Article 4.21. Customs Focal Point

1. Each Party shall designate a customs focal point for all matters relating to this Chapter, one (1) month prior to the entry into force of this Agreement.

2. When the customs focal point of a Party raises any matter arising from this Chapter to the focal point of the other Party, the customs administration of the latter Party shall assign its own experts to look into the matter and to respond with its findings and proposed solution for resolving the matter within a reasonable period of time.

3. The customs focal point shall endeavour to resolve any matter raised under this Chapter through consultations.

Chapter 5. Customs Procedures

Article 5.1. Scope

This Chapter shall apply in accordance with the Parties' respective domestic laws and regulations, to customs procedures required for clearance of goods traded between the Parties.

Article 5.2. General Provisions

1. The Parties recognise that the objectives of this Agreement may be promoted by the simplification of customs procedures for their bilateral trade.

2. Customs procedures of the Parties shall conform, where possible, with the standards and recommended practices of the World Customs Organisation.

3. The customs administrations of the Parties shall periodically review their customs procedures with a view to their further simplification and the development of further mutually beneficial arrangements to facilitate bilateral trade.

Article 5.3. Publication and Availability of Information

1. Each Party shall ensure that its laws, regulations, procedures, and administrative rulings of general application governing customs matters are promptly published on the Internet.

2. To the extent possible, each Party shall publish in advance any regulations of general application governing customs matters that it proposes to adopt and provide interested persons within its territory with the opportunity to comment before adopting them.

3. Each Party shall establish, and maintain one or more inquiry points to address inquiries from interested persons pertaining to customs matters, and shall make available on the Internet information on such inquiry points.

4. For greater certainty, nothing in this Article or in any part of this Agreement shall require any Party to publish law enforcement procedures and internal operational guidelines including those related to conducting risk analysis and targeting methodologies.

Article 5.4. Paperless Trading

1. The Parties shall endeavour to provide an electronic environment that supports business transactions between their respective customs administrations and their trading communities.

2. The Parties shall exchange views and information on realising and promoting paperless trading between their respective customs administrations and their trading communities.

Article 5.5. Risk Management

1. Each Party shall adopt a risk management approach in its customs activities based on its identified risk of goods in order to facilitate the clearance of low-risk consignments, while focusing its inspection activities on high-risk goods.

2. The Parties shall exchange information on risk management techniques adopted by their customs administrations.

Article 5.6. Sharing of Best Practices

The Parties shall facilitate initiatives for the exchange of information on best practices in relation to customs procedures.

Article 5.7. Review and Appeal

1. Each Party shall ensure that the importers and exporters in its territory have access to:
(a) administrative review by an authority supervising the customs administration; and
(b) judicial review of the determination taken at the final level of administrative review, in accordance with the Party's domestic laws.

2. Notice of the decision on appeal, together with the reasons for such decision, shall be given to the appellant in writing.

Article 5.8. Single Window

1. To avoid repeated submissions of documentation and/or data requirements for exportation, importation and transit to different authorities or agencies, each Party shall maintain or establish a single window (7)  through which the aforementioned documentation and/or data requirements only have to be submitted online once in electronic form. The single window shall undertake onward distribution of the aforementioned documentation and/or data requirements to the relevant authorities or agencies which require them. After the examination by the relevant authorities or agencies of the documentation and/or data, the single window shall notify the results to the applicants in a timely manner. A single window is defined as an electronic online facility that allows parties involved in trade and transport to lodge standardised documentation and/or data with a single entry point to fulfil all import, export, and transit-related regulatory requirements.

2. In cases where documentation and/or data requirements have already been received by the single window, the same documentation and/or data requirements shall not be requested by other authorities or agencies except in urgent circumstances and other limited exceptions which are made public.

3. The Parties shall use information and communication technology to support the single window.

Article 5.9. Advance Rulings

1. Each Party shall provide, through its customs administration and in accordance with provisions laid down by its domestic laws and regulations, for the issuance of written advance rulings to an importer in its territory or to an exporter or producer in the other Party's territory concerning tariff classification, questions arising from the application of the Customs Valuation Agreement, and the qualification of a good as an originating good under this Agreement.

2. Each Party shall adopt or maintain procedures for advance rulings, which shall:
(a) provide that an importer in its territory or an exporter or producer in the territory of the other Party may apply for an advance ruling before the importation of goods in question;
(b) require that an applicant for an advance ruling provide a detailed description of the goods and all relevant information needed to issue an advance ruling;
(c) provide that its customs administration or the relevant governmental authority may, within a specified period, request for the additional information required in order to have all the relevant information needed; (d) provide that any advance ruling be based on the facts and circumstances presented by the applicant, and any other relevant information in the possession of the decision-maker; and
(e) provide that its customs administration shall issue the advance ruling expeditiously, and in any case within ninety (90) days of the receipt of all necessary information.

3. A Party may reject requests for an advance ruling where the:
(a) additional information requested by it in accordance with subparagraph 2(c) is not provided within a specified time; or
(b) facts and circumstances forming the basis of the advance ruling are the subject of administrative or judicial review.

4. Each Party shall provide that advance rulings shall be in force from their date of issuance, or another date specified in the ruling, provided that the facts or circumstances on which the ruling is based remain unchanged.

5. A Party may modify or revoke an advance ruling upon a decision or administrative act that the ruling was based on an error of fact or law, the information provided is false or inaccurate, if there is a change in domestic law consistent with this Agreement, or there is a change in a material fact, or circumstances on which the ruling is based.

6. Where an importer claims that the treatment accorded to an imported good should be governed by an advance ruling, the customs administration or the relevant governmental authority may evaluate whether the facts and circumstances of the importation are consistent with the facts and circumstances upon which an advance ruling was based.

7. If a requester provides false information or omits relevant facts or circumstances relating to the advance ruling, or does not act in accordance with the ruling's terms and conditions, the importing Party may apply the appropriate measures.

Article 5.10. Customs Valuation

The Parties shall determine the customs value of goods traded between them in accordance with Article VII of GATT 1994 and the Customs Valuation Agreement.

Article 5.11. Temporary Admission of Goods

1. Each Party shall allow goods, as specified in its domestic laws and regulations, to be brought into its customs territory conditionally relieved from the payment of customs duties. Such goods shall be imported for a specific purpose, and shall be intended for re-exportation within a specified period and without having undergone any change except normal depreciation due to the use made of them.

2. Each Party shall, at the request of the person concerned and for reasons deemed valid by its customs administration, extend the time limit for temporary admission beyond the period initially fixed.

3. Each Party shall permit temporarily admitted goods to be exported through a customs office other than the one through which they were imported.

Article 5.12. Cooperation

1. To the extent permitted by their domestic law, the customs administrations of the Parties should assist each other to ensure the smooth implementation and operation of this Chapter.

2. Subject to available resources, the customs administrations of the Parties may, as deemed appropriate, explore cooperation projects to:
(a) further simplify and expedite customs procedures; and
(b) share advance technical skills and experiences in usage of technology.

