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Estonia · Law · SE

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Law on the ratification of the agreement on the amendment and termination of the "Agreement between the Government of the Republic of Estonia and the Government of the Kingdom of Denmark on the promotion and mutual protection of investments"

avaldatud riigiteatajasEstonia· Riigikogu· ET

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6 February 2017

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AVALDATUD_RIIGITEATAJAS

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16 March 2017

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Summary

Agreements on the promotion and protection of investments deal with areas regulated by European Union law - in particular, they concern the freedom of establishment and the free movement of capital and payments. Thus, the protection of member states' investments and the equal treatment of investors is regulated by European Union law, and the bilateral agreements of member states have no substantive meaning. However, in the case of these agreements, a conflict with the European Union may arise by law, if important questions of the interpretation of European Union law arise during the settlement of the dispute in the arbitration court, which should be resolved by the European Court instead of the arbitration court located in a third country. In order to eliminate this contradiction, the European Commission has considered it necessary to terminate the agreements between the member states and has also started infringement proceedings against five member states. The agreement must be modified before it is terminated because according to its provisions the agreement remains valid for ten years after the termination of the agreement with respect to investments made during its validity. The agreement will be amended so that upon its termination, the application of the agreement will also cease completely. Termination of the investment protection agreement between Estonia and Denmark is necessary in order to ensure equal treatment of investors from all EU member states as a result of European Union legislation. In the past, Estonia has stopped bilateral investments promotion and mutual protection agreements with Italy and the Czech Republic. Among the member states of the European Union, Estonia has concluded similar agreements with Austria, Spain, the Netherlands, Greece, Lithuania, Latvia, Poland, France, Sweden, Germany, Finland, the United Kingdom and Denmark. The foreign committee was appointed as the leading committee.

Machine translation from Estonian. The official text remains authoritative.

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