the other Contracting Party with a regime, which is fair and equal and is no less favorable than that provided to investments and profits of investors of any third Party.


Identical procedures of restitution, reimbursement and compensation shall be applied to investments of investors of any Contracting Party on the territory of the other Contracting Party than those, which the latter Contracting Party provides to its own investors or investors of any third Party.


The Contracting Parties guarantee transfer of payments concerning investments and profits. Transfers shall be made in hard currency without any limitations and unnecessary delay.

Investments of investors of any Contracting Party shall not be nationalized, expropriated or subjected to measures that have effect equivalent to nationalization or expropriation on the territory of the other Contracting Party, except for social purposes. Expropriation shall be done only by proper legal procedure, on non-discriminatory basis and will be accompanied by conditions on payment of immediate, adequate and effective compensation. Such compensation shall equal to market price of the investments.



Any dispute between investor of one Contracting Party and other Contracting Party shall be subject of talks between the parties in the dispute. In case the dispute cannot be thus settle during six month, an investor has the right to submit the case to the following:


  • International Center for Settlement of Investment Disputes (ICSID), taking into account corresponding conditions of the Convention on the Settlement of Investment Disputes between the States and Citizens of Other States, which is open for signing in Washington, District Columbia on March 18, 1965, in case when both Contracting Parties have become a part of this Convention, or

  • arbitrator or international ad hoc court of arbitration, founded in accordance with UNCITRAL Arbitration Rules. The parties in the dispute can agree in writing to change these rules. Arbitrary decisions shall be final and mandatory for both sides of the dispute.


Disputes between the Contracting Parties concerning interpretation or application of this Agreement shall be settled by consultations or talks. In case such dispute cannot be settled during six months, upon request of any of the Contracting Party, it will be sent to Court of Arbitration, created by the Contracting Parties.


Conditions of this Agreement shall apply to investments made by investors of one Contracting Party on the territory of the other Contracting Party before and after this Agreement enters into force.


This Agreement shall enter into force after the Parties fulfill internal procedures required for its ratification.


Validity term of the agreement is 10 years.


Each of the Contracting Parties can terminate this Agreement by notifying the other Party about its intention not later than one year prior to end of initial or following periods.

Conditions of this Agreement shall remain valid for the period of ten years upon its termination for investments made prior to termination of this Agreement.




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