3. The Parties shall endeavour to establish mutual recognition of their Authorised Economic Operator programmes based on the World Customs Organization Framework of Standards to Secure and Facilitate Global Trade. 4. The Parties shall designate a contact point to carry out the above activities.

Article 5.13. Confidentiality

Nothing in this Chapter shall be construed to require any Party to furnish or allow access to confidential information pursuant to this Chapter the disclosure of which it considers would:
(a) be contrary to the public interest as determined by its legislation;
(b) be contrary to any of its legislation including but not limited to those protecting personal privacy or the financial affairs and accounts of individual customers of financial institutions;
(c) impede law enforcement; or
(d) prejudice the competitive position of the person providing the information.

Chapter 6. Sanitary and Phytosanitary Measures

Article 6.1. Objectives

The objectives of this Chapter are to protect human, animal, or plant life or health in the territories of the Parties, and to provide a framework to address any bilateral sanitary and phytosanitary (hereinafter referred to as "SPS") matters so as to facilitate trade between the Parties.

Article 6.2. General Principles

1. When implementing this Chapter, the Parties shall:
(a) not apply their SPS measures in a manner which would constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade; and
(b) ensure that any SPS measure is applied only to the extent necessary to protect human, animal or plant life or health, is based on scientific principles and is not maintained without sufficient scientific evidence.

2. The principles set out in paragraph 1 shall be applied in accordance with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures which is hereby incorporated into and made part of this Agreement, mutatis mutandis.

Article 6.3. Consultation and Cooperation

1. Each Party shall give favourable consideration to any reasonable request by the other Party about the SPS measures and shall provide relevant documentation within a reasonable time.

2. The Parties shall explore opportunities for further cooperation and collaboration on SPS matters of mutual interest consistent with the provisions of this Chapter.

3. The Parties shall give favourable consideration to accepting the equivalence of each other's SPS measures consistent with the purpose of this Chapter.

Article 6.4. Coordinators

1. To facilitate the implementation of this Chapter and cooperation between the Parties, each Party shall designate a Coordinator, who shall be responsible for coordinating with competent SPS authorities in the Party's territory and communicating with the other Party's Coordinator in all matters pertaining to this Chapter. The Coordinator may also facilitate the establishment of Technical Working Groups, as mutually agreed by the Parties.

2. Upon entry into force of this Agreement, the Parties shall exchange information on the Coordinators and the competent SPS authorities. The Parties shall notify each other of any significant change on the structures, organisations and divisions of the competent SPS authorities and Coordinators.

Chapter 7. Technical Barriers to Trade

Article 7.1. Objectives

The objectives of this Chapter are to increase and facilitate trade between the Parties through collaborative efforts and ensuring that standards, technical regulations and conformity assessment procedures do not create unnecessary obstacles to trade.

Article 7.2. Definitions

Standards, technical regulations and conformity assessment procedures shall have the meanings assigned to those terms in Annex 1 of the WTO Agreement on Technical Barriers to Trade (hereinafter referred to as "TBT Agreement").

Article 7.3. Scope and Coverage

1. The Parties affirm their existing rights and obligations under the TBT Agreement.

2. This Chapter does not apply to sanitary and phytosanitary measures as defined in the WTO Agreement on the Application of Sanitary and Phytosanitary Measures which are covered by Chapter 6 (Sanitary and Phytosanitary Measures) and purchasing specifications prepared by governmental bodies for production or consumption requirements of governmental bodies which are covered by Chapter 12 (Government Procurement).

3. This Chapter applies to all goods and/or assessments of manufacturers or manufacturing processes of goods traded between the Parties, regardless of the origin of those goods.

Article 7.4. International Standards

1. The Parties shall use international standards, or the relevant parts of international standards, as a basis for their technical regulations and related conformity assessment procedures where relevant international standards exist or their completion is imminent, except when such international standards or their relevant parts are ineffective or inappropriate to fulfil legitimate objectives.

2. In determining whether an international standard, guide, or recommendation within the meaning of Articles 2, 5 and Annex 3 of the TBT Agreement exists, each Party shall apply the principles set out in the Decision of the Committee on Principles for the Development of International Standards, Guides and Recommendations with relation to Articles 2, 5 and Annex 3 of the TBT Agreement (G/TBT/1/Rev.10), as revised from time to time, issued by the WTO Committee on Technical Barriers to Trade.

3. The Parties shall cooperate with each other, where appropriate, in the context of their participation in international standardising bodies to ensure that international standards developed within such bodies that are likely to become a basis for technical regulations are trade facilitating and do not create unnecessary obstacles to international trade.

Article 7.5. Trade Facilitation

1. The Parties shall cooperate and jointly identify work in the field of standards, technical regulations, and conformity assessment procedures, with a view to facilitating market access. In particular, the Parties shall seek to identify initiatives that are appropriate for the particular issues or sectors. Such initiatives may include cooperation on regulatory issues, such as the harmonisation of technical regulations and standards, alignment to international standards, reliance on a supplier's declaration of conformity, and use of accreditations to qualify conformity assessment bodies.

2. At the request of the other Party, each Party shall encourage non-governmental bodies in its territory to cooperate with the non-governmental bodies in the territory of the other Party with respect to particular standards or conformity assessment procedures.

Article 7.6. Conformity Assessment Procedures

1. The Parties recognise that a broad range of mechanisms exist to facilitate the acceptance of conformity assessment results, including:
(a) the importing Party's reliance on a supplier's declaration of conformity;
(b) voluntary arrangements between conformity assessment bodies from each Party's territory;
(c) agreements on mutual acceptance of the results or certification of conformity assessment procedures with respect to specified regulations conducted by bodies located in the territory of the other Party;
(d) accreditation procedures for qualifying conformity assessment bodies;
(e) government designation of conformity assessment bodies; and (f) recognition by one Party of the results of conformity assessment procedures performed in the other Party's territory on a unilateral basis for a sector nominated by that Party.

2. To this end, the Parties shall intensify their exchange of information on the variety of mechanisms to facilitate the acceptance of conformity assessment results or certification.

3. The Parties shall seek to ensure that conformity assessment procedures applied between the Parties facilitate trade by ensuring that they are no more restrictive than necessary to provide an importing Party with confidence that products conform with the applicable technical regulations, taking into account the risk that non-conformity would create.

4. Before accepting the results of a conformity assessment procedure, and to enhance confidence in the continued reliability of each other's conformity assessment results, the Parties may consult on such matters as the technical competence of the conformity assessment bodies involved, as appropriate.

5. A Party shall, on the request of the other Party, explain its reasons for not accepting the results of a conformity assessment procedure performed in the territory of that other Party.

