AGREEMENT BETWEEN JAPANAND THE REPUBLIC OF ARMENIA
FOR THE LIBERALISATION, PROMOTION
AND PROTECTION OF INVESTMENT

02_英文【表紙】.indd

1

2018/02/19

13:37:21

AGREEMENT BETWEEN JAPANAND THE REPUBLIC OF ARMENIA
FOR THE LIBERALISATION, PROMOTION
AND PROTECTION OF INVESTMENT
Japan and the Republic of Armenia (hereinafterreferred to as “the Contracting Parties”),
Desiring to further promote investment in order tostrengthen the economic relationship between theContracting Parties;
Intending to further create stable, equitable,favourable and transparent conditions for greater
investment by investors of a Contracting Party in the
Territory of the other Contracting Party;
Recognising the growing importance of the progressive
liberalisation of investment for stimulating initiative ofinvestors and for promoting prosperity in both Contracting
Parties;
Recognising that these objectives can be achieved
without relaxing health, safety and environmental measuresof general application; andRecognising the importance of the cooperative
relationship between labour and management in promoting
investment between the Contracting Parties;
Have agreed as follows:
CHAPTER IINVESTMENT
Article 1
Definitions
For the purposes of this Agreement:(a)the term “investment” means every kind of asset
owned or controlled, directly or indirectly, by
an investor, including:(i)an enterprise and a branch of an enterprise;(ii)

shares, stocks or other forms of equity
participation in an enterprise;- 1 -02_英文【本文】.indd

1

2018/02/08

14:13:08

(iii)

bonds, debentures, loans and other forms of
debt;

(iv)

futures, options and other derivatives;(v)

rights under contracts, including turnkey,
construction, management, production orrevenue-sharing contracts;(vi)

claims to money and to any performance undercontract having a financial value;(vii)

intellectual property rights, including
copyrights and related rights, patent rights
and rights relating to utility models,trademarks, industrial designs, layoutdesigns of integrated circuits, newvarieties of plants, trade names,
indications of source or geographicalindications and undisclosed information;(viii)

rights conferred pursuant to laws andregulations or contracts such asconcessions, licences, authorisations andpermits, including those for the explorationand exploitation of natural resources; and(ix)

any other tangible and intangible, movableand immovable property, and any related
property rights, such as leases, mortgages,
liens and pledges;

An investment includes the amounts yielded by aninvestment, in particular, profit, interest,
capital gains, dividends, royalties and fees. Achange in the form in which assets are invested
does not affect their character as an investment.
(b)

the term “investment agreement” means a writtenagreement between the central or local government
or authority of a Contracting Party and an
investor of the other Contracting Party or its
investment that is an enterprise in the Territoryof the former Contracting Party, on which theinvestor or the investment relies in establishingor acquiring an investment in the former
Contracting Party;- 2 -02_英文【本文】.indd

2

2018/02/08

14:13:09

Written agreement refers to an agreement inwriting, executed by both parties, whether in asingle instrument or in multiple instruments,that creates an exchange of rights andobligations, binding on both parties under theapplicable law under subparagraph 11(b) of
Article 24. For greater certainty, a unilateralact of an administrative or judicial authority,
such as a permit, licence or authorisation issued
by a Contracting Party solely in its regulatory
capacity, or a decree, order or judgement,
standing alone, and an administrative or judicial
consent decree or order shall not be considered awritten agreement.
(c)the term “investor of a Contracting Party” means:(i)a natural person having the nationality ofthat Contracting Party in accordance with
its applicable laws and regulations; or(ii)

an enterprise of that Contracting Party,

that seeks to make, is making or has madeinvestments in the Territory of the other
Contracting Party;(d)the term “enterprise” means any legal person or
any other entity duly constituted or organised
under the applicable laws and regulations,
whether or not for profit, and whether private or
government owned or controlled, including any
corporation, trust, partnership, sole
proprietorship, joint venture, association,organisation or company;(e)the term “enterprise of a Contracting Party”
means an enterprise duly constituted or organised
under the applicable laws and regulations of thatContracting Party;(f)the term “investment activities” means
establishment, acquisition, expansion, operation,
management, maintenance, use, enjoyment and saleor other disposal of investments;(g)

the term “Territory” means, with respect to aContracting Party, the territory of thatContracting Party, and the exclusive economic
zone and the continental shelf with respect towhich that Contracting Party exercises sovereign
rights or jurisdiction in accordance withinternational law;

- 3 -02_英文【本文】.indd

3

2018/02/08

14:13:09

(h)the term “existing” means being in effect on thedate of entry into force of this Agreement;(i)the term “freely usable currency” means freely
usable currency as defined under the Articles ofAgreement of the International Monetary Fund;(j)the term “the WTO Agreement” means the Marrakesh
Agreement Establishing the World Trade
Organization, done at Marrakesh, April 15, 1994;(k)

the term “the TRIPS Agreement” means theAgreement on Trade-Related Aspects ofIntellectual Property Rights in Annex 1C to the
WTO Agreement;(l)the term “claimant” means an investor of aContracting Party that is a party to an
investment dispute with the other Contracting
Party;(m)the term “respondent” means the Contracting Party
that is a party to an investment dispute;(n)the term “disputing party” means either theclaimant or the respondent;(o)the term “non-disputing Party” means theContracting Party that is not a party to an
investment dispute;(p)the term “court” means, for Japan, a court ofjustice and, for the Republic of Armenia, acommon jurisdiction court or an administrative
court;(q)

the term “ICSID” means the International Centre
for Settlement of Investment Disputes;(r)

the term “ICSID Additional Facility Rules” means
the Rules Governing the Additional Facility for
the Administration of Proceedings by the
Secretariat of the International Centre for
Settlement of Investment Disputes;(s)

the term “ICSID Convention” means the Convention
on the Settlement of Investment Disputes between
States and Nationals of other States, done at
Washington, March 18, 1965;- 4 -02_英文【本文】.indd

4

2018/02/08

14:13:09

(t)the term “New York Convention” means theConvention on the Recognition and Enforcement of
Foreign Arbitral Awards, done at New York, June
10, 1958; and(u)the term “UNCITRAL Arbitration Rules” means the
Arbitration Rules of the United Nations
Commission on International Trade Law.
Article 2
National Treatment

1.
Each Contracting Party shall in its Territory accord
to investors of the other Contracting Party and to theirinvestments treatment no less favourable than the treatment
it accords in like circumstances to its own investors andto their investments with respect to investment activities.
2.
Paragraph 1 shall not be construed to prevent aContracting Party from adopting or maintaining a measurethat prescribes special formalities in connection withinvestment activities of investors of the other Contracting
Party in its Territory, provided that such special
formalities do not impair the substance of the rights ofsuch investors under this Agreement.
Article 3
Most-Favoured-Nation Treatment
Each Contracting Party shall in its Territory accord
to investors of the other Contracting Party and to theirinvestments treatment no less favourable than the treatment
it accords in like circumstances to investors of a nonContracting Party and to their investments with respect toinvestment activities.
For greater certainty, the treatment referred to inthis Article does not encompass international disputesettlement procedures or mechanisms under any international
agreement.
Article 4
General Treatment
Each Contracting Party shall in its Territory accord
to investments of investors of the other Contracting Party
minimum standard of treatment of aliens in accordance withinternational law, including fair and equitable treatment
and full protection and security.

- 5 -02_英文【本文】.indd

5

2018/02/08

14:13:09

Article 5
Access to the Courts
Each Contracting Party shall in its Territory accord
to investors of the other Contracting Party treatment noless favourable than the treatment which it accords in likecircumstances to its own investors or investors of a nonContracting Party with respect to access to the courts andadministrative agencies in all degrees of jurisdiction,
both in pursuit and in defence of such investors’ rights.
Article 6
Prohibition of Performance Requirements
1.
Neither Contracting Party may impose or enforce any of
the following requirements, or enforce any commitment or
undertaking, in connection with investment activities of aninvestor of a Contracting Party or of a non-Contracting
Party in its Territory:(a)to export a given level or percentage of goods orservices;(b)to achieve a given level or percentage ofdomestic content;(c)to purchase, use or accord a preference to goods
produced or services provided in its Territory,or to purchase goods or services from a natural
person or an enterprise in its Territory;(d)to relate in any way the volume or value ofimports to the volume or value of exports or to
the amount of foreign exchange inflows associatedwith an investment of the investor;(e)

to restrict sales of goods or services in its
Territory that an investment of the investor
produces or provides by relating such sales inany way to the volume or value of its exports orforeign exchange earnings;(f)to restrict the exportation or sale for export;(g)

to appoint, as executives, managers or members ofboard of directors, individuals of any particularnationality;(h)to transfer technology, a production process orother proprietary knowledge to a natural person
or an enterprise in its Territory;- 6 -02_英文【本文】.indd

6

2018/02/08

14:13:09(i)to adopt:(i)

a given rate or amount of royalty under alicence contract; or(ii)

a given duration of the term of a licence
contract,in regard to any licence contract freely enteredinto between the investor and a natural person or
an enterprise in its Territory, whether it has
been entered into or not, provided that therequirement is imposed or the commitment or
undertaking is enforced by an exercise ofgovernmental authority of the Contracting Party;
A “licence contract” referred to in thissubparagraph means any licence contract
concerning transfer of technology, a production
process, or other proprietary knowledge.
(j)to locate the headquarters of the investor for a
specific region or the world market in its
Territory;(k)to hire a given number or percentage of its
nationals;(l)to achieve a given level or value of research anddevelopment in its Territory; or(m)to supply one or more of the goods that theinvestor produces or the services that theinvestor provides to a specific region or theworld market, exclusively from its Territory.

2.
Neither Contracting Party may condition the receipt orcontinued receipt of an advantage, in connection withinvestment activities of an investor of a Contracting Partyor of a non-Contracting Party in its Territory, oncompliance with any of the following requirements:(a)to achieve a given level or percentage ofdomestic content;(b)

to purchase, use or accord a preference to goods
produced in its Territory, or to purchase goods
from a natural person or an enterprise in its
Territory;- 7 -02_英文【本文】.indd

7

2018/02/08

14:13:09

3.

(c)to relate in any way the volume or value ofimports to the volume or value of exports or to
the amount of foreign exchange inflows associatedwith an investment of the investor;(d)to restrict sales of goods or services in its
Territory that an investment of the investor
produces or provides by relating such sales inany way to the volume or value of its exports orforeign exchange earnings; or(e)to restrict the exportation or sale for export.

(a)Nothing in paragraph 2 shall be construed toprevent a Contracting Party from conditioning thereceipt or continued receipt of an advantage, inconnection with investment activities of aninvestor of a Contracting Party or of a nonContracting Party in its Territory, on compliancewith a requirement to locate production, supply aservice, train or employ workers, construct orexpand particular facilities, or carry out
research and development, in its Territory.

