On the ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Singapore on the Promotion and Mutual Protection of Investments

Home / RLA / On the ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Singapore on the Promotion and Mutual Protection of Investments

The Law of the Republic of Kazakhstan dated February 7, 2024 No. 60-VIII SAM.

To ratify the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Singapore on the Promotion and Mutual Protection of Investments, signed in Singapore on November 21, 2018.

President

Republic of Kazakhstan

K. TOKAEV

Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Singapore on the Promotion and Mutual Protection of Investments

The Government of the Republic of Kazakhstan and the Government of the Republic of Singapore (hereinafter collectively referred to as the "Parties" and separately as the "Party"),

Desiring to create favorable conditions for closer bilateral economic cooperation and, in particular, for investments by investors of one State in the territory of another State based on the principles of equality and mutual benefit;

Recognizing that the promotion and mutual protection of such investments will lead to the stimulation of entrepreneurial initiatives and increase well-being in both States;

have agreed on the following:

Chapter I: General provisions

Article 1

Definitions

For the purposes of this Agreement:

1. Freely usable currency means a "freely usable currency" defined in accordance with the articles of Agreement of the International Monetary Fund (hereinafter referred to as the "Fund") and any amendments thereto.

2. ICSID means the International Center for Settlement of Investment Disputes.

3. The Additional ICSID Rules mean the Rules of the Additional Site for Administrative Proceedings of the Secretariat of the International Center for Settlement of Investment Disputes, as amended and entered into force on April 10, 2006.

4. The ICSID Arbitration Rules means the Rules for Arbitration (Arbitration Rules), as amended and entered into force on April 10, 2006.

5. The ICSID Convention means the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, done in Washington on March 18, 1965.

6. Investments mean all types of assets owned or controlled directly or indirectly by an investor of the State of one Party in the territory of the State of the other Party, and in particular include:

(a) shares, stakes and other forms of equity participation in legal entities, including the rights arising therefrom;

(b) bonds, loans, loans and other debentures, including rights arising therefrom;

(d) monetary demands or demands for any performance of work related to the business and having economic value;

(e) Intellectual property rights;

(f) licenses, sanctions, permits and similar rights granted in accordance with the national legislation of the State of the Party;

(g) concessions granted in accordance with the national legislation of the State of the Party or under a contract, including concessions for the exploration, processing, extraction or exploitation of natural resources; and

(h) movable and immovable property and other related property rights.

For the purposes of this Agreement, "loans and other debentures" described in subparagraph (b) and "monetary claims or other performance of work" described in subparagraph (d) of this article refer to assets that relate to business activities and do not relate to assets that are personal in nature. having nothing to do with entrepreneurial activity.

The term "investments" does not include regulations or decisions that have entered into legal or administrative force.

7. Investor means:

(a) The Party;

(b) an individual who, in accordance with the laws of one Party, is a national of the State of that Party;

making investments in the territory of the other Party's State.

8. A legal entity of the State of a Party means any legal entity established or organized in accordance with the national legislation of the State of that Party for or not for benefit, controlled or privately or publicly owned, including a corporation, trust, partnership, individual entrepreneur, joint venture, association or similar organization.

9. Measure means any measure taken by a Party in the form of a law, regulation, rules, procedures, decision, administrative measure or in any other form:

(a) central, regional or local authorities and authorities; and

(b) non-governmental organizations in the exercise of powers delegated by central, regional or local authorities or bodies.

10. New York Convention means the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, adopted by the United Nations in New York on June 10, 1958.

11. Income means the amount received or derived from investments, including profits, dividends, interest, capital gains, royalty payments, payments related to intellectual property rights, and all other legitimate income. For the purposes of defining the term "investment", invested income is considered as an investment and any change in the forms in which assets are invested or reinvested does not affect their nature as an investment.

12. Territory means:

(a) with respect to the Republic of Kazakhstan: the territory within the land, sea and air borders, including land, inland waters, subsoil, airspace, and any zone beyond the State border where the Republic of Kazakhstan exercises or may further exercise its sovereign rights and jurisdiction over the seabed, subsoil and their natural resources. resources in accordance with its national legislation and international law;

(b) with respect to the Republic of Singapore: its land area, internal waters and territorial sea, as well as any maritime areas located outside the territorial sea that belong or may in the future belong according to its national law, in accordance with international law in

as a territory over which Singapore can exercise sovereign rights and jurisdiction over the sea, seabed, subsurface and natural resources.