6. Each Party shall accredit, approve, license, or otherwise recognise conformity assessment bodies in the territory of the other Party on terms no less favourable than those it accords to conformity assessment bodies in its territory. If a Party accredits, approves, licenses, or otherwise recognises a body assessing conformity with a particular technical regulation or standard in its territory and it refuses to accredit, approve, license, or otherwise recognise a body assessing conformity with that technical regulation or standard in the territory of the other Party, it shall, on request, explain the reasons for its refusal.

Article 7.7. Information Exchange

1. Each Party shall respond expeditiously to any enquiry from the other Party on standards, technical regulations or conformity assessment procedures relating to any goods and/or assessments of manufacturers or manufacturing processes of goods traded between the Parties. The explanation provided shall be given in print or electronically in English.

2. Each Party affirms its commitment to ensuring that information regarding proposed new or amended standards, technical regulations and conformity assessment procedures is made available in accordance with the relevant requirements of the TBT Agreement.

Article 7.8. Confidentiality

1. Nothing in this Chapter shall be construed to require either Party to furnish or allow access to information the disclosure of which it considers would:
(a) be contrary to its essential security interests;
(b) be contrary to the public interest as determined by its domestic laws, regulations and administrative provisions;
(c) be contrary to any of its domestic laws, regulations and administrative provisions including but not limited to those protecting personal privacy or the financial affairs and accounts of individual customers of financial institutions;
(d) impede law enforcement; or
(e) prejudice legitimate commercial interests of particular public or private enterprises.

2. In pursuance to Articles 7.6 (Conformity Assessment Procedures), Article 7.7 (Information Exchange), and Article 7.9 (Coordinators), a Party shall, in accordance with its applicable laws, protect the confidentiality of any proprietary information disclosed to it.

Article 7.9. Coordinators

1. To facilitate the implementation of this Chapter and cooperation between the Parties, each Party shall designate a Coordinator as specified in Annex 7, who shall be responsible for coordinating with interested persons in the Party's territory and communicating with the other Party's Coordinator in all matters pertaining to this Chapter. The Coordinators' functions shall include:
(a) monitoring the implementation and administration of this Chapter;
(b) promptly addressing any issue that a Party raises related to the development, adoption, application, or enforcement of standards, technical regulations or conformity assessment procedures;
(c) enhancing cooperation in the development and improvement of standards, technical regulations, and conformity assessment procedures;
(d) exchanging information on standards, technical regulations, and conformity assessment procedures, in response to all reasonable requests for such information from a Party;
(e) considering and facilitating any sector-specific proposal a Party makes for further cooperation among governmental and non-governmental conformity assessment bodies;
(f) facilitating the consideration of a request by a Party for the recognition of the results of conformity assessment procedures, including a request for the negotiation of an agreement, in a sector nominated by that Party;
(g) facilitating cooperation in the areas of specific technical regulations by referring enquiries from a Party to the appropriate regulatory authorities;
(h) promptly consulting on any matter arising under this Chapter upon request by a Party; and
(i) reviewing this Chapter in light of any developments under the TBT Agreement, and developing recommendations for amendments to this Chapter in light of those developments.
2. The Coordinators shall normally carry out their functions through agreed communication channels such as telephone, facsimile, emails, whichever is most expedient in the discharge of their functions.

Article 7.10. Sectoral Annexes

The provisions of the Mutual Recognition Arrangement on Conformity Assessment between the Bureau of Standards, Metrology and Inspection and the Standards, Productivity and Innovation Board, (8) done on 28 November 2005, the Agreement between the Taipei Representative Office in Singapore and the Singapore Trade Office in Taipei on Information Relating to Consumer Product Safety, done on 19 October 2010, and the APEC Mutual Recognition Arrangement for Conformity Assessment of Telecommunications Equipment, as amended from time to time shall, mutatis mutandis, be incorporated into and form an integral part of this Agreement.

Article 7.11. Final Provisions

Nothing in this Chapter shall limit the authority of a Party to determine the level of protection it considers necessary for the protection of, inter alia, human health or safety, animal or plant life or health or the environment. In pursuance of this, each Party retains all authority to interpret its laws, regulations and administrative provisions.

Chapter 8. Cross-border Trade In Services

Article 8.1. Definitions

For the purposes of this Chapter:
cross-border trade in services or cross-border supply of services means the supply of a service:
(a) from the territory of one Party into the territory of the other Party;
(b) in the territory of one Party by a person of that Party to a person of the other Party; or
(c) by a service supplier of a Party, through presence of natural persons of a Party in the territory of the other Party; but does not include the supply of a service in the territory of a Party by an investor of the other Party or a covered investment as defined in Article 9.1 (Definition).

enterprise of a Party means an enterprise organised or constituted under the laws of a Party, and a branch located in the territory of a Party and carrying out business activities there; and

service supplier means a person of a Party that seeks to supply or supplies a service. (9)

Article 8.2. Scope and Coverage

1. (a) This Chapter applies to measures by a Party affecting cross-border trade in services by service suppliers of the other Party.

(b) Measures covered by subparagraph (a) include measures affecting:
(i) the production, distribution, marketing, sale and delivery of a service;
(ii) the purchase or use of, or payment for, a service;
(iii) the access to and use of distribution, transport, or telecommunications networks and services in connection with the supply of a service;
(iv) the presence in its territory of a service supplier of the other Party; and
(v) the provision of a bond or other form of financial security as a The Parties understand that seeks to supply or supplies a service has the same meaning as supplies a service as used in Article XXVIII(g) of GATS. The Parties understand that for the purposes of Articles 8.3 (National Treatment) and 8.4 (Market Access) of this Agreement, service suppliers has the same meaning as services and service suppliers as used in Articles XVII and XVI of GATS. condition for the supply of a service.

(c) For the purposes of this Chapter, measures by a Party mean measures taken by:
(i) central or local governments and authorities; and
(ii) non-governmental bodies in the exercise of powers delegated by central or local governments and authorities.

2. Articles 8.4 (Market Access) and 8.7 (Domestic Regulation) also apply to measures by a Party affecting the supply of a service in its territory by an investor of the other Party or a covered investment as defined in Article 9.1 (Definition). (10)

3. This Chapter does not apply to:
(a) measures affecting the supply of financial services (11) as defined in paragraph 5(a) of the GATS Annex on Financial Services. The obligations of each Party with respect to measures affecting the supply of financial services shall be in accordance with its obligations under GATS, the GATS Annex on Financial Services and the GATS Second Annex on Financial Services, and subject to any reservations thereto. The said obligations are hereby incorporated into this Agreement;
(b) government procurement;
(c) air services, (12) including domestic and international air transportation services, whether scheduled or non-scheduled, and related services in support of air services, other than:
(i) aircraft repair and maintenance services;
(ii) the selling and marketing of air transport services; and
(iii) computer reservation system services; and
(d) subsidies or grants provided by a Party, including government-supported loans, guarantees and insurance, or any conditions attached to the receipt or continued receipt of such subsidies or grants, whether or not such subsidies or grants are offered exclusively to domestic services, service consumers or service suppliers.

