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1. The United States of America.

- in the country there is no the special law regulating foreign investments. The substantive provisions, concerning direct foreign investments into the USA contain in various laws. So, the Constitution See: Action Plan Monitoring Committee 1999 Report II1999 Report to APEC Economic Leaders.
P. 4; See: Bijit Bora and Edward M. Graham. Can APEC deliver on Investment? Australia. June 1997. P. 5-6; See: Individual plans of action of each country. 79 USA are contained by a number of the positions guaranteeing economic freedom of businessmen. These guarantees also are given to foreign investors. Article 1, Section 8 provides, that «... All duties, taxes and duties should be uniform in all territory of the United States; trade with the foreign states, between separate states is regulated by the federal government through the Congress; uniform laws on the inconsistencies regulating property of the poor debtor, property of the gone bankrupt firm in the course of bankruptcy are established; authors and inventors have the exclusive right to their products and opening». Article 1, Section 9 provides, that «. . The preference should not be given to harbours of one staff before harbours of another by means of any trading or financial instructions, and the vessels following in any staff or from staff, cannot be forced to calling in harbour of other staff, unloading and payment there duties ». Article 1, Section 10 provides, that« any staff, as a rule, should not operate to break treaty obligations ». Article 3 gives« to federal courts to solve the questions arising on the basis of the Constitution and the federal act ». The fifth amendment provides, that «the private property cannot be expropriated for public using without fair indemnification», and the fourteenth amendment provides, that «any staff should not deprive of any property without lawful proceeding». These two constitutional positions which limit, on the one hand, capacity of the federal government, and with another - capacity of states, protect both property of Americans, and property neamerikantsev (foreign investors). The following concerns the basic acts influencing activity of foreign investors in the USA: the Law on custom duties of 1930 (Tariff Act, 1930), the Law on trade of 1974 (Trade Act), the Law on trading agreements 1979, the Law of 1984 on trade and tariffs, the Complex Law on trade and a competition of 1988 (Omnibus Trade and Competitiveness Act). Acceptance in 1930 of the Law on custom duties and in 1934 of the Law on international agreements about mutual trade (Reciprocal Trade Agreement Act, 1934) marked transition of the USA to the new policy of liberalisation of trade, i.e. to use advantages of free trade and by means of reduction of trading duties, creation of the free trade zones, expansion of the trade to promote strengthening See: The United States of America II Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition. 2003. (http://www.apecsec.org.sg); See: Kappo D, ZHjuajr P.Mezhdunarodnoe the economic right. Nauch. Editor V.M.Shumilov. M: «the International relations», 2002. With. 413. 80 multinational corporations. Thereupon, we remind, that in the USA prior to the beginning of the XX-th century (before acceptance of laws 1930 and 1934) The protectionist policy was spent. The establishment of system of the high import duties combined with a liberal policy in the field of foreign investments was reflexion of such policy.
High import duties have been established to protect just arising industry of the USA from more competitive foreign goods. Nevertheless, the new policy of liberalisation of trade did not exclude the state control over trade. The law on international agreements on mutual trade of 1934 has invested the US president with powers to take measures in the field of foreign trade after reception of the corresponding information and recommendations from the Commission on tariffs, and also after preliminary consultation of the Ministry of the industry, agriculture and trade. The present law, after acceptance to it of additions and changes, operated till 1962 and instead of it the Law on trade expansion (Trade Expansion Act, 1962) has been the same year passed. The law invested the President the following with powers: to reduce to 50 % the customs duties operating for July, 1st, 1962; to eliminate traffic walls in trade in the goods and production which market on 80 % belongs to the countries of EUROPEAN ECONOMIC COMMUNITY and the USA; to liquidate the custom duties constituting on the size less 5 % of cost of the goods. According to this law the President could take advantage of the Law given to it the right of cancellation or reduction of the size of the levied customs duties provided that duties and other restrictions, including kvotirovanie, measures of political and economic character created threat of reduction of trade and broke interests of the American private concerns. Thus, thanks to the Law of 1962 on trade expansion, in the USA the mechanism of the government foreign trade activities by the executive authority supreme body began to develop. In general, this mechanism is reduced to that the President, according to the law, can cancel when due hereunder or enter the customs duties, and also make changes to custom duties. The mechanism created within the limits of this Law works and now, however now it operates owing to other act - the Complex law on trade and a competition 1988г. As to the Law on custom duties of 1930 it has considerably lifted tariff barriers and has strengthened the crisis which has extended on all countries of the world. Since then its tariffs were considerably are lowered, but many of positions of this Law will hold good. On December, 8th, 1993 section of VI Law on introduction in Agreement action See: Doronina N.G., semiljutina N.G.legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 30-31. 81 North American Free trade zones, which also is known as the Customs Modernized Law (Customs Modernization Act or «Mod Act»), has become effective. Positions of the present Law have made changes and additions to many sections of the Law on custom duties of 1930 and in corresponding Laws. Now functions of the Commission on international trade fall under operation of law about custom duties of 1930 also. In it it is defined, what measures the Commission, including important which usually name measures on the basis of item 337 against malpractice in import trade can undertake. In it positions about foreign trade encouragement, and also position about protection of the American trade marks against fakes (item 526) contain. The law on custom duties of 1930 contains rules of law about introduction of counter-measures and anty-dumping duties. The law on trade of 1974 (Trade Act, 1974) contains positions about powers of the state body which is entering into the agreements with other countries, positions about establishment of a post of the sales representative of the USA and the positions regulating mutual relations of the Congress and the President concerning trading measures. Besides, in it the important positions about the help suffered from a competition to the import goods, in particular about measures on the basis of item 201 are reflected. In one of sections realisation of the rights of the USA on the basis of the trading agreements called by measures under article 301 is provided. The separate section of the Law regulates trade relations with the countries in which relation of the USA have entered restrictions, i.e., basically, with the countries with nerynochnoj. These positions include important article 406 about measures in case of infringement of rules of the market. In separate section of the Law the generalised system of privileges contains. In this connection, it is necessary to notice, that in 70th years in the politician of the USA in the field of foreign trade and foreign investments protectionist tendencies began to be shown. The requirement for acceptance of protectionist measures has arisen under the influence of the inflationary phenomena in international trade. The energy crisis and inflow which has sharply increased in connection with it of foreign investments to the USA, and also other adverse facts, in particular, sharp falling of a dollar exchange rate in the world markets, promoted that the question on protection of home market from inflow of the foreign capital has got an urgency. Projects in the field of regulation of foreign trade and foreign investments which made basic changes to the general course of the external economic policy of the USA have been as a result developed. Projects have not been realised, however some See: Customs Procedures II Individual Action Plan of the United States of America. November 1998. In 1973 the volume of foreign investments into the USA exceeded volume of foreign investments into 1972 three times, and in comparison with 1971 - five times. As it was specified in the report presented to the Congress, position was created "menacing". 