13. The UNCITRAL Arbitration Rules means the arbitration rules of the United Nations Commission on International Trade Law, recommended by the United Nations General Assembly on December 15, 1976.

Article 2

Applicability of the Agreement

1. Each Party shall allow investments made by investors of the other Party's State in accordance with its applicable national legislation.

2. The provisions of this Agreement shall apply to all investments made by investors of the State of one Party in the territory of the State of the other Party, regardless of whether before or after the entry into force of this Agreement, but shall not apply to claims arising from events that occurred or claims that arose before the entry into force of this Agreement. For the sake of clarity, this Agreement does not apply to disputes that have arisen or are resolved or may arise prior to the entry into force of this Agreement.

3. The provisions of this Agreement do not apply to:

a) subsidies or grants submitted by a Party, including loans, guarantees or insurance received with the support of the Government, or any conditions related to the receipt or continuous receipt of such subsidies or grants, regardless of whether such subsidies or grants are provided exclusively to investors of the State of the Party or their investments;

b) matters of taxation in the territory of any Party, with the exception of the cases specified in Article 21 ("Taxation"). Nothing in this Agreement affects the rights and obligations of either Party under the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income dated September 19, 2006 ("SIDN"), which may be amended from time to time. In the event of any discrepancy between this Agreement and the CID, the latter shall prevail in respect of the discrepancy.

Chapter II: Protection

Article 3

Investment promotion and protection

1. Each Party shall encourage and create favorable conditions for investors of the other Party's State to make investments in its territory in accordance with its national legislation and general economic policy.

2. Each Party provides investments of investors of the other Party's State with fair and equitable treatment, full protection and security in accordance with customary international law. The obligation to ensure "fair and equitable treatment" includes the obligation not to deny justice in criminal, civil or administrative court proceedings. The obligation to provide "full protection and security" requires each Party to provide the level of police protection required under customary international law. The concepts of "fair and equitable treatment" and "full protection and security" do not require additional treatment or a regime that goes beyond what is required under customary international law, and do not create additional substantive rights.

3. A determination that there has been a violation of another provision of this Agreement or of a separate international agreement does not establish that there has been a violation of this article.

Article 4

National regime

1. Each Party shall provide investors of the other Party's State and their investments with no less favorable treatment than the treatment it provides to investors of its State and their investments with respect to the management, maintenance, use, enjoyment or any other form of disposal of investments, except as provided for by its national legislation, government policies and regulations.

2, Each Party reserves the right, in accordance with its national legislation, government policies and regulations, to identify sensitive sectors of the economy and/or other related activities that will be limited or excluded from the scope of this obligation.

Article 5

The most favored nation regime

1. Each Party shall provide investors of the other Party with treatment no less favourable than that which it provides in similar circumstances to investors of any third State in its territory with respect to the management, maintenance, operation, sale or other disposition of investments.

2. Each Party shall grant to investments of investors of the State of the other Party a regime no less favorable than that which it grants in similar circumstances on its territory to investments of investors of any third State that is not a Party with respect to the management, maintenance, operation and sale or other disposal of investments.

3. The provisions of this Agreement should not be interpreted as obliging one Party to extend to investors of the other Party's State the benefits of any regime, preference or privilege by virtue of:

(a) any economic or customs union, or free trade area, or common market, including other forms of regional or bilateral cooperation, or similar international agreement to which either Party is or may become a party, including investment agreements between them;

(b) any bilateral investment agreements that were concluded, signed or entered into force prior to the entry into force of this Agreement;

(c) any international investment agreements between or between the member States of the regional economic community, including investment agreements between the member States of the regional economic community or between one or more third States;

(d) any arrangement with a non-Party or parties in the same geographical region designed to promote regional cooperation in the economic, social, labor, industrial, or monetary fields.

4. For the sake of clarity, the regime referred to in this article does not cover procedures or mechanisms for international dispute resolution, such as those included in section 1 ("Settlement of disputes between a Party and an investor of the other Party's State") of chapter III ("Dispute settlement").