4. This Chapter does not impose any obligation on a Party with respect to a natural person of the other Party seeking access to its employment market, or employed on a permanent basis in its territory, and does not confer any right on that natural person with respect to that access or employment nor shall it apply to measures regarding citizenship or residence on a permanent basis.

5. (a) This Chapter does not apply to services supplied in the exercise of governmental authority within the territory of each respective Party.
(b) For the purposes of this Chapter, a service supplied in the exercise of governmental authority means any service which is supplied neither on a commercial basis nor in competition with one or more service suppliers.

6. Nothing in this Chapter shall prevent a Party from applying measures to regulate the entry of natural persons of the other Party into, or their temporary stay in, its territory, including those measures necessary to protect the integrity of, and to ensure the orderly movement of natural persons across, its borders, provided that such measures are not applied in such a manner as to nullify or impair the benefits accruing to the other Party under the terms of this Chapter. (13)

Article 8.3. National Treatment

Each Party shall accord to service suppliers of the other Party treatment no less favourable than that it accords, in like circumstances, to its own service suppliers.

Article 8.4. Market Access

A Party shall not adopt or maintain, either on the basis of a regional subdivision or on the basis of its entire territory, measures that:
(a) limit the number of service suppliers whether in the form of numerical quotas, monopolies, exclusive service suppliers or the requirement of an economic needs test;
(b) limit the total value of service transactions or assets in the form of numerical quotas or the requirement of an economic needs test;
(c) limit the total number of service operations or the total quantity of services output expressed in terms of designated numerical units in the form of quotas or the requirement of an economic needs test; (14)
(d) limit the total number of natural persons that may be employed in a particular service sector or that a service supplier may employ and who are necessary for, and directly related to, the supply of a specific service in the form of numerical quotas or the requirement of an economic needs test; and
(e) restrict or require specific types of legal entity or joint venture through which a service supplier may supply a service. 

Article 8.5. Local Presence

A Party shall not require a service supplier of the other Party to establish or maintain a representative office or any form of enterprise, or to be resident, in its territory as a condition for the cross-border supply of a service.

Article 8.6. Non-conforming Measures

1. Articles 8.3 (National Treatment), 8.4 (Market Access) and 8.5 (Local Presence) do not apply to:
(a) any existing non-conforming measure that is maintained by Singapore as set out in its Schedule to Annex 8B:I;
(b) any existing non-conforming measure that is maintained by Chinese Taipei at:
(i) the central level of government as set out in its Schedule to Annex 8B:I; or
(ii) a local level of government on the administration of self-governing matters under its Local Government Act;
(c) the continuation or prompt renewal of any non-conforming measure referred to in subparagraphs (a) and (b); or
(d) an amendment to any non-conforming measure referred to in subparagraphs (a) and (b) to the extent that the amendment does not decrease the conformity of the measure, as it existed immediately before the amendment, with Articles 8.3 (National Treatment), 8.4 (Market Access) and 8.5 (Local Presence).

2. Articles 8.3 (National Treatment), 8.4 (Market Access), and 8.5 (Local Presence) do not apply to any measure that a Party adopts or maintains with respect to sectors, sub-sectors or activities as set out in its Schedule to Annex 8B:II.

Article 8.7. Domestic Regulation

1. Where a Party requires authorisation for the supply of a service, the Party's competent authorities shall, within a reasonable period of time after the submission of an application is considered complete under domestic laws and regulations, inform the applicant of the decision concerning the application. At the request of the applicant, the competent authorities of the Party shall provide, without undue delay, information concerning the status of the application. This obligation shall not apply to authorisation requirements that are within the scope of paragraph 2 of Article 8.6 (Non-Conforming Measures).

2. With a view to ensuring that domestic regulation, including measures relating to qualification requirements and procedures, technical standards and licensing requirements, do not constitute unnecessary barriers to trade in services, the Parties shall endeavour to ensure, as appropriate, for individual sectors, that such measures are:
(a) based on objective and transparent criteria, such as competence and the ability to supply the service;
(b) not more burdensome than necessary to ensure the quality of the service; and
(c) in the case of licensing procedures, not in themselves a restriction on the supply of the service.

3. If the results of the negotiations related to Article VI:4 of the GATS (or the results of any similar negotiations undertaken in other multilateral fora in which the Parties participate) enter into effect for the Parties, this Article shall be amended, as appropriate, after consultations between the Parties, to bring those results into effect under this Agreement. The Parties agree to coordinate on such negotiations, as appropriate.

Article 8.8. Recognition

1. For the purposes of the fulfilment, in whole or in part, of its standards or criteria for the authorisation, licensing or certification of services suppliers, and subject to the requirements of paragraph 4, a Party may recognise the education or experience obtained, requirements met, or licences or certifications granted in a particular country or customs territory, including the other Party and non-Parties. Such recognition, which may be achieved through harmonisation or otherwise, may be based upon an agreement or arrangement with the country or customs territory concerned or may be accorded autonomously.

2. Where a Party recognises, autonomously or by agreement or arrangement, the education or experience obtained, requirements met or licences or certifications granted in the territory of a non-Party, nothing shall be construed to require the Party to accord such recognition to the education or experience obtained, requirements met or licences or certifications granted in the territory of the other Party.

3. A Party that is a party to an agreement or arrangement of the type referred to in paragraph 1, whether existing or future, shall afford adequate opportunity for the other Party, if the other Party is interested, to negotiate its accession to such an agreement or arrangement or to negotiate comparable ones with it. Where a Party accords recognition autonomously, it shall afford adequate opportunity for the other Party to demonstrate that education, experience, licences, or certifications obtained or requirements met in that other Party's territory should be recognised.

4. A Party shall not accord recognition in a manner which would constitute a means of discrimination between countries or customs territories in the application of its standards or criteria for the authorisation, licensing or certification of services suppliers, or a disguised restriction on trade in services.

Article 8.9. Transfers and Payments

1. Each Party shall permit all transfers and payments relating to the cross-border supply of services to be made freely and without delay into and out of its territory.

2. Each Party shall permit such transfers and payments relating to the cross-border supply of services to be made in a freely usable currency at the market rate of exchange prevailing on the date of transfer.

3. Notwithstanding paragraphs 1 and 2, a Party may prevent or delay a transfer or payment through the equitable, non-discriminatory and good faith application of its laws relating to:
(a) bankruptcy, insolvency or the protection of the rights of creditors;
(b) issuing, trading or dealing in securities, futures, options, or derivatives;
(c) financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities;
(d) criminal or penal offences;
(e) ensuring compliance with orders or judgments in judicial or administrative proceedings; or
(f) social security, (15) public retirement or compulsory savings schemes.

4. Nothing in this Chapter shall affect the rights and obligations of the members of the International Monetary Fund under the Articles of Agreement of the International Monetary Fund, including the use of exchange actions which are consistent with such Articles of Agreement, provided that a Party shall not impose restrictions on any capital transactions inconsistently with its obligations under this Chapter regarding such transactions, except under Article 16.5 (Restrictions to Safeguard the Balance of Payments) or at the request of the International Monetary Fund.