(b)

Subparagraph 1(h) shall not apply when therequirement concerns the transfer of intellectual
property rights which is undertaken in a manner
not inconsistent with the TRIPS Agreement.

(c)Subparagraphs 1(h) and 1(i) shall not apply when
the requirement is imposed or the commitment or
undertaking is enforced by a court or competition
authority to remedy an alleged violation ofcompetition laws.

(d)Subparagraphs 2(a) and 2(b) shall not apply torequirements imposed by an importing Contracting
Party relating to the content of goods necessary
to qualify for preferential tariffs orpreferential quotas.

4.
Paragraphs 1 and 2 shall not apply to any requirement
other than the requirements set out in those paragraphs.
Article 7
Non-Conforming Measures
1.

Articles 2, 3 and 6 shall not apply to:(a)any existing non-conforming measure that ismaintained by the following, as set out in the
Schedule of each Contracting Party in Annex I:- 8 -02_英文【本文】.indd

8

2018/02/08

14:13:09

(i)the central government of a Contracting
Party; or(ii)a prefecture of Japan, or a region of the
Republic of Armenia;

For the purpose of this Article, the term “region”
means a marz or Yerevan city.
(b)

any existing non-conforming measure that ismaintained by a local government other than aprefecture or a region referred to in
subparagraph (a)(ii);(c)

the continuation or prompt renewal of any nonconforming measure referred to in subparagraphs(a) and (b); or(d)an amendment or modification to any nonconforming measure referred to in subparagraphs(a) and (b), provided that the amendment or
modification does not decrease the conformity ofthe measure, as it existed immediately before theamendment or modification, with Articles 2, 3 and6.

2.
Articles 2, 3 and 6 shall not apply to any measurethat a Contracting Party adopts or maintains with respect
to sectors, sub-sectors or activities set out in its
Schedule in Annex II.
3.
Neither Contracting Party shall, under any measure
adopted after the date of entry into force of thisAgreement and covered by its Schedule in Annex II, require
an investor of the other Contracting Party, by reason of
its nationality, to sell or otherwise dispose of aninvestment that exists at the time when the measure becomes
effective.
4.
In cases where a Contracting Party makes an amendment
or a modification to any existing non-conforming measure
set out in its Schedule in Annex I or where a Contracting
Party adopts any new or more restrictive measure withrespect to sectors, sub-sectors or activities set out in
its Schedule in Annex II after the date of entry into forceof this Agreement, the Contracting Party shall, prior to
the implementation of the amendment or modification or the
new or more restrictive measure, or in exceptional
circumstances, as soon as possible thereafter:- 9 -02_英文【本文】.indd

9

2018/02/08

14:13:09

(a)notify the other Contracting Party of detailed
information on such amendment or modification, or
such measure; and(b)hold, upon request by the other Contracting
Party, consultations in good faith with the other
Contracting Party with a view to achieving mutual
satisfaction.

5.
Each Contracting Party shall endeavour, whereappropriate, to reduce or eliminate the non-conforming
measures specified in its Schedules in Annexes I and II
respectively.
6.
Articles 2 and 3 shall not apply to any measure
covered by the exceptions to, or derogations from,obligations under Articles 3 and 4 of the TRIPS Agreement,as specifically provided in Articles 3 through 5 of the
TRIPS Agreement.
7.
Articles 2, 3 and 6 shall not apply to any measurethat a Contracting Party adopts or maintains with respect
to government procurement.
Article 8
Transparency
1.
Each Contracting Party shall promptly publish, orotherwise make publicly available, its laws, regulations,administrative procedures, administrative rulings andjudicial decisions of general application as well asinternational agreements which pertain to or affect theimplementation and operation of this Agreement.
2.
Each Contracting Party shall, upon request by theother Contracting Party, promptly respond to specificquestions and provide that other Contracting Party withinformation on matters set out in paragraph 1.
3.
Paragraphs 1 and 2 shall not be construed so as tooblige either Contracting Party to disclose confidential
information, the disclosure of which would impede law
enforcement or otherwise be contrary to the public
interest, or which would prejudice privacy or legitimate
commercial interests.

- 10 -

02_英文【本文】.indd

10

2018/02/08

14:13:09

Article 9
Public Comment Procedures
Each Contracting Party shall, in accordance with its
laws and regulations, endeavour to provide, except in casesof emergency or of purely minor nature, a reasonable
opportunity for comments by the public before the adoption,
amendment or repeal of regulations of general applicationthat affect any matter covered by this Agreement.
Article 10
Measures against Corruption
Each Contracting Party shall ensure that measures andefforts are undertaken to prevent and combat corruption
regarding matters covered by this Agreement in accordancewith its laws and regulations.
Article 11
Entry, Sojourn and Residence of Investors
Each Contracting Party shall, in accordance with its
laws and regulations, give sympathetic consideration toapplications for entry, sojourn and residence of a natural
person having the nationality of the other Contracting
Party and a personnel employed by, and an executive, amanager and a member of the board of directors of, anenterprise of the other Contracting Party, who wishes toenter the territory of the former Contracting Party andremain therein for the purpose of investment activities.
Article 12
Expropriation and Compensation
1.
Neither Contracting Party shall expropriate or
nationalise an investment in its Territory of an investorof the other Contracting Party or take any measureequivalent to expropriation or nationalisation (hereinafterreferred to as “expropriation”) except:(a)for a public purpose;(b)in a non-discriminatory manner;(c)upon payment of:(i)with respect to Japan, prompt after the
expropriation, adequate and effective
compensation in accordance with paragraphs 2
through 5; and- 11 -

02_英文【本文】.indd

11

2018/02/08

14:13:09

(ii)

(d)

with respect to the Republic of Armenia,
adequate and effective compensation prior to
the expropriation in accordance withparagraphs 2 through 5; andin accordance with due process of law.

2.
The compensation shall be equivalent to the fairmarket value of the expropriated investments at the time
when the expropriation was publicly announced or when the
expropriation occurred, whichever is earlier. The fairmarket value shall not reflect any change in value
occurring because the expropriation had become publicly
known earlier.
3.
The compensation shall be paid without delay, shall
include interest at a commercially reasonable rate accrued
from the date of expropriation until the date of payment
and shall be effectively realisable and freelytransferable.
4.
If payment is made in a freely usable currency, thecompensation paid shall include interest, at a commerciallyreasonable rate for that currency, accrued from the date of
expropriation until the date of payment.
5.
If a Contracting Party elects to pay in a currency
other than a freely usable currency, the compensation paid,
converted into the currency of payment at the market rateof exchange prevailing on the date of payment, shall be noless than the sum of the following:(a)the fair market value on the date of
expropriation, converted into a freely usable
currency at the market rate of exchange
prevailing on that date; and(b)interest, at a commercially reasonable rate forthat freely usable currency, accrued from thedate of expropriation until the date of payment.

6.
This Article does not apply to the issuance ofcompulsory licences granted in relation to intellectual
property rights in accordance with the TRIPS Agreement, orto the revocation, limitation or creation of intellectual
property rights, to the extent that such issuance,
revocation, limitation or creation is consistent with the
TRIPS Agreement.

- 12 -

02_英文【本文】.indd

12

2018/02/08

14:13:09

Article 13
Protection from Strife
1.
Each Contracting Party shall accord to investors of
the other Contracting Party that have suffered loss ordamage relating to their investments in the Territory of
the former Contracting Party due to armed conflict or astate of emergency such as revolution, insurrection, civil
disturbance or any other similar event in the Territory ofthat former Contracting Party, treatment, as regards
restitution, indemnification, compensation or any othersettlement, that is no less favourable than that which it
accords to its own investors or to investors of a nonContracting Party, whichever is more favourable to theinvestors of the other Contracting Party.
2.
Any payment as a means of settlement referred to inparagraph 1 shall be effectively realisable, freelytransferable and freely convertible at the market exchange
rate into freely usable currencies.
3.
Neither Contracting Party shall be derogated from its
obligation under paragraph 1 by reason of its measurestaken pursuant to paragraph 2 of Article 16.
Article 14
Subrogation
If a Contracting Party or its designated agency makes
a payment to any investor of that Contracting Party under
an indemnity, guarantee or insurance contract, pertaining
to an investment of such investor in the Territory of theother Contracting Party, the latter Contracting Party shallrecognise the assignment to the former Contracting Party or
its designated agency of any right or claim of suchinvestor on account of which such payment is made and shallrecognise the right of the former Contracting Party or its
designated agency to exercise by virtue of subrogation any
such right or claim to the same extent as the originalright or claim of the investor. As regards payment to bemade to that former Contracting Party or its designatedagency by virtue of such assignment of right or claim andthe transfer of such payment, the provisions of Articles
12, 13 and 15 shall apply mutatis mutandis.
Article 15
Transfers
1.
Each Contracting Party shall ensure that all transfers
relating to investments in its Territory of an investor of
the other Contracting Party may be freely made into and out
of its Territory without delay. Such transfers shall
include, in particular, though not exclusively:- 13 -

02_英文【本文】.indd

13

2018/02/08

14:13:09

(a)the initial capital and additional amounts tomaintain or increase investments;(b)

profits, interest, capital gains, dividends,
royalties, fees or other current incomes accruing
from investments;(c)payments made under a contract including loan
payments in connection with investments;(d)proceeds of the total or partial sale or
liquidation of investments;(e)earnings and remuneration of personnel fromabroad who work in connection with investments in
the Territory of the former Contracting Party;(f)payments made in accordance with Articles 12 and13; and(g)payments arising out of a dispute.

2.
Each Contracting Party shall further ensure that suchtransfers may be made without delay in freely usable
currencies at the market exchange rate prevailing on thedate of the transfer.
3.
Notwithstanding paragraphs 1 and 2, a Contracting
Party may delay or prevent a transfer through theequitable, non-discriminatory and good-faith application ofits laws and regulations relating to:(a)bankruptcy, insolvency or the protection of therights of creditors;(b)issuing, trading or dealing in securities,
futures, options or derivatives;(c)criminal or penal offences;(d)reporting or record keeping of transfers ofcurrency or other monetary instruments whennecessary to assist law enforcement or financial
regulatory authorities; or(e)ensuring compliance with orders or judgements in
adjudicatory proceedings.