Article 6

Expropriation

1. No Party will nationalize, expropriate or take any measures having an effect equivalent to nationalization or expropriation (hereinafter referred to as "expropriation") of investments of investors of the other Party's State, except for measures taken on a non-discriminatory basis for public purposes, in accordance with due process of law and payment of compensation in accordance with this article.

2. Expropriation is accompanied by the payment of immediate, adequate and effective compensation. Compensation should be equal to the fair market value of the expropriated investments, either immediately before the expropriation or before the expropriation became public knowledge, whichever occurred earlier. Such compensation must be practicable, freely usable, and freely transferable in accordance with article 8 ("Transfers") of this Agreement and carried out without any delay. Compensation should include interest at a reasonable commercial rate for such currency from the date of expropriation to the date of payment.

3. Notwithstanding the obligations under paragraphs 1 and 2 of this article, any expropriation measures related to land shall be carried out for the purpose and with the payment of compensation, in accordance with the applicable national legislation of the expropriating Party.

4. Any expropriation measure or valuation may, at the request of the investor who has suffered damage, be reviewed by a judicial or other independent body of the Party taking the measures, in accordance with the procedure provided for by its national legislation.

5. This article does not apply to the issuance of mandatory licenses issued in respect of intellectual property rights or the cancellation, restriction or creation of intellectual property rights, provided that such issuance, cancellation, restriction or creation is carried out in accordance with the Agreement on Trade-Related Aspects of Intellectual Property Rights in Annex 1C to the WTO Agreement (the "Agreement TRIPS").

6. Except in rare cases, non-discriminatory regulatory actions by a Party designed and applied to protect legitimate public welfare objectives such as public health, safety and the environment do not constitute expropriation.

Article 7

Compensation for losses

1. Investors of the State of one Party whose investments have suffered losses in the territory of the other Party as a result of war or other armed conflicts, national emergency, insurrection, rebellion, riot or other similar situations in the territory of the latter Party, the latter Party shall be provided with no less favorable treatment for restitution, compensation, compensation or other settlement, if any. than the one that the latter Party provides to investors of any third state or to investors of its own state, depending on, which one is more favorable. Any final compensation is made in a freely convertible currency and must be freely transferable in accordance with Article 8 ("Transfers") of this Agreement.

2. If an investor of the State of one Party, in the cases specified in paragraph 1 of this Article, incurs losses on the territory of the other Party as a result of:

(a) the requisition of his investments or part of them by the armed forces or authorities of the latter Party; or

(b) the destruction of his investments or part of them by the armed forces or authorities of the latter Party, which was not required by the necessity of the situation,

The latter Party provides the investor with restitution, compensation, or both, as appropriate for such loss.

Article 8

Translations

1. Each Party authorizes all transfers related to investments of investors of the other Party's State in its territory so that they can be carried out freely and without delay in its territory. Such transfers include:

(a) capital contribution, including initial contribution;

(b) profits, dividends, capital gains, income from the sale of all or any part of investments, or from the partial or total liquidation of investments;

(d) payments in connection with the conclusion of an agreement with an investor, or on investments, including payments made in accordance with the loan agreement;

(e) payments in accordance with article 6 ("Expropriation") and article 7 ("Compensation for losses") of this Agreement; and

(f) payments arising under Chapter III ("Settlement of disputes") of this Agreement.

2. Each Party authorizes such transfers, which are made in a freely usable currency at the market exchange rate prevailing at the time of the transfer.

3. Without prejudice to paragraphs 1 and 2 of this Article, a Party may prevent the transfer by applying its national legislation on equal, discriminatory and fair use.:

(a) bankruptcy, insolvency or protection of creditors' rights;

(b) issues, trades or transactions in securities, futures, options or derivatives;

(c) financial reporting and accounting of transfers, if necessary, assistance to law enforcement or financial regulatory authorities;

(d) Criminal offences;

(e) ensuring compliance with orders or judicial decisions in judicial or administrative proceedings; or

(f) Social security, pension or compulsory savings program.