82 changes in the legislation all the same have occurred, namely, additions have been made to the Law on trade of 1974 and the Law on an estimation of foreign investments of 1976 (International Investment Survey Act, 1976) has been passed. The law of 1976 on an estimation of foreign investments provides a duty of the foreign investor to give the information in the Bureau under the economic analysis (Bureau of Economic Analysis - BEA, further - BEA) concerning all transactions made with the real estate in territory of the USA. In 1981 additions according to which registration in BEA come under have been made to the present Law: transactions with the real estate in case the real estate is used with a view of profit extraction; investments in the form of acquisition of the real estate by foreign persons with instructions of the full information on last user the real estate. Last is meant last user the real estate from among the persons who have got a title of the landowner and kept it concerning more than 50 % of the transferred to the possession real estate. The law on an estimation of foreign investments includes also position about conveyance of property at making contract of purchase and sale of bearer shares in vnebirzhevyh transactions. For the purpose of an establishment of the person of the investor (Ultimate Beneficial Owner), getting bearer shares, the law are established by the requirement according to which it is necessary to specify a name of the purchaser of bearer shares if bearer shares extend on a public subscription. The requirement of granting of the information in BEA under the law extends on the transaction any kind which volume exceeds the sum of 500 000 American dollars or which subject constitutes more than 200 acres of the earth. The foreign person should register transactions, if 2 In the sum they exceed the established limits. The law of 1979 on trading agreements has been accepted, first of all, for the purpose of carrying out during a life of the several codes accepted on Tokyo round GATT. So, in it there are articles regulating the state order and technical barriers in trade. Changes in counter-measures and anty-dumping duties and the customs price, accepted in this law, represent amendments to the Law of 1930 on tariffs. The law of 1984 on trade and tariffs, besides amendment in previous laws, has expanded powers of the President on the conclusion of international agreements. The complex law on trade and competition of 1988 - the important law which comprises the mechanism of state regulation in the field of the foreign Gerchikova I.N.regulation of enterprise activity: state and interfirm. M: Publishing house "Консалтбанкир", 2002. With. 642. See more in detail: Doronina N.G., semiljutina N.G.legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 32. 83 investments. This certificate represents the consolidated laws which includes in the separate sections of norm directly defining the basic directions of development of regulation of foreign investments and norm, defining separate rights and duties of foreign investors in the field of the foreign trade activity. Sections carry following names: 1) Laws on trade, customs and tariffs; 2) export Increase; 3) International financings of the politician; 4) Trade in agriculture; 5) Addition to the Law on corruption abroad; investments; technology; 6) Formation about reception of skills of practical work with a view of increase of competitiveness of Americans; 7) the Law «Buy all American» 1988; 8) Small enterprises; 9) Patents. The special attention in this law is given amendment in item 301 of the Law of 1974 about trade. The law of 1974 on trade (19 Code of the USA of item 2101 and further), become effective since January, 3rd, 1975 Confers to the President considerable powers in the field of trading negotiations. It has the right, under certain circumstances, to enter into trading agreements and on their basis to reduce operating tariffs, or to adjust, reduce or eliminate not tariff barriers and other obstacles in trade. The law on trade of 1974 with amendments of 1984 resolves (item 301), and in some cases orders the USA to undertake unilateral reciprocal measures in case other state breaks the trading agreement or makes discrimination actions, including reciprocal measures in connection with rendering of services. Special protection frames, among which refusal in delivery of the permission to the reference in sector of services (refusal in access to foreign banks) are thus supposed. The purpose of the Law of 1988 is increase of competitiveness of the American companies, both in the market of the USA, and on foreign. As fixed assets of achievement of this purpose foreign trade state regulation serves. Increase of competitiveness of the American companies provides the state by means of achievement of balance in the conditions of competitive struggle in the field of foreign trade in the international markets. To number of the acts directly regulating activity of foreign investors in the USA, it is necessary to carry the Law on corruption abroad 1977 (The Foreign Corrupt Practices Act, 1977), the Aviation Law of 1958 (The Federal Aviation Act of 1958), the Law on atomic engineering of 1954 (The Atomic Energy Act of 1954), etc. The law on corruption abroad 1977 taking into account additions and the changes brought by working out of the Complex law on trade and a competition, has been included Malkov E.D.feature of regulation of foreign investments in separate foreign countries//«agro prospect» № 5, 2000. 84 in separate section of the Complex law on trade and a competition of 1988 the Circle of the relations regulated by the Law on foreign corruption (or the Law on corruption abroad 1977), - the questions connected with control of transfer of sums of money for limits of the USA. With reference to foreign investments the given regulation can matter, for example, in connection with the right of the foreign investor to repatriation of the profit received as a result of enterprise activity in the USA. The presents the Law contains the positions, concerning the reporting of the companies; the positions applied to foreign investments and position about merge, absorption and acquisition of the companies. The law of 1977 has included requirements of representation of the reporting the companies. This part of the law has entered in kodifitsirovannoe meeting of the legislation of the USA - the Code of the USA, or «US Code» as addition to the Law on securities and stock exchanges of 1974 (further - the Law of 1934) . According to addition to item 13 () the Law of 1934 any person who is letting out the actions, which registration (item 12 of the Law of 1934), and also persons come under, which are obliged according to the Law of 1934 to represent regularly information on the activity (item 15 (d) the Law of 1974), are obliged: 1) to lead account books, records, accounts and «in reasonable degree it is detailed», accurately, fairly to reflect in them transactions and various ways of the order actives; 2) to carry out the control by means of system of internal accounts in such degree that it was possible «with reasonable confidence to tell, that transactions are made according to the order established by controls of corporation;...». Other addition consisted that the person who lets out the securities which are coming under to registration (item 12 of the Law of 1934), or the person who comes under to registration (the item 15d the Law of 1934) If 50 % of voting actions in the national or foreign company possess, should show good will and in reasonable degree to promote efforts of the national and foreign companies in concrete circumstances to observe operating system of the reporting. As to positions of the Law of 1977 applied to foreign investments according to article 5002 of the Law of 1988 requirements of the legislation of the USA concerning the reporting extend on the national and foreign companies. The company possessing of 50 % of voting actions, is obliged to check observance of rules of the reporting to the company subordinated to it in reasonable limits and according to concrete circumstances. See more in detail: Doronina N.G., semiljutina N.G.legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 47-48. See in the same place. With. 49. Bliss J.C., Spark G.G. The Foreign Corrupt Practices Act of 1988: Clarification or Evisceration. (Omnibus Trade and Competitiveness Act of 1988) II Law and Policy in International Business. 