b. not more than three (3) years have elapsed since the entry into force of this Agreement.
3. Disputes notified prior to the entry into force of this Agreement shall be governed by the Agreement of 31 March 2005.
Article 41. Entry Into Force, Extension and Termination
1. Each Contracting Party shall notify the other Contracting Party of the fulfilment of the requirements for the entry into force of this Agreement. This Agreement shall enter into force on the sixtieth (60) day from the receipt of the last notification.
2. It shall remain in force for an initial period of ten (10) years. After the expiration of the initial period of validity, it shall remain in force indefinitely unless it is denounced by either Contracting Party by diplomatic note addressed to the other Contracting Party. The denunciation shall take effect twelve (12) months after the date of receipt of such note and shall terminate this Agreement.
3. With respect to Investments made prior to the date of termination of this Agreement, the provisions contained in Articles 1 through 38 of this Agreement shall continue in effect for an additional period of ten (10) years from such date of termination.
Conclusion
Done at Madrid on 16 September 2021 in two copies in the Spanish language, both texts being equally authentic.
For the Kingdom of Spain
PEDRO SÁNCHEZ PEREZ-CASTEJÓN
President of the Government
For the Republic of Colombia
IVÁN DUQUE MÁRQUEZ
President of the Republic of Colombia
Attachments
Annex 1
For notifications to the Kingdom of Spain:
The places of filing of the notice of dispute and any other dispute-related documents relating to Section IV (Investor-State Dispute Settlement) in the Kingdom of Spain are:
Directorate General for International Trade and Investment Secretary of State for Commerce
Ministry of Industry, Trade and Tourism Paseo de la Castellana 162
CP 28046
Madrid - Spain
Subdirección General Servicios Contenciosos
General State Attorney's Office
Ministry of Justice Calle Ayala, 5
CP 28001
Madrid - Spain
For notifications to the Republic of Colombia:
The places of filing of the notice of dispute and any other dispute-related documents relating to Section IV (Investor-State Dispute Settlement) in the Republic of Colombia are:
Directorate of Foreign Investment and Services
Ministry of Commerce, Industry and Tourism Calle 28 # 13 A-15
Bogota D.C. - Colombia
Agencia Nacional de Defensa Juridica del Estado Carrera 7 # 75 - 66, Pisos 2 y 3
Bogota D.C. - Colombia
JOINT INTERPRETATIVE DECLARATION BETWEEN THE KINGDOM OF SPAIN AND THE REPUBLIC OF COLOMBIA ON THE AGREEMENT FOR THE RECIPROCAL PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE KINGDOM OF SPAIN AND THE REPUBLIC OF COLOMBIA (APPRI ESPAÑA - COLOMBIA), SIGNED ON 16 SEPTEMBER 2021
The Kingdom of Spain ("Spain") and the Republic of Colombia ("Colombia") hereinafter referred to as the Contracting Parties;
Recalling the rules of international customary international law on the interpretation of treaties, as codified in Article 31 of the Vienna Convention on the Law of Treaties;
Reaffirming its mutual understanding of the Agreement for the Promotion and Reciprocal Protection of Investment between Spain and Colombia signed on 16 September 2021 (the "Agreement");
Declare that:
1. For greater certainty, the APPRI between Spain and Colombia does not give rise to unjustifiably more favorable treatment of foreign investors with respect to domestic investors.
2. For greater certainty, in determining whether a measure or series of measures constitutes a breach of fair and equitable treatment, the Tribunal shall take into account, inter alia, the following:
i. With respect to subparagraphs (a) and (b) of paragraph 2, if the measure or series of measures involves a serious misconduct offending judicial propriety, the mere fact that an investor's challenge to the measure in an unfair proceeding has been rejected or dismissed or has otherwise been upheld does not in itself constitute a denial of justice as referred to in subparagraph 2(a);
ii. With respect to subparagraph 2(c), if the measure or series of measures constitutes manifest arbitrariness; mere illegality, or mere inconsistent or questionable application of a policy or procedure, does not in itself constitute manifest arbitrariness as referred to in subparagraph 2(c), whereas a total and unjustified repudiation of a law or regulation, or an unreasonable measure, or conduct directed specifically at the investor or its covered investment for the purpose of causing damage, is likely to constitute manifest arbitrariness as referred to in subparagraph 2(c); and
iii. With regard to paragraph 2 (e), whether the episodes of alleged coercion, intimidation or harassment, inter alia, were repeated and sustained.
3. For greater certainty, when applying the fair and equitable treatment obligation in Article 7, the tribunal may take into account whether a Party had specifically targeted an investor to induce it to make a covered investment, creating reasonable and objective expectations on which the investor relied in deciding to make or maintain a covered investment, and the Party in question subsequently frustrated such expectations.
4. The treatment referred to in Article 4 and Article 5 of the Agreement shall be accorded in like circumstances in respect of the management, direction, operation and sale or disposal of investments in the same economic sector within the territory of a Contracting Party.
Done at Madrid on 16 September 2021 in two copies in the Spanish language, both texts being equally authentic.
For the Kingdom of Spain
PEDRO SÁNCHEZ PEREZ-CASTEJÓN
President of the Government
For the Republic of Colombia
IVÁN DUQUE MÁRQUEZ
President of the Republic of Colombia