4. The Parties understand that paragraph 3 (d) of this article may apply to measures taken in accordance with the international standards of the Financial Action Task Force for the prevention of money laundering, terrorist financing and the proliferation of weapons of mass destruction.

5. Nothing in this Agreement affects the rights and obligations of the Fund's members in accordance with the articles of the Fund's Agreement, including the use of exchange transactions conducted in accordance with the articles of the Agreement, provided that the Party does not impose restrictions on any capital transactions that are not related to its obligations under this Agreement in with respect to such transfers, except as provided for in article 9 ("Restrictions to protect the balance of payments") of this Agreement or at the request of the Fund.

Article 9

Restrictions to protect the balance of payments

1. In cases of serious difficulties with the balance of payments and external financial difficulties or their threat, the Party may establish or maintain restrictions on payments or transfers related to investments. It is recognized that special pressure on the balance of payments of a State of a Party in the process of economic development may necessitate the use of restrictions in order to ensure, among other things, the maintenance of sufficient financial reserves for the implementation of its economic development programs.

2. The restrictions mentioned in paragraph 1 of this Article:

(a) must comply with the articles of agreement of the Foundation;

(b) avoid causing unnecessary damage to the commercial, economic and financial interests of the State of the other Party;

(d) are temporary and will be gradually eliminated as the situation referred to in paragraph 1 of this article improves.;

(e) apply on a non-discriminatory basis and in such a way that the State of the other Party is treated no less favourably than any third State.

3. Any restrictions established or maintained in accordance with paragraph 1 of this Article, or any changes to them, must be immediately notified to the other Party.

4. The Party imposing any restrictions in accordance with paragraph 1 of this Article shall consult with the other Party to review the restrictions it has adopted.

Article 10 Subrogation

1. In the event that any Party (or any agency, institute, body or corporation designated by it), as a result of the refund issued in respect of the investment or any part thereof, makes payments to its own investors regarding any of their claims under this Agreement, the other Party acknowledges that the first Party (or any agency, institute, an authority or corporation designated by it) has the right, by virtue of subrogation, to exercise the rights and make demands of its own investors. The subrogated rights or claims do not exceed the original rights or claims of the said investor.

2. Any payment made by one Party (or any agency, institution, body or corporation designated by it) to investors of its State shall not affect the rights of such investors to bring claims against the other Party in accordance with section 1 ("Settlement of disputes between a Party and an investor of the other Party's State") of Chapter III ("Dispute settlement").

Chapter III: Dispute settlement

Section 1: Settlement of disputes between a Party and an investor of the other Party's State

Article 11

Goal

1. This section applies to disputes between a Party and an investor of the other Party's State regarding an alleged breach of the former's obligations under this Agreement, which causes losses or losses to the investor or his investments.

2. This section does not apply to any dispute related to any adopted or supported measure or any treatment provided to investors or investments of a Party in relation to tobacco or tobacco products.

3. For the purposes of this article, "tobacco or tobacco products" means products in accordance with Chapter 24 ("Tobacco and manufactured tobacco substitutes") and tobacco-related products outside the scope of Chapter 24 ("Tobacco and manufactured tobacco substitutes") of the Harmonized Commodity Description and Coding System of the World Customs Organization.

Article 12

Procedure

1. The disputing parties initially seek to resolve the dispute through consultations and negotiations.

2. If the dispute cannot be resolved like this. As provided for in paragraph 1 of this article, within six months from the date of the request for consultations and negotiations, unless the disputing parties have agreed otherwise, the disputing investor (hereinafter referred to as the "plaintiff") may submit a dispute.:

(a) to the national courts of the respondent, provided that the national courts have jurisdiction over such dispute;

(b) in accordance with the ICSID Convention and the ICSID Arbitration Rules, providing that both the Party to the Dispute (hereinafter referred to as the "respondent") and the Plaintiff's Party are parties to the ICSID Convention;

(c) according to the additional ICSID rules, providing that either the Defendant or the Plaintiff's Party are Parties to the ICSID Convention;

(d) in accordance with the UNCITRAL Arbitration Rules; or

(e) any other arbitration institutions or in accordance with any other arbitration rules, if the disputing parties so agree.