1989, v.20, n. 3, p. 441. 85 Concerning positions of the Law of 1977 about merge, absorption and acquisition of the companies according to item 5021 of the Law of 1988 of position represent development of norms of the Law on protection of the industry of 1950 According to this Law, to the President have been invested to spend with powers investigations when acquisition, merge or absorption of the companies by foreign persons creates threat of the national industry. This part of the Law on protection of the industry of 1950 which has entered with additions into section 5 «About addition to the Law on corruption abroad», concerns directly actions of foreign investors in territory of the USA and includes rules of procedure of carrying out of investigation by the President of cases of merge, absorption and acquisition of the American companies by the foreign person. The law concerns only those merges, absorption and acquisitions of the companies which took place at date of introduction in operation of law and in the subsequent after introduction in operation of law time. The law concerns also only those merges, Absorption and acquisitions of the companies in which foreign persons participate, and to these і to persons passes the control over activity of the company which have undergone to reorganisation. Besides the certificates accepted specially for everyone concrete industry, in the USA concerning foreign persons general provisions on state regulation of the market activity, applied in all industries operate. So, the Federal commission on trade of the USA can issue the order on activity prohibition, if in activity of any person including foreign, infringements in fair competition rules will be found out. At first sight, these norms of the general application can constitute certain obstacles for the foreign investor, however in this case equality of conditions of competitive struggle between national and foreign investors is not broken. It is necessary to carry to number of such certificates also, for example, the antitrust legislation (Sherman's Law and Klejtona) and the Management of 1988 on antitrust legislation application in international trade practice (US Department of Justice, Antitrust Division. Antitrust Enforcement Guidelines for International Operations, 1988), and also the Management of 1984 on regulation of the mergence, not being in submission relations each other (Guidelines on Horizontal Requisitions and Mergers, 1984). Thereupon it is necessary to underline, that the management on mergence regulation had the purpose to formulate a state policy in the field of the control over mergence. Formally it is not the normative act, however See more in detail: Doronina N.G., semiljutina N.G.legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 52-55. Andrews G.A. op. cit. p. 160. 86 its influence on application of norms of the antitrust legislation is enough It is great. The Law on stock exchanges and securities of 1934 concerns certificates of the general application with additions and changes. The law of 1934 contains the norms, concerning registration of transactions on the stock exchange with actions and bonds of the companies. Requirements of this law on necessity of representation in the Commission on securities (Securities and Exchange Commission - SEC) data on participants of the transaction, according to many jurists, lead to that the foreign companies avoid to invest the capital by purchase of actions and bonds at stock exchanges of the USA. The specified laws and the normative acts regulating in the USA an investment mode, concern both to national, and foreign investors. Direct restrictions for the last operate, as a rule, only for reasons of national safety, for political reasons. For example, for political reasons the interdiction for communications with such states, as Cuba, Libya, Democratic People's Republic of Korea is entered. At the same time, the President can forbid or suspend merge, acquisition or transition under the foreign control of the company if it will be defined, that the foreign person can make the actions creating threat for national safety of the USA. For example, it is forbidden to foreigners and the legal bodies supervised and belonging to foreigners, foreign corporations or foreign governments to be engaged in activity in atomic energy and radio communication sphere (all communications by radio: an announcement). The mode of possession of the foreign companies is usually established by the landed property on the basis of reciprocity: restrictions are cancelled, when in the country of basing of the company give the equal rights to Americans. In a number of states earth acquisition only for use in the industrial purposes is authorised to foreigners. For the corporations which are under the foreign control, possibility of reception of contracts of the Ministry of Defence is practically excluded. The government and local authorities has a right to forbid transition of the national companies under the foreign control if it contradicts interests of the country. See: Nikerov. And. The USA: antimonopoly legal regulation//the Economy and the right. №10,1991. S.117-121; See: Legal systems of the countries of the world. The encyclopaedic directory / Otv.red. d.ju.n., prof. A.J.Suharev. M: publishing house NORM, 2003. With. 720. See: the Commercial law of foreign countries. Under obshch. red. V.F.Popondopulo. SPb.: Peter, 2003. With. 209. 3 See: Atomic Energy Act of 1954.42 U.S.C. §§ 2011 et Seq. 4 See: 47 U.S.C. §310; Foreign Participation Order. 12 FCC Red 23841 (1997). Malkov E.D.feature of regulation of foreign investments in separate foreign countries//«agro prospect» № 5, 2000. 87 According to the federal legislation, possession or the control of the foreign capital over the corporations operating in spheres, having strategic value are forbidden: building and operation of the atomic power station and pipelines, extraction Mineral resources. For national businessmen transportations are reserved і passengers, cargoes or mail in country territory. By the federal legislation, a national air carrier should To belong 75 % of participation in corporation (at voting) or the corporation should To be supervised by citizens of the USA, and the president of corporation and its two third Administrations should be Americans. Similar requirements are shown in Coasting-sea-navigation. Exists also corrected, that used vessels Should be constructed and registered in the USA and should belong To the American citizens. In sphere of fishery for foreign persons it is limited 2 Minority possession of actions with a vote in the companies. Despite these restrictions, in the USA there is a set of the methods used by the governments of states for the purpose of creation of a favorable investment climate for foreign investors which can be divided into three groups conditionally: direct financial stimulus (granting of direct loans, grants, loans and credits the governments of states); fiscal measures (introduction of various taxes to enterprise activity); privileges under the taxation and special methods (tax exemptions, discounts, and also tax credits). As a rule, the governments of states apply a combination of those or other methods, character and which quantity depend on local social and economic and political specificity. Local administrations formulate various conditions for investments depending on the value given to the offered investment project. Usually investment projects providing development priority for staff of branches of an economy, use the most preferential investment mode, than other, carried out in the branches which have been not carried to this category. The number of priority branches includes the most competitive, and also those which development can bring the greatest effect for an economy of region of the country. The projects providing attraction of investments into creation and development of the enterprises which activity carries export or importozameshchajushchuju an orientation use special privileges. 