Article 8.10. Denial of Benefits

Subject to prior notification and consultation, a Party may deny the benefits of this Chapter to a service supplier of the other Party if the service is being supplied by an enterprise that has no substantive business operations in the territory of the other Party and that is owned or controlled by persons of a non-Party or the denying Party. For greater certainty, social security schemes include compulsory health insurance schemes.

Chapter 9. Investment

Article 9.1. Definition

For the purposes of this Chapter:
claimant means an investor of a Party that is a party to an investment dispute with the other Party;
covered investment means, with respect to a Party, an investment in its territory of an investor of the other Party in existence as of the date of entry into force of this Agreement or established, acquired, or expanded thereafter;
disputing parties means the claimant and the respondent; disputing party means either the claimant or the respondent; enterprise of a Party means an enterprise constituted or organised under the law of a Party, and a branch located in the territory of a Party and carrying out business activities there;
enterprise means any entity constituted or organised under applicable law, whether or not for profit, and whether privately or governmentally owned or controlled, including a corporation, trust, partnership, sole proprietorship, joint venture, association, or similar organization; and a branch of an enterprise;
freely usable currency means "freely usable currency" as determined by the International Monetary Fund under its Articles of Agreement of the International Monetary Fund and any amendments thereto;
ICC Arbitration Rules means the Rules of Arbitration of the International Chamber of Commerce, in force as from 1 January 2012;
investment means every kind of asset, owned or controlled, directly or indirectly, by an investor, that has the characteristics of an investment. (16) Forms that an investment may take include but are not limited to: (a) an enterprise;
(b) shares, stock, and other forms of equity participation in an enterprise, including rights derived therefrom; Where an asset lacks the characteristics of an investment, that asset is not an investment regardless of the form it may take. The characteristics of an investment include the commitment of capital, the expectation of gain or profit, or the assumption of risk.
(c) bonds, debentures, and loans and other debt instruments, (17) including rights derived therefrom;
(d) futures, options, and other derivatives;
(e) turnkey, construction, management, production, concession, revenue-sharing, and other similar contracts;
(f) claims to money or to any contractual performance related to a business and having an economic value; (g) intellectual property rights and goodwill;
(h) licences, authorisations, permits, and similar rights conferred pursuant to applicable domestic laws, including any concession to search for, cultivate, extract or exploit natural resources18; and
(i) other tangible or intangible, movable or immovable property, and related property rights, such as leases, mortgages, liens, and pledges;
investor of a Party means:
(a) a Party;
(b) an enterprise of a Party; or
(c) a natural person who resides in the territory of a Party or elsewhere and who under the law of that Party: (i) is a citizen of that Party; or
(ii) has the right of permanent residence in that Party, that attempts to make, is making, or has made an investment in the territory of the other Party;
Local Government Act means the Local Government Act, amended and promulgated by the authorities of Chinese Taipei on 3 February 2010;
New York Convention means the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, adopted at the United Nations in New York on 10 June 1958;
respondent means the Party that is a party to an investment dispute;
return means an amount yielded by or derived from an investment, including profits, dividends, interest, capital gains, royalty payments, payments in connection with intellectual property rights, and all other lawful income. For the purposes of the definition of "investment", returns that are invested shall be treated as investments and any alteration of the form in which assets are invested or reinvested shall not affect their character as investments; and
UNCITRAL Arbitration Rules means the arbitration rules of the United Nations Commission on International Trade Law, approved by the United Nations General Assembly on 15 December 1976.

Article 92. Scope and Coverage

1. This Chapter applies to measures adopted or maintained by a Party relating to:

(a) investors of the other Party;

(b) covered investments; and

(c) with respect to Article 9.9 (Performance Requirements), all investments in the territory of the Party.

2. This Chapter shall not apply to services supplied in the exercise of governmental authority within the territory of a Party. For the purposes of this Chapter, a service supplied in the exercise of governmental authority means any service which is supplied neither on a commercial basis nor in competition with one or more service suppliers.

3. In the event of any inconsistency between this Chapter and another Chapter, the other Chapter shall prevail over this Chapter to the extent of the inconsistency.

4. The requirement by a Party that a service provider of the other Party post a bond or other form of financial security as a condition of providing a service into its territory does not of itself make this Chapter applicable to the provision of that cross-border service. This Chapter applies to that Party’s treatment of the posted bond or financial security, to the extent that such bond or financial security is a covered investment.

5. For greater certainty, the provisions of this Chapter do not impose any obligation on either Party in relation to any act or fact that took place or any situation that ceased to exist before the date of entry into force of this Agreement.

Article 9.3. Financial Services (19)

1. This Chapter shall not apply to measures adopted or maintained by a Party in respect of investors of the other Party, and investments of such investors in financial institutions (20) in the former Party's territory, except for the following provisions:
(a) Article 9.6 (Special Formalities and Information Requirements);
(b) Article 9.7 (Minimum Standard of Treatment);
(c) Article 9.8 (Compensation for Losses);
(d) Article 9.12 (Expropriation);
(e) Article 9.13 (Transfers);
(f) Article 16.5 (Restrictions to Safeguard the Balance of Payments);
(g) Article 9.14 (Denial of Benefits);
(h) Article 9.16 (Settlement of Disputes between a Party and an Investor of the Other Party); (i) Article 9.17 (Savings Clause); and
(j) Annex 9. The Parties reaffirm their commitments under the GATS with respect to financial services, which shall be incorporated into this Chapter.

2. For the purposes of paragraph 1, Article 9.16 (Settlement of Disputes between a Party and an Investor of the Other Party) shall apply solely for claims that a Party has breached Articles 9.12 (Expropriation), 9.13 (Transfers), and 9.14 (Denial of Benefits).

3. This Chapter shall not apply to measures adopted or maintained by a Party relating to:
(a) activities or services forming part of a public retirement plan or statutory system of social security;
(b) activities or services conducted for the account or with the guarantee or using the financial resources of the Party, including its public entities; or
(c) activities conducted by a central bank or monetary authority or by any other public entity in pursuit of monetary or exchange rate policies;

except that the provisions referred to in paragraph 1 shall apply if a Party allows any of the activities or services referred to in subparagraphs (a) or (b) to be conducted by its financial institutions in competition with a public entity or a financial institution.

4. Notwithstanding Article 9.13 (Transfers), a Party may prevent or limit transfers by a financial institution or financial services supplier to, or for the benefit of, an affiliate of or person related to such institution or supplier, through the equitable, non-discriminatory, and good faith application of measures relating to maintenance of the safety, soundness, integrity, or financial responsibility of financial institutions or financial services suppliers. This paragraph does not prejudice any other provision of this Agreement that permits a Party to restrict transfers.

