Page 352 - Regional Comprehensive Economic Partnership (RCEP)
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                       Article 10.3: National Treatment

                       1.     Each  Party  shall  accord  to  investors  of  another  Party,  and  to
                              covered  investments,  treatment  no  less  favourable  than  that  it
                              accords,  in  like  circumstances,  to  its  own  investors  and  their
                              investments  with  respect  to  the  establishment,  acquisition,
                              expansion, management, conduct, operation, and sale or other
                              disposition of investments in its territory.

                       2.     For  greater  certainty,  the  treatment  to  be  accorded  by  a  Party
                              under paragraph 1 means, with respect to a government other
                              than at the central level, treatment no less favourable than the
                              most  favourable  treatment  accorded,  in  like  circumstances,  by
                              that government to investors, and to the investments of investors,
                              of the Party of which it forms a part.


                       Article 10.4: Most-Favoured-Nation Treatment        18, 19

                       1.     Each Party shall accord to investors of another Party treatment
                              no less favourable than that it accords, in like circumstances, to
                              investors  of  any  other  Party  or  non-Party  with  respect  to  the
                              establishment,  acquisition,  expansion,  management,  conduct,
                              operation,  and  sale  or  other  disposition  of  investments  in  its
                              territory.

                       2.     Each Party shall accord to covered investments treatment no less
                              favourable  than  that  it  accords,  in  like  circumstances,  to
                              investments in its territory of investors of any other Party or non-
                              Party with respect to the establishment, acquisition, expansion,
                              management, conduct, operation, and sale or other disposition of
                              investments.




                       17  For greater certainty, whether the treatment is accorded in “like circumstances” under
                       this Article depends on the totality of the circumstances, including whether the relevant
                       treatment distinguishes between investors or investments on the basis of legitimate
                       public welfare objectives.

                       18  This Article shall not apply to Cambodia, Lao PDR, Myanmar, and Viet Nam.  The
                       treatment under this Article shall not be accorded to investors of Cambodia, Lao PDR,
                       Myanmar, and Viet Nam, and to covered investments of such investors.

                       19  For greater certainty, whether the treatment is accorded in “like circumstances” under
                       this Article depends on the totality of the circumstances, including whether the relevant
                       treatment distinguishes between investors or investments on the basis of legitimate
                       public welfare objectives.




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