1 See: Mineral Land Leasing Act of 1920. 30 U.S.C. Chapters FOR; 10 U.S.C. § 7435. 2 See: 49 U.S.C. Subtitle VII, Aviation Programs; 14 C.F.R. Part 297 (Foreign air freight forwarders); 14 C.F.R. Part 380, Subpart E (Registration of Foreign (passenger) charter operators; 49 U.S.S. 41703; C.F.R. Part 375; ANTI - Reflagging Act (1987); Magnuson Fishery Conservation and Management Act (1976). 88 It is necessary to notice, that economic strategy of stimulation of foreign capital investments on federal and a place level essentially differ from each other. At federal level in the USA there are no the direct financial or other privileges given to exclusively foreign investors. Investment privileges for an equal basis are given both American, and to foreign investors (businessmen). The basic form of federal financial assistance to investors is the favorable tax mode for new capital investments. Indirectly federal help appears in the form of grants for preparation of a labour, realisation of projects of development of an infrastructure and the industry. The special place in system of stimulation of investment activity in the USA is occupied with actions for rendering assistance to backward and depressive areas (states of the Deep and Boundary South, Alaska, etc.) by means of attraction of foreign investments. As a result for the first time the well-known program «is declared Invest in the USA», accepted by the Ministry of Trade of the USA in 1961 In the late sixties - the beginning of 70th of action of states on attraction of the foreign capital have received a wide circulation. Unlike the federal programs giving privileges both American, and the foreign investors, the governments of states develop the special measures directed on attraction of the foreign capital. Now at level of local authorities operate about 6 thousand programs of stimulation of the economic development, providing wide not financial privileges for foreign investors. In 1980th within the limits of activity on stimulation of economic development local authorities of 25 states have created about 13000 enterprise zones in which foreign investors receive wide privileges. Except granting of various financial and not financial privileges, local authorities provide foreign investors with the detailed information on a local infrastructure, a labour, taxation system, power, the prices for buildings and constructions, etc. States also help foreign employees of these newly founded enterprises to adapt to a life in the USA, to receive visas and a driving licence, to open bank accounts, to arrange children in schools, etc. Along with the internal general legislation regulating foreign capital investments at home, for the USA bilateral and multilateral investment agreements also are characteristic. See more in detail: A.I.regulation's Thunders of inflow of foreign investments//the USA: the state the-person - economy (regional aspects). Under the editorship of Lebedevoj L.F. M: "Ankil", 2001. With. 210-219. 89 Bilateral agreements about protection of investments into the USA have arisen because in the USA till 80th years the external economic policy has received the realisation, mainly, on the basis of friendship treaties, trade and navigation (Friendship, Commerce and Navigation Treaties). Some economic dogovory carried a little bit other name, but, as a matter of fact, in them questions of purely trade relations between the states, and the problems connected with foreign investments were provided, have dared in these contracts only in that degree that was necessary for development of trade relations. There were no the established multilateral rules regulating a mode of investments. As a result the government of the USA has decided to develop the document "bilateral agreement" for the purpose of protection maintenance to the American investors abroad. In the USA bilateral agreements are typical, that not only facilitates negotiating with other states, but also allows to provide odnostoronnost their maintenances. Along with definition of concept of "investment", usually these agreements include the following basic obligations, which recipients of investments take up in connection with activity in the territory of investors from other state, namely: to create a favorable mode for capital investments of investors and the activity connected with them (to give a national treatment and a mode of the most favoured nation); to accord investors a right to dispose of the investments as soon as they are enclosed, on the basis of a national treatment and a mode of the most favoured nation; to accord a right to hire the highly skilled administrative and managerial personnel at the discretion of investors; to accord a right to unobstructed transfer of the incomes; Capital investments will not be expropriated or nationalised expressly or by implication by acceptance of measures, equivalent expropriation or nationalisation, except for cases of their acceptance in public interests, on not discrimination basis, with payment of fast, adequate and effective indemnification; consideration of disputes with the investor on questions capital investment in the international arbitration. In international-contractual practice of the USA it is a little agreements on protection of investments - only 45, from them 38 agreements are signed and ratified (Albania, Argentina, Armenia, Azerbaijan, Bahrain, Cameroon, Democratic republic Congo (Kinshasa), Republic Congo (Brazzaville), Croatia, the Czech republic, Ecuador, Egypt, Estonia, Georgia, Grenada, Honduras, Jamaica, Jordan, Kazakhstan, Kyrgyzstan, Latvia, Moldova, Lithuania, Mongolia, See: The United States of America: Bilateral and Regional Investment Agreements II Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition.2003. p. 637. See in the same place. 637. 90 Morocco, Panama, Poland, Romania, Senegal, Slovakia, Sri Lanka, Trinidad and Tobago, Tunis, Turkey and Ukraine). Four agreements have been ratified by both parties, but expect an exchange of instruments of ratification before coming into force (Belarus, El Salvador, Jordan, Uzbekistan). Two agreements on protection of investments (between Mozambique and Russia) have been ratified by the United States, but not Russia and Mozambique. One agreement on protection of investments has been ratified Nicaragua, but not by the United States. Besides, now the USA carry on negotiations for the conclusion of agreements on protection of investments with many countries. Unlike bilateral investments about protection of investments which establish obligations concerning a mode of investments Agreement OPIK provides possibility for the American investors to address to services of special governmental insurance agency of the USA - Corporations on insurance of private investments abroad (OPIK) - for financial support. OPIK supports to the American companies which are carrying out capital investments in an economics of underdevelopment. OPIK offers insurance upon political risks, nekonvertiruemosti currencies, to expropriation, and political violence. In 1996 OPIK promoted realisation of investment projects of the USA in 44 developing countries. As to regional multilateral agreements on protection of investments here it is necessary to carry the North American Agreement on the free trade zone (NAFTA). Participants NAFTA are the USA, Canada and Mexico. Besides liquidation of barriers on a way of a trading exchange of the goods and services, NAFTA provides increase in investment possibilities in North American region. NAFTA contains following positions in the relation of a mode and guarantees of foreign investments: each member country gives to investors and investments of other member country not less favorable mode, than what it gives in similar conditions to own investors (i.e. a national treatment); in mutual relations between member countries the most favoured nation treatment is provided; use of the best conditions for both modes is supposed; Norms of international law, including the fair and not discrimination mode, full protection and guarantees according to the law in force admit; it is forbidden to impose any restrictions as regards conditions of functioning of the capital, in particular, it is forbidden to establish the minimum Gerchikova I.N.regulation of enterprise activity: state and interfirm. M: Publishing house "Консалтбанкир", 2002. With. 668. 