CROATIA SIGNS CONVENTION ON SETTLEMENT OF INVESTMENT DISPUTES

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