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Approval of bilateral investment treaty with Syria | August 08, 2011

Approval of bilateral investment treaty with Syria

BEIRUT — The Lebanese Parliament ratified an agreement between Lebanon and Syria that aims to promote private investments between the two signatory nations in each other’s territory, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.

The accord creates a legal framework whereby foreign investors and investments are grant- ed the most favorable treatment between the Most Favored National Treatment and the National Treatment in the host country. It also forbids discriminatory measures of any kind; and guarantees fair and equitable treatment as well as full protection and security to for- eign investments in both countries.

Lebanon originally signed the agreement with Syria in January 1997 and ratified it in July of the same year. But the two countries signed a new agreement in July 2010, which replaced the previous one.

Lebanon has bilateral investment treaties with 51 countries and the OPEC Fund for International Development.