91 export quota, the sizes of a local component in end production, import restrictions, restrictions on technology licensing, exclusive trading requirements, exchange control requirements; the mode of free transfer of payments of all kinds (profit, dividends, percent, a royalty, administrative payments, the technical help, a gain from sales, including full is provided or partial liquidation) in is hard to currency, on a market rate at date of transfer; possibility of nationalisation in case of presence of public interests, on not discrimination basis, according to operating rules of law is supposed and at payment of due indemnification; regulation of investment disputes between private investors which occurs on stages is provided: at the first stage-use of consultations and negotiations; in case of their failure creation is supposed Conditions for arbitration at observance of a principle of equality concerning all і investors and according to a principle of the international reciprocity. To number of multilateral international agreements About assistance to the investments which member are the USA, Agreements within the limits of OESR *, the WTO and the International centre on settlement of investment disputes (the Convention on settlement of investment disputes between the states and persons of other states of 1965) concern. Within the limits of OESR (the Organization of Economic cooperation and Development) are available three main agreements, investments mentioning a mode from other member states - the Code of liberalisation of capital account (Code of Liberalization of Capital Movement), the Code of liberalisation of current invisible operations (Code of Liberalization of Current Invisible Operations) and the Document on a national treatment (National Treatment Instrument). First two contain legally connecting obligations demanding granting of a national treatment to investments before creation of the enterprise, at that time the document on a national treatment recommends to give member states a national treatment to such investments after enterprise creation, that, according to the American lawyers, provides wide obligations on application of a principle of a national treatment and liquidation of the remained restrictions concerning direct foreign investments. Within the limits of the WTO there was a conclusion of following agreements - the Agreement on the investment measures connected with trade, TRIMs (Trade Related Investment See: Chapter 11: Investment of NAFTA. Named within the limits of OESR documents are not Agreements (the USA is participant OESR in which frameworks these documents on assistance to investments have been accepted). 92 Measures - TRIMs); the General agreement on trade in services - GATS (General Agreement on Trade in Services - GATS); the Agreement concerning the intellectual property rights, connected with trade - TRIPs (Agreement on Trade - Related Aspects of Intellectual Property Rights - TRIPs). A basis of the named agreements is granting to foreign firms in sphere of manufacture and national treatment services, i.e. the same conditions of activity, as to the national companies. The USA are one of founders of the International Center on Settlement of the Investment Disputes, created under the aegis of World Bank. At the Center in 1965 the Convention on settlement of investment disputes between the states and persons of other states (the Washington Convention) has been concluded. The Center purpose is to provide the permission by means of reconciliation and arbitration of investment disputes between the Agreeing states and persons of other Agreeing states according to positions of the present Convention. Center procedures have a number of discriminating features which give to the Center і a unique place among mechanisms of settlement of disputes. Thus, in the USA, there is no uniform certificate, Regulating the questions connected with foreign investments. For The foreign investors/businessmen investing the capital in the USA the big The certificates, concerning regulations of economic relations as a whole have value, Irrespective of a national identity of participants of such relations. Thus It is necessary to underline, that in the USA the legislation of states as a source Civil law plays rather important role in regulation of these relations. In Civil law areas legislative activity basically concerns to The competence of states. Questions of a patent right concern Federation conducting only, The rights to a trade mark, the copyright, inconsistency regulation, and also 2 Questions of international trade and trade with foreigners. Absence of the uniform legal act regulating activity of foreign investors in the USA, does not mean absence of uniform controlling instrument of market relations for all investments. In full the complex of means with which help of the USA supervise capital movement in the territory, even at full liberalisation of trade according to investment policy ATES, has same See: The United State of America: Multilateral Investment Agreements II Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition. 2003. p. 639-640; See: the WTO: introduction in legal system. Under the editorship of V.M.Shumilov. M: the Finance and a statics, 2003. With. 24-76; See: the Convention on settlement of investment disputes mejaodu the states and citizens of other states 1965. About sources of civil law of the USA see: Civil and a commercial law of foreign countries. Under the editorship of V.V.Bezbaha and V.K.Puchinskogo. M: MTSFR, 2004; Civil and a commercial law of the foreign states. Otv. red. E.A.Vasilev, S.A Mosquitoes. - M, the International relations, 2004. Т.1. 93 effects, as the control devices concentrated in one law on foreign investments. Means of the state control are used for the purpose of preservation of equal conditions of activity in the USA, both for foreign, and for national investors. Norms and the bilateral agreements concerning foreign investments have character of only additional, auxiliary means to containing in norms of the general application to system of the state control over investments in the market of the USA and on purpose to protect investments of the national investors abroad. ATES a mode the national treatment which is understood, «behind the exceptions provided in internal laws, administrative acts and departmental instructions in each country-participant as representation to foreign investors in questions of establishment, expansion, management and protection of their investments a mode not less favorable, than that mode which is given in similar circumstances to own investors» is recommended. It is a question of granting of a national treatment without any restrictions that would allow to resolve an investment of foreign investments into any branches on a level with national capitals (except for the questions, concerning national safety). Told concerns, mainly, spheres of services (telecommunication, air transport, the real estate, etc.) in which restrictions on the foreign property considerably vary in the countries - participants ATES. In territory of the USA (both at federal level, and at level of states) it is provided, as above it has already been considered, not discrimination mode to foreign investors practically in all sectors of economy, and foreign investors are admitted to get shares in all already existing enterprises. Exceptions of a national treatment for them are those sektory which are considered strategic with a view of maintenance national and the public safety. So business, for example, in the defensive industry, in sphere of sea and air transport, communication (radio, telegraph, a satellite communication) is. The national treatment provided in the legislation of the USA, substantially answers the purpose of the Bogorsky declaration on freedom инвестиций2. For example, the fifth amendment to the Constitution of the USA provides, that the private property cannot be expropriated for public using without fair indemnification, and the fourteenth amendment provides, that any staff should not dispossess someone without lawful proceeding. These two constitutional See: the National treatment//ARES Non-Binding Investment Principles. United States of America II Individual Action Plan. November 1998. P. 33. 