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18 DE ABRIL DE 1996


certain matters a number of which are governed by this Treaty, including the authority to take decisions binding on them in respect of those matters;

4) «Energy materials and products*, based on the Harmonized System of the Customs Cooperation Council and the Combined Nomenclature of the European Communities, means the items included in annex EM;

5) «Economic activity in the energy sector» means an economic activity concerning the exploration, extraction, refining, production, storage, land transport, transmission, distribution, trade, marketing, or sale of energy materials and products except those included in annex NI, or concerning the distribution of heat to multiple premises;

6) «Investment» means every kind of asset, owned or controlled directly or indirectly by an investor and includes:

a) Tangible and intangible, and movable and immovable, property, and any property rights such as leases, mortgages, liens, and pledges;

b) A company or business enterprise, or shares, stock, or other forms of equity participation in a company or business enterprise, and bonds and other debt of a company or business enterprise;

c) Claims to money and claims to performance pursuant to contract having an economic value and associated with an investment;

d) Intellectual property,

e) Returns;

f) Any right conferred by law or contract or by virtue of any licences and permits granted pursuant to law to undertake any economic activity in the energy sector.

A change in the form in which assets are invested does not affect their character as investments and the term «investment» includes all investments, whether existing at or made after the later of the date of entry into force of this Treaty for the Contracting Party of the investor making the investment and that for the Contracting Party in the area of which the investment is made (hereinafter referred to as the «effective date») provided that the Treaty shall only apply to matters affecting such investments after the effective date.

«Investment» refers to any investment associated with an economic activity in the energy sector and to investments or classes of investments designated by a Contracting Party in its area as «Charter efficiency projects* and so notified to the Secretariat;

7) «Investor» means:

a) With respect to a Contracting Party.

0 A natural person having the citizenship or nationality of or who is permanently residing in that Con-. tracting Party in accordance with its applicable law;

ii) A company or other organization organized in accordance with the law applicable in that Contracting Party;

b) With respect to a «third state», a natural

person, company or other organization which fulfils, mutatis mutandis, the conditions specified in subparagraph a) for a Contracting Party;

8) «Make investments* or «making of investments* means establishing new investments, acquiring all or part of existing investments or moving into different fields of investtneht activity;

9) «Returns» means the amounts derived from or associated with an investment, irrespective of the form in which they are paid, including profits, dividends, interest, capital gains, royalty payments, management, technical assistance or other fees and payments in kind;

10) «Área» means with respect to a state that is a Contracting Party: '

a) The territory under its sovereignty, it being understood that territory includes land, internal waters and the territorial sea; and

b) Subject to and in accordance with the international law of the sea: the sea, seabed and its subsoil with regard to which that Contracting Party exercises sovereign rights and jurisdiction.

With respect to a regional economic integration organization which is a Contracting Party, area means the areas of the member states of such Organization, under the provisions contained in the agreement establishing that Organization. 11):

a) «GATT» means «GATT 1947» or «GATT 1994», or both of them where both are applicable;

b) «GATT 1947» means the General Agreement on Tariffs and Trade, dated 30 October 1947, annexed to the Final Act adopted at the Conclusion of the Second Session of the Preparatory Committee of the United Nations Conference on Trade and Employment, as subsequently rectified, amended or modified;

c) «GATT 1994» means the General Agreement on Tariffs and Trade as specified in annex 1A of the Agreement Establishing the World Trade Organization, as subsequently rectified, amended or modified.

A party to the Agreement Establishing the World Trade Organization is considered to be a party to GATT 1994;

d) «Related Instruments» means, as appropriate:

i) Agreements, arrangements or other legal instruments, including deci-