3. Each Party agrees to submit the dispute to arbitration in accordance with paragraph 2 of this article in accordance with the provisions of this section, provided that:

(a) the dispute shall be submitted to such arbitration within three years from the date when the plaintiff became aware or should have become aware of a breach of obligations under this Agreement that causes loss or loss to the plaintiff or his investments.;

(b) the claimant submits written consent to the arbitration in accordance with the procedures set out in this section.;

(c) the plaintiff submits a written notice at least 30 days prior to the submission of the claims to the defendant of his intention to submit the dispute to arbitration, which:

(i) contains the plaintiff's name and address;

(ii) means one of the jurisdictions referred to in paragraph 2 of this article as dispute settlement jurisdiction;

(iii) waives the rights to initiate and continue any proceedings (other than those for interim measures of protection defined in paragraph 7 of this article) in any other dispute settlement jurisdiction defined in paragraph 2 of this article with respect to the dispute case; and

(iv) summarizes the defendant's alleged violation under this Agreement (including the provisions on alleged violations), the legal and factual grounds for the dispute, and the losses or losses of the applicant or his investments allegedly resulting from these violations.

4. Consent in accordance with paragraph 3 of this article and the submission of a claim to arbitration in accordance with this section must comply with the requirements:

(a) Chapters II of the ICSID Convention (Jurisdiction of the Center) and the ICSID Supplementary Rules on the Written Consent of the Parties to the Dispute; and

(b) Article II of the New York Convention on "written agreement".

5. Unless otherwise agreed by the disputing parties, the arbitral tribunal shall consist of three arbitrators who shall not be nationals or permanent residents of the State of either Party. Each disputing party appoints one arbitrator and the disputing parties agree on a third arbitrator, who must be the chairman of the arbitral tribunal. If the arbitral tribunal is not appointed within 90 days from the date of submission of the request to arbitration, either due to the failure of the disputing party to appoint an arbitrator, or if the parties could not agree on the appointment of a chairman, the ICSID Secretary General, at the request of one of the disputing parties, appoints, at his discretion, an unassigned arbitrator or arbitrators. However. The ICSID Secretary General, when appointing the Chairman, must ensure that he or she is not a citizen or permanent resident of the State of either Party.

6. Unless otherwise agreed by the disputing parties, the court shall determine the place of arbitration in accordance with the applicable arbitration rules, providing that the place must be in the territory of a State that is a party to the New York Convention.

7. None of the Parties shall prevent the plaintiff from seeking interim measures of protection, not including payment of damages or resolution of the dispute before the court or the administrative court of the defendant, before the procedural institution before any dispute settlement defined in paragraph 2 of this article to preserve his rights and interests.

8. Neither Party shall grant diplomatic protection or make international claims in respect of a dispute that an investor of its State and the other Party have agreed to submit in accordance with this section until such Party has been able to comply with or enforce a decision rendered on such dispute. Diplomatic protection for the purposes of this paragraph does not include informal diplomatic exchange with the sole intention of contributing to the settlement of a dispute.

9. A claim submitted to arbitration under this section must be considered as arising from a commercial relationship or translation for the purposes of article 1 of the New York Convention.

10. Any arbitration award is final and binding on the disputing parties. Each Party shall ensure that the decision is recognized and monitored in accordance with its national legislation.

Section 2: Settlement of disputes between the Parties

Article 13

Goal

1. This section applies to the settlement of disputes between the Parties arising from the interpretation and application of the provisions of this Agreement.

2. This section does not apply to any dispute related to a measure adopted or supported or a regime presented to investors or investments by a Party in relation to tobacco or tobacco products.

Article 14

Consultations and negotiations

1. Any Party may request written consultations on the interpretation or application of this Agreement. If disputes arise between the Parties regarding the interpretation or application of this Agreement, they shall, if possible, be resolved on the basis of mutual agreement through consultations and negotiations.

2. In the event that the dispute cannot be resolved in this way within six months from the date on which such negotiations or consultations were requested in writing, either Party may submit such dispute to an arbitral tribunal established in accordance with this section or, by agreement of the Parties, to any other international court.

