International relations and treaties between Italy and Venezuela

Italy and Venezuela have maintained over the years they have signed a series of international agreements in areas of interest to both nations.

Among the most prominent treaties we have:

  • Treaty of Friendship, Commerce and Navigation.
  • Modus Vivendi additional to the Treaty of Commerce and Navigation;
  • Agreement for Air Transport, with annex Exchange of Notes
  • Agreement to avoid Double Taxation on Income derived from the Air Navigation Exercise.
  • Letter Exchange concerning technical advice in the agricultural and agro-industrial sector
  • Agreement on Scientific and Technological Cooperation
  • Agreement to avoid Double Taxation on Taxes arising from Maritime Navigation
  • Agreement to avoid Double Taxation on Income Taxes and to prevent allusion, evasion and fraud, with Protocol.
  • Investment Promotion and Protection Agreement; Framework Agreement for Economic, Industrial Development Cooperation between Italy and Venezuela.
  • Framework Agreement on Economic, Industrial, Infrastructure and Development Cooperation between the Government of the Bolivarian Republic of Venezuela and the Government of the Italian Republic 2001.

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The Government of the Bolivarian Republic of Venezuela and the Government of the Italian Republic, in the desire to create favorable conditions for greater economic cooperation between the two countries.
International relations and treaties between Italy and Venezuela

In reference to investment protection.

The Government of the Bolivarian Republic of Venezuela and the Government of the Italian Republic, in the desire to create favorable conditions for greater economic cooperation between the two countries. These have considered establishing an adequate international flow of capital where they will contribute to stimulate business initiatives that favor the prosperity of both nations.

They have agreed that all investment either in accordance with the legal system of the receiving country and regardless of the legal form chosen or any other legal system of reference. Any contribution either invested or reinvested in a productive activity by natural or legal persons of a Contracting Party in the territory of the other, according to the laws and regulations of the latter.

They are specifically considered as investments:

  • Movable and immovable property, as well as any other “in rem” rights, including, insofar as they are usable for investments, the real rights of guarantee on property of third parties.
  • Shares, quotas of companies, participations and other similar rights even in the case of minority participation as well as other resources to whose transfer abroad foreign investors are entitled in companies incorporated in the territory of one of the Contracting Parties.
  • Obligations, public or private titles, or any other right to benefits or services linked to an investment and having an economic value, as well as capitalized income.
  • Loans and loans directly linked to an investment, processed through banking channels, regularly contracted and documented according to the provisions in force in the country where that investment is made.
  • Copyright, industrial or intellectual property such as invention patents licenses, trademarks, secrets, models and industrial designs - as well as technical procedures, transfers of technological knowledge, registered names and goodwill.
  • Any economic right conferred by law or contract as well as any license or concession granted in accordance with the provisions in force applicable to the exercise of economic activities, including prospecting, cultivation, extraction and exploitation of natural resources.

For the Promotion and Protection of Investments.

Each Contracting Party shall encourage investors of the other Contracting Party to make investments in its territory and authorize such investments in accordance with its legislation. Each Contracting Party shall always ensure fair and equitable treatment of the investments of investors of the other in accordance with the rules and principles of international law. Each Contracting Party shall refrain from adopting arbitrary or discriminatory measures that affect the management, maintenance, enjoyment, transformation, cessation and liquidation of the investments made in its territory by the investors of the other Contracting Party.

In this case the term was established within the treaty: National Treatment and Clause of the Most Favored Nation, Each Contracting Party, within the scope of its Territory, shall agree to the investments made by investors of the other Contracting Party. Income and activities related to such investments as well as all other matters regulated by this Agreement, a treatment no less favorable to that reserved to its own investors or investors from third countries.

The provisions set forth in paragraph 1 of this Article do not apply to the advantages and privileges that a Contracting Party recognizes or will recognize to third countries by virtue of its participation in a customs or economic union, in common market associations, in areas of free trade or as a result of regional or subregional agreements, of multilateral economic agreements or derivatives of agreements signed to avoid double taxation or other tax agreements or aimed at facilitating border exchanges.

