Desiring to strengthen their traditional ties of friendship and to extend and intensify the economic relations between them, particularly with respect to investments by the nationals of one Contracting Party in the territory of the other Contracting Party,

Recognizing that agreement upon the treatment to be accorded to such investments will stimulate the flow of capital and technology and the economic development of the Contracting Parties and that fair and equitable treatment of investment is desirable, 

Considering that a stable framework for international investment will promote effective utilization of economic resources and improve living standards,

Recognizing that the development of economic and business ties will promote internationally accepted labor standards,

Considering that these objectives can be achieved without undermining policies with respect to health, social security and the environment,

Have agreed as follows: