Correlation of investment legislation of the republic of belarus with the legislation of the eurasian economic union: selected problem aspects

The correlation of certain provisions of the Treaty on the Eurasian Economic Union and the Law on Investments of the Republic of Belarsu are analyzed. In particular, the provisions of the Astana Treaty in the field of investment by the member states of the EAEC and the provisions of the Law on Investments on the legal status of a foreign investor in the Republic of Belarus and the regulation of foreign investments in the national economy.

At the current stage of development in the context of the integration of the Republic of Belarus into the world economic space, a special role is played by the membership of Belarus in the Eurasian Economic Union (hereinafter - the EEU).

In accordance with the Astana Treaty on the EEU of May 29, 2014 (hereinafter referred to as the "Astana Treaty"), the Eurasian Economic Union is established. Within the Treaty are ensured the freedom of movement of goods, services, capital and labor, coordinated or unified policies in certain sectors of the economy which defined by the Astana Treaty and international treaties within the Union [1, p. 57]. Particular attention should be paid to investment cooperation within the framework of the EEU - a key factor in the sustainable development of the member states and the Union as a whole, as well as integration in the manufacturing sector, which is an important prerequisite for the successful development of the Eurasian economic integration [2, p. 30]. So, according to Art. 66 of the Astana Treaty "Member States shall conduct a phased liberalization of the terms of mutual trade in services, institutions, activities and investment" [3]. In turn, "each Member State shall ensure in its territory a fair and equitable treatment of investments and activities in connection with investments made by investors of other Member States" [4, art. 68]. Also, in order to protect investments, States create favorable conditions for investing in their territory by investors from other participating states. At the same time, such investments are allowed in accordance with the legislation of their state [5, art. 2, item 1] and each state guarantees and provides protection of investments [5, art. 2, item 2]. The investor's income and investment can not be directly or indirectly expropriated, nationalized, and also other measures equivalent to the consequences of expropriation or nationalization [5, art. 6, item 1]. However, exceptions are provided in cases "when such measures are taken in the public interest in the order established by the legislation of the recipient state, are not discriminatory and are accompanied by the payment of prompt, adequate compensation" [5, art. 6, item 1]. In this art. 77 of the Protocol on Trade in Services, the Establishment, Activities and

Implementation of Investments provides for the right of investors to reimburse damage inflicted on their investments as a result of civil unrest, hostilities, revolution, insurrection, imposition of a state of emergency or other similar circumstances on the territory of a Member State [4].

In spite of the fact that the states ensure the openness and accessibility of the legislation of their state regulating investment activity [5, art. 2], the issues related to the harmonization of the national legislations of the EEU member states, in particular in the field of legal regulation of investments and activities related to investments, remain relevant for scientific research. First of all, this is due to the fact that attracting foreign capital is among the main tasks of the EEU member states, since investments are directly related to the pace of infrastructure development and macroeconomic growth. Achieving this is possible only with a clear structuring of the regulatory framework, with the elimination of possible legal conflicts taking into account national and supranational standards [6, p. 131]. The above provisions of the Treaty of Astana, as well as the content of such concepts as: "investments", "activities in connection with investments ", "investor of a Member State", "representation", "institution" [3, II, paragraph 6] Testify to the agreements reached by the EEA member states in this field. However, as noted by some Russian authors, there is a need to form a single interpretation of such concepts, as for example: subject, object and form of investment activity; Source of investment; as well as ensuring information openness of investment activity [2, p. 32].

The Republic of Belarus is a stateparticipant of the EEU [7] and according to the Treaty of Astana "declares that it will conscientiously fulfill its obligations under the Treaty and take other measures to implement it ..." [3]. Currently, the legal regulation of foreign investment in the territory of the Republic of Belarus is based on such normative legal acts as: the Constitution of the Republic of Belarus of 1994, with amendments and additions adopted at the republican referendums on November 24, 1996 and October 17, 2004; Law "On Investments" of July 12, 2013, No. 53-З; The Law "On Concessions" of July 12, 2013, No. 63-З; Decree of the President of the Republic of Belarus No. 10 "On the creation of additional conditions for investment activity in the Republic of Belarus" dated August 6, 2010 is set out in a new version by the Decree of the President of the Republic of Belarus No. 8 of November 12, 2015; As well as international treaties of the Republic of Belarus [8]. In accordance with Art. 5 of the Law "On Investments " investors are equal before the law and enjoy the rights without any discrimination (the principle of equality of investors). However, investors have the right to use privileges and preferences when investing in priority activities (sectors of the economy), but only in cases established by legislative acts of the Republic of Belarus and (or) international legal acts binding on the Republic of Belarus [9, art. 16]. Also, the investor is guaranteed property protection, which is an investment or formed as a result of investments from nationalization or requisition [9, art. 12, part 1]. Otherwise, the legislation provides for payment of compensation for the value of nationalized property and other losses [9, art. 12, part 2] and guaranteed unimpeded transfer from the Republic of Belarus compensation [9, art. 11, part 1]. In this case, the investor has the right to appeal in court for the amount of compensation [9, art. 12, part 6]. In the event of requisition, the investor has the right, upon termination of the circumstances in connection with which the requisition has been made, to demand, by court, the return of the preserved property [9, art. 12, part 5]. Art. 14 of the Law "On Investments" contains the exclusive right of an investor to intellectual property objects, as well as the right to exercise their property and non-property rights. Also, the right of investors to provide them with land for use, rent, ownership is provided [9, art. 14, part 3]. The present provision of Art. 14 of the Law "On Investments" is referential and is regulated by the Law "On Concessions" of July 12, 2013. In accordance with investment legislation, investors have the right to establish on the territory of the Republic of Belarus commercial organizations with any investment, in any organizational and legal forms [ 9, art. 15, part 1], with the exception of investing in property of legal entities occupying a dominant position in the commodity markets of the Republic of Belarus [9, art. 6]. Legal form of public-private partnership in the implementation of investment under Art. 17 of the Law "On Investments" is an investment contract that is concluded on the basis of a decision of a state body or other state organization determined in accordance with the legislative acts of the Republic of Belarus.

In conclusion, it should be noted that the Law of the Republic of Belarus "On Investments" as a whole is a legal reference point for a foreign investor in the sphere of investment in its territory. However, as the legal analysis of the provisions of this Law shows, most of the legal norms included in it are referential to special regulatory legal acts. In this case, in Art. 3 contains a reservation that "if an international treaty of the Republic of Belarus establishes other rules than those provided for by this Law, then the rules of the international treaty are applied" [9]. Guidance on the need to apply, together with the Law on Investments, the rules of international treaties, somewhat complicates the activities of foreign investors and does not facilitate the unification of the legislation on foreign investments within the framework of the EAES. Thus, within the framework of legal cooperation of the EEA member states, the development of a single regulatory legal framework for the Union aimed at harmonizing and unifying national legal systems remains a strategic task.


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Year: 2017
City: Almaty
Category: Economy