Moldovan parliament ratifies agreement with Turkey on mutual protection of investments

Chisinau, 11 May /MOLDPRES/ - The MPs today voted for the ratification of an agreement between the governments of Moldova and Turkey on the mutual promotion and protection of investments. The document was signed in Istanbul on 16 December 2016.   

The accord’s goal is to mutually promote and protect investments, as well as to establish the basic legal principles meant to strengthen the friendship relations between the two states. At the same time, as a result of the signing of the Free Trade Agreement between the two countries on 11 September 2014, both sides agreed on the renewal of the agreement on the mutual promotion and protection of investments, signed in 1994, with a mention that the agreement must meet the present requirements.    

Thus, on the date of the entry into force of the new agreement, it will replace the accord between Moldova and Turkey on the mutual promotion and protection of investments, signed in Ankara on 14 February 1994.   

The document contains 14 articles and is completed with provisions which regulate the conditions of reciprocal promotion and protection of investments, the way the disputes are to be settled and the terms of the entering into force, change and denunciation of the international legal instrument, etc.   

The agreement will enter into force on the date of the reception of the last notification on the fulfillment of all the needed internal procedures and will be valid during ten years.  

(Reporter A. Zara, editor A. Raileanu)