- 14 -

02_英文【本文】.indd

14

2018/02/08

14:13:09

Article 16
General and Security Exceptions
1.
Subject to the requirement that such measures are notapplied by a Contracting Party in a manner which would
constitute a means of arbitrary or unjustifiable
discrimination against, or a disguised restriction on
investors of the other Contracting Party and theirinvestments in the Territory of the former Contracting
Party, nothing in this Agreement shall be construed so as
to prevent the former Contracting Party from adopting or
enforcing measures:(a)necessary to protect human, animal or plant lifeor health;(b)necessary to protect public morals or to maintainpublic order, provided that the public order
exception may only be invoked where a genuine andsufficiently serious threat is posed to one of
the fundamental interests of society;(c)necessary to secure compliance with the laws or
regulations which are not inconsistent with theprovisions of this Agreement including thoserelating to:

(d)

(i)

the prevention of deceptive and fraudulent
practices or to deal with the effects of a
default on contract;(ii)

the protection of the privacy of theindividual in relation to the processing anddissemination of personal data and theprotection of confidentiality of personal
records and accounts; or(iii)

safety; or

imposed for the protection of national treasuresof artistic, historic or archaeological value.

2.
Subject to paragraph 3 of Article 13, nothing in thisAgreement shall be construed to prevent a Contracting Party
from adopting or enforcing measures:(a)which it considers necessary for the protectionof its essential security interests:(i)taken in time of war, armed conflict, orother emergency in that Contracting Party or
in international relations; or- 15 -

02_英文【本文】.indd

15

2018/02/08

14:13:09

(ii)

(b)

relating to the implementation of national
policies or international agreements
respecting the non-proliferation of weapons;orin pursuance of its obligations under the United
Nations Charter for the maintenance ofinternational peace and security.
Article 17
Temporary Safeguard Measures

1.
A Contracting Party may adopt or maintain restrictive
measures with regard to cross-border capital transactions
as well as payments or transfers including transfers
referred to in Article 15 for transactions related toinvestments:

2.

(a)

in the event of serious balance-of-payments andexternal financial difficulties or threat
thereof; or(b)in exceptional cases where movements of capitalcause or threaten to cause serious difficulties
for macroeconomic management, in particularmonetary and exchange rate policies.

Restrictive measures referred to in paragraph 1 shall:(a)be applied in such a manner that the other
Contracting Party is treated no less favourably
than any non-Contracting Party;(b)

be consistent with the Articles of Agreement of
the International Monetary Fund;(c)not exceed those necessary to deal with thecircumstances set out in paragraph 1;(d)be temporary and be phased out progressively as
the situation specified in paragraph 1 improves;(e)be promptly notified to the other Contracting
Party; and(f)avoid unnecessary damages to the commercial,economic and financial interests of the other
Contracting Party.

- 16 -

02_英文【本文】.indd

16

2018/02/08

14:13:09

3.
The Contracting Party which has adopted any measures
under paragraph 1 shall, upon request, commence
consultations with the other Contracting Party in order toreview the restrictions adopted by the former Contracting
Party.
Article 18
Prudential Measures
1.
Notwithstanding any other provisions of thisAgreement, a Contracting Party shall not be prevented fromtaking measures relating to financial services forprudential reasons, including measures for the protectionof investors, depositors, policy holders or persons to whoma fiduciary duty is owed by an enterprise supplying
financial services, or to ensure the integrity andstability of its financial system.
2.
Where the measures taken by a Contracting Party
pursuant to paragraph 1 do not conform with this Agreement,
they shall not be used as a means of avoiding theobligations of the Contracting Party under this Agreement.
Article 19Intellectual Property Rights
1.
The Contracting Parties shall grant and ensure theadequate and effective protection of intellectual property
rights, and promote efficiency and transparency inintellectual property protection system. For this purpose,
the Contracting Parties shall promptly consult with eachother at the request of either Contracting Party.
Depending on the results of the consultation, eachContracting Party shall, in accordance with its laws andregulations, take appropriate measures to remove thefactors which are recognised as having adverse effects tothe investments of investors of the other Contracting
Party.
2.
Nothing in this Agreement shall affect the rights andobligations of the Contracting Parties under multilateralagreements in respect of protection of intellectual
property rights to which the Contracting Parties are
parties.
3.
Nothing in this Agreement shall be construed so as tooblige either Contracting Party to extend to investors of
the other Contracting Party and to their investments
treatment accorded to investors of a non-Contracting Party
and to their investments by virtue of multilateralagreements in respect of protection of intellectual
property rights, to which the former Contracting Party is aparty.

- 17 -

02_英文【本文】.indd

17

2018/02/08

14:13:09

Article 20
Taxation Measures
1.
Nothing in this Agreement shall affect the rights andobligations of either Contracting Party under any tax
convention. In the event of any inconsistency between thisAgreement and any such convention, that convention shallprevail to the extent of the inconsistency.
2.
Articles 2, 3 and 6 shall not apply to taxation
measures.
Article 21
Health, Safety and Environmental Measuresand Labour Standards
Each Contracting Party recognises that it isinappropriate to encourage investment by investors of theother Contracting Party and of a non-Contracting Party byrelaxing its health, safety or environmental measures, orby lowering its labour standards. To this effect, eachContracting Party should not waive or otherwise derogate
from such measures or standards as an encouragement for theestablishment, acquisition or expansion of investments in
its Territory by investors of the other Contracting Party
and of a non-Contracting Party.
Article 22
Denial of Benefits
1.
A Contracting Party may deny the benefits of thisAgreement to an investor of the other Contracting Party
that is an enterprise of the other Contracting Party and to
its investments if the enterprise is owned or controlled byan investor of a non-Contracting Party and the denying
Contracting Party:(a)does not maintain diplomatic relations with the
non-Contracting Party; or(b)adopts or maintains measures with respect to the
non-Contracting Party that prohibit transactions
with the enterprise or that would be violated or
circumvented if the benefits of this Agreement
were accorded to the enterprise or to its
investments.

- 18 -

02_英文【本文】.indd

18

2018/02/08

14:13:09

2.
A Contracting Party may deny the benefits of thisAgreement to an investor of the other Contracting Party
that is an enterprise of the other Contracting Party and to
its investments if the enterprise is owned or controlled byan investor of a non-Contracting Party or of the denying
Contracting Party and the enterprise has no substantial
business activities in the Territory of the other
Contracting Party.
3.

For the purpose of this Article, an enterprise is:(a)“owned” by an investor if more than 50 percent of
the equity interest in it is beneficially ownedby the investor; and(b)“controlled” by an investor if the investor has
the power to name a majority of its directors orotherwise to legally direct its actions.
CHAPTER IIDISPUTE SETTLEMENT

Article 23
Settlement of Dispute between the Contracting Parties
1.
Each Contracting Party shall accord sympathetic
consideration to, and shall afford adequate opportunity for
consultation regarding, such representations as the other
Contracting Party may make with respect to any matter
affecting the implementation of this Agreement.
2.
Any dispute between the Contracting Parties as to theinterpretation and application of this Agreement, notsatisfactorily adjusted by diplomacy, shall be referred for
decision to an arbitration board. Such arbitration board
shall be constituted for each dispute in the following way.
Within sixty days from the date of receipt by either
Contracting Party from the other Contracting Party of anote requesting arbitration of the dispute, eachContracting Party shall appoint an arbitrator. The two
arbitrators shall select a third arbitrator who, upon
approval by both Contracting Parties, shall be appointed as
the Chairperson, provided that the third arbitrator shallnot be a national of either Contracting Party. The
Chairperson shall be appointed within sixty days from thedate of appointment of the other two arbitrators.
3.
If the necessary appointments referred to in paragraph2 have not been made within the periods referred to in thatparagraph, either Contracting Party may, unless otherwise
agreed, request the Secretary-General of the Permanent
Court of Arbitration at The Hague to make suchappointments.

- 19 -

02_英文【本文】.indd

19

2018/02/08

14:13:10

4.
The arbitration board shall determine its own
procedural rules, after consultation with both Contracting
Parties. The arbitration board shall decide the dispute inaccordance with this Agreement and the rules and principles
of international law applicable to the subject matter. The
arbitration board shall within a reasonable period of timereach its decision by a majority of votes. Such decision
shall be final and binding.
5.
Each Contracting Party shall bear the cost of thearbitrator of its choice and its representation in thearbitral proceedings. The cost of the Chairperson of thearbitration board in discharging his or her duties and theremaining costs of the arbitration board shall be borne
equally by the Contracting Parties.
Article 24
Settlement of Investment Disputes
between a Contracting Party
and an Investor of the Other Contracting Party
1.
In the event of an investment dispute between theclaimant and the respondent, they should initially seek toresolve the dispute through consultation and negotiation,
which may include the use of non-binding, third-party
procedures.
2.
In the event that a disputing party considers that an
investment dispute cannot be settled by consultation andnegotiation:(a)the claimant, on its own behalf, may submit toarbitration under this Article a claim:
(i)

(ii)
(b)

that the respondent has breached:(A)an obligation under Chapter I; or(B)

an investment agreement to which theclaimant is a party; andthat the claimant has incurred loss ordamage by reason of, or arising out of, thatbreach; andthe claimant, on behalf of an enterprise of the
respondent that is a legal person that theclaimant owns or controls directly or indirectly,
may submit to arbitration under this Article a
claim:(i)that the respondent has breached:- 20 -

02_英文【本文】.indd

20

2018/02/08

14:13:10

(ii)

(A)

an obligation under Chapter I; or(B)

an investment agreement to which theenterprise is a party; andthat the enterprise has incurred loss ordamage by reason of, or arising out of, thatbreach.

3.
At least ninety days before submitting any claim toarbitration under this Article, a claimant shall deliver tothe respondent a written notice of its intention to submit
the claim to arbitration (hereinafter referred to as“notice of intent”). The notice of intent shall specify:(a)the name and address of the claimant and, in thecase of subparagraph 2(b), the name, address andplace of incorporation of the enterprise;(b)for each claim, the provision of Chapter I or ofinvestment agreement alleged to have beenbreached and any other relevant provisions;(c)the legal and factual basis for each claim; and(d)the relief sought and the approximate amount ofdamages claimed.

4.
Provided that six months have elapsed since the events
giving rise to the claim, a claimant may submit a claim
referred to in paragraph 2 to the arbitration:(a)under the ICSID Convention, provided that bothContracting Parties are parties to the ICSID
Convention;(b)under the ICSID Additional Facility Rules,
provided that either Contracting Party, but notboth, is a party to the ICSID Convention;(c)under the UNCITRAL Arbitration Rules; or(d)if the disputing parties agree, under any otherarbitration institution or arbitration rules.

5.
A claim shall be deemed submitted to arbitration under
this Article when the claimant’s notice of or request forarbitration (hereinafter referred to in this Article as“notice of arbitration”):(a)referred to in paragraph 1 of Article 36 of the
ICSID Convention is received by the SecretaryGeneral of ICSID;- 21 -

02_英文【本文】.indd

21

2018/02/08

14:13:10(b)referred to in Article 2 of Schedule C of the
ICSID Additional Facility Rules is received by
the Secretary-General of ICSID;(c)referred to in Article 3 of the UNCITRAL
Arbitration Rules, together with the statement ofclaim referred to in Article 20 of the UNCITRAL
Arbitration Rules, is received by the respondent;or(d)under any other arbitration institution or
arbitration rules selected under subparagraph4(d) is received by the respondent, unlessotherwise specified by such institution or insuch rules.

