Article 2.8. Amendments to the Lists
1. A Party (referred to in this Article as the “Amending Party”) may amend or withdraw any commitment in its Schedule of Specific Commitments at any time after three years have elapsed from the date on which that commitment entered into force, provided that:
(a) it notifies the other Party (referred to in this Article as the “Party Affected by the Amendment”) of its intention to amend or withdraw the commitment no later than three months prior to the intended date of amendment or withdrawal; and
(b) following notification of a Party’s intention to make such a modification, the Parties shall consult and endeavor to reach agreement on an appropriate compensatory adjustment.
2. In agreeing on the compensatory adjustment, the Parties shall aim to maintain the overall level of mutually beneficial commitments at a level no less favorable than that contained in the Lists of Specific Commitments prior to the commencement of such negotiations.
3. If no agreement is reached between the amending Party and the affected Party by the end of the period provided for negotiations, the affected Party may refer the matter to the Joint Committee for a decision or recommendation.
4. The Joint Committee shall establish procedures for amending the Lists included in the Annexes referred to in Article 2.17. A Party that has modified or withdrawn its commitments shall amend its List in accordance with such procedures.
Article 2.9. Domestic Regulation
1. In sectors where specific commitments have been undertaken, each Party shall ensure the reasonable, objective, and impartial application of all general measures affecting trade in services.
2. (a) Each Party shall maintain or establish, where practicable, judicial, arbitral, or administrative bodies or procedures that, upon request by a service supplier whose interests are affected, will ensure the prompt review and, where warranted, appropriate correction of administrative decisions affecting trade in services. If such procedures are not independent of the body authorized to make the relevant administrative decisions, the Party shall ensure that the review under such procedures is objective and impartial.
(b) The provisions of subparagraph (a) of this Article shall not be construed as requiring a Party to establish bodies or procedures that are inconsistent with its constitutional order or the nature of its legal system.
3. If a license is required for the supply of a service for which specific commitments have been undertaken, the competent authorities of the Party shall, in accordance with this Chapter:
(a) indicate, where practicable, the estimated time frame for processing the application;
(b) within a reasonable period of time after the submission of an application, which is deemed to have been considered in accordance with national laws and other regulations, inform the applicant of the decision on the application;
(c) in the event that the application is incomplete, upon the applicant’s request, specify all additional information required to complete the application and provide an opportunity (8)to remedy the deficiencies within a reasonable time;
(d) upon the applicant’s request, provide information on the status of the application without undue delay; and
(e) if the application has lapsed or been rejected, inform the applicant in writing, as soon as possible, of the reasons for such action and, if applicable, of the procedures for resubmitting the application. The applicant shall be given the opportunity to resubmit a new application at their discretion (9).
4. To ensure that measures relating to qualification requirements and procedures, technical standards and licensing requirements, do not create barriers to trade in services. The Parties shall endeavor to ensure that such requirements:
(a) be based on objective and transparent criteria, such as competence and the ability to provide services;
(b) are no more burdensome than necessary to ensure the quality of the service; and
(c) in the case of licensing, do not constitute a restriction on the supply of services.
5. In determining whether a Party is in compliance with its obligations under paragraph 4 of this Article, account shall be taken of the international standards of relevant international organizations applied by that Party (10).
6. In sectors, with respect to which specific commitments regarding professional services have been adopted, each Party shall ensure that adequate procedures are in place to verify the competence of professionals of the other Party.
Article 2.10. Recognition
1. For the purpose of fully or partially meeting its standards or criteria regarding the granting of authorization, licensing, or certification of service suppliers, and subject to the requirements of paragraph 3 of this Article, a Party may recognize, or facilitate the recognition by its relevant competent authorities, of educational or experience credentials, compliance with requirements, as well as licenses or certificates issued by a non-participating Party. Recognition, which may be achieved through harmonization or otherwise, may be based on an agreement or arrangements with a non-participating Party or granted unilaterally.