94 positions which limit, on the one hand, capacity of the federal government, and with another - capacity of states, protect both property of Americans, and property neamerikantsev (foreign investors). The rights of the foreign investor to repatriation of the profit received as a result of enterprise activity in the USA, are fixed in the Law on corruption abroad 1977г. The mode of possession of the foreign companies is usually established by the landed property on the basis of reciprocity: restrictions are cancelled, when in the country of basing of the company give the equal rights to Americans. In a number of states earth acquisition only for use in the industrial purposes is authorised to foreigners. So, thanks to the liberal investment policy, in particular conformity to "not obliging investment principles», the USA are the largest host country, advancing China, the second largest addressee of investments. About 40 % of the investments which are taken out from the USA, go to the European union and approximately third - in developing countries. Thus, it is possible to come to conclusion, that the most liberal in the countries ATES the mode for foreign investments is fixed in the legislation of the USA. For this reason the individual plan of action accepted in the USA instead of the purpose of liberalisation of investment modes for foreign investors of the capital places emphasis on offers on acceptance within the limits of ATES supplementary measures on cancellation of tariffs on Production made by means of information technologies, and also on a number і other goods. 2. Canada. - unlike a number of other developed countries in Canada, New Zealand and republic of Korea are accepted, besides other laws, uniform acts in the field of regulation of an order of the admission of the foreign capital. For example, in Canada the Law on foreign investments has been accepted on June, 20th, 1985 and has replaced with itself the Law of the similar maintenance named the Law on consideration of foreign investments accepted in 1973 (Foreign Investment Review Act, 1973). The law of 1985 has the name of the Law, concerning investment in Canada 1985 (An Act Respecting Investment in Canada 1985), or simply Law on investments in Canada 1985 Main objective of the present Law, along with an establishment of the control from the state of Canada behind activity of foreign persons at a stage of capital investments, United States of America II Individual Action Plan. November 1999. 2 See: Chapter 7 of CANADA Country Commercial Guide FY 2002. (http://www.usatrade.gOv/website/ccg.nsf/CCGurl/CCG-CANADA2002-CH-7:00523BE3); See: the website: www.investcan.ic.ge.ca. 95 consists in encouraging carried out in Canada Canadians and nekanadtsami Investments which promote economic growth and increase in employment and „To 1 introduction new technologies. Body of the control over realisation of foreign investments in Canada is the supreme body of the executive authority in the name of the Privy Council of the Queen (Queen's Privy Council for Canada), or Council (Council), which member - the minister. The minister is directly responsible behind execution of the Law by means of Agency under investments. In its function, according to Law item 5, enter: to encourage capital investments within the powers given to it; to help the Canadian business by the fullest image to use a condition of the enterprise market of Canada; to carry out researches and to inform on investment conditions in Canada and abroad; to carry out the control over execution of the Law by Agency regarding consideration of the notice of the foreign investor about the prospective or already carried out investments. The notice of the foreign investor on the prospective or carried out capital investment should be necessarily presented them to economy of Canada in two cases: first, in case of the beginning of new enterprise activity in Canada (new Canadian business), i.e. activity which was not realised yet in territory of Canada by the given investor, and also activity which at the moment of the beginning of its realisation though it has been connected with activity of the given investor, but, according to the chairman of Council (Governor in Council), concerns a special kind of activity which reflects a cultural heritage and national features of Canada; secondly, in case of control acquisition over the Canadian business by any of the ways specified in item 1 of item 28 of the Law. As a rule, any foreign investor wishing for the first time to invest in the Canadian economy, should undergo control procedure, statutory. The same procedure of the control or admission procedure on the national market should pass and the foreign investor operating in Canada if its actions on capital investment are directed on control acquisition over the Canadian business. So, control acquisition over the Canadian business, according to Article 2 of Investment Canada Act; See: the State and economy of Canada. Under the editorship of L.A.Bagramova. M, 1986. With. 13-17. 2 Article 3 of Investment Canada Act. z Article 3 of Investment Canada Act; See: Canada Country Commercial Guide FY 2002. p.2. (http://www.usatrade.gOv/website/ccg.nsf/CCGurl/CCG-CANADA2002-CH-7:00523BE3); See: more in detail about an order of the admission of the foreign investor to realisation of the enterprise Activity in territory of Canada in Part III (Notification - the notice of the investor) and Part IV (Review - Consideration e investments) of Investment Canada Act, 1985; also: Doronina N.G., Semiljutina N.G. 96 items 28, acquisition of the actions possessing a vote, in corporation (the legal body), the Canada founded under laws and carrying out enterprise activity in Canada means «); acquisition of the vote (voting interest) or the management rights in the organisation of any kind which (і) represents the Canadian business or () expressly or by implication supervises the organisation of the Canadian business even if thus the control over this organisation is not transferred to the foreign investor; acquisition of all actives all or nearly so in the Canadian business; d) voice buying in the organisation supervising expressly or by implication the Canadian organisation even if (і) the direct or indirect control over the corporation created outside of Canada is not got, but carrying out the control direct or indirect behind the enterprises leading activity in territory of Canada; (іі) the control specified in the previous paragraph, is established». In all cases listed in item 28 of the Law on investments in Canada 1985 observance of procedure of the admission of foreign investors on the national market is required. Nevertheless, from this rule exceptions are following cases, according to Law item 10, - when operations with actions are made by the dealer or other intermediary, for which operations with securities - its primary activity;-when operations have met with special approval of the minister or it is connected with reception of a loan or the special conditions of financing demanding the control from the creditor or the person, given financing; - when made by the foreign investor 3 Operations do not mention a vote belonging to the Canadian, and also if the control from the state organisations or the state bodies of Canada remains. For separate categories (bank and insurance companies) as has noted N.G.Doronin, the Law provides special rules of fulfilment of transactions. In particular, the Law on foreign investments of Canada releases the foreign investor from a duty to execute the procedure of the admission provided in the Law, at realisation of investments into the enterprises which were engaged in by bank or insurance business. It is enough to it to adhere only to the rules regulating at legislative level accordingly bank and insurance activity. Legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 20-24. The item and. Item 10 of the Law on investments in Canada 1984 gtp., with, d Law item 10. The item eats. 10 laws. The item f Law item 10. Doronina N.G., semiljutina N.G.legal regulation of foreign investments into Russia and abroad. M: Finstatinform, 1993. With. 19. 