4

3. If an investor transfers to the Government of the United
States of America, pursuant to an investment guaranty, and in a
manner conformable with the laws of Trinidad and Tobago: (a)
lawful currency, including credits thereof, of Trinidad and Tobago,
(b) any claims or rights which the investor has or may have arising
from the business activities of the investor in Trinidad and Tobago
or from the events entitling the investor to payment under the in-
vestment guaranty, or (¢) all or part of the interest of the investor
in any property (real or personal, tangible or intangible) within
Trinidad and Tobago, the Government of Trinidad and Tobago
shall recognize such transfer as valid and effective.

4, Lawful currency of Trinidad and Tobago, including credits
thereof, which is acquired by the Government of the United States
of America pursuant to a transfer of currency or from the sale of
property transferred under an investment. guaranty shall be ac-
corded treatment by the Government of Trinidad and Tobago. with
respect to exchange, repatriation or use thereof, not less favorable
than that accorded by the Government of Trinidad and Tobago to
funds of nationals of the United States of America derived from
activities similar to those in which the investor had been engaged,
and such currency may in any event be used by the Government of
the United States of America for any of its expenditures in Trinidad
and Tobago.

5. Any dispute regarding the interpretation or application of
the provisions of this Agreement or any claim against the Govern-
ment of Trinidad and Tobago to which the Government of the
United States of America may succeed ns transferee or which may
arise from the events causing payment under an investment guaranty
shall, upon the request of either Government, be the subject of nego-
tintions between the two Governments and shall be settled, insofar
as possible, in suel: negotiations, If, withina period of three months
after a request for negotiation, the two Governments are unable to
settle any such dispute or claim by agreement, the dispute or claim:
shall be referred upon the initiating of either Government, to a sole
arbitrator, selected by mutu:] agreement, for final and binding
determination in light of the applicable principles of international
law. If the tro Governments are unable to select an arbitrator
within a period of three months after indication by either Govern-
ment of its desire to arbitrate, the President of the International
Court of Justice shall, at the request of either Government, desig-
nate the arbitrator.

6. The present Agreement. shall, as between the parties to this
Agreement, terminate and replace the provisions of Article IIT, as
amended, of the Economie Cooperation Agreement between the
United States of America and the United Kingdom signed at
London on July 6, 1948 relating to guaranties of convertibility ;
provided that all obligations, rights, or actions arising from that.
Article prior to its termination shall remain in force beyond the

TIAS 5278.

a



3

ever, that the provisions of the present Agreement shall apply to all
investment guaranties issued prior to the coming into force of the
present Agreement in respect of activities approved by the Govern-
ment of Trinidad and Tobago.

Accept, Excellency, the renewed assurances of my highest
consideration.

Rozert G. Mrver

His Excellency
Dr. Exto B. Wiwt1a31s,
Minister of External Affairs,
Trinidad and Tobago.

The Prime Minister and Minister of External Affairs of Trinidad
and Tobago to the American Ambassador

OFFICE OF THE PRIME MINISTER

WHITEHALL, PORT-OF-SPAIN, TRINIDAD, TRINIDAD AND TOBAGO
EA ECN 15/2/1 15 January 1963

Your Excen.Eency, .

{ acknowledge your letter No. 48 of the 8th January, 1963,
regarding proposals for Guarantees of Investment in Trinidad and
Tobago by the Government of the United States of America and the
Government of Trinidad and Tobago, which reads as follows:—

“J have the honour to refer to conversations which have recently
taken place between representatives of our two governments relat-
ing to investments in Trinidad and Tobago which further the
development of the economic resources and productive capacities of
Trinidad and Tobago and to guaranties of such investments by the
Government of the United States of America. I also have the
honour to confirm the following understandings reached as a result

of those conversations:

1. The Government of the United States of America and the
Government of ‘Trinidad and Tobago shall, upon the request of
either Government, consult concerning investments in Trinidad and
Tobago which the Government of the United States of America
may guaranty.

3. The Government of the United States of America shall not
guaranty an investment in Trinidad and Tobago unless the Govern-
ment of Trinidad and Tobago approves the activity to which the
investment relates and recognizes that the Government of the United
States of America may guaranty such investment.

TIAS 5278



eomer

5

date of termination of that Article until all obligations in connec-
tion with any guaranties issued by the Government of the United
States of America in accordance with the said Article shall have
been discharged, as between the parties to the present Agreement.

Upon receipt of a note from Your Excellency indicating that the
foregoing provisions are acceptable to the Government of Trinidad
and Tobago, the Government of the United States of America will
consider that this note and:your reply thereto constitute an Agree-
ment between our two Governments on this subject, the Agreement
to enter into force on the date of your note in reply ; provided, how-
ever, that the provisions of the present Agreement shall apply to
all investment guaranties issued prior to the coming into force of
the present Agreement in respect, of activities approved by the Gov-
ernment of Trinidad and Tobago.”

The Government of Trinidad and Tobago accepts the provisions
put forward by the Government of the United. States of America and
agrees that this reply, together with your letter under reference,
should constitute an Agreement between the Government of Trinidad
and Tobago and the Government of the United States of America.