6.
Each Contracting Party hereby consents to thesubmission of a claim to arbitration under this Article inaccordance with this Agreement. In the case of a claim
submitted pursuant to subparagraph 2(a)(i)(B) or
2(b)(i)(B), if the investment agreement provides aprovision that designates forum for dispute settlement,such provision shall not be construed as the revocation or
exclusion of such consent with respect to a claim alleging
a breach of the investment agreement.
7.
Notwithstanding paragraph 6, no claim may be submitted
to arbitration under this Article if more than three years
have elapsed from the date on which the claimant firstacquired, or should have first acquired, knowledge of thebreach alleged under paragraph 2 and knowledge that theclaimant in the case of subparagraph 2(a) or the enterprisereferred to in subparagraph 2(b) in the case of thatsubparagraph has incurred loss or damage.
8.
No claim may be submitted to arbitration under this
Article unless:(a)in the case of subparagraph 2(a):(i)

the claimant consents in writing toarbitration in accordance with theprocedures set out in this Article; and(ii)

the claimant waives in writing any right toinitiate or continue before any court under
the law of either Contracting Party, orother dispute settlement procedures, any
proceedings with respect to any measure
alleged to constitute a breach referred toin subparagraph 2(a)(i); and- 22 -

02_英文【本文】.indd

22

2018/02/08

14:13:10

(b)in the case of subparagraph 2(b):(i)

both the claimant and the enterprisereferred to in that subparagraph consent inwriting to arbitration in accordance withthe procedures set out in this Article; and(ii)

both the claimant and the enterprisereferred to in that subparagraph waive inwriting any right to initiate or continue
before any court under the law of either
Contracting Party, or other disputesettlement procedures, any proceedings withrespect to any measure alleged to constitutea breach referred to in subparagraph2(b)(i).

9.
The waiver provided pursuant to subparagraph 8(a)(ii)or 8(b)(ii) shall cease to apply where the arbitral
tribunal rejects the claim on the basis of a failure tomeet the requirements of paragraph 3, 4, 7 or 8, or on any
other procedural or jurisdictional grounds.
10. Notwithstanding subparagraphs 8(a)(ii) and 8(b)(ii),the claimant or the enterprise referred to in subparagraph2(b) may initiate or continue an action that seeks interim
injunctive relief that does not involve the payment ofmonetary damages before a court under the law of the
respondent.
11.

(a)

When a claim is submitted under paragraph2(a)(i)(A) or 2(b)(i)(A), the tribunal shalldecide the issues in dispute in accordance withthis Agreement and applicable rules ofinternational law.

(b)

When a claim is submitted under paragraph2(a)(i)(B) or 2(b)(i)(B), the tribunal shallapply:(i)the rules of law specified in the pertinent
investment agreement, or as the disputing
parties may otherwise agree; or(ii)

if the rules of law have not been specified
or otherwise agreed, the law of the
respondent, including its rules on theconflict of laws.

12. The respondent shall deliver to the non-disputing
Party:- 23 -

02_英文【本文】.indd

23

2018/02/08

14:13:10

(a)notice of arbitration no later than thirty days
after the date on which the claim was submitted;
and

(b)

copies of all pleadings filed in the arbitration.

13. The non-disputing Party may, upon written notice tothe disputing parties, make submissions to the arbitral
tribunal on a question of interpretation of this Agreement.
14. In an arbitration under this Article, the respondent
shall not assert, as a defence, counterclaim, right ofsetoff or otherwise, that the claimant has received or will
receive indemnification or other compensation for all orpart of the alleged damages pursuant to an insurance orguarantee contract.
15.

The arbitral tribunal may award only:(a)a judgement whether or not there has been abreach by the respondent of any obligation under
Chapter I or under an investment agreement
referred to in subparagraph 2(a)(i)(B) or
2(b)(i)(B) with respect to the claimant and its
investments; and(b)

one or both of the following remedies, only ifthere has been such a breach:(i)monetary damages and applicable interest;
and

(ii)

restitution of property, in which case theaward shall provide that the respondent may
pay monetary damages and any applicableinterest, in lieu of restitution.

The arbitral tribunal may also award cost andattorney’s fees in accordance with applicable arbitration
rules.
16. Subject to paragraph 15, in the case of
subparagraph 2(b):(a)

an award of monetary damages and any applicableinterest shall provide that the sum be paid tothe enterprise referred to in that subparagraph;(b)

an award of restitution of property shall providethat restitution be made to the enterprisereferred to in that subparagraph; and- 24 -

02_英文【本文】.indd

24

2018/02/08

14:13:10

(c)the award shall provide that it is made without
prejudice to any right that any natural person orenterprise may have in the relief underapplicable law.

17. The respondent may make available to the public in atimely manner all documents, including an award, submitted
to, or issued by, an arbitral tribunal established underparagraph 4, subject to redaction of:(a)confidential business information;(b)

information which is privileged or otherwise
protected from disclosure under the laws andregulations of either Contracting Party; and(c)information which shall be withheld pursuant to
the relevant arbitration rules.

18. Unless the disputing parties agree otherwise, theplace of arbitration shall be in a country that is a party
to the New York Convention.
19. The award rendered by the arbitral tribunal shall befinal and binding upon the disputing parties. This award
shall be executed in accordance with the applicable laws
and regulations, as well as relevant international law
including the ICSID Convention and the New York Convention,
concerning the execution of award in force in the country
where such execution is sought.
Article 25
Service of Documents
1.
Notices and other documents relating to arbitration
under this Chapter shall be served on a Contracting Party
by delivery to:(a)with respect to Japan, Economic Affairs Bureau,
the Ministry of Foreign Affairs; and(b)with respect to the Republic of Armenia, theMinistry of Economic Development and Investment.

2.
A Contracting Party shall promptly make publicly
available and notify to the other Contracting Party any
change to the name of the authority referred to inparagraph 1.
3.
Each Contracting Party shall make publicly available
the address of its authority referred to in paragraphs 1
and 2.

- 25 -

02_英文【本文】.indd

25

2018/02/08

14:13:10

CHAPTER III
JOINT COMMITTEE
Article 26
Joint Committee
1.
The Contracting Parties shall establish a Joint
Committee (hereinafter referred to as “the Committee”) upon
the request of either Contracting Party with a view toaccomplishing the objectives of this Agreement. The
functions of the Committee shall be:(a)to discuss and review the implementation andoperation of this Agreement;(b)

to review the non-conforming measures maintained,
amended or modified pursuant to paragraph 1 of
Article 7 for the purpose of contributing to the
reduction or elimination of such non-conforming
measures;(c)to discuss the non-conforming measures adopted or
maintained pursuant to paragraph 2 of Article 7
for the purpose of encouraging favourable
conditions for investors of the Contracting
Parties;(d)to exchange information on and to discuss
investment-related matters within the scope of
this Agreement which relate to improvement ofinvestment environment; and(e)to discuss any other investment-related mattersconcerning this Agreement.

2.
The Committee may, as necessary, make appropriate
recommendations by consensus to the Contracting Parties forthe more effective functioning or the attainment of theobjectives of this Agreement.
3.
The Committee shall be composed of representatives of
the Contracting Parties. The Committee may, upon mutual
consent of the Contracting Parties, invite representativesof relevant entities other than the Governments of theContracting Parties with the necessary expertise relevantto the issues to be discussed, and hold joint meetings withthe private sectors.
4.
The Committee shall determine its own rules ofprocedure to carry out its functions.

- 26 -

02_英文【本文】.indd

26

2018/02/08

14:13:10

5.
The Committee may establish sub-committees anddelegate specific tasks to such sub-committees.
6.
The Committee shall meet upon the request of either
Contracting Party.
CHAPTER IV
FINAL PROVISIONS
Article 27
Headings
The headings of the Chapters and Articles of thisAgreement are inserted for convenience of reference onlyand shall not affect the interpretation of this Agreement.
Article 28
Amendments
This Agreement may be amended by mutual consent of theContracting Parties, and amendments shall enter into force
in the manner as described in paragraph 1 of Article 29 ofthis Agreement.
Article 29
Final Provisions
1.
The Contracting Parties shall notify each other,through diplomatic channels, of the completion of theirrespective internal procedures necessary for the entry into
force of this Agreement. This Agreement shall enter into
force on the thirtieth day after the latter of the dates ofreceipt of the notifications. It shall remain in force fora period of ten years after its entry into force and shallcontinue in force unless terminated as provided for inparagraph 2.
2.
A Contracting Party may, by giving one year’s advancenotice in writing to the other Contracting Party, terminate
this Agreement at the end of the initial ten year period orat any time thereafter.
3.
This Agreement shall also apply to all investments ofinvestors of either Contracting Party acquired in the
Territory of the other Contracting Party in accordance withthe laws and regulations of that other Contracting Partyprior to the entry into force of this Agreement.
4.
In respect of investments acquired prior to the dateof termination of this Agreement, the provisions of thisAgreement shall continue to be effective for a period often years from the date of termination of this Agreement.

- 27 -

02_英文【本文】.indd

27

2018/02/08

14:13:10

5.
This Agreement shall not apply to claims arising outof events which occurred prior to its entry into force.
6.
The Annexes to this Agreement shall form an integral
part of this Agreement.
IN WITNESS WHEREOF, the undersigned, being duly
authorised by their respective Governments, have signed
this Agreement.
DONE in duplicate at Yerevan, on this fourteenth day
of February, 2018 in the English language.

FOR JAPAN:

FOR THE REPUBLIC OF ARMENIA:
Նալբանդյան

田口栄治- 28 -

02_英文【本文】.indd

28

2018/02/08

14:13:10

Annex I
Existing Non-Conforming Measures referred toin subparagraph 1(a) of Article 7
1.
The Schedule of a Contracting Party sets out, pursuant
to subparagraph 1(a) of Article 7, its existing measuresthat are not subject to some or all of the obligations
imposed by:

2.

(a)

Article 2;(b)

Article 3; or(c)Article 6.

Each Schedule entry sets out the following elements:(a)“Sector” refers to the sector for which the entry
is made;(b)“Sub-Sector”, where referenced, refers to thespecific sub-sector for which the entry is made;(c)“Industry Classification”, where referenced, andonly for transparency purposes, refers to theactivity covered by the non-conforming measure,according to domestic or international industry
classification codes;(d)“Obligations Concerned” specifies the obligations
referred to in paragraph 1 that, pursuant to
subparagraph 1(a) of Article 7, do not apply tothe listed measure(s);(e)“Measures” identifies the laws, regulations orother measures for which the entry is made. A
measure cited in the “Measures” element:

(f)

(i)

means the measure as amended, continued or
renewed as of the date of entry into forceof this Agreement; and(ii)

includes any subordinate measure adopted or
maintained under the authority of andconsistent with the measure; and“Description” sets out the non-conforming measureor provides a general non-binding description of
the measure for which the entry is made.

