16. The presentation of the notice of intent and other documents to a Contracting Party will be done in the place designated by that Contracting Party in Annex I.
Article XIII. Settlement of Disputes between the Contracting Parties
1. Disputes arising between the Contracting Parties regarding the interpretation or application of this Agreement shall be settled, as far as possible, through direct diplomatic negotiations.
2. Fn the absence of a settlement through diplomatic channels, the dispute shall be submitted to a joint commission consisting of representatives of the two Contracting Parties; this commission shall convene without undue delay at the request of the first party to take action.
3. If the joint commission cannot settle the dispute within six (6) months from the date on which it was constituted, the latter shall be submitted, at the request of either Contracting Party, to an arbitration tribunal set up as follows for each individual case:
a. Each Contracting Party shall appoint one arbitrator within a period of two months from the date on which either Contracting Party has informed the other Party of its intention to submit the dispute to arbitration. Within a period of two months following their appointment, these two arbitrators shall appoint by mutual agreement a national of a state which is not a Contracting Party with which both Contracting Parties maintain diplomatic relations as chairman of the arbitration tribunal.
b. If these time limits have not been complied with, either Contracting Party shall request the President of the International Court of Justice to make the necessary appointment(s).
c. If the President of the International Court of Justice is a national of either Contracting Party or of a State with which one of the Contracting Parties has no diplomatic relations or if, for any other reason, he cannot exercise this function, the Vice-President of the International Court of Justice shall be requested to make the appointment(s).
If the Vice-President of the International Court of Justice is prevented or if he or she is a national of either Contracting Party, the appointments shall be made by the most senior Judge of the International Court of Justice who is not a national of either of the Contracting Parties. 4. The Tribunal thus constituted shall determine its own rules of procedure. Its decisions shall be taken by a majority of the votes; they shall be final and binding on the Contracting Parties. The Arbitration tribunal shall rule based on the provisions of this Agreement and principles of international law applicable to the subject matter.
5. Each of the Contracting Parties shall equally bear the costs of the arbitrators and the arbitral proceeding, unless otherwise established.
Article XIV. Applicable Regulations
If an issue relating to investments is covered both by this Agreement and by the national legislation of a Contracting Party or by international conventions, existing or subscribed by the Contracting Parties in the future, the investors of the other Contracting Party shall be entitled to avail themselves of the provisions that are the most favourable to them.
Article XV. Consultations
The Contracting Parties shall consult with each other concerning any matter related to investments and the application or interpretation of this Agreement.
Article XVI. Final Provisions Entry Into Force and Duration
1. This Agreement shall enter into force sixty (60) days after the date of exchange of the instruments of ratification by the Contracting Parties. The Agreement shall remain in force for a period often years.
2. Unless notice of termination is given by either Contracting Party at least twelve months before the expiry of its period of validity, this Agreement shall be tacitly extended each time for a further period of ten years, it being understood that each Contracting Party reserves the right to terminate this Agreement by notification sent through diplomatic channels given at least twelve months before the date of expiry of the current period of validity.
3. Investments made prior to the date of termination of this Agreement shall be covered by this Agreement for a period of ten years from the date of termination.
Conclusion
IN WITNESS WHEREOF, the undersigned representatives, duly authorised thereto by their respective Governments, have signed this Agreement.
DONE at Brussels, on the 4th day of February 2009, in two original copies, each in the Spanish, English, French and Dutch languages, all texts being equally authentic. The text in the English language shall prevail in case of difference of interpretation.
FOR THE BELGIUM-LUXEMBOURG ECONOMIC UNION: FOR THE REPUBLIC OF COLOMBIA:
For the Kingdom of Belgium: For the Grand-Duchy of Luxembourg:
For
The Wallon Region:
For
The Flemish Region:
For
The Brussels-Capital Region:
Attachments
The Belgium-Luxembourg Economic Union
The places of presentation of the notice of intent and other documents concerning settlement of disputes regarding Article XII, in the Belgium-Luxembourg Economic Union are:
Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation
Service of Economic Interests
15, Rue de Petits Cannes
B-1000 Brussels – Belgium
Ministere des Affaires étrangères et de 1'Immigration
5, Rue Notre-Dame
L-2240 Luxembourg - Luxembourg
Colombia
The place of presentation of the notice of intent and other documents concerning settlement of disputes regarding Article XII, in Colombia is:
Dirección de Inversión Extranjera y Servicios
Ministerio de Comercio, Industria y Turismo
Calle 28# 13 A-15
Bogotá D.C. - Colombia