The Government of Trinidad and Tobago further agrees that:

(a) this Agreement should enter into force on the date of this
letter; and

(b) the provisions of the present Agreement shall apply to all

investments guarantees issued prior to the coming into force.

of the present Agreement in respect of activities approved by
the Government of Trinidad and Tobago.

Accept, Excellency, the assurances of my highest consideration.
Eno Waoxrams

Eric Williams
Prime Minister and Minister
of Euternal Affairs.

His Excellency Mr. Rosenr G. Mrxen,
Ambassador for the United States of America,
The Embassy of the United States of
America,
Marli Street,
Port of Spain.

TIAS 5278

U.S. CovERNMEMT PRintine OFFICE: 1963



TREATIES AND OTHER INTERNATIONAL ACTS SERIES 5278

INVESTMENT GUARANTIES

Agreement Between the
Untrep States oF AMERICA
and Tarmap ann Topco:

Effected by Exchange of Notes
Signed at Port-of-Spain January 8”
and: 15, 1963:



(Ss

TRINIDAD AND TOBAGO

Investment Guaranties

Agreement effected by exchange of notes
Signed at Port-of-Spain January 8 and 13, 1963;
Entered into force January 15, 1963.

The American Ambassador to the Minister of Eaternal Affairs of
Trinidad and Tobago

No. 48 Port or Sparn, January 8, 1968.

TExceLLencr : .

I have the honor to refer to conversations which have recently
taken place between representatives of our two governments relating
to investments in Trinidad and Tobago which further the develop-
ment of the economic resources and productive capacities of Trinidad
and Tobago and to guaranties of such investments by the Government.
of the United States of America. I also have the honor to con-
firm the following understandings reached as a result of those
conversations:

guaranty: an investment in Trinidad
ment of Trinidad and Tobago app’

st 3 u ment,

3. Tfan investor transfers to the Gor ernment of the United States
of America, pursuant to an investment guaranty, and in s manner
conformable with the laws of Trinidad and Tobago: (a) lawful
currency, including credits thereof, of Trinidad and Tobago, (b) any
claims or rights which the investor has or may have arising from the
business activities of the investor in Trinidad and Tobago or from
the events entitling the investor to payment under the investment
guaranty, or (c) all or part of the interest of the investor in any
property (real or personal, tangible or intangible) within Trinidad
and Tobago, the Government of Trinidad and Tobago shall recognize
such transfer as valid and effective.

95957—63 «1p TIAS 5278



2

4, Lawful currency of Trinidad and Tobago, including credits
thereof, which is acquired by the Government of the United States
of America pursuant to & transfer of currency or from the sale of
property transferred under an investment guaranty shall be accorded
treatment by the Government of Trinidad and Tobago with respect to
exchange, repatriation or use thereof, not less favorable than that
accorded by the Government of Trinidad and Tobago to funds of
nationals of the United States of America derived from activities
similar to those in which the investor had been engaged, and such
currency may in any event be used by the Government of the United
States of America for any of its expenditures in ‘Trinidad and Tobago.

5. Any dispute regarding the interpretation or application of the
provisions of this Agreement or any claim against the Government
of Trinidad and Tobago to which the Government of the United
States of America may succeed as transferee or which may arise from
the events causing payment under an investment guaranty shall, upon
the request of either Government, be the subject of negotiations be-
tween the two Governments and shall be settled, insofar as possible,
in such negotiations. Tf, within a period of three months after a
request. for negotiation, the two Governments are unable to settle any
such dispute or claim by agreement, the dispute or claim shall be
referred upon the jnitiating of either Government, to a sole arbitrator,
selected by mutual agreement, for final and binding determination in
light of the applicable principles of jnternational law. If the two
Governments are unable to select an arbitrator within a period of
three months after indication by either Government of its desire to
arbitrate, the President of the International Court of Justice shall,
at the request of. either Government, designate the arbitrator.

6. The present Agreement shall, as between the parties to this
Agreement, terminate and replace the provisions of Article IIL, as
amended, of the Economic Cooperation Agreement between the United
States of America and the United Kingdom signed at London on
Tuly 6, 1948[7] relating to guaranties of convertibility; provided that
all obligations, rights, or actions arising from that Article prior to
its termination shall remain in force beyond the date of termination.
of that Article until all obligations jn connection with any guaranties
issued by the Government of the United States of America in aceord-
ance with the said Article shall have been discharged, as between the

parties to the present Agreement.

Upon receipt of a note from Your Excellency indicating that the
foregoing provisions are acceptable to the Government of Trinidad
and Tobago, the Government of the United States of America will
consider that this note and your reply thereto constitute an Agree-
ment between our two Governments on this subject, the Agreement
to enter into force on the date of your note in reply} provided, how~-

1TLAS 1795, 2036, 2277, 4664; 62 Stat. (pt. 2) 2599; 1 UST 184; 2 UST 1202;
11 UST 2680.

PIAS 5278. -

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