The Government of the Republic of China (Taiwan) and the
Government of Saint Vincent and the Grenadines, hereinafter
referred to as the "Contracting Parties";

DESIRING to intensify economic co-operation between both States,
INTENDING to create favourable conditions for investments by
nationals and enterprises of either States in the territory of
the other State;

RECOGNIZING that the promotion and the protection of investments
of investors of one Contracting Party in the territory of the
other Contracting Party will be conducive to the stimulation of
business initiative, private sector growth and development and
to the strengthening of economic cooperation and prosperity
between both nations;

Have agreed as follows:

ARTICLE I: Definitions
For the purpose of this Agreement:
1. the term "investment" shall comprise every kind of asset
owned or controlled either directly or indirectly by an
investor of one Contracting Party in the territory of the
other Contracting Party in accordance with the latter's laws
and, in particular, though not exclusively, includes:
(a) movable and immovable property as well as any other
property rights in rem, such as mortgages, liens and
pledges;
(b) shares of companies, stock, bonds and debentures or any
other forms of equity participation in a company, business
enterprise or joint venture;
(c) claims to money which has been used to create an economic
value or claims to any performance having an economic value;
(d) copyrights, industrial and intellectual property rights,
technical processes, trademarks, tradenames, know-how and
good-will;
(e) business concessions under public law, including
concessions to search for, extract and exploit natural
resources but not real estate or other property, tangible
or intangible, not acquired in the expectation or used for
the purpose of economic benefit or other business purposes.
Any change in the form of an investment shall not affect its
character as an investment.
2. the term "investor" in the case of Saint Vincent and The
Grenadines shall mean
(a) any natural person possessing the citizenship of Saint
Vincent and the Grenadines in accordance with its laws; or
(b) any enterprise that is owned or controlled by citizens of
Saint Vincent and the Grenadines and incorporated or duly
constituted in accordance with applicable laws of Saint
Vincent and the Grenadines, and who makes the investment in
the territory of the Republic of China (Taiwan) and who
does not possess the citizenship of the Republic of China
(Taiwan);
and in the case of the Republic of China (Taiwan):
(a) any natural person who is a national of the Republic of
China (Taiwan) as defined under its law; or
(b) any enterprise that is owned or controlled by citizens of
the Republic of China (Taiwan) and incorporated or duly
constituted in accordance with applicable laws of the
Republic of China (Taiwan), and who makes the investment in
the territory of Saint Vincent and the Grenadines and who
does not possess the citizenship of Saint Vincent and the
Grenadines;
3. "enterprise" means any entity constituted or organized under
applicable law, whether or not for profit, and whether
privately or governmentally owned or controlled, including
any corporation, trust, partnership, sole proprietorship,
joint venture or other association; and a branch of an
enterprise;
4. "existing measure" means a measure existing at the time this
Agreement enters into force;
5. "financial service" means any service of financial nature,
including insurance, and a service incidental or auxiliary to
a service of a financial nature;
6. "intellectual property rights" means copyright and related
rights, trademark rights, patent rights, rights in layout
designs of semiconductor integrated circuits, trade secret
rights, plant breeders' rights, rights in geographical
indications and industrial design rights, as included in the
World Trade Organization (WTO) Agreement on Trade-Related
Aspects of Intellectual Property Rights or the TRIPS
Agreement;
7. "measure" includes any law, regulation, procedure,
requirement, or practice;
8. "returns" means all amounts yielded by an investment and in
particular, though not exclusively, includes profits,
interest, capital gains, dividends, royalties, fees or other
current income;
9. "state enterprise" means an enterprise that is
governmentally-owned or controlled through ownership
interests by a government;
10. "territory" means
(a) in respect to Saint Vincent and the Grenadines, the t e
r r i tory of Sa int Vinc ent and the Grenadines, as well as
those maritime areas, including the seabed and subsoil
adjacent to the outer limit of the territorial sea, over
which Saint Vincent and the Grenadines exercises, in
accordance with international law, sovereign rights for the
purpose of exploration and exploitation of the natural
resources of such areas;
(b) in respect to the Republic of China (Taiwan), the territory
of Republic of China (Taiwan), as well as those maritime
areas, including the seabed and subsoil adjacent to the
outer limit of the territorial sea, over which the Republic
of China (Taiwan) exercises, in accordance with
international law and its law, sovereign rights for the
purpose of exploration, exploitation and preservation of
the natural resources.

