4

4, Lawful currency of Jamaica, including eredits thereof, which
is acquired by the Government of the United States of America pur-
suant to a transfer of currency or from the sale of property trans-
ferred under an investment guaranty shall be accorded treatment by
the Government of Jamaica with respect to exchange. repatriation
or use thereof, not less favorable than that accorded 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 Jamaica.

5. Any dispute regarding the interpretation or application of
the provisions of this Agreement or any claim against the Govern-
ment of Jamaica 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
between the two Governments and shall be settled, insofar as possi-
ble, in such negotiations. If, 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 initiating of cither Government, to a sole arbi-
trator, selected by mutual agreement, for final and binding deter-
mination in light of the applicable principles of international 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 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 date of
termination of that Article until all obligations in connection with
any guaranties issued by the Government of the United States of
America in accordance with the said Article shall have been dis-
charged : 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 Jamaica.
the Government of the United States of America will consider that
this note and your reply thereto constitute an Agreement between
our two Governments on this subject, the agreement to enter into
force on the date of your note in reply.

TIAS 5270

we


a

3

Accept, Excellency, the renewed assurances of my highest
consideration.
Wrinian C. Donertr

His Excellency,
Sir Arexanper Bustamante,
Prime Minister of Jamaica
and Minister of External Affairs,
Kingston

The Jamaican Prime Minister and Minister of External Affairs to the
American Ambassador

JAMAICAN FORRIGN SERVICE

81/05 4ru January, 1963.

Excuttency, .
I have the honour to acknowledge receipt of your undated Note
No. 70 which read as follows —

“Excellency :

{I have the honor to refer to conversations which have taken
place between representatives of our two governments relating to
investments in Jamaica which further the development of the eco-
nomic resources and productive capacities of Jamaica and to guar-
anties of such investments by the Government of the United States
of America. I also have the honor to confirm the following under-
standings reached asa result of those conversations:

1, The Government of the United States of America and the
Government of Jamaica shall. upon the request of either Govern-
ment, consult concerning investments in Jamaica which the Govern-
ment. of the United States of America may guaranty.

©, The Government of the United Stares of America shall not
guaranty an investment in Jamaica unless the Government of
Jamaica approves the activity to which the investment relates and
recognizes that the Government of the United States of America
may guaranty such investment.

3. If an investor transfers to the Government of the United
States of America. pursuant to an investment guaranty, (2) lawiul
currency, including credits thereof, of Jamaica, (b) any claims or
rights which the investor has or may have ¢ from the business
activities of the investor in Jamaica 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 Jamaica, the Government of J: amaica
shall recognize such transfer as valid and effective.

. . TIAS 5270


Accept, Excellency, the renewed assurances of my highest

consideration.
Wrutam C. Doerr”

s that the Government of Jamaica are
et out in your Note, and that Your
nal] constitute an Agreement between
agreement to enter into force

T have pleasure in confirmin
in agreement with the prov s10n
Excellency’ 's note and this reply
our two Governments on this subject. the
on the date of this note.

Accept, Excellency, the renewed assurances of my highest

consideration.

Aexanver BustaMENTE
Prime Minister
and Minister of External Affairs

His Excellency +
Wis C. Douerry,
Ambassador,
American Embassy.

TIAS S2iu

WS GHEE RAM: HE PRUNING GFELCE. 1963


TREATIES AND OTHER INTERNATIONAL ACTS SERIES 5270

INVESTMENT GUARANTIES

Agreement Between the
Unirep StaTES OF AMERICA
and Jasaica

Effected by Exchange of Notes
Signed at Kingston December 11, 1962
and January 4, 1963



JAMAICA

Investment Guaranties

Agreement effected by exchange of notes
Signed at Kingston December 11, 1962 and January 4, 1963;
Entered into force January 4, 1963.

The American Ambassador to the Jamaican Prime Minister and
Minister of External Affairs

No. 70 Decesper 11, 1962

EXcELLENCY :

T have the honor to refer to conversations which have taken place
between representatives of our two governments relating to investments
jn Jamaica which further the development of the economic resources
and productive capacities of Jamaica and to guaranties of such in-
vestments by the Government of the United States of America. Talso
have the honor to confirm the following understandings reached as
a result. of those conversations:

4. The Government of the United States of America and the Gov-
ernment of Jamaica shall, upon the request of either Government,
consult concerning investments in Jamaica which the Government of
the United States of .\merica may guaranty.

2, The Government of the United States of America shall not
guaranty an investment in Jamaica unless the Government of Jamaicn
approves the activity to which the investment relates and recognizes
that the Government of the United States of America may guaranty
such investment.

3. If an investor transfers to the Government of the United States
of America, pursuant to an investment guaranty, ( a) Jawful currency,
including credits thereof, of Jamaica, (b) any claims or rights which
the investor has or may have arising from the business activities of the
investor in Jamaica or from the events entitling the investor to pay-
ment under the investment guaranty, or (¢) all or part of the interest
of the investor in any property (real or personal, tangible or inrangi-
ble) within Jamaica, the Government of Jamaica shall recognize such
transfer as valid and effective.

4, Lawful currency of Jamaica. including credits thereof. which is
acquired by the Government of the United States of America pursu-
ant to a transfer of currency or from the sale of property transferred

95952—65 e5) TIAS 5270


2

under an investment guaranty shall be accorded treatment by the
Government of Jamaica with respect to exchange, repatriation or use
thereof, not: Jess favorable than that accorded to funds of nationals of
the United States of ‘America derived from activities similar to those
jn which the investor had been engaged, and such currency may inany
event be used by the Government of the United States of America for
any of its expenditures in J ‘amaica.

5. Any dispute regarding the interpretation or application of the
provisions of this Agreement or any claim against the Government of
Jamaica 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 between the two
Governments and shall be settled, insofar as possible, in such negotia-
tions. If, within 2 period of three months after a request for negoti-
ation, 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, toa sole arbitrator, selected by mutual
agreement, for final and binding determination in light of the appli-
cable principles of international 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 Presi-
dent 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 ITT, as
amended. of the Economic Cooperation - greement between the United
States of America and the United Kingdom signed at London on
July 6. 1948.[*] relating to euaranties of convertibility : provided thar
all obligations. rights, or actions arising from ihat Article prior to ite
termination shall remain im force beyond the date of termination of
that Article until all obligations in connection with any guaranties
issued by the Government of the United States of ‘America in accord-
ance with the said ‘Article shall have been discharged: as between the
parties to the present A greement.

Upon receipt of a note from Your Excellency indicating that the
foregoing provisions are acceptable to the Government of Jamaica,
the Government of the United States of ‘America will consider that
this note and your reply thereto constitute an Agreement berween our
two Governments on this subject, the agreement to enter into force on
the date of your note in reply.

2 PTAS 17

2036, 2277. 4664: G2 Stat. (pt. 2) 9599; 1 UST 184: 2 UST 1292:
11 UST 2690. .

TIAS 5o70