Article 15

Establishment of the arbitration court

1. The arbitration procedure is initiated when one Party (the applicant Party) transmits a written notification to the other Party (the Respondent Party) through diplomatic channels. Such notification should consist of a statement of the provisions of chapter II ("Protection"), the alleged violations, the legal and factual grounds for the application, a summary of the development and results of consultations and negotiations under Article 14 ("Consultations and negotiations"), the intention of the Applicant's Party to initiate the procedure under this section and the name of the arbitrator appointed by such Party by the applicant.

2. Within 30 days after the transmission of such notification, the Respondent Party shall inform the Applicant Party of the name of the arbitrator appointed by it.

3. Within 30 days following the date of the appointment of the second arbitrator, the Parties by mutual agreement appoint a third arbitrator, who will be the chairman of the arbitral tribunal. If the Parties do not reach a mutual agreement on the appointment of a third arbitrator, the arbitrators appointed by the Parties shall appoint a third arbitrator within 30 days, who will be the chairman of the arbitral tribunal.

4. With regard to the selection of arbitrators in paragraphs 1, 2 and 3 of this Article, both Parties and, in appropriate situations, the arbitrators appointed by them shall not select arbitrators who are nationals or permanent residents of one of the Parties.

5. If the required appointments have not been made within the time limits specified in paragraphs 2 and 3 above, either Party may invite the President of the International Court of Justice to appoint an un-appointed arbitrator or arbitrators. If the President is a citizen or permanent resident of the State of either Party, or he or she is unable to act, the Vice President is invited to make the necessary appointments. If the Vice President is a citizen or permanent resident of a State of either Party, or he or she is unable to act, the next-in-command member of the International Court of Justice, who is neither a citizen nor a permanent resident of a State of either Party, is invited to make the necessary appointments.

6. In the event that the arbitrator appointed pursuant to this article refuses or is unable to perform the actions, the successor in title shall be appointed in the same manner as determined for the appointment of the original arbitrator, and he or she shall have the same authority and duties as the original arbitrator.

Article 16

Procedure

1. Unless otherwise agreed by the Parties, the venue of the arbitration proceedings shall be determined by the court. The arbitral tribunal resolves all issues regarding its competence and determines its own procedures with respect to any agreement between the Parties. At any stage of the procedure, the arbitral tribunal may propose to the Parties to resolve the dispute amicably. At all stages, the arbitral tribunal provides the Parties with an open hearing.

2. The arbitration court shall render its decision by a majority vote. The decision is made in writing and consists of the applicable factual and legal grounds. The signed decision is provided to each Party. The court's decision is final and binding on the Parties.

3. The arbitration court established in accordance with this section shall resolve disputes in accordance with this Agreement, as well as applicable norms and principles of international law.

4. Each Party shall bear the expenses of its appointed member of the court and its representation in the arbitration process. The expenses of the Chairman of the arbitral tribunal and other expenses related to the arbitration shall be covered in equal parts by the Parties, unless the arbitral tribunal determines that the majority of the costs should be covered by one of the Parties.

Chapter 4: Final provisions

Article 17

Other commitments

If the national legislation of the State of either Party or international obligations that currently exist or that will be established subsequently between the Parties in addition to this Agreement contain a provision granting investments of investors of the State of the other Party a more favorable treatment than provided for in accordance with this Agreement, such provision shall not affect this Agreement.

Article 18

Waiver of privileges

Subject to prior notification and consultations, the Party may deny the benefits of this Agreement to an investor of the State of the other Party who is a legal entity of the State of the other Party, and to the investments of such investor, if the rejecting Party establishes that the legal entity is owned or controlled by persons of a third State or the State of the rejecting Party and has no significant business operations in the territory of the other Party.

Article 19

Common exceptions

1. Provided that such measures are not taken in such a way that it does not lead to arbitrary or unjustified discrimination against the other Party or investors of the other Party's State, depending on the prevailing conditions, or does not distort the restrictions imposed on investments of investors of the other Party's State in the territory of the Party, nothing from this Agreement shall be interpreted, as preventing the adoption or entry into force of measures by a Party:

(a) necessary to protect public morals or maintain public order;

(b) necessary for the protection of human, animal or plant health;

(c) necessary to comply with laws and regulations that are consistent with the provisions of this Agreement, including those related to:

1. preventing cases of fraud or exchange or dealing with the consequences of non-fulfillment of contractual obligations;

ii. protecting the privacy of persons involved in the processing and dissemination of personal data and protecting the confidentiality of personal records and accounts;

iii. safety.