- 29 -

02_英文【本文】.indd

29

2018/02/08

14:13:10

3.
In the interpretation of an entry, all elements of theentry shall be considered. An entry shall be interpreted
in the light of the relevant provisions of this Agreement
against which the entry is made, and the “Measures” element
shall prevail over all the other elements.
4.
For the purposes of this Annex, the term “JSIC” means
Japan Standard Industrial Classification set out by the
Ministry of Internal Affairs and Communications of Japan,
and revised on October 30, 2013.
5.
For the purposes of this Annex, the term“Classification of Economic Activity HD-011-2013” means
Armenian Classification of Types of Economic Activity set
out by the Ministry of Economy of the Republic of Armenia
on September 19, 2013.

- 30 -

02_英文【本文】.indd

30

2018/02/08

14:13:10

Schedule of Japan1

Sector:Agriculture, Forestry and Fisheries(Plant Breeder’s Rights)

Sub-Sector:
Industry
Classification:

JSIC 0119

Miscellaneous crop
farming

JSIC 0243

Forest tree saplings
nursery services

JSIC 0413

Seaweed aquaculture

JSIC 0415

Seed aquaculture

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Seeds and Seedlings Law (Law No. 83
of 1998), Article 10

Description:

A foreign person who has neither adomicile nor residence (nor the placeof business, in the case of a legal
person) in Japan cannot enjoy plant
breeder’s rights or related rights
except in any of the following cases:

Most-Favoured-Nation Treatment(Article 3)(a)where the country of which theperson is a national or thecountry in which the person has
a domicile or residence (or its
place of business, in the caseof a legal person) is acontracting party to theInternational Convention for theProtection of New Varieties ofPlants of December 2, 1961, as
Revised at Geneva on November
10, 1972, on October 23, 1978,and on March 19, 1991;- 31 -

02_英文【本文】.indd

31

2018/02/08

14:13:10

(b)where the country of which theperson is a national or thecountry in which the person has
a domicile or residence (or its
place of business, in the caseof a legal person) is acontracting party to theInternational Convention for theProtection of New Varieties ofPlants of December 2, 1961, as
Revised at Geneva on November
10, 1972, and on October 23,
1978 (hereinafter referred to inthis Annex as “the 1978 UPOV
Convention”), or a country in
relation with which Japan shallapply the 1978 UPOV Conventionin accordance with paragraph (2)of Article 34 of the 1978 UPOV
Convention, and further provides
the protection for plant genus
and species to which theperson’s applied variety
belongs; or(c)where the country of which theperson is a national provides
Japanese nationals with theprotection of varieties under
the same condition as its own
nationals (including a country
which provides such protection
for Japanese nationals under thecondition that Japan allows
enjoyment of the plant breeder’srights or related rights for thenationals of that country), andfurther provides the protection
for plant genus and species towhich the person’s appliedvariety belongs.

- 32 -

02_英文【本文】.indd

32

2018/02/08

14:13:10

2

Sector:Agriculture, Forestry and Fisheries,
and Related Services (except
Fisheries within the Territorial Sea,
Internal Waters, Exclusive Economic
Zone and Continental Shelf provided
for in the entry No. 8 in the
Schedule of Japan in Annex II)

Sub-Sector:
Industry
Classification:

JSIC 01

Agriculture

JSIC 02

Forestry

JSIC 03

Fisheries, except
aquaculture

JSIC 04

Aquaculture

JSIC 6324

Agricultural
cooperatives

JSIC 6325

Fishery and fisheryprocessing cooperatives

JSIC 871

Agriculture, forestry
and fisheries
cooperative
associations, n.e.c.

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in agriculture, forestry
and fisheries, and related services(except fisheries within the
territorial sea, internal waters,
exclusive economic zone andcontinental shelf provided for in
the entry No. 8 in the Schedule ofJapan in Annex II) in Japan.

- 33 -

02_英文【本文】.indd

33

2018/02/08

14:13:10

3

Sector:Finance

Sub-Sector:

BankingIndustry
Classification:

JSIC 622

Banks, except central
bank

JSIC 631

Financial institutions
for small-businesses

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Deposit Insurance Law (Law No. 34
of 1971), Article 2

Description:

The deposit insurance system only
covers financial institutions whichhave their head offices within thejurisdiction of Japan.
The deposit insurance system does
not cover deposits taken by branchesof foreign banks.

- 34 -

02_英文【本文】.indd34

2018/02/08

14:13:10

4

Sector:Heat Supply

Sub-Sector:
Industry
Classification:

JSIC 3511

Heat supply

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in the heat supply
industry in Japan.

- 35 -

02_英文【本文】.indd

35

2018/02/08

14:13:11

5

Sector:Information and Communications

Sub-Sector:

Telecommunications

Industry
Classification:

JSIC 3700

Head offices primarily
engaged in managerial
operations

JSIC 3711

Regional
telecommunications,
except wired broadcast
telephones

JSIC 3731

Services incidental totelecommunications

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law concerning Nippon Telegraph andTelephone Corporation, etc. (Law
No. 85 of 1984), Articles 6 and 10

Description:

1.
Nippon Telegraph and Telephone
Corporation may not enter the nameand address in its register ofshareholders if the aggregate of theratio of the voting rights directly
and/or indirectly held by the
persons set forth in subparagraphs(a) through (c) reaches or exceeds
one-third:

Prohibition of Performance
Requirements (Article 6)(a)a natural person who does nothave Japanese nationality;(b)a foreign government or its
representative; and(c)a foreign legal person or aforeign entity.

2.
Any natural person who does nothave Japanese nationality may notassume the office of member of theboard of directors or auditor of
Nippon Telegraph and Telephone
Corporation, Nippon Telegraph andTelephone East Corporation andNippon Telegraph and Telephone West
Corporation.

- 36 -

02_英文【本文】.indd

36

2018/02/08

14:13:11

6

Sector:Information and Communications

Sub-Sector:

Telecommunications and Internet
Based Services

Industry
Classification:

JSIC 3711

Regional
telecommunications,
except wired broadcast
telephones

JSIC 3712

Long-distancetelecommunications

JSIC 3719

Miscellaneous fixed
telecommunications

JSIC 3721

Mobiletelecommunications

JSIC 401

Services incidental toInternet

Note:

The activities covered bythis entry under JSIC 3711,
3712, 3719, 3721 or 401 arelimited to the activities
which are subject to theregistration obligation
under Article 9 of theTelecommunications Business
Law (Law No. 86 of 1984).

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in telecommunications
business and Internet based services
in Japan.

- 37 -

02_英文【本文】.indd37

2018/02/08

14:13:11

7

Sector:Manufacturing

Sub-Sector:

Drugs and Medicines Manufacturing

Industry
Classification:

JSIC 1653

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27

Biological preparations

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in biologicalpreparations manufacturing industry
in Japan. For greater certainty,“biological preparations
manufacturing industry” deals witheconomic activities in an
establishment which mainly produces
vaccine, serum, toxoid, antitoxin orsome preparations similar to theaforementioned products, or blood
products.

- 38 -

02_英文【本文】.indd38

2018/02/08

14:13:11

8

Sector:Manufacturing

Sub-Sector:

Leather and Leather Products
Manufacturing

Industry
Classification:

JSIC 1189

Textile apparel andaccessories, n.e.c.

JSIC 1694

Gelatine and adhesives

JSIC 192

Rubber and plastic
footwear and its
findings

JSIC 2011

Leather tanning andfinishing

JSIC 2021

Mechanical andindustrial leather
products, except gloves
and mittens

JSIC 2031

Cut stock and findings
for leather footwear

JSIC 2041

Leather footwear

JSIC 2051

Leather gloves andmittens

JSIC 2061

Baggage

JSIC 207

Handbags and small
cases

JSIC 2081

Fur skins

JSIC 2099

Miscellaneous tanningleather products

JSIC 3253

Sporting and athletic
goods

Note 1:

The activities covered bythis entry under JSIC 1189
or 3253 are limited to theactivities related toleather and leather
products manufacturing.

- 39 -

02_英文【本文】.indd

39

2018/02/08

14:13:11

Note 2:

The activities covered bythis entry under JSIC 1694
are limited to theactivities related toanimal glue (nikawa) andgelatine manufacturing.

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in leather and leather
products manufacturing industry inJapan.

- 40 -

02_英文【本文】.indd

40

2018/02/08

14:13:11

9

Sector:Matters Related to the Nationalityof a Ship

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Ship Law (Law No. 46 of 1899),
Article 1

Description:

The Japanese nationality shall begiven to a ship whose owner is aJapanese national, or a company
established under Japanese laws andregulations, of which all the
representatives and not less than
two-thirds of the executives
administering the affairs are
Japanese nationals.

Prohibition of Performance
Requirements (Article 6)- 41 -

02_英文【本文】.indd

41

2018/02/08

14:13:11

10

Sector:MiningSub-Sector:
Industry
Classification:

JSIC 05

Mining and quarrying ofstone and gravel

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Mining Law (Law No. 289 of 1950),
Chapters 2 and 3

Description:

Only a Japanese national or aJapanese legal person may havemining rights or mining leaserights.

- 42 -

02_英文【本文】.indd42

2018/02/08

14:13:11

11

Sector:Oil Industry

Sub-Sector:
Industry
Classification:

Obligations
Concerned:

JSIC 053

Crude petroleum andnatural gas production

JSIC 1711

Petroleum refining

JSIC 1721

Lubricating oils andgreases (not made inpetroleum refineries)

JSIC 1741

Paving materials

JSIC 1799

Miscellaneous petroleum
and coal products

JSIC 4711

Ordinary warehousing,
except refrigerated
warehousing

JSIC 4721

Refrigerated
warehousing

JSIC 5331

Petroleum

JSIC 6051

Gasoline stations

JSIC 6052

Fuel stores, except
gasoline stations

JSIC 9299

Miscellaneous businessservices, n.e.c.

Note 1:

The activities covered bythis entry under JSIC 1741,
1799, 4711, 4721 or 6052
are limited to thoserelated to oil industry.

Note 2:

The activities covered bythis entry under JSIC 9299
are limited to thoserelated to liquefied
petroleum gas industry.

National Treatment (Article 2)- 43 -

02_英文【本文】.indd

43

2018/02/08

14:13:11

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in the oil industry inJapan. All organic chemicals such as
ethylene, ethylene glycol andpolycarbonates are outside the scopeof the oil industry. Therefore, theprior notification under the Foreign
Exchange and Foreign Trade Law is
not required for the investments inthe manufacture of these products.

- 44 -

02_英文【本文】.indd

44

2018/02/08

14:13:11

12

Sector:

Security Guard Services

Sub-Sector:
Industry
Classification:

JSIC 923

Guard services

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in security guard
services in Japan.

- 45 -

02_英文【本文】.indd45

2018/02/08

14:13:11

13

Sector:Transport

Sub-Sector:

Air Transport

Industry
Classification:

JSIC 4600

Head offices primarily
engaged in managerial
operations

JSIC 4611

Air transport

Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Civil Aeronautics Law (Law No. 231
of 1952), Chapters 7 and 8

Description:

1.
The prior notification
requirement under the Foreign
Exchange and Foreign Trade Law
applies to foreign investors who
intend to make investments in airtransport business in Japan.
2.
Permission of the Minister ofLand, Infrastructure, Transport andTourism for conducting air transportbusiness as a Japanese air carrier
is not granted to the following
natural persons or entities applying
for the permission:(a)a natural person who does nothave Japanese nationality;(b)a foreign country, or a foreign
public entity or its
equivalent;- 46 -

02_英文【本文】.indd

46

2018/02/08

14:13:11

(c)a legal person or other entity
constituted under the laws of
any foreign country; and(d)a legal person represented by
the natural persons or entities
referred to in subparagraph(a), (b) or (c); a legal personof which one-third or more of
the directors are composed of
the natural persons or entities
referred to in subparagraph(a), (b) or (c); or a legal
person of which one-third or
more of the voting rights areheld by the natural persons or
entities referred to in
subparagraph (a), (b) or (c).

In the event that an air carrier
becomes a natural person or anentity referred to in subparagraphs(a) through (d), the permission willlose its effect. The conditions forthe permission also apply tocompanies, such as holding
companies, which have substantial
control over the air carriers.
3.
A Japanese air carrier or acompany having substantial control
over such air carrier, such as aholding company, may reject therequest from a natural person or anentity set forth in subparagraphs2(a) through 2(c), who owns equity
investments in such air carrier orcompany, to enter its name andaddress in the register ofshareholders, in the event thatsuch air carrier or company becomesa legal person referred to in
subparagraph 2(d) by accepting such
request.
4.
Foreign air carriers are
required to obtain permission of the
Minister of Land, Infrastructure,
Transport and Tourism to conduct
international air transportbusiness.

- 47 -

02_英文【本文】.indd47

2018/02/08

14:13:11

5.
Permission of the Minister ofLand, Infrastructure, Transport andTourism is required for the use offoreign aircraft for airtransportation of passengers or
cargoes to and from Japan for
remuneration.
6.
A foreign aircraft may not be
used for a flight between points
within Japan.

- 48 -

02_英文【本文】.indd

48

2018/02/08

14:13:11

14

Sector:Transport

Sub-Sector:

Air Transport

Industry
Classification:

JSIC 4600

Head offices primarily
engaged in managerial
operations

JSIC 4621

Aircraft service,
except air transport

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27

Prohibition of Performance
Requirements (Article 6)

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Civil Aeronautics Law (Law No. 231
of 1952), Chapters 7 and 8
Description:

1.
The prior notification
requirement under the Foreign
Exchange and Foreign Trade Law
applies to foreign investors who
intend to make investments in aerial
work business in Japan.
2.
Permission of the Minister ofLand, Infrastructure, Transport andTourism for conducting aerial workbusiness is not granted to thefollowing natural persons or
entities applying for thepermission:(a)a natural person who does nothave Japanese nationality;(b)a foreign country, or a foreign
public entity or its
equivalent;(c)a legal person or other entity
constituted under the laws of
any foreign country; and- 49 -

02_英文【本文】.indd49

2018/02/08

14:13:11

(d)a legal person represented by
the natural persons or entities
referred to in subparagraph(a), (b) or (c); a legal personof which one-third or more of
the directors are composed of
the natural persons or entities
referred to in subparagraph(a), (b) or (c); or a legal
person of which one-third or
more of the voting rights areheld by the natural persons or
entities referred to in
subparagraph (a), (b) or (c).

In the event that a person
conducting aerial work businessbecomes a natural person or anentity referred to in subparagraphs(a) through (d), the permission willlose its effect. The conditions forthe permission also apply tocompanies, such as holding
companies, which have substantial
control over the person conducting
aerial work business.
3.
A foreign aircraft may not be
used for a flight between points
within Japan.

- 50 -

02_英文【本文】.indd

50

2018/02/08

14:13:11

15

Sector:Transport

Sub-Sector:

Air Transport (Registration of
Aircraft in the National Register)Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Civil Aeronautics Law (Law No. 231
of 1952), Chapter 2

Description:

1.
An aircraft owned by any of thefollowing natural persons or
entities may not be registered in
the national register:

Prohibition of Performance
Requirements (Article 6)(a)a natural person who does nothave Japanese nationality;(b)a foreign country, or a foreign
public entity or its
equivalent;(c)a legal person or other entity
constituted under the laws of
any foreign country; and(d)a legal person represented by
the natural persons or entities
referred to in subparagraph(a), (b) or (c); a legal personof which one-third or more of
the directors are composed of
the natural persons or entities
referred to in subparagraph(a), (b) or (c); or a legal
person of which one-third or
more of the voting rights areheld by the natural persons or
entities referred to in
subparagraph (a), (b) or (c).

2.
A foreign aircraft may not beregistered in the national register.

- 51 -

02_英文【本文】.indd51

2018/02/08

14:13:12

16

Sector:Transport

Sub-Sector:

Freight Forwarding Business(excluding Freight Forwarding
Business Using Air Transportation)

Industry
Classification:

JSIC 4441

Collect-and-deliver
freight transport

JSIC 4821

Freight transport,
except collect-anddeliver freighttransport

Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Measures:

Freight Forwarding Business Law(Law No. 82 of 1989), Chapters 2
through 4
Enforcement Regulation of Freight
Forwarding Business Law (Ministerial
Ordinance of the Ministry ofTransport No. 20 of 1990)

Description:

The following natural persons or
entities are required to beregistered with, or to obtain
permission or approval of, theMinister of Land, Infrastructure,
Transport and Tourism for conducting
freight forwarding business using
international shipping. Suchregistration shall be permitted, orsuch permission or approval shall be
granted, on the basis ofreciprocity:(a)a natural person who does nothave Japanese nationality;(b)a foreign country, or a foreign
public entity or its
equivalent;- 52 -

02_英文【本文】.indd52

2018/02/08

14:13:12

(c)a legal person or other entity
constituted under the laws of
any foreign country; and(d)a legal person represented by
the natural persons or entities
referred to in subparagraph(a), (b) or (c); a legal personof which one-third or more of
the directors are composed of
the natural persons or entities
referred to in subparagraph(a), (b) or (c); or a legal
person of which one-third or
more of the voting rights areheld by the natural persons or
entities referred to in
subparagraph (a), (b) or (c).

- 53 -

02_英文【本文】.indd

53

2018/02/08

14:13:12

17

Sector:Transport

Sub-Sector:

Freight Forwarding Business (only
Freight Forwarding Business Using
Air Transportation)

Industry
Classification:

JSIC 4441

Collect-and-deliver
freight transport

JSIC 4821

Freight transport,
except collect-anddeliver freighttransport

Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Measures:

Freight Forwarding Business Law(Law No. 82 of 1989), Chapters 2
through 4
Enforcement Regulation of Freight
Forwarding Business Law (Ministerial
Ordinance of the Ministry ofTransport No. 20 of 1990)

Description:

1.
The following natural persons
or entities may not conduct freight
forwarding business using airtransportation between points within
Japan:(a)a natural person who does nothave Japanese nationality;(b)a foreign country, or a foreign
public entity or its
equivalent;(c)a legal person or other entity
constituted under the laws of
any foreign country; and- 54 -

02_英文【本文】.indd

54

2018/02/08

14:13:12

(d)a legal person represented by
the natural persons or entities
referred to in subparagraph(a), (b) or (c); a legal personof which one-third or more of
the directors are composed of
the natural persons or entities
referred to in subparagraph(a), (b) or (c); or a legal
person of which one-third or
more of the voting rights areheld by the natural persons or
entities referred to in
subparagraph (a), (b) or (c).

2.
The natural persons or entities
referred to in paragraph 1 arerequired to be registered with, orto obtain permission or approvalof, the Minister of Land,
Infrastructure, Transport andTourism for conducting freight
forwarding business using
international air transportation.
Such registration shall bepermitted, or such permission orapproval shall be granted, on thebasis of reciprocity.

- 55 -

02_英文【本文】.indd55

2018/02/08

14:13:12

18

Sector:Transport

Sub-Sector:

Railway Transport

Industry
Classification:

JSIC 421

Railway transport

JSIC 4851

Railway facilities
services

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

1.
The prior notification
requirement under the Foreign
Exchange and Foreign Trade Law
applies to foreign investors who
intend to make investments inrailway transport industry in Japan.
2.
The manufacture of vehicles orparts and components for the railway
transport industry is not included
in railway transport industry.
Therefore, the prior notification
under the Foreign Exchange andForeign Trade Law is not required
for the investments in the
manufacture of these products.

- 56 -

02_英文【本文】.indd

56

2018/02/08

14:13:12

19

Sector:Transport

Sub-Sector:

Road Passenger Transport

Industry
Classification:

JSIC 4311

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27

Common omnibus
operators

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Description:

1.
The prior notification
requirement under the Foreign
Exchange and Foreign Trade Law
applies to foreign investors who
intend to make investments inomnibus industry in Japan.
2.
The manufacture of vehicles orparts and components for omnibus
industry is not included in omnibus
industry. Therefore, the priornotification under the Foreign
Exchange and Foreign Trade Law is
not required for the investments inthe manufacture of these products.

- 57 -

02_英文【本文】.indd57

2018/02/08

14:13:12

20

Sector:Transport

Sub-Sector:

Water Transport

Industry
Classification:

JSIC 452

Coastwise transport

JSIC 453

Inland watertransport

JSIC 4542

Coastwise ship leasing

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in the water transportindustry in Japan. For greatercertainty, “water transportindustry” refers to oceangoing/
seagoing transport, coastwisetransport (i.e. maritime transport
between ports in Japan), inland
water transport and ship leasing
industry. However, oceangoing/
seagoing transport industry and shipleasing industry excluding coastwise
ship leasing industry are exemptedfrom the prior notification
requirement.

- 58 -

02_英文【本文】.indd

58

2018/02/08

14:13:12

21

Sector:Transport

Sub-Sector:

Water Transport

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Ship Law (Law No. 46 of 1899),
Article 3

Description:

Unless otherwise specified in laws
and regulations of Japan, orinternational agreements to which
Japan is a party, ships not flying
the Japanese flag are prohibitedfrom entering ports in Japan which
are not open to foreign commerce andfrom carrying cargoes or passengers
between ports in Japan.

Most-Favoured-Nation Treatment(Article 3)- 59 -

02_英文【本文】.indd

59

2018/02/08

14:13:12

22

Sector:

Water Supply and Waterworks

Sub-Sector:
Industry
Classification:

JSIC 3611

Water for end users,
except industrial users

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3

Description:

The prior notification requirement
under the Foreign Exchange andForeign Trade Law applies to foreign
investors who intend to makeinvestments in water supply andwaterworks industry in Japan.

- 60 -

02_英文【本文】.indd

60

2018/02/08

14:13:12

Schedule of the Republic of Armenia
1

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Schedule of Specific Commitments in
Service under the WTO Agreement(GATS/SC/137,2004(I. Horizontal
Commitments))

Description:

Only legal entities constituted
under Armenian legislation are
eligible for subsidisation,
irrespective of their capitalownership.

- 61 -

02_英文【本文】.indd

61

2018/02/08

14:13:12

2

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Constitution as amended in 2015,
Article 60
Land Code (Law no. HO-185 of 2001),
Article 4

Description:

Foreign nationals and statelesspersons shall not enjoy the right ofownership and obtain property rights
over land, except for the cases
prescribed by law.

- 62 -

02_英文【本文】.indd

62

2018/02/08

14:13:12

3

Sector:Тransportation and Storage
Facilities

Sub-Sector:

Air Transport Activities

Industry
Classification:

Classification of Economic Activity
HD-011-2013
51- Air Transport Activities

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Aviation” (Law no. HO-81-Nof 2007), Article 43

Description:

For the purpose of the air transport
flights safety, the authorised bodyfor the technical regulation issues
an air operator certificate inaccordance with procedure
established by the Government of the
Republic of Armenia, exclusively:(a)to the legal entities
registered in the Republic of
Armenia, with at least 51
percent shares owned by thenationals of the Republic of
Armenia and/or to legal
entities established andregistered in the Republic of
Armenia; and(b)

to authorised bodies of theGovernment of the Republic of
Armenia.

In the interests of the Republic of
Armenia, the authorised body for thetechnical regulation can apply
exceptions from the abovementioned
terms, if there are special reasonsand the air operator will be basedin the Republic of Armenia.

- 63 -

02_英文【本文】.indd

63

2018/02/08

14:13:12

4

Sector:Тransportation and Storage
Facilities

Sub-Sector:

Air Transport Activities

Industry
Classification:

Classification of Economic Activity
HD-011-2013
51- Air Transport Activities

Obligations
Concerned:

Prohibition of Performance
Requirements (Article 6)

Measures:

Law “On Aviation” (Law no. HO-81-Nof 2007), Article 35

Description:

The crew members of aircrafts
registered in the Republic of
Armenia shall be nationals of the
Republic of Armenia, unlessauthorised body makes anotherdecision as an exception.

- 64 -

02_英文【本文】.indd

64

2018/02/08

14:13:12

5

Sector:Culture, Leisure and Recreation

Sub-Sector:

Gambling-related Activities

Industry
Classification:

Classification of Economic Activity
HD-011-2013
92.00.3- Organisation of Lottery
Activities

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Lotteries” (Law no. HO-3-Nof 2003), Article 4

Description:

Only commercial organisations, thefounders of which are nationals of
the Republic of Armenia and/or legal
entities established in the Republicof Armenia, can operate lotteries in
the Republic of Armenia.

- 65 -

02_英文【本文】.indd

65

2018/02/08

14:13:12

6

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Measures:

Government Decree no. 1441-N of2011, Annex 2, paragraph 3

Description:

In the Republic of Armenia, only thenationals of the Republic of Armenia
who have received a certification ofqualification from the stateauthorised body can do cartography,
geodesy, measurement and land
management.

- 66 -

02_英文【本文】.indd

66

2018/02/08

14:13:13

7

Sector:Professional, Scientific andTechnical Activities

Sub-Sector:

Legal Activities

Industry
Classification:

Classification of Economic Activity
HD-011-2013
69.1- Legal Activities

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Notary” (Law no. HO-274 of
2001), Article 10

Description:

Only the nationals of the Republicof Armenia can be assigned to theposition of the notary.

- 67 -

02_英文【本文】.indd

67

2018/02/08

14:13:13

8

Sector:Administrative and Auxiliary
Activities

Sub-Sector:

Security and Investigations

Industry
Classification:

Classification of Economic Activity
HD-011-2013
80.1- Private Security Activities

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Private Security Activities”(Law no. HO-6-N of 2012), Article 12

Description:

Only the nationals of the Republicof Armenia have the right to obtainthe status of bodyguard and guard
and to exercise the functions ofbodyguard and guard (including use
of weapons and special means).

- 68 -

02_英文【本文】.indd

68

2018/02/08

14:13:13

9

Sector:Information and Communication

Sub-Sector:

Production of Film, Video Television
Programs, Musical and Other Audio
Recording, Organising andBroadcasting of Television and Radio
Programs

Industry
Classification:

Classification of Economic Activity
HD-011-2013
60- Organising and Broadcasting of
Television and Radio Programs

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Television and Radio” (Law
no. HO-97 of 2000), Articles 16 and55.1

Description:

A private multiplexor shall be alegal entity established in the
Republic of Armenia. The share ofparticipation of foreign capitalshall not be more than or equal to50 percent of the shares required
for adoption of decisions of theprivate multiplexor, and thetelevision and radio company. A
larger share can be defined byinternational agreements.

Most-Favoured-Nation Treatment(Article 3)- 69 -

02_英文【本文】.indd

69

2018/02/08

14:13:13

10

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:

Classification of Economic Activity
HD-011-2013
64- Financial Services

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Banks and Banking” (Law no.
HO-68 of 1996), Articles 4 and 14

Description:

Banking activities shall be provided
only by a legal entity and/or abranch established and licensed in
the Republic of Armenia.

- 70 -

02_英文【本文】.indd

70

2018/02/08

14:13:13

11

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:

Classification of Economic Activity
HD-011-2013
65- Insurance Services

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Insurance and Insurance
Activities” (Law no. HO-177-N of2007), Articles 1 and 47

Description:

Insurance service shall be provided
only by a legal entity and/or abranch established and registered in
the Republic of Armenia.

Most-Favoured-Nation Treatment(Article 3)

Foreign insurance companies may,without establishing a branch or
subsidiary legal entity in the
Republic of Armenia, performinsurance activities through apublic offering only if they are
registered in countries that are
parties to the international
agreements (of which the Republic of
Armenia is also a member) consistent
with the WTO Agreement; such legal
entity may only perform insurance
covering the following risks:(a)maritime shipping, civil
aviation, spaceship launching
and freight (including
satellites); such insurance may
cover transportable goods,
transporting vehicle and any
liability arising out of suchtransportation, both altogether
and separately;(b)international freight carriage;
and

(c)

reinsurance and retrocession
and other services related toreinsurance.

- 71 -

02_英文【本文】.indd

71

2018/02/08

14:13:13

12

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:

Classification of Economic Activity
HD-011-2013
66- Finance and Insurance

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Securities Market” (Law no.
HO-195-N of 2007), Articles 3, 25,
43 and 49

Description:

Investment services in the meaningof law “On Securities Market” of the
Republic of Armenia shall be
provided only by a legal entity
and/or a branch established andregistered in the Republic of
Armenia.

- 72 -

02_英文【本文】.indd

72

2018/02/08

14:13:13

13

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:

Classification of Economic Activity
HD-011-2013
66- Finance and Insurance

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Investment Funds” (Law no.
HO-245-N of 2010), Article 55 and 60
Regulation 10/01 of the Central Bank
Board, (Regulation no. 116-N of2011), Article 38

Description:

Fund management service shall be
provided only by a legal entity
and/or a branch established in the
Republic of Armenia.

- 73 -

02_英文【本文】.indd

73

2018/02/08

14:13:13

14

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:

Classification of Economic Activity
HD-011-2013
64.92.1- Pawnbroker Activity

Obligations
Concerned:

National Treatment (Article 2)

Measures:

Law “On Pawnshops and Pawnbrokerage”(Law no. HO-43-N of 2003), Article 3

Description:

Only legal persons and sole
proprietors established in the
Republic of Armenia can engage inpawnbrokerage activity in the
Republic of Armenia.

- 74 -

02_英文【本文】.indd

74

2018/02/08

14:13:13

Annex II
Non-Conforming Measures referred toin paragraph 2 of Article 7
1.
The Schedule of a Contracting Party sets out, pursuant
to paragraph 2 of Article 7, the specific sectors, subsectors or activities for which that Contracting Party may
maintain existing, or adopt new or more restrictive,
measures that do not conform with obligations imposed by:

2.

(a)

Article 2;(b)

Article 3; or(c)Article 6.

Each Schedule entry sets out the following elements:(a)“Sector” refers to the sector for which the entry
is made;(b)“Sub-Sector”, where referenced, refers to thespecific sub-sector for which the entry is made;(c)“Industry Classification”, where referenced, andonly for transparency purposes, refers to theactivity covered by the non-conforming measure,according to domestic or international industry
classification codes;(d)“Obligations Concerned” specifies the obligations
referred to in paragraph 1 that, pursuant toparagraph 2 of Article 7, do not apply to thesectors, sub-sectors or activities listed in theentry;(e)“Description” sets out the scope or nature of thesectors, sub-sectors or activities covered by theentry; and(f)“Existing Measures”, where specified, identifies,
for transparency purposes, a non-exhaustive listof existing measures that apply to the sectors,
sub-sectors or activities covered by the entry.

3.
In the interpretation of an entry, all elements of theentry shall be considered. The “Description” element shallprevail over all other elements.

- 75 -

02_英文【本文】.indd

75

2018/02/08

14:13:13

4.
For the purposes of this Annex, the term “JSIC” means
Japan Standard Industrial Classification set out by the
Ministry of Internal Affairs and Communications of Japan,
and revised on October 30, 2013.
5.
For the purposes of this Annex, the term“Classification of Economic Activity HD-011-2013” means
Armenian Classification of Types of Economic Activity set
out by the Ministry of Economy of the Republic of Armenia
on September 19, 2013.

- 76 -

02_英文【本文】.indd76

2018/02/08

14:13:13

Schedule of Japan1

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

When transferring or disposing of
its equity interests in, or theassets of, a state enterprise or agovernmental entity, Japan reserves
the right to:

Prohibition of Performance
Requirements (Article 6)(a)prohibit or impose limitations
on the ownership of suchinterests or assets byinvestors of the Republic of
Armenia or their investments;(b)

impose limitations on theability of investors of the
Republic of Armenia or theirinvestments as owners of suchinterests or assets to control
any resulting enterprise; or(c)adopt or maintain any measure
relating to the nationality of
executives, managers or membersof the board of directors of
any resulting enterprise.