5. Nothing in this Chapter shall be construed to prevent the adoption or enforcement by any Party of measures necessary to secure compliance with laws or regulations that are not inconsistent with this Chapter, including those relating to the prevention of deceptive and fraudulent practices or to deal with the effects of a default on financial services contracts, subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between countries where like conditions prevail, or a disguised restriction on investment in financial institutions. 6. Nothing in this Chapter shall be construed to require a Party to disclose information relating to the affairs and accounts of individual consumers or any confidential or proprietary information in the possession of public entities.

Article 9.4. Prudential Measures

Notwithstanding any other provisions of this Chapter, each Party may adopt or maintain measures for prudential reasons, such as: the protection of investors, depositors, policy-holders or persons to whom a fiduciary duty is owed by a financial institution or financial services supplier; the maintenance of the safety, soundness, integrity or financial responsibility of financial services suppliers; and ensuring the integrity and stability of a Party's financial system. Such measures shall not be used as a means of avoiding a Party's obligations under the provisions referred to in Article 9.3 (Financial Services).

Article 9.5. National Treatment

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

Article 9.6. Special Formalities and Information Requirements

1. Nothing in Article 9.5 (National Treatment) shall be construed to prevent a Party from adopting or maintaining a measure that prescribes special formalities in connection with covered investments, such as residency requirements or requirements for covered investments to be legally constituted under the laws or regulations of the Party, provided that such formalities do not materially impair the protections afforded by a Party to investors of the other Party and covered investments pursuant to this Chapter.

2. Notwithstanding Article 9.5 (National Treatment), a Party may require an investor of the other Party, or a covered investment, to provide information concerning that investment solely for informational or statistical purposes. The Party shall protect any confidential business information from any disclosure that would prejudice the competitive position of the investor or the covered investment. Nothing in this paragraph shall be construed to prevent a Party from otherwise obtaining or disclosing information in connection with the equitable and good faith application of its law within its territory.

Article 97. Minimum Standard of Treatment

1. Each Party shall accord to covered investments treatment in accordance with customary international law minimum standard of treatment of aliens, (21) including fair and equitable treatment and full protection and security.

2. The concepts of "fair and equitable treatment" and "full protection and security" in paragraph 1 do not require treatment in addition to or beyond what is required by the customary international law minimum standard of treatment of aliens and do not create additional substantive rights.
(a) The obligation to provide "fair and equitable treatment" includes the obligation not to deny justice in criminal, civil or administrative adjudicatory proceedings in accordance with the principle of due process embodied in the principal legal systems of the world.
(b) The obligation to provide "full protection and security" requires each Party to provide the level of police protection required under customary international law.

3. A determination that there has been a breach of another provision of this Agreement, or of a separate international agreement, does not establish that there has been a breach of this Article. Customary international law results from a general and consistent practice of States that they follow from a sense of legal obligation. With regard to this article, the customary international law minimum standard of treatment of aliens refers to all customary international law principles that protect the economic rights and interests of aliens.

Article 9.8. Compensation for Losses

1. Notwithstanding subparagraph 4(b) of Article 9.11 (Non-Conforming Measures), investors of one Party whose investments in the territory of the other Party suffer losses owing to war or other armed conflict, revolt, insurrection, riot, or other similar situations in the territory of the latter Party, shall be accorded by the latter Party treatment, as regards restitution, indemnification, compensation or other settlement, if any, no less favourable than that which the latter Party accords to investors of any non-Party or to its own investors, whichever is more favourable. Any resulting compensation shall be made in freely usable currency and be freely transferable in accordance with Article 9.13 (Transfers).

2. Paragraph 1 does not apply to existing measures relating to subsidies or grants provided by a Party, including government-supported loans, guarantees and insurance, or to any conditions attached to the receipt or continued receipt of such subsidies or grants, whether or not such subsidies or grants are offered exclusively to investors of the Party or investments of investors of the Party, that would be inconsistent with Article 9.5 (National Treatment) but for Article 9.11 (Non-Conforming Measures).

Article 9.9. Performance Requirements

1. Neither Party may, in connection with the establishment, acquisition, expansion, management, conduct, operation, or sale or other disposition of an investment of an investor of a Party or of a non-Party in its territory, impose or enforce any requirement or enforce any commitment or undertaking: (22)
(a) to export a given level or percentage of goods or services;
(b) to achieve a given level or percentage of domestic content;
(c) to purchase, use, or accord a preference to goods produced in its territory, or to purchase goods from persons in its territory;
(d) to relate in any way the volume or value of imports to the volume or value of exports or to the amount of foreign exchange inflows associated with such investment;
(e) to restrict sales of goods or services in its territory that such investment produces or supplies by relating such sales in any way to the volume or value of its exports or foreign exchange earnings;
(f) to transfer a particular technology, a production process, or other proprietary knowledge to a person in its territory; or
(g) to supply exclusively from the territory of the Party the goods that such investment produces or the services that it supplies to a specific regional market or to the world market. 

2. Neither Party may condition the receipt or continued receipt of an advantage, in connection with the establishment, acquisition, expansion, management, conduct, operation, or sale or other disposition of an investment in its territory of an investor of a Party or of a non-Party, on compliance with any requirement:
(a) to achieve a given level or percentage of domestic content;
(b) to purchase, use, or accord a preference to goods produced in its territory, or to purchase goods from persons in its territory;
(c) to relate in any way the volume or value of imports to the volume or value of exports or to the amount of foreign exchange inflows associated with such investment; or
(d) to restrict sales of goods or services in its territory that such investment produces or supplies by relating such sales in any way to the volume or value of its exports or foreign exchange earnings.

3. (a) For greater certainty, nothing in paragraph 1 shall be construed to prevent a Party from, in connection with the establishment, acquisition, expansion, management, conduct, operation or sale or other disposition of an investment of an investor of a Party or of a non-Party in its territory, imposing or enforcing a requirement or enforcing a commitment or undertaking to employ or train workers in its territory, provided that such employment or training does not require the transfer of a particular technology, production process, or other proprietary knowledge to a person in its territory.

(b) For greater certainty, nothing in paragraph 2 shall be construed to prevent a Party from conditioning the receipt or continued receipt of an advantage, in connection with an investment in its territory of an investor of a Party or of a non-Party, on compliance with a requirement to locate production, supply a service, employ or train workers, construct or expand particular facilities, or carry out research and development, in its territory.

(c) Subparagraph 1(f) does not apply:
(i) when a Party authorizes use of an intellectual property right in accordance with Article 31 (23) of the Agreement on Trade-Related Aspects of Intellectual Property Rights in Annex 1C to the WTO Agreement (hereinafter referred to as "TRIPS Agreement"), or to measures requiring the disclosure of proprietary information that fall within the scope of, and are consistent with, Article 39 of the TRIPS Agreement; or
(ii) when the requirement is imposed or the commitment or undertaking is enforced by a court, administrative tribunal, or competition authority to The reference to "Article 31" includes footnote 7 toArticle 31. remedy a practice determined after judicial or administrative process to be anti-competitive under the Party's competition laws. (24)

(d) Subparagraphs 1(a), 1(b), and 1(c), and 2(a) and 2(b), do not apply to qualification requirements for goods or services with respect to export promotion and foreign aid programs.