2. The exclusion of public order in paragraph 1 (a) of this article may be used only in cases where a genuine and sufficiently serious threat is related to one of the main interests of society.

Article 20

Security exceptions

Nothing in this Agreement should be interpreted as:

(a) requiring a Party to provide any information the disclosure of which it considers to be contrary to its essential security interests; or

(b) preventing a Party from taking such measures as it deems necessary to fulfill its obligations with respect to the maintenance or restoration of international peace or security, or to protect its own essential security interests.

Article 21

Taxation

1. Article 6 ("Expropriation") and section 1 ("Settlement of disputes between a Party and an investor of the other Party's State") of Chapter III ("Dispute settlement") apply to taxation measures to the extent that such taxation measures constitute expropriation, as provided for in article 6 ("Expropriation"). An investor who seeks to invoke Article 6 ("Expropriation") in relation to a tax measure must first contact the competent tax authorities of both Parties, as described in paragraph 2 of this Article, at the time when he sends a notification in accordance with section 1 ("Settlement of disputes between the Parties and the investor of the other Party's State") of Chapter III ("Settlement of disputes"), the question of whether this tax measure provides for expropriation, as provided for in article 6 ("Expropriation"). If the competent tax authorities of both Parties do not agree to consider the issue or, having agreed to consider it, do not agree that this measure does not constitute expropriation, as provided for in Article 6 ("Expropriation"), within six months of such referral, the investor may submit his claim to arbitration in accordance with section 1 ("Settlement of disputes between the Parties and the investor of the other Party's State") of Chapter III ("Dispute settlement").

2. For the purposes of this article, "competent tax authorities" means:

(a) in the case of the Republic of Kazakhstan, the Ministry of Finance;

(b) in the case of the Republic of Singapore, the Ministry of Finance;

or their successors.

3. With regard to article 6 ("Expropriation"), the following considerations are relevant when assessing whether a tax measure constitutes expropriation:

(a) The imposition of taxes as a whole does not constitute expropriation. The mere introduction of new tax measures or the imposition of taxes in more than one jurisdiction on investments does not in itself constitute expropriation.

(b) Taxation measures consistent with internationally recognized tax policies, principles and practices do not constitute expropriation. In particular, tax measures aimed at preventing tax evasion or tax evasion should generally not be considered expropriatory, and

(c) Taxation measures that are applied on a non-discriminatory basis, rather than targeting investors of a particular nationality or individual taxpayers, are less likely to amount to expropriation. Taxation measures should not constitute expropriation if they have already entered into force when making investments, and information about such a measure has been made public or otherwise made publicly available.

Article 22

Additions

This Agreement may be amended and supplemented by written agreement of the Parties in the form of separate protocols, which are integral parts of this Agreement and enter into force in accordance with the procedure provided for in Article 23 ("Entry into force, duration and termination") of this Agreement.

Article 23

Entry into force, duration and termination

1. Each Party shall notify the other Party through diplomatic channels of the completion of the internal procedures necessary for the entry into force of this Agreement. This Agreement shall enter into force on the thirtieth day following the date of receipt of the last such notification.

2. This Agreement remains in force for a period of 10 years and will continue to remain in force until, after the expiration of the initial period of 10 years, either Party notifies the other Party in writing through diplomatic channels of its intention to terminate this Agreement. This Agreement shall terminate upon the expiration of 12 months from the date of receipt of such notification.

3. With respect to investments that were made prior to the date of receipt of the notice of termination of this Agreement, the provisions of this Agreement will remain in force for a period of 10 years from the date of termination of this Agreement.

Done in Singapore on November 21, 2018, in two copies in Kazakh, Russian and English, all texts being equally authentic. In case of disagreement, the English text will prevail.

FOR THE GOVERNMENT

REPUBLIC OF KAZAKHSTAN

REPUBLIC OF SINGAPORE

Zhenis Kasymbek

Ko Po Kun

Minister of Investment and

development of the Republic of Kazakhstan

Senior Minister of State for Trade and Industry

President

Republic of Kazakhstan

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