Existing
Measures:- 77 -

02_英文【本文】.indd

77

2018/02/08

14:13:13

2

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

Japan reserves the right to adopt ormaintain any measure relating toinvestment in telegraph services,
postal services, betting andgambling services, manufacture of
tobacco products, manufacture of
Bank of Japan notes and minting andsale of coinage in Japan.

Existing
Measures:- 78 -

02_英文【本文】.indd

78

2018/02/08

14:13:13

3

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

Most-Favoured-Nation Treatment(Article 3)

Description:

Japan reserves the right to adopt ormaintain any measure that accords
differential treatment to countries
under any bilateral or multilateralagreement involving:(a)aviation;(b)fisheries; or(c)maritime matters, including
salvage.

Existing
Measures:- 79 -

02_英文【本文】.indd

79

2018/02/08

14:13:13

4

Sector:All

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

National Treatment and MostFavoured-Nation Treatment may not be
accorded to investors of the
Republic of Armenia and theirinvestments with respect tosubsidies.

Most-Favoured-Nation Treatment(Article 3)

Existing
Measures:- 80 -

02_英文【本文】.indd

80

2018/02/08

14:13:13

5

Sector:Aerospace Industry

Sub-Sector:

Aircraft Industry
Space Industry

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

Japan reserves the right to adopt ormaintain any measure relating to theinvestment in aircraft industry andspace industry.

Existing
Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Articles 27 and 30

Prohibition of Performance
Requirements (Article 6)

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Articles 3 and 5- 81 -

02_英文【本文】.indd

81

2018/02/08

14:13:13

6

Sector:Arms and Explosives Industry

Sub-Sector:

Arms Industry
Explosives Manufacturing Industry

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

Japan reserves the right to adopt ormaintain any measure relating to theinvestment in the arms industry andexplosives manufacturing industry.

Existing
Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Articles 27 and 30

Prohibition of Performance
Requirements (Article 6)

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Articles 3 and 5- 82 -

02_英文【本文】.indd

82

2018/02/08

14:13:14

7

Sector:EnergySub-Sector:

Electricity Utility Industry
Gas Utility Industry
Nuclear Energy Industry

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

Japan reserves the right to adopt ormaintain any measure relating toinvestment in the energy industry
listed in the “Sub-Sector” element.

Existing
Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Articles 27 and 30

Prohibition of Performance
Requirements (Article 6)

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Articles 3 and 5- 83 -

02_英文【本文】.indd83

2018/02/08

14:13:14

8

Sector:Fisheries

Sub-Sector:

Fisheries within the TerritorialSea, Internal Waters, Exclusive
Economic Zone and Continental Shelf

Industry
Classification:

JSIC 031

Marine fisheries

JSIC 032

Inland water fisheries

JSIC 041

Marine aquaculture

JSIC 042

Inland wateraquaculture

JSIC 8093

Recreational fishingguide business

Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

Japan reserves the right to adopt ormaintain any measure relating toinvestment in fisheries in the
territorial sea, internal waters,
exclusive economic zone andcontinental shelf of Japan.
For the purposes of this entry, theterm “fisheries” means the work oftaking and cultivation of aquatic
resources, including the following
fisheries related activities:(a)investigation of aquatic
resources without taking such
resources;(b)luring of aquatic resources;(c)preservation and processing offish catches;(d)transportation of fish catches
and fish products; and(e)provision of supplies to othervessels used for fisheries.

- 84 -

02_英文【本文】.indd

84

2018/02/08

14:13:14

Existing
Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27
Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Law for Regulation of Fishing
Operation by Foreign Nationals (Law
No. 60 of 1967), Articles 3, 4 and 6
Law concerning the Exercise ofSovereign Rights concerning
Fisheries in the Exclusive Economic
Zones (Law No. 76 of 1996), Articles
4, 5, 7, 8, 9, 10, 11, 12 and 14- 85 -

02_英文【本文】.indd85

2018/02/08

14:13:14

9

Sector:Information and Communications

Sub-Sector:

Broadcasting Industry

Industry
Classification:

JSIC 380

Establishments engaged
in administrative or
ancillary economic
activities

JSIC 381

Public broadcasting,
except cablecasting

JSIC 382

Private-sector
broadcasting, except
cablecasting

JSIC 383

Cablecasting

Obligations
Concerned:

National Treatment (Article 2)

Description:

Japan reserves the right to adopt ormaintain any measure relating toinvestment in broadcasting industry.

Existing
Measures:

Foreign Exchange and Foreign
Trade Law (Law No. 228 of 1949),
Article 27

Prohibition of Performance
Requirements (Article 6)

Cabinet Order on Foreign Direct
Investment (Cabinet Order No. 261
of 1980), Article 3
Radio Law (Law No. 131 of 1950),
Chapter 2
Broadcast Law (Law No. 132 of 1950),
Chapters 5 and 8- 86 -

02_英文【本文】.indd

86

2018/02/08

14:13:14

10

Sector:Land Transaction

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

With respect to the acquisition orlease of land properties in Japan,
prohibitions or restrictions may be
imposed by Cabinet Order on foreign
nationals or legal persons, where
Japanese nationals or legal persons
are placed under identical orsimilar prohibitions or restrictionsin the foreign country.

Existing
Measures:

Alien Land Law (Law No. 42 of 1925),
Article 1

Most-Favoured-Nation Treatment(Article 3)- 87 -

02_英文【本文】.indd

87

2018/02/08

14:13:14

11

Sector:Public Law Enforcement andCorrectional Services and Social
Services

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

Japan reserves the right to adopt ormaintain any measure relating toinvestment in public law enforcement
and correctional services, and insocial services such as income
security or insurance, social
security or insurance, social
welfare, primary and secondary
education, public training, healthand child care.

Existing
Measures:- 88 -

02_英文【本文】.indd

88

2018/02/08

14:13:14

12

Sector:Transport

Sub-Sector:

Air Transport

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)

Description:

Japan reserves the right to adopt ormaintain any measure with respect toinvestment in airports or airport
operation services.

Prohibition of Performance
Requirements (Article 6)

For the purposes of this entry, theterm “airport operation services”
means the supply of air terminal,
airfield and other airport
infrastructure operation services ona fee or contract basis. Airport
operation services do not include air
navigation services.
Existing
Measures:- 89 -

02_英文【本文】.indd

89

2018/02/08

14:13:14

Schedule of the Republic of Armenia
1

Sector:Transportation and Storage
Facilities

Sub-Sector:

Air Transport Activities

Industry
Classification:

Classification of Economic Activity
HD-011-2013
51- Air Transport Activities

Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure with respect to investment
in airports or airport operation
services in accordance with its laws
and regulations, provided that suchmeasure shall conform with Article
3, except for measure that accords
differential treatment to investorsof the countries which are parties
to the Treaty on the Eurasian
Economic Union.
For the purposes of this entry, theterm “airport operation services”
means the supply of air terminal,
airfield and other airport
infrastructure operation services ona fee or contract basis. Airport
operation services do not include
air navigation services.

Existing
Measures:- 90 -

02_英文【本文】.indd

90

2018/02/08

14:13:14

2

Sector:Postal Services

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure relating to investment inpostal services in accordance with
its laws and regulations, provided
that such measure shall conform with
Article 3, except for measure that
accords differential treatment toinvestors of the countries which areparties to the Treaty on theEurasian Economic Union.

Existing
Measures:- 91 -

02_英文【本文】.indd

91

2018/02/08

14:13:14

3

Sector:Fisheries

Sub-Sector:

Fisheries in the Internal Waters

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure relating to investment infisheries in the internal waters of
the Republic of Armenia in
accordance with its laws andregulations, provided that suchmeasure shall conform with Article
3, except for measure that accords
differential treatment to investorsof the countries which are parties
to the Treaty on the Eurasian
Economic Union.
For the purposes of this entry, theterm “fisheries” means the work oftaking and cultivation of aquatic
resources, including the following
fisheries related activities:(a)investigation of aquatic
resources without taking such
resources;(b)luring of aquatic resources;(c)preservation and processing offish catches;(d)transportation of fish catches
and fish products; and(e)provision of supplies to othervessels used for fisheries.

Existing
Measures:- 92 -

02_英文【本文】.indd

92

2018/02/08

14:13:14

4

Sector:Arms and Explosives Industry

Sub-Sector:

Arms Industry
Explosives Manufacturing Industry

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure relating to investment in
the arms industry and explosives
manufacturing industry in accordancewith its laws and regulations,provided that such measure shallconform with Article 3, except formeasure that accords differential
treatment to investors of thecountries which are parties to theTreaty on the Eurasian Economic
Union.

Existing
Measures:- 93 -

02_英文【本文】.indd

93

2018/02/08

14:13:14

5

Sector:Public Law Enforcement andCorrectional Services and Social
Services

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure relating to investment inpublic law enforcement andcorrectional services, and in social
services except for social welfare,primary and secondary education,
public training, health and childcare, in accordance with its laws
and regulations, provided that suchmeasure shall conform with Article
3, except for measure that accords
differential treatment to investorsof the countries which are parties
to the Treaty on the Eurasian
Economic Union.

Existing
Measures:- 94 -

02_英文【本文】.indd

94

2018/02/08

14:13:14

6

Sector:EnergySub-Sector:

Electricity Utility Industry
Gas Utility Industry

Industry
Classification:
Obligations
Concerned:

National Treatment (Article 2)
Most-Favoured-Nation Treatment(Article 3)
Prohibition of Performance
Requirements (Article 6)

Description:

The Republic of Armenia reserves theright to adopt or maintain any
measure relating to investment inenergy industry listed in the “SubSector” element, in accordance with
its laws and regulations, provided
that such measure shall conform with
Article 3, except for measure that
accords differential treatment toinvestors of the countries which areparties to the Treaty on theEurasian Economic Union.

Existing
Measures:- 95 -

02_英文【本文】.indd

95

2018/02/08

14:13:15

7

Sector:Financial and Insurance Activities

Sub-Sector:
Industry
Classification:
Obligations
Concerned:

Most-Favoured-Nation Treatment(Article 3)

Description:

With regard to investment infinancial services, the Republic of
Armenia reserves the right to adopt
or maintain any measure that accords
differential treatment to countries
in the economic unions to which theRepublic of Armenia is also a party.
For the purpose of this entry, theterm “financial services” means
insurance and insurance-related
services as well as banking andother financial services.

Existing
Measures:- 96 -

02_英文【本文】.indd

96

2018/02/08

14:13:15