(e) Subparagraphs 1(b), 1(c), 1(f), and 1(g), and 2(a) and 2(b), do not apply to government procurement.

(f) Subparagraphs 2(a) and 2(b) do not apply to requirements imposed by an importing Party relating to the content of goods necessary to qualify for preferential tariffs or preferential quotas.

4. For greater certainty, paragraphs 1 and 2 do not apply to any commitment, undertaking, or requirement other than those set out in those paragraphs.

5. This Article does not preclude enforcement of any commitment, undertaking, or requirement between private parties, where a Party did not impose or require the commitment, undertaking, or requirement.

Article 9.10. Senior Management and Boards of Directors

1. Neither Party may require that an enterprise of that Party that is a covered investment appoint to senior management positions natural persons of any particular nationality/citizenship.

2. A Party may require that a majority of the board of directors, or any committee thereof, of an enterprise of that Party that is a covered investment, be of a particular nationality/citizenship, or resident in the territory of the Party, provided that the requirement does not materially impair the ability of the investor of the other Party to exercise control over its investment.

Article 9.11. Non-conforming Measures

1. Articles 9.5 (National Treatment), 9.9 (Performance Requirements) and 9.10 (Senior Management and Board of Directors) do not apply to:
(a) any existing non-conforming measure that is maintained by Singapore as set out in its Schedule to Annex 8B:I;
(b) any existing non-conforming measure that is maintained by Chinese Taipei at:
(i) the central level of government as set out in its Schedule to Annex 8B:I; or
(ii) a local level of government on the administration of self-governing matters under its Local Government Act;
(c) the continuation or prompt renewal of any non-conforming measure referred to in subparagraphs (a) and (b); or
(d) an amendment to any non-conforming measure referred to in subparagraphs The Parties note that a patent does not necessarily confer market power. (a) and (b) to the extent that the amendment does not decrease the conformity of the measure, as it existed immediately before the amendment, with Articles 9.5 (National Treatment), 9.9 (Performance Requirements) and 9.10 (Senior Management and Board of Directors).

2. Articles 9.5 (National Treatment), 9.9 (Performance Requirements) and 9.10 (Senior Management and Board of Directors) do not apply to any measure that a Party adopts or maintains with respect to sectors, sub-sectors, or activities, as set out in its Schedule to Annex 8B:II.

3. Neither Party may, under any measure adopted after the date of entry into force of this Agreement and covered by its Schedule to Annex 8B:II, require an investor of the other Party, by reason of its nationality/citizenship, to sell or otherwise dispose of an investment existing at the time the measure becomes effective.

4. Articles 9.5 (National Treatment) and 9.10 (Senior Management and Boards of Directors) do not apply to: (a) government procurement; or
(b) subsidies or grants provided by a Party, including government-supported loans, guarantees and insurance, or to any conditions attached to the receipt or continued receipt of such subsidies or grants, whether or not such subsidies or grants are offered exclusively to investors of the Party or investments of investors of the Party.

5. Articles 9.5 (National Treatment) do not apply to any measure that is an exception to, or derogation from, a Party's obligations under the TRIPS Agreement, as specifically provided for in that agreement. (25)

Article 9.12. Expropriation

1. Neither Party shall nationalise, expropriate or subject to measures having effect equivalent to nationalisation or expropriation (hereinafter referred to as "expropriation") a covered investment unless such a measure is taken on a non-discriminatory basis, for a public purpose, in accordance with due process of law, and upon payment of compensation in accordance with this Article.

2. The expropriation shall be accompanied by the payment of prompt, adequate and effective compensation. Compensation shall be equivalent to the fair market value of the Article 9.12 (Expropriation) is to be interpreted in accordance with Annex 9. expropriated investment immediately before the expropriation or impending expropriation became public knowledge. Compensation shall carry an appropriate interest, taking into account the length of time from the time of expropriation until the time of payment. Such compensation shall be effectively realisable, freely transferable in accordance with Article 9.13 (Transfers) and made without delay.

3. Notwithstanding paragraphs 1 and 2, any measure of expropriation relating to land shall be for a purpose and upon payment of compensation in accordance with the applicable domestic legislation of the expropriating Party. (26) 

4. This Article does not apply to the issuance of compulsory licences granted in relation to intellectual property rights, or to the revocation, limitation or creation of intellectual property rights, to the extent that such issuance, revocation, limitation or creation is consistent with the TRIPS Agreement.

Article 9.13. Transfers

1. Each Party shall permit all transfers relating to a covered investment to be made freely and without delay into and out of its territory.
Such transfers include:
(a) contributions to capital, including the initial contribution;
(b) profits, dividends, capital gains, and proceeds from the sale of all or any part of the investment or from the partial or complete liquidation of the investment;
(c) interest, royalty payments, management fees, and technical assistance and other fees;
(d) payments made under a contract entered into by the investor, or its investment, including payments made pursuant to a loan agreement;
(e) payments made pursuant to Article 9.12 (Expropriation) and Article 9.8 (Compensation for Losses); and
(f) payments arising under Article 9.16 (Settlement of Disputes between a Party and an Investor of the Other Party).

2. Each Party shall permit such transfers to be made in a freely usable currency at the market rate of exchange prevailing at the time of transfer.

3. Each Party shall permit returns in kind relating to a covered investment to be made as authorised or specified in an investment authorisation or other written agreement between the Party and a covered investment or an investor of the other Party.

4. Notwithstanding paragraphs 1, 2, and 3, a Party may delay or prevent a transfer through the equitable, non-discriminatory, and good faith application of its laws relating to:
(a) bankruptcy, insolvency, or the protection of the rights of creditors;
(b) issuing, trading, or dealing in securities, futures, options, or derivatives;
(c) financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities;
(d) criminal or penal offences;
(e) ensuring compliance with orders or judgments in judicial or administrative proceedings; or
(f) social security, (27) public retirement or compulsory savings schemes.

5. Nothing in this Chapter shall affect the rights and obligations of the members of the International Monetary Fund under the Articles of Agreement of the International Monetary Fund, including the use of exchange actions which are consistent with such Articles of Agreement, provided that a Party shall not impose restrictions on any capital transactions inconsistently with its obligations under this Chapter regarding such transactions, except under Article 16.5 (Restrictions to Safeguard the Balance of Payments) or at the request of the International Monetary Fund. 26 In the case of Singapore, the applicable legislation is the Land Acquisition Act (Cap. 152), and any amendments thereto.

Article 9.14. Denial of Benefits

Subject to prior notification and consultation, a Party may deny the benefits of this Chapter to an investor of the other Party that is an enterprise of such Party and to investments of such an investor where the Party establishes that the enterprise is owned or controlled by persons of a non-Party, or of the denying Party, and has no substantive business operations in the territory of the other Party.

Article 9.15. Subrogation

1. If a Party (or any agency, institution, statutory body or corporation designated by it) makes a payment to any of its investors under a guarantee, a contract of insurance or other form of indemnity it has granted in respect of a covered investment, the other Party shall recognise the subrogation or transfer of any right or title in respect of such investment. The subrogated or transferred right or claim shall not be greater than the original right or claim of the investor.

2. Where a Party (or any agency, institution, statutory body or corporation designated by it) has made a payment to an investor of that Party and has taken over rights and claims of the investor, that investor shall not, unless authorised to act on behalf of the Party or the designated agency of the Party making the payment, pursue those rights and claims against the other Party. For greater certainty, social security schemes include compulsory health insurance schemes.

Article 9.16. Settlement of Disputes between a Party and an Investor of the other Party

1. This Article shall apply to disputes between a Party and an investor of the other Party concerning an alleged breach of an obligation of the former under this Chapter which causes loss or damage to the investor or its investment.

2. The disputing parties shall initially seek to resolve the dispute by consultations and negotiations. Such consultations and negotiations shall be initiated by a written request for consultations and negotiations delivered by the claimant to the respondent.

3. Where the dispute cannot be resolved as provided for under paragraph 2 within six (6) months from the date of a written request for consultations and negotiations, unless the disputing parties agree otherwise, the claimant may submit the dispute:
(a) under the ICC Arbitration Rules;
(b) under the UNCITRAL Arbitration Rules; or
(c) to any other arbitral institutions or under any other arbitration rules, if the disputing parties so agree. For the avoidance of doubt, the claimant may submit the claim on its own behalf, or on behalf of an enterprise of the respondent that is a juridical person that the claimant owns or controls directly or indirectly.

4. Each Party hereby consents to the submission of a dispute to arbitration under paragraph 3 in accordance with the provisions of this Article, conditional upon:
(a) the submission of the dispute to such arbitration taking place within three years of the time at which the claimant became aware, or should reasonably have become aware, of a breach of an obligation under this Chapter causing loss or damage to the claimant or its investment;
(b) the claimant not being an enterprise of the respondent until the claimant refers the dispute for arbitration pursuant to paragraph 3;
(c) the claimant providing written notice, which shall be submitted at least thirty (30) days before the claim is submitted, to the respondent of its intent to submit the dispute to such arbitration and which:
(i) states the name and address of the claimant and, where a dispute is submitted on behalf of an enterprise, the name, address, and place of constitution of the enterprise;
(ii) nominates either subparagraph 3(a), 3(b) or 3(c) as the forum for dispute settlement; (iii) waives its right to initiate or continue any proceedings (excluding proceedings for interim measures of protection referred to in paragraph 9) before any of the other dispute settlement fora referred to in paragraph 3, or before any administrative tribunal or court under the law of either Party, in relation to the matter under dispute; and (iv) briefly summarises the alleged breach of the respondent under this Chapter (including the provisions alleged to have been breached), the legal and factual basis for the dispute, and the loss or damage allegedly caused to the claimant or its investment by reason of that breach; and
(d) the claimant consenting to the submission of the dispute in accordance with the provisions of this Article.

5. The consent under paragraph 4 and the submission of a claim to arbitration under this Article shall satisfy the requirements of Article II of the New York Convention for an "agreement in writing".

6. Unless the disputing parties otherwise agree, the arbitral tribunal shall be composed of three arbitrators. Each disputing party shall appoint one arbitrator and the disputing parties shall agree upon a third arbitrator, who shall be the chairman of the arbitral tribunal. If an arbitral tribunal has not been established within ninety (90) days from the date on which the claim was submitted to arbitration, either because a disputing party failed to appoint an arbitrator or because the disputing parties failed to agree upon the chairman, the Secretary-General of the Permanent Court of Arbitration, upon request of either disputing party, shall appoint, at his own discretion, the arbitrator or arbitrators not yet appointed. Nevertheless, the Secretary-General of the Permanent Court of Arbitration, when appointing the chairman, shall ensure that he or she is a citizen or permanent resident of neither of the Parties.

7. Unless the disputing parties otherwise agree, the tribunal shall determine the place of arbitration in accordance with the applicable arbitration rules, provided that the place shall be in the territory of either Party or a State that is a party to the New York Convention.

8. The tribunal shall decide the issues in dispute in accordance with this Agreement and applicable rules of customary international law.

9. Neither Party shall prevent the claimant from seeking interim measures of protection, not involving the payment of damages or resolution of the substance of the matter in dispute before the courts or administrative tribunals of the respondent, prior to the institution of proceedings before any of the dispute settlement fora referred to in paragraph 3, for the preservation of its rights and interests.

10. Neither Party shall espouse a claim or bring an international claim, in respect of a dispute which one of its investors and the other Party shall have consented to submit or have submitted to arbitration under this Article, unless such other Party has failed to abide by and comply with the award rendered in such dispute. The espousal of a claim, for the purposes of this paragraph, shall not include informal exchanges between the Parties for the sole purpose of facilitating a settlement of the dispute.

11. A claim that is submitted for arbitration under this Article shall be considered to arise out of a commercial relationship or transaction for purposes of Article I of the New York Convention.

12. The award rendered by the arbitral tribunal shall include:
(a) a judgment whether or not there has been a breach by the disputing Party of any obligation under this Chapter with respect to the disputing investor and its investments; and
(b) a remedy if there has been such breach. The remedy shall be limited to one or both of the following:
(i) payment of monetary damages and applicable interest; and
(ii) restitution of property, in which case the award shall provide that the disputing Party may pay monetary damages and any applicable interest in lieu of restitution. Costs may also be awarded in accordance with the applicable arbitration rules.

13. Any arbitral award shall be final and binding upon the disputing parties. Each Party shall ensure the recognition and enforcement of the award in accordance with its relevant laws and regulations.

Article 9.17. Savings Clause

1. For fifteen (15) years from the date of termination of this Agreement, the following provisions (including the relevant Annexes and Appendices) shall continue to apply to covered investments in existence at the date of termination, and without prejudice to the application thereafter of the rules of general international law:
(a) the provisions of this Chapter;
(b) the provisions of Chapter 15 (Dispute Settlement);
(c) the provisions of Chapter 16 (General Exceptions); and (d) such other provisions in the Agreement as may be necessary for or consequential to the application or interpretation of this Chapter.
2. For the avoidance of doubt, paragraph 1 shall not apply to the establishment, acquisition or expansion of investments after the date of termination.

Chapter 10. Competition

Article 10.1. Purpose and Definitions

1. The purpose of this Chapter is to contribute to the fulfilment of the objectives of this Agreement through the promotion of fair competition and the curtailment of anti-competitive practices.

2. For the purposes of this Chapter, anti-competitive practices means business conduct or transactions that adversely affect competition, such as:
(a) abuse of market power;
(b) anti-competitive mergers and acquisitions; and
(c) anti-competitive horizontal arrangements between competitors.