2. A Party that is a party to an existing or future agreement or arrangement referred to in accordance with paragraph 1 of this Article shall provide the other Party with an adequate opportunity to negotiate accession to such an agreement or arrangement or to conclude comparable agreements or arrangements. If recognition is granted unilaterally by a Party, it shall provide the other Party with a reasonable opportunity to confirm the necessity of recognizing the education, experience, licenses, or certificates obtained, or compliance with requirements within the territory of such other Party.
3. A decision on recognition shall not be made by a Party in such a way that it constitutes a means of discrimination between the other Party and a non-participating Party in the application of standards or criteria regarding the issuance of authorizations, licenses, or certificates to service suppliers, nor shall it constitute a disguised restriction on trade in services.
4. The Parties agree, to the extent possible, to encourage, within their respective territories, the competent authorities responsible for the issuance and recognition of professional qualifications to:
(a) strengthen cooperation and explore opportunities for the mutual recognition of relevant professional qualifications; and
(b) maintain mutually acceptable standards and criteria for licensing and certification with respect to service sectors of mutual interest to the Parties.
Article 2.11. Payments and Transfers
1. Except, as provided in Article 2.14, a Party shall not apply restrictions on international transfers and payments for current transactions related to its specific obligations.
2. Nothing in this Chapter shall affect the rights and obligations of the Parties arising from membership in the International Monetary Fund, in accordance with the Articles of Agreement of the International Monetary Fund, including the conduct of exchange operations, in accordance with Articles of the Agreement, provided that the Party does not impose restrictions on any capital transactions inconsistent with its specific obligations regarding such transactions, except as provided for in Article 2.14 or at the request of the International Monetary Fund.
Article 2.12. Monopolies and Exclusive Service Suppliers
1. Each Party shall ensure that the conduct of any monopoly service supplier in the provision of a service on a monopoly basis in the relevant market within its territory is not inconsistent with that Party’s obligations under Article 2.4 and its specific commitments.
2. If a Party’s monopoly service supplier competes, either directly or through an affiliated company, in the supply of a service outside the scope of its monopoly rights, and if that service is subject to that Party’s specific commitments, the Party shall ensure that such a supplier does not abuse its monopoly position byacting within its territory in a manner inconsistent with such commitments.
3. The provisions of this Article shall also apply to exclusive service suppliers if a Party, de jure or defacto, (a) authorizes or establishes a limited number of service suppliers and (b) substantially impedescompetition among such suppliers within its territory.
Article 2.13. Business Practices
1. The Parties recognize that certain business practices of service suppliers, other than those covered by Article 2.12, may impede competition and thereby restrict trade in services.
2. Each Party shall, upon request by the other Party, engage in consultations with a view to eliminating the practices referred to in paragraph 1 of this Article. The Party to which the request is addressed shall consider it with due attention and in a spirit of cooperation and shall provide publicly available nonconfidential information regarding the matter under consideration. The Party to which the request is addressed shall also provide other information available to the requesting Party, subject to compliance with the requirements of its national legislation and an acceptable agreement regarding the preservation of its confidentiality by the requesting Party.
Article 2.14. Restrictions to Maintain Balance of Payments
1. The Parties shall endeavour to avoid imposing restrictions for the purpose of protecting the balance of payments.
2. In the event of a serious balance of payments crisis and external financial difficulties, or the threat thereof, a Party may adopt or apply restrictions on trade in services in respect of which it has undertaken specific commitments, including restrictions on payments or transfers related to such commitments. It is recognized that particular pressure on the balance of payments of a Party in the process of economic development or economic transition may require the application of restrictions to ensure, among other things, the maintenance of the level of financial reserves necessary for the implementation of its economic development program or economic transition.