ARTICLE II: Establishment, Acquisition and Protection of
Investment
1. Each Contracting Party shall encourage and promote, as far as
possible, the creation of favourable conditions for investors
of the other Contracting Party to make investments in its
territory, in accordance with its legislation.
2. Each Contracting Party shall accord investments or returns of
investors of the other Contracting Party:
(a) fair and equitable treatment, and
(b) full protection and security, in accordance with the
principles of customary international law.
3. Each Contracting Party shall permit establishment of a new
business enterprise or acquisition of an existing business
enterprise or a share of such enterprise by investors or
prospective investors of the other Contracting Party on a
basis no less favourable than that which, in like
circumstances, it permits such acquisition or establishment
by:
(a) its own investors or prospective investors; or
(b) investors or prospective investors of any third state.
4. Decisions by either Contracting Party not to permit an
acquisition shall not be subject to the provisions of
arbitration of this Agreement.
5. Decisions by either Contracting Party not to permit
establishment of a new business enterprise or acquisition of
an existing business enterprise or a share of such enterprise
by investors or prospective investors shall not be subject to
the provisions of Article XI of this Agreement.

ARTICLE III: Most-Favoured-Nation (MFN) Treatment after
Establishment and Exceptions to MFN
1. Each Contracting Party shall accord to investments, or
returns of investors of the other Contracting Party,
treatment no less favourable than that which it accords to
investments or returns of investors in its own territory or
to investments or returns of investors of any third State,
except otherwise provided for in its legislation.
2. Each Contracting Party shall accord to investors of the other
Contracting Party, as regards their management, maintenance,
use, enjoyment or disposal of their investments or returns,
treatment no less favourable than that which it accords its
own investors or investors of any third State.
3. The treatments in paragraphs 1 and 2 of this Article shall
not extend to privileges which either Contracting Party
accords to investors of third States by virtue of membership
in, or pursuant to any bilateral or multilateral agreement in
force or signed prior to the date or after the date of entry
into force of this Agreement.

ARTICLE IV: Other Measures
1. A Contracting Party may not require that an enterprise of
that Contracting Party that is an investment under this
Agreement appoint to senior management positions individuals
of any particular nationality.
2. A Contracting Party may require that a majority of the board
of directors, or any committee thereof, of an enterprise that
is an investment under this Agreement be of a particular
nationality, or resident in the territory of the Contracting
Party, provided that the requirement does not materially
impair the ability of the investor to exercise control over
its investment.
3. Except matters related to government procurement, subsides,
research and development, locating production, grants,
insurance, guarantees, and loan provided or supported by each
Contracting Party, neither Contracting Party may impose any
of the following requirements in connection with permitting
the establishment or acquisition of an investment or enforce
any of the following requirements in connection with the
subsequent regulation of that investment:
(a) to export a given level or percentage of goods;
(b) to achieve a given level or percentage of domestic content;
(c) to purchase, use or accord a preference to goods produced
or services provided in its territory, or to purchase goods
or services from persons in its territory;
(d) to relate in any way the volume or value of imports to the
volume or value of exports or to the amount of foreign
exchange inflows associated with such investment; or
(e) to transfer technology, a production process or other
proprietary knowledge to a person in its territory
unaffiliated with the transferor, except when the
requirement is imposed or the commitment or undertaking is
enforced by a court, administrative tribunal or competition
authority, either to remedy an alleged violation of
competition laws or acting in a manner not inconsistent
with other provisions of this Agreement.
4. Subject to its laws, regulations and policies relating to the
entry of aliens, each Contracting Party shall grant temporary
entry to citizens of the other Contracting Party employed by
an enterprise who seek to render services to that enterprise
or a subsidiary or affiliate thereof, in a capacity that is
managerial or executive.

ARTICLE V: Compensation for Losses
Investors of one Contracting Party who suffer losses because
their investments or returns on the territory of the other
Contracting Party are affected by an armed conflict, a national
emergency or a natural disaster on that territory, shall be
accorded by such latter Contracting Party, in respect of
restitution, indemnification, compensation or other settlement,
treatment no less favourable than that which it accords to its
own investors or to investors of any third State.