97 It is necessary to notice, that in August, 1992 the free trade zone NAFTA agreement in scales of all North America with participation of the USA, Canada and Mexico is signed and in 1995 Canada became a member of the World Trade Organization, the Law operating in Canada on investments from 1985, subsequently added with various measures on a decontrol in this sphere, provides the simplified order of the control of capital investments by foreign investors. Under the regulations accepted by the Canadian authorities for member countries of the WTO, check and the statement large investment projects come under only. The "threshold" size of such projects is defined annually. In 1998 it constituted the sum more than 179 million 2 3 kan.doll., in 1999 - more than 184 million kan.doll. And in 2003 - more than 223 million kan.doll. Indirect acquisition of actives in Canada, carried out by purchase of the companies registered in the third countries, comes under to the control only when the size of the Canadian actives exceeds 50 % of total amount of the transaction. The maximum size of investments not coming under to the control from the countries which are not entering into the WTO, much more low. Consideration of all demands for the direct investments exceeding 5 million kan.doll is carried out., and indirect investments into the sum over 50 million kan.doll. So strict rules of check operate for all without an exception of foreign investors when the transaction concerns a small number of branches from categories of the most important for protection of national interests. It is the uranium industry, financial services and transport, and also culture sphere (publishing, cinematography, audio-production distribution). For example, foreign banks have the right to create till now in Canada only rather small branches, which field of activity is limited by crediting of legal bodies whereas to accept contributions from 4 The population it is forbidden to them. There are also some other restrictions. The share of the foreign property in the enterprises of air transport, as a rule, cannot exceed 25 % of voting actions. The share in actives of radio-and television stations should be less than 20 %. Concerning printing mass media direct restrictions are not applied, but effective obstacles for growth of the foreign property are created by tax laws - the companies, in which share of the foreign property The law has been subjected changes in 1993, in 1994 and in 1995 Canada//Guide to the Investment Regimes of the APEC Member Economies. Fourth Edition, 1999. p. 57. Canada II Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition, 2003. p. 69. 4 See: in the same place. p. 70. 98 surpasses 25 %, are deprived the right to subtract expenses on advertising from taxable incomes. At the same time, practice shows, as in the "protected" branches and restriction fields of activity are not once and for all established and is absolute absolute obstacles for foreign investors. Throughout last several years there were many cases when for the sake of economic development, increases in employment and introduction in Canada new technologies the federal and provincial authorities softened the requirements shown to foreign investors, and went on cancellation of restrictions applied to them or represent generous under the international standards tax stimulus (in particular, for research and development conducting in chastnopredprinimatelskom sector). For example, the base rate of the tax to profits of corporations will fall from 28 % in 2000 to 21 % in 2004 the Rate of the tax to the small companies with the revenue at the rate from 200 to 300 thousand dollars has been lowered to this level at once whereas for the enterprises with the income to 200 thousand dollars the rate of 12 % is kept. For larger corporations since 2001 the rate in 27 % is defined, and then it will decrease on 2 percentage points annually. Along with the Law on investments as the basic source of the investment right, in Canada is also a number of the federal and provincial laws regulating investment activity in certain sectors of the industry. For example, at federal level - the Law on banks (Bank Act, 1991, с.46), the Law on national transport (National Transportation Act, 1996), the Law on broadcasting (Broadcasting Act, 1991) and other 3 To number of the acts, directly concerning regulations of activity of foreign investors in Canada, it is necessary to carry Laws: about corporations (Canada Business Corporations Act (R.S.I985, with. C-44)), about bankruptcy (Bankruptcy and Insolvency Act (R.S., 1985, with. B-3, s.l; 1992, c.27, s.2.)), about immigration and protection of refugees (Immigration and Refugee Protection Act (IRPA), 2002) *, about surtaxes (Income tax Act (R.S.C. 1985, Chapter 1 (5th Supp.)), ** about a competition (Competition Canada II Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition, 2003. p. 71-77. Canada: a sight from Russia. Otv. red. V.I.Sokolov. M: "Ankil", 2002. With. 21, With. 36. See: above. The law on immigration and protection of refugees (Immigration and Refugee Protection Act (IRPA)) has become effective on June, 28th 2002г. In it the recognition of importance of the contribution brought in well-being of Canada by immigrants and refugees is fixed, and also the norms contain, allowing to accelerate procedure of reunion of families. The present law also is rigid concerning those who threaten the Canadian safety when many require maintenance of such protection. "The present law was exposed to changes and additions in 2001г., in 2002г., in 2003г., in 2004г., in 2005г. 99 Act (R.S. 1985, with. C-34) with vnesenijami amendments of 1986) About patents (Patent Act, 1989), *** about trade marks [Trademarks Act (R.S. 1985, with. Т-13) and Trade-marks Regulations (1996)], about the copyright (Copyright Act (R.S. 1985, with. C-42 with BILL C-32 An Act to amend the Copyright Act assented to 25th April, 1997), about industrial samples (Industrial Design Act as amended by with 47 of 1994), etc. For example, point 3 of item 105 of the Law on corporations it is provided, that on an extreme measure of 25 % of members of board of directors in corporation should be Canadians. However if the corporation has less than four members of board of directors one of them should be the Canadian. The simple majority of members of board of directors from Canadians is required for the corporations investing in established laws sektory economy, such as the uranium industry, culture sphere (publishing, cinematography, audio-production distribution). Concept "Canadian", for the present Law, «the Canadian citizen» if it is a question of physical persons means; the resident who is carrying out labour activity in Canada; the person having a constant site in Canada (thus the constant site is defined according to the Law on immigration 1976г.); the enterprises supervised by Canadians (under item 26 of the Law on investments). As to position of the Law on surtaxes (Income tax Act) to the foreign investors who are carrying out