3. The restrictions referred to in paragraph 2 of this Article: (a) shall not be discriminatory against the other Party; (b) shall be consistent with the Articles of the International Monetary Fund Agreement; (c) do not prejudice the commercial, economic, and financial interests of the other Party; (d) shall not be more onerous than the restrictions necessary to address the circumstances referred to in paragraph 2 of this Article; (e) shall be temporary in nature and shall be progressively removed as the situation referred to in paragraph 2 of this Article improves.
4. In determining the scope of such restrictions, the Parties may give priority to the supply of services that are more important to their economic or development programs. However, such restrictions shall not be adopted or applied for the purpose of protecting a specific sector of services.
Article 2.15. Denial of Benefits
A Party may deny the benefits provided for in this Chapter if the service supplier is a legal entity owned or controlled by persons of a non-participating Party or of the denying Party, in the event that:
(a) diplomatic relations with the non-participating Party are not maintained; or
(b) measures are adopted or applied with respect to a non-participating Party or a person of a nonparticipating Party that prohibit transactions with the legal entity or that could be violated or circumvented if the legal entity were granted the benefits provided for in this Chapter.
In the case of the supply of a maritime transport service, if it is established that the service is supplied:
(a) by a vessel registered under the laws of a non-participating Party; or
(b) by a person of a non-participating Party who operates and/or uses the vessel in whole or in part.
Article 2.16. Review
1. No later than five years after the date of entry into force of this Agreement, and periodically thereafter, the Parties may enter into negotiations with a view to gradually achieving a higher level of liberalization of trade in services. This process shall be conducted with a view to promoting the interests of both Parties on a mutually beneficial basis and with due regard to maintaining a balance of rights and obligations.
2. Upon the Republic of Belarus’s accession to the WTO, the Parties shall enter into negotiations, which shall commence no later than one year from such date, and the Parties shall ensure the achievement of a higher level of liberalization than that provided for under WTO commitments. The Parties shall endeavor to conclude such negotiations no later than one year after their commencement.
Article 2.17. Annexes
The following Annexes form an integral part of this Chapter:
• Annex 2A (List of Belarus’s Specific Commitments on Trade in Services)
• Annex 2B (List of specific commitments UAE on trade in services)
• Annex 2C (List of Exceptions to the Most-Favored-Nation Treatment of Belarus)
• Annex 2D (List of Exceptions to the Most-Favored-Nation Treatment of the UAE)
• Annex 2E (Telecommunications Services)
• Annex 2F (Financial Services)
Annex 2F. FINANCIAL SERVICES
1. Scope and Definitions
(a) This Annex applies to measures of the Parties affecting trade in financial services. The term “trade in financial services” is understood in accordance with the definition of the term “trade in services” contained in Article 2.1 (Definitions) of Chapter 2 (Trade in Services).
(b) For the purposes of subparagraph (b) of paragraph 2 of Article 2.2 (Scope and Coverage) of Chapter 2 (Trade in Services), the term “services supplied in the exercise of governmental authority” means the following:
(i) activities carried out by a central bank or monetary authorities or any other public agency for the purpose of conducting monetary policy;
(ii) activities forming part of the social security system or public health programs; and
(iii) other activities carried out by a government agency at the expense of, or with the guarantee of, or using the financial resources of the Government.
(c) For the purposes of subparagraph (b) of paragraph 2 of Article 2.2 (Scope and Coverage) of Chapter 2 (Trade in services), if a Party permits any of the activities specified in subparagraphs (b)(ii) or (b)(iii) of this paragraph to be carried out by its own providers of financial services under conditions of competition with government agencies or providers of financial services, the term “services” covers such activities.
(d) The definition of “service supplied in the exercise of governmental authority,” as defined in accordance with Article 2.1 (Definitions) of Chapter 2 (Trade in Services), does not apply to services covered by this Annex.
