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,

Recognising 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 utilisation of economic resources and improve living standards;

Recognising that the development of economic and business ties will promote internationally accepted labour standards;

Considering that these objectives can be achieved without compromising health, safety and environmental measures of general application;

Have agreed as follows: