THE COUNCIL ,
HAVING REGARD to the provisions of the Convention on the Organisation for Economic Co-operation and Development concerning economic expansion and assistance to developing countries;
HAVING REGARD to the Reports by the Committee for Invisible Transactions and the Comments by the Payments Committee on the Draft Convention on the Protection of Foreign Property;
HAVING REGARD to the text of the Draft Convention on the Protection of Foreign Property and to the Notes and Comments constituting its interpretation (hereinafter called the “Draft Convention”);
OBSERVING that the Draft Convention embodies recognised principles relating to the protection of foreign property, combined with rules to render more effective the application of these principles;
CONSIDERING that a clear statement of these principles will be a valuable contribution towards the strengthening of international economic co-operation on the basis of international law and mutual confidence;
CONSIDERING that a wider application of these principles in domestic legislation and in international agreements would encourage foreign investment;
BELIEVING that the Draft Convention will be a useful document in the preparation of agreements on the protection of foreign property;
NOTING the conclusion of a Convention on the Settlement of Investment Disputes between States and Nationals of Other States;
I. REAFFIRMS the adherence of Member States to the principles of international law embodied in the Draft Convention;
II. COMMENDS the Draft Convention as a basis for further extending and rendering more effective the application of these principles;
III. APPROVES the publication of the Draft Convention as well as this Resolution.