enterprise activity in territory of Canada, the same tax positions as to other trade enterprises are applied. The foreign investors who are carrying out enterprise activity through branches of not presidential corporations are obliged to pay the tax in Canada concerning the incomes earned in Canada. The statutory federal rate of the tax to profits of corporations constitutes 21 % (in 2004) the Additional surtax equivalent of 1,12 % from profits of corporations also is applied. The provincial authorities also tax on profit of corporations on the base, established by the federal government. The average rate of the tax to profits corporation at level of provinces will fall from 12 % in 2003 to 9,8 % by 2006 Concerning export of the capital connected with realisation of investments in territory of Canada the Law does not provide restrictions. As to repatriation of the money resources connected with foreign investments, as profits; dividends; compensations; the sums paid in repayment of loans; the sums, Bill S-17 - the Certificate which has made changes to the Law on patents 1989г, and has resulted the Law on patents 1989г. In conformity with obligations of Canada under the Agreement in the field of the intellectual property rights connected with trade - TRIPS the World Trade Organization. Has become effective in 2001 Canada//Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition, 2003. P.83-84 100 received in connection with partial and full liquidation of investments they are not limited to acts. Exchange rates are defined on the basis of supply and demand conditions on 2 The currency market. Special role in creation of a favorable mode for capital investments of investors (foreign and national) and the activity connected with them in Canada multilateral agreements, in particular, the Convention on a recognition and execution of foreign arbitral awards of 1958 «the New York Convention» (for Canada the Convention has become effective on May, 12th, 1986) play, the Agreement on the North American free trade zone (NAFTA). As to the International Center on Settlement of Investment Disputes (the Convention on settlement of investment disputes between the states and persons of other states of 1965 «the Washington Convention») Canada has already confirmed the readiness to recognise the competence and to submit to jurisdiction of the international Arbitration on settlement of investment disputes. Sending to that is reflected in the bilateral Agreements on protection of investments and the Agreement on a North American zone free z trade. To number of multilateral international agreements about assistance to the investments which participant is Canada, Agreements within the limits of OESR, the WTO concern. Bilateral agreements about protection of the investments, concluded by Canada with the countries exporters of the capital have great value. A main objective of such agreements are an establishment of mutually advantageous relations between partners, development of various forms of economic cooperation, mutual encouragement of investments on territories of the agreeing states, an establishment of a mode of the foreign property and granting of guarantees on protection of interests of investors, in particular the Canadian investors abroad. Canada has such agreements from the USSR (it is applied also to Russia as the successor), Poland, Czechoslovakia (obliges both: the Czech republic and Slovakia also consider as two Agreements), Hungary, Argentina, Ukraine, Thailand, etc. the Model of bilateral agreements is based on positions NAFTA. In the end, it is possible to tell, that Canada has for today one of the most liberal and transparent trading-political and investment modes in the world: See: in the same place. The river 84; the river 81. See: in the same place. The river 81. See: in the same place the river 88-89. See: Canada//Guide to the Investment Regimes of the APEC Member Economies. Fifth Edition, 2003. p. 91. 101 90 % of all volume of import are imported into the country duty-free; the average rate of custom duties under all nomenclature of the goods constitutes only 0,9 %. According to comparative researches of the international advisory companies, in the Canadian cities on set it is more favourable than an investment condition, than in many American. In 1998г. From a total sum of the saved up direct foreign investments into 216 billion kan.doll. About 153 billion 18,6 billion (8,5 %) from the Great Britain, 25,6 billion - from other countries of the European Union (11,7 %), and less than 8,8 billion (4 %) - from Japan have arrived from the USA (70 %). However, the situation looks not such optimistical if to calculate the average size of the customs duties under rates of a mode of the most favoured nation (namely these rates, according to experts, are applied to import from the majority of the world), - 7,1 %. And still the worst if to estimate the average size of the rate under all nomenclature of the goods which are coming under to customs taxation,-13 %. So occurs because on a number of the "sensitive" goods, many of which represent heightened interest for developing countries (for example, fruit, vegetables, flowers, sugar, wine, the textile goods, clothes, footwear, shipbuilding production), the Canadian customs rates ultrahigh. Owing to it and despite unilateral concessions becoming since 1998 in advantage of the least developed countries, a customs mode of Canada concerning developing countries and the CIS countries as a whole while concedes to those preferentsijam which are given partners on fritrederskim to arrangements, i.e. The USA, to Mexico, Chile, to Costa Rica, Israel. It is necessary to carry to number of lacks of an investment mode existing in Canada, under the WTO report, first of all excessive use of such means of trading protection by Canada, as an antidumping: on the middle of 2000 anty-dumping duties operated in 85 cases and concerned import of a steel and staleproduktov (58 % of cases). Exporters have suffered From their introduction from 35 countries of the world. 16 % of anty-dumping duties are applied within ten and more years. The following lack is connected on federal and especially at provincial level with requirements about presence obligatory «the local maintenance» in cost of production made on 4 Country territories foreign investors. Nevertheless, Canada - the active supporter of the liberalised trade and as much as possible free moving of capitals and a labour (the Law on immigration and According to the World Trade Organization. See WTO Trade Policy Review. Canada, 2000. 2 «The Financial Post», 26.09.1998. Canada: a sight from Russia. - M: "Ankil", 2002. С.22. 4 Canada: a sight from Russia. Otv. red. V.I.Sokolov. M: "Ankil", 2002. With. 201. To 102 protection of refugees (Immigration and Refugee Protection Act (IRPA)) has become effective on June, 28th 2002г. In it the recognition of importance of the contribution brought in well-being of Canada by immigrants and refugees is fixed, and also the norms contain, allowing to accelerate procedure of reunion of families), both on global, and at regional level. Successful as a whole experience of participation of the country in all eight rounds of negotiations within the limits of GATT, and also in regional and bilateral fritrederskih agreements gives additional to persuasiveness and weight of the Canadian argument in protection of "openness" of the international investment modes. Therefore, according to recommendations ATES about national treatment granting, Canada has assumed liability to increase in the individual plan of action a share of the foreign property to 1/3, in particular, to liquidate monopoly of three companies in the field of telecommunications, to give to all interested establishments of Canada the information on conditions precedent on import of the goods, to open for the countries ATES the markets of services in such spheres, as the finance, tourism, telecommunications, transport, etc.
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A source: CHhorn prolyng. Legal regulation of foreign investments in the countries-participants ATES / the Dissertation / Moscow. 2007

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