ARTICLE VI: Expropriation
1. Investments or returns of investors of either Contracting
Party shall not be nationalized, expropriated or subjected to
any other measures having an effect equivalent to
nationalization or expropriation (hereinafter referred to as
"expropriation") in the territory of the other Contracting
Party, except for a public purpose, under due process of law,
in a non-discriminatory manner and against prompt, adequate
and effective compensation. Such compensation shall be based
on the fair market value of the investment or returns
expropriated immediately before the expropriation or at the
time the proposed expropriation became public knowledge,
whichever is the earlier. The compensation shall be paid
without delay and shall carry the usual commercial rate until
the time of payment from the date of expropriation with
interest at a normal commercial rate; and shall be
effectively realizable and freely transferable. Provision
shall have been made in an appropriate manner at or prior to
the time of expropriation, nationalization, or comparable
measure for the determination and payment of such
compensation.
2. The investor affected shall have a right, under the law of
the Contracting Party making the expropriation, to prompt
review, by a judicial or other independent authority of that
Party, of its case and of the valuation of its investment or
returns in accordance with the principles set out in this
Article.

ARTICLE VII: Transfer
1. Each Contracting Party shall permit in respect of investments
guarantee to investors of the other Contracting Party the
unrestricted transfers of their investments and returns.
2. Without limiting the generality of the foregoing, each
Contracting Party shall also guarantee to the investor the
unrestricted transfer of:
(a) funds in repayment of loans related to an investment;
(b) the proceeds of the total or partial liquidation of any
investment;
(c) wages and other remuneration accruing to a citizen of the
other Contracting Party who was permitted to work in
connection with an investment in the territory of the other
Contracting Party; and
(d) any compensation owed to an investor by virtue of Articles
V or VI of the Agreement.
3. Transfers shall be permitted by each Contracting Party in its
territory without delay in the convertible currency in which
the capital was originally invested or in any other
convertible currency agreed by the investor and the
Contracting Party concerned. Unless otherwise agreed by the
investor, transfers shall be made at the market rate of
exchange prevailing at the time of transfer.
4. Notwithstanding paragraphs 2 and 3, a Contracting Party may
prevent a transfer through the equitable, non-discriminatory
and good faith application of its laws relating to:
(a) bankruptcy, insolvency or the protection of the rights of
creditors;
(b) issuing, trading or dealing in securities;
(c) criminal or penal offenses;
(d) reports of transfers of currency or other monetary
instruments; or
(e) ensuring the satisfaction of judgments in judicial or
administrative proceedings.
5. Neither Contracting Party may require its investors to
transfer, or penalize its investors that fail to transfer,
the returns attributable to investments in the territory of
the other Contracting Party.
6. Paragraph 5 shall not be construed to prevent a Contracting
Party from imposing any measure through the equitable,
non-discriminatory and good faith application of its laws
relating to the matters set out in the subparagraphs of
paragraph 4.

ARTICLE VIII: Subrogation
1. If one Contracting Party or its designated Agency makes a
payment under an indemnity given in respect of an investment
in the territory of the other Contracting Party, the latter
Contracting Party shall recognize the assignment to the
former Contracting Party or its designated Agency by law or
by legal transaction of all the rights and claims of the
party indemnified and that the former Contracting Party or
its designated Agency is entitled to exercise such rights and
enforce such claims by virtue of subrogation, to the same
extent as the party indemnified.
2. The former Contracting Party or its designated Agency shall
be entitled in all circumstances to the same treatment in
respect of the rights and claims acquired by it by virtue of
the assignment and any payments received in pursuance of
those rights and claims as the party indemnified was entitled
to receive by virtue of this Agreement in respect of the
investment concerned and its related returns.
3. Any payments received in non-convertible currency by the
former Contracting Party or its designated Agency in
pursuance of the rights and claims acquired shall be freely
available to the former Contracting Party for the purpose of
meeting any expenditure incurred in the territory of the
latter Contracting Party.

ARTICLE IX: Investment in Financial Services
Nothing in this Agreement shall be construed to preclude a
Contracting Party from adopting or maintaining measures relating
to financial services it considers necessary for prudential
reasons.

ARTICLE X: Taxation Measures
1. Except as set out in this Article, nothing in this Agreement
shall apply to taxation measures.
2. Nothing in this Agreement shall affect the rights and
obligations of the Contracting Parties under any tax
convention or agreement. In the event of any inconsistency
between the provisions of this Agreement and any tax
convention or agreement, the provisions of that convention or
agreement shall prevail.
3. Article VI may be applied to a taxation measure unless the
taxation authorities of the Contracting Parties, no later
than six months after being notified by an investor who
disputes a taxation measure, jointly determine that the
measure is not an expropriation.
4. If the taxation authorities of the Contracting Parties fail
to reach the joint determinations specified in paragraph (3)
within six months after being notified, the investor may
submit its claim for resolution under Article XI.