2. Domestic Regulation
(a) Notwithstanding any other provisions of Chapter 2 (Trade in Services), no Party is prevented from adopting or applying prudential measures, which include, among other things, the protection of investors, depositors, policyholders, or persons to whom a financial service supplier owes a fiduciary duty, or to ensure the integrity and stability of the financial system. If such measures are inconsistent with the provisions of Chapter 2 (Trade in Services), they shall not be used as a means of circumventing the obligations or responsibilities of that Party under Chapter 2 (Trade in Services).
(b) Nothing in Chapter 2 (Trade in Services) shall be construed as requiring a Party to disclose information relating to the affairs and accounts of individual consumers, or any confidential or proprietary information in the possession of government agencies.
3. Recognition
(a) A Party may recognize the prudential measures of a third Party in determining how the Party’s measures relating to financial services will apply to it. Such recognition, which may be achieved through harmonization or otherwise, may be based on an agreement or arrangement with that Party or may be implemented unilaterally.
(b) A Party that is a party to an agreement or arrangement referred to in subparagraph (a), whether existing or future, shall provide the interested Party an adequate opportunity to negotiate accession to such an agreement or arrangement, or to one comparable in circumstances where equivalent regulation, supervision, enforcement of such regulation, and, where applicable, procedures applicable to the exchange of information between the Parties to the agreement or arrangement are ensured. If a Party grants recognition unilaterally, it shall provide the other Party with a reasonable opportunity to demonstrate that such circumstances exist.
4. Dispute Resolution
The arbitration panel for resolving disputes regarding prudential and other financial matters must possess the necessary expertise relevant to the specific financial service that is the subject of the dispute.
5. Definitions
For the purposes of this Annex:
(a) the term “financial services” means any services of a financial nature offered by a financial service supplier of a Party. Financial services include all types of insurance and related insurance services, as well as all banking and other financial services (other than insurance). Financial services include the following activities:
Insurance services and ancillary insurance services
(i) direct insurance (including co-insurance):
(A) life insurance;
(B) non-life insurance;
(ii) reinsurance and retrocession;
(iii) insurance intermediation, such as brokerage and agency services;
(iv) insurance support services, such as consulting, actuarial services, risk assessment, and claims settlement.
Banking and other financial services (excluding insurance)
(v) acceptance of funds from the public in the form of deposits and other repayable funds;
(vi) lending of all types, including consumer credit, mortgage loans, factoring, and financing of commercial transactions;
(vii) financial leasing;
(viii) all payment and money transfer services, including credit, payment, and debit cards, traveler’s checks, and bank drafts;
(ix) guarantees and commitments;
(x) trading on its own account or on behalf of clients on an exchange, in the over-the-counter market, or otherwise:
(A) money market instruments (including checks, promissory notes, and certificates of deposit);
(B) foreign currency;
(C) derivative products, including, but not limited to, futures contracts and options;
(D) instruments relating to exchange rates and interest rates, including swap agreements, forward interest rate agreements, and others;
(E) negotiable securities;
(F) other marketable instruments and financial assets, including bullion.
(xi) participation in the issuance of all types of securities, including underwriting (organizing subscriptions) and placement as an agent (through public and private offerings), and the provision of services related to such issuances;
(xii) brokerage services in the money market;
(xiii) management of financial assets such as cash or securities portfolios, all forms of collective investment management, pension fund management, custodial services, depositary and trust services;
(xiv) settlement and clearing services for financial assets, including securities, derivatives, and other negotiable financial instruments;
(xv) provision and transmission of financial information, processing of financial data, and related software by providers of other financial services;
(xvi) advisory, intermediary, and other auxiliary financial services related to all activities listed in subparagraphs (v) through (xv), including the provision of credit reports and analysis, research, and recommendations on direct and portfolio investments, recommendations on matters regarding acquisitions, as well as on corporate reorganization and strategy.
(b) “financial service supplier” means any natural or legal person (other than a government entity) of a Party that seeks to provide or provides financial services.
