WASHINGTON, June 17 (Hina) - Croatia's ambassador to the United States,
Miomir Zuzul, signed in Washington on Monday a convention on the
settlement of investment disputes between states and citizens of other
states, the Croatian Embassy said in a statement on Tuesday.
Croatia was the 141st country to sign the convention.
The convention, under which the International Centre for the
Settlement of Investment Disputes (ICSID) was established, entered into
force in 1965. The Centre aims to resolve disputes in a friendly way,
through mediation and reconciliation.
Access to the convention does not mean the automatic recognition
of the Centre's jurisdiction in disputes. Jurisdiction is determined in
each individual case.
At the signing ceremony in the World Bank, the ICSID secretary
general and senior vice president of the World Bank, Ibrahim Shihata,
stressed that the signing of the convention sent a positive signal to
foreign investors.
Zuzul said that the trust of foreign investors in Croatia would get
stronger and that the signing of the convention represented an
additional guarantee for investment in Croatia.
By signing the convention, Croatia reaffirmed its commitment to
establishing an open market and observing international standards, Zuzul
emphasised.
The convention is yet to be ratified by the Croatian parliament.
(hina) vm jn
171729 MET jun 97
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