ARTICLE XI: Settlement of Disputes between an investor and the
Host Contracting Party
1. Any dispute between one Contracting Party and an investor of
the other Contracting Party, relating to a claim by the
investor that the former Contracting Party has breached the
obligation under this Agreement, and that the investor has
incurred loss or damage by reason of, or arising out of, that
breach, shall, to the extent possible, be settled amicably
between them.
2. If a dispute has not been settled amicably within a period of
six months from the date on which it was initiated, it may be
submitted by the investor to arbitration in accordance with
Article XII. For the purposes of this paragraph, a dispute is
considered to be initiated when the investor of one
Contracting Party has delivered notice in writing to the
other Contracting Party alleging that the latter Contracting
Party is in breach of this Agreement, and that the investor
has incurred loss or damage by reason of, or arising out of,
that breach.
3. An investor may submit a dispute as referred to in paragraph
(1) to arbitration only if:
(a) both the investor and the Contracting Party in dispute have
consented in writing thereto;
(b) the investor has waived its right to initiate or continue
any other proceedings in relation to the measure that is
alleged to be in breach of this Agreement before the courts
or tribunals of the Contracting Party concerned or in a
dispute settlement procedure of any kind; and
(c) not more than three years have elapsed from the date on
which the investor first acquired, or should have first
acquired, knowledge of the alleged breach and knowledge
that the investor has incurred loss or damage.

ARTICLE XII: Reference to International Centre for Settlement of
Investment Disputes
1. The dispute may, at the election of the investor concerned,
be submitted to arbitration under: The International Centre
for the Settlement of Investment Disputes (herein after
referred to as " the Centre"), established pursuant to the
Convention on the Settlement of Investment Disputes between
States and Nationals of other States, opened for signature at
Washington 18 March, 1965 (ICSID Convention), provided that
both the disputing Contracting Party and the Contracting
Party of the investor are parties to the ICSID Convention;
the ICSID Additional Facility Rules, provided that either the
Contracting Party to the dispute or the other Contracting
Party is a party to the ICSID Convention; the UNCITRAL
Arbitration Rules; or any other arbitration institution or
under any other arbitration rules, if agreed by the investor
and the Contracting Party to the dispute.
2. The Contracting Party which is a party to the dispute shall
not raise an objection at any stage of the proceedings or
enforcement of an award the fact that the investor enterprise
which is the other party to the dispute has received in
pursuance of an insurance contract an indemnity in respect of
some or all of its losses.
3. Neither Contracting Party shall pursue through the diplomatic
channel any dispute referred to the Centre unless:(a) the
Secretary-General of the Centre, or a conciliation commission
or an arbitral tribunal constituted by it, decides that the
dispute is not within the jurisdiction of the Centre, or (b)
the other Contracting Party should fail to abide by or comply
with any award rendered by an arbitral tribunal.

ARTICLE XIII: Consultations and Exchange of Information
Either Contracting Party may request consultations on the
interpretation or application of this Agreement. The other
contracting Party shall give sympathetic consideration to the
request. Upon request by either Contracting Party, information
shall be exchanged on the measures of the other Contracting
Party that may have an impact on new investments, investments or
returns covered by this Agreement.