(c) “Government entity” means:
(i) the government, central bank, or monetary authority of a Party, or an entity owned or controlled by a Party, that is principally engaged in the exercise of governmental functions or in activities for public purposes, excluding an entity principally engaged in providing financial services on a commercial basis; or
(ii) a private entity performing functions normally performed by a central bank or monetary authority, in the exercise of those functions.
Chapter 3. PROMOTION OF INVESTMENTS
Article 3.1. Bilateral Investment Agreement between Belarus and the United Arab Emirates
The Parties note the existence and reaffirm the validity of the Agreement between the Government of the Republic of Belarus and the Government of the United Arab Emirates on the Promotion and Reciprocal Protection of Investments, signed in Dubai, United Arab Emirates, on March 27, 2000 (hereinafter referred to as “Bilateral Investment Agreement between Belarus and the UAE”), and all subsequent amendments thereto.
Article 3.2. Promotion of Investments
The Parties reaffirm their commitment to fostering a favorable investment climate for investors and investments from both Parties. The Parties shall take appropriate measures to encourage and facilitate investment and to ensure favorable conditions for long-term economic development.
Article 3.3. Subcommittee on Investment
An Investment Subcommittee (hereinafter referred to as the “Subcommittee”), comprising representatives of both Parties, shall be established in accordance with paragraph 5 of Article 6.1 (Joint Committee).
Article 3.4. Objectives of the Subcommittee
The objectives of the Subcommittee are as follows:
1. to develop and strengthen investment and economic cooperation between the Parties;
2. monitoring investment relations, identifying opportunities to increase investment volumes, and determining investment-related issues that may be raised in negotiations within the relevant forum;
3. to consult on specific investment issues of interest to the Parties;
4. identifying and removing obstacles to the flow of investment; and
5. seeking, as necessary, the views of the private sector on matters related to the Subcommittee’s activities.
Article 3.5. ARTICLE 3.5: Role of the Subcommittee
The Subcommittee shall hold meetings at times and places agreed upon by the Parties; however, the Parties shall endeavor to hold meetings at least once a year. A Party may refer specific investment implementation issues to the Subcommittee for consideration by sending a written request to the other Party containing a description of the relevant issue. The Subcommittee shall consider the matter immediately upon receipt of the request, unless the requesting Party agrees to postpone its discussion.
Each Party shall endeavor to provide the Subcommittee with an opportunity to discuss the matter before taking measures that may adversely affect the investment interests of the other Party.
Article 3.6. Non-Application of the Dispute Settlement Mechanism
Chapter 5 (Dispute Settlement) shall not apply to any matters or disputes arising in connection with the application of the provisions of this Chapter. The Parties agree that the provisions of this Chapter are not subject to any dispute settlement mechanism.
Chapter 4. EXCEPTIONS
Article 4.1. General Exceptions
1. Provided that such measures are not applied in a manner that would constitute a means of arbitrary or unjustifiable discrimination between countries where similar conditions prevail, or a disguised restriction on trade in services, nothing in this Agreement shall be construed as preventing a Party from adopting or applying measures:
(a) necessary to protect public morals or to maintain public order (1);
(b) necessary to protect human, animal, or plant life or health;
(c) necessary to enforce laws or regulations that are consistent with the provisions of this Agreement, including those relating to:
(i) the prevention of deceptive and unfair practices or the consequences of non-performance of contracts in the field of services;
(ii) the protection of individuals with regard to the processing and dissemination of personal data and the protection of the confidentiality of personal and account information;
(iii) security;
(d) incompatible with Article 2.6 (National Treatment), provided that the difference in treatment is dictated by the desire to ensure fair or effective (2) imposition or collection of direct taxes on services or service suppliers of the other Party;
(e) inconsistent with Article 2.4 (Most-Favored-Nation Treatment), provided that the difference in treatment results from a double taxation agreement or double taxation provisions in any other international agreement or arrangement to which a Party is a party.
Article 4.2. Security Exceptions
Nothing in this Agreement shall be construed as: