Agreement Between the Government of the State of Kuwait and the Government of the Republic of Iraq for Reciprocal Promotion and Protection of Investment (2013) [English Translation] (excerpts)
Excerpts from Agility Public Warehousing Company K.S.C. v. Republic of Iraq (ICSID Case No. ARB/17/7) Award (22 February 2021) Paragraphs 110-111 & 159
ARTICLE 3
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Investments by investors of either Contracting Party in the territory of the other Contracting Party shall be given equitable and fair treatment and shall enjoy full protection and security in consistence with its laws and regulations as well as the provisions of this agreement.
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ARTICLE 7
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(a) Investments of investors of one Contracting Party in the territory of the other Contracting Party shall not be nationalized, expropriated or otherwise subjected to any other measures having effect equivalent to nationalization or expropriation (hereinafter referred to as “expropriation”) by the other Contracting Party except for public purpose that pertains to national interest of that Contracting Party and against prompt, adequate and effective compensation. The expropriation shall be carried out on a non-discriminatory basis in accordance with generally applicable legal procedures.
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For the purposes of this agreement, the term “expropriation” shall also apply to interventions or regulatory measures by a Contracting Party that have the same effect as expropriation results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of his investment such as the freezing or blocking of the investment, levying arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable measures.