Compensation for Damages or Losses.

However, as with any contract, there must be legal protection and the Compensation for Damages or Losses was established, in the event that the investors of the Contracting Parties suffered losses in their investments in the territory of the other Contracting Party due to war or other conflicts armed. States of emergency or other similar events, the Contracting Party in whose territory the investment has been made shall grant, as regards compensation, a treatment no less favorable than that granted to its own citizens, its legal persons or investors of a third party State.

If ICSID and Supplementary Mechanisms were not available.

In the event that, for any reason, neither ICSID nor the Supplementary Mechanisms were available, the investor may submit the dispute to an “ad hoc” Arbitration Tribunal in accordance with the Arbitration Rules of the United Nations Commission for the International Commercial Law and with the following specific modalities.

The arbitrators will be three and if they were not nationals of the Contracting Parties, they should be nationals of Countries that have diplomatic relations with both Parties. In case of resorting to the UNCITRAL rules, the President of the Arbitration Institute of the Stockholm Chamber of Commerce will be responsible, if necessary, for the appointment of the Arbitrators. The arbitration will be conducted in Stockholm, unless otherwise agreed between the Parties. None of the Contracting Parties, which is part of a dispute, may raise, at a stage of the arbitration process or the execution of an arbitration ruling, exceptions based on the fact that the investor, opposing party, has, following a insurance policy or guarantee provided for in Article VII of this Agreement, received compensation intended to cover all or part of the losses suffered.

The arbitral tribunal will determine whether the Contracting Party in question has breached this Agreement, and if there is a breach and has caused damage to the investor, will determine the amount of compensation that the Contracting Party will compensate

Disputes between the Contracting Parties regarding the interpretation and application of this Agreement should, where possible, be resolved through friendly consultations through diplomatic channels, including the use of specific bilateral commissions already established between both Parties.

In the event that such disputes cannot be resolved within six (6) months from the date on which one of the Contracting Parties has made a written request to the other, they shall be submitted, at the request of one of the Parties, to an “ad hoc” Arbitral Tribunal in accordance with the provisions of this Article.

The Arbitral Tribunal.

The Arbitral Tribunal shall be constituted as follows: within two months from the date on which the request for the arbitration award is received, each Party shall appoint a member of the Tribunal. The two members must then select a third-country national who will serve as President. The President must be appointed within two months from the date of appointment of the other two members.

If the deadlines set in paragraph 3 above are not observed, in the absence of any other arrangement, each Party may invite the President of the International Court of Justice to make the necessary appointments. In the event that the President is a national of one of the Contracting Parties or is prevented from any other cause and cannot accept the position, the Vice President of the Court will be requested to make the appointments. If the Vice President is a citizen of one of the two Parties or for any other reason it is not possible to accept him, the member of the International Court of Justice will be invited to follow him immediately in the order of precedence and who is not a national of one of the Parts

The Arbitral Tribunal shall make its decisions by majority vote and its decisions shall be binding. Each Contracting Party shall cover the expenses of its arbitrator, as well as the expenses of its participation in the arbitration proceeding. The expenses of the President, as well as the other expenses, shall be borne equally by the two Parties. The Arbitral Tribunal will determine its own regulations.

In all the terms of the summary of one of the agreements on important economic growth in both nations, if you are part of an investor or you want to be part of it, you can contact us within your requirements or requirements as we are a group of legally recognized lawyers throughout the country. Italian Republic and in Venezuela in relation to investments, contractual legal advice, and everything related to legal procedures within these nations. Expert Italian lawyers await you to help you we are International lawyers associates. Alexandro Maria Tirelli.

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Very good article on international relations and treaties between Italy and Venezuela, thanks.
  • Oscar Gomez Albamil
5

Summary

Italy and Venezuela have maintained over the years they have signed a series of international agreements in areas of interest to both nations.

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