ARTICLE XIV: Disputes between the Contracting Parties
1. Any dispute between the Contracting Parties concerning the
interpretation or application of this Agreement shall,
whenever possible, be settled amicably through consultations.
2. If a dispute cannot be settled through consultations, it
shall, at the request of both Contracting Parties, be
submitted to an arbitral panel for decision. In the absence
of an agreement by the Contracting Parties to the contrary,
the UNCITRAL Arbitration Rules should govern, except as
modified by both Contracting Parties.
3. An arbitral panel shall be constituted for each dispute.
Within two months after receipt through diplomatic channels
of the request for arbitration, each Contracting Party shall
appoint one member to the arbitral panel. The two members
shall then select a national of a third State who, upon
approval by the two Contracting Parties, shall be appointed
Chairman of the arbitral panel. The chairman shall be
appointed within two months from the date of appointment of
the other two members of the arbitral panel.
4. If within the periods specified in paragraph (3) of this
Article the necessary appointments have not been made, either
Contracting Party may, in the absence of any other agreement,
invite the President of the International Court of Justice to
make the necessary appointments. If the President is a
national of either Contracting Party or is otherwise
prevented from discharging the said function, the Vice-
President shall be invited to make the necessary
appointments. If the Vice-President is a national of either
Contracting Party or is prevented from discharging the said
function, the Member of the International Court of Justice
next in seniority, who is not a national of either
Contracting Party, shall be invited to make the necessary
appointments.
5. The arbitral panel shall reach its decision by a majority of
votes. Such decision shall be binding on both Contracting
Parties. Unless otherwise agreed, the decision of the
arbitral panel shall be rendered within six months of the
appointment of the Chairman in accordance with paragraph (3)
or (4) of this Article.
6. Each Contracting Party shall bear the costs of its own member
of the panel and of its representation in the arbitral
proceedings; the costs related to the Chairman and any
remaining costs shall be borne equally by the Contracting
Parties. The arbitral panel may, however, in its decision
direct that a higher proportion of costs shall be borne by
one of the two Contracting Parties, and this award shall be
binding on both Contracting Parties.
7. The Contracting Parties shall, within 60 days of the decision
of a panel, reach agreement on the manner in which to resolve
their dispute. Such agreement shall, normally implement the
decision of the panel. If the Contracting Parties fail to
reach agreement, the Contracting Party in whose favour the
decision was made shall be entitled to compensation or to
suspend benefits of equivalent value to those awarded by the
panel.

ARTICLE XV: Transparency
Each Contracting Party shall, to the extent practicable, ensure
that its laws, regulations, procedures, and administrative
rulings of general application respecting any matter covered by
this Agreement are promptly published or otherwise made
available in such a manner as to enable interested persons and
the other Contracting Party to become acquainted with them.

ARTICLE XVI: Application and General Exceptions
1. This Agreement shall apply to investment made by an investor
of one Contracting Party and approved by the other
Contracting Party in the latter’s territory before or after
the entry into force of this Agreement.
2. If the provision of law of either Contracting Party or
obligations under international law existing at present or
established hereafter between the Contracting Parties in
addition to the present Agreement contain rules, whether
general or specific, entitling investments by investors of
the other Contracting Party to a treatment more favourable
than is provided for by the present Agreement, such rules
shall to the extent that they are more favourable prevail
over the present Agreement.
3. Nothing in this Agreement shall be construed to prevent a
Contracting Party from adopting, maintaining or enforcing any
measure that it considers appropriate to ensure that
investment activity in its territory is undertaken in a
manner in compliance with its essential security and
sensitive to environmental concerns.
4. Provided that such measures are not applied in an arbitrary
or unjustifiable manner, or do not constitute a disguised
restriction on international trade or investment, nothing in
this Agreement shall be construed to prevent a Contracting
Party from adopting or maintaining measures, including
environmental measures:
(a) necessary to ensure compliance with laws and regulations
that are not inconsistent with the provisions of this
Agreement;
(b) necessary to protect human, animal, or plant life or
health; or
(c) relating to the conservation of living or nonliving
exhaustible natural resources.

ARTICLE XVII: Entry into force
Each Contracting Party shall notify the other in writing of the
completion of the procedures required in its territory for the
entry into force of this Agreement. This Agreement shall enter
into force on the date of the later of the two notifications.

ARTICLE XVIII: Duration and Termination
This Agreement shall remain in force unless either Contracting
Party notifies the other Contracting Party in writing of its
intention to terminate it. The termination of this Agreement
shall become effective one year after notice of termination has
been received by the other Contracting Party. In respect of
investments or commitments to invest made prior to the date when
the termination of this Agreement becomes effective, its
provisions shall continue in effect with respect to such
investments or commitments to invest for a period of fifteen
years after the date of termination and without prejudice to the
application thereafter of the rules of general international law.


IN WITNESS WHEREOF, the undersigned, being duly authorized by
their respective Governments, have signed this Agreement.

DONE in Kingstowh, on the 17th day of the 12th month of the
ninety-eighth year of the Republic of China (Taiwan), which is
equivalent to the 17th day of the 12th month of the year two
thousand nine in the Gregorian calendar, in duplicate in the
Chinese and English languages, which both versions being equally
valid.



For the government of For the government
the Republic of China of St. Vincent and the
(Taiwan) Grenadines
H. E. Leo Lee The Hon. Sir Louis Straker
Ambassador to St. Vincent Deputy Prime Minister
and the Grenadines St. Vincent and the
Grenadines