The Natural Wealth and Resources Contracts (Review and Re- negotiation of Unconscionable Terms) Act, 2017

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Jurisdiction: Tanzania
Instrument: Act or statute
Citation: The Natural Wealth and Resources Contracts (Review and Re- negotiation of Unconscionable Terms) Act, 2017
Version: Undated source snapshot
Language: en
Official source: View official record ↗

arbitration capital import compensation economic development expropriation foreign investment agreements international cooperation national development natural resources profit sharing sovereignty state sovereignty

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Peoples and nations have a right to permanent sovereignty over their natural wealth and resources, but it must be exercised for national development and the well-being of the people of the State concerned. The exploration, development, and disposition of the resources, and the import of foreign capital for those purposes, should follow the rules and conditions that the people and nations consider necessary or desirable. If authorization is granted, the imported capital and its earnings are governed by the authorization terms, national law, and law; profits must be shared by agreed international proportions while protecting the State’s sovereignty over its natural wealth and resources. If nationalization, expropriation, or requisitioning happens, the owner must receive appropriate compensation, and compensation disputes may be settled by arbitration or international adjudication if the relevant states and parties agree. States must further the free and beneficial exercise of peoples’ and nations’ sovereignty over their natural resources through mutual respect based on sovereign equality.

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Provisions of The Natural Wealth and Resources Contracts (Review and Re- negotiation of Unconscionable Terms) Act, 2017

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AI-assisted research summary: Peoples and nations have a right to permanent sovereignty over their natural wealth and resources, but it must be exercised for national development and the well-being of the people of the State concerned.

1. The right of peoples and nations to permanent sovereignty over their natural wealth and resources must be exercised in the interest of their national development and of the well-being of the people of the State concerned.
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AI-assisted research summary: The exploration, development, and disposition of the resources, and the import of foreign capital for those purposes, should follow the rules and conditions that the people and nations consider necessary or desirable.

2. The exploration, development and disposition of such resources, as well as the import of the foreign capital required for these purposes, should be in conformity with the rules and conditions which the peoples and nations freely consider to be necessary or desirable with regard to the authorization, restriction or prohibition of such activities.
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Title
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AI-assisted research summary: If authorization is granted, the imported capital and its earnings are governed by the authorization terms, national law, and law; profits must be shared by agreed international proportions while protecting the State’s sovereignty over its natural wealth and resources.

3. In cases where authorization is granted, the capital imported and the earnings on that capital shall be governed by the terms thereof, by the national legislation in force, and by law. The profits derived must be shared in the international proportions freely agreed upon, in each case, between the investors and the recipient State, due care being taken to ensure there is no impairment, for any reason, of that State’s that sovereignty over its natural wealth and resources. 12 No. 6 The Natural Wealth and Resources Contracts (Review and Re- Negotiation of Unconscionable Terms) Act, 2017
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AI-assisted research summary: If nationalization, expropriation, or requisitioning happens, the owner must receive appropriate compensation, and compensation disputes may be settled by arbitration or international adjudication if the relevant states and parties agree.

4. Nationalization, expropriation or requisitioning shall be based on grounds or reasons of public utility, security or the interest which are recognized as overriding purely national individual or private interests, both domestic and foreign. In such cases the owner shall be paid appropriate compensation, in accordance with the rules in force in the State taking such measures in the exercise of its sovereignty and in accordance with international law. In any case where the question of compensation gives rise to a controversy, the national jurisdiction of the State taking such measures shall be exhausted. However, upon agreement by sovereign States and other parties concerned, settlement of the dispute should be made through arbitration or international adjudication.
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Powers to review arrangements or agreements
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AI-assisted research summary: States must further the free and beneficial exercise of peoples’ and nations’ sovereignty over their natural resources through mutual respect based on sovereign equality.

5. The free and beneficial exercise of the sovereignty of peoples and nations over their natural resources must be furthered by the mutual respect of States based on their sovereign equality.
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AI-assisted research summary: The provision says cooperation for international economic development of developing countries should support their independent national development and sovereignty over natural wealth and resources.

6. for the co-operation International economic development of developing countries, whether in the form of public or private capital investments, exchange of goods and scientific services, information, shall be such as to further their independent national development their sovereignty over their natural wealth and resources. and shall be based upon respect assistance, exchange technical for or of
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AI-assisted research summary: The provision says violating peoples’ and nations’ sovereignty over their natural wealth and resources is contrary to the UN Charter’s spirit and principles and undermines international cooperation and peace.

7. Violation of the rights of peoples and nations to sovereignty over their natural wealth and resources is contrary to the spirit and principles of the Charter of the United Nations and hinders the development of international co-operation and the maintenance of peace. and international
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Re-negotiation of unconscionable terms
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AI-assisted research summary: States must observe foreign investment agreements in good faith and respect the sovereignty of peoples and nations over their natural wealth and resources.

8. Foreign investment agreements freely entered into by or between sovereign States shall be observed in good faith; States and conscientiously respect the sovereignty of peoples and nations over their natural wealth and resources in accordance with the Charter and the principles set forth in the present resolution. 13 organizations strictly shall No. 6 The Natural Wealth and Resources Contracts (Review and Re- Negotiation of Unconscionable Terms) Act, 2017 PART II Welcomes the decision of the International Law Commission to speed up its work on the codification of the topic of responsibility of States for the consideration of the General Assembly. PART III Requests the Secretary-General to continue the study of the various aspects of permanent sovereignty over natural resources, taking into account the desire of Member States to ensure the protection encouraging international co-operation in the field of economic development, and to report to the Economic and Social Council and to the General Assembly, if possible at its eighteenth session. rights while sovereign their of Passed by the National Assembly on the 3rd July, 2017. THOMAS DIDIMU KASHILILAH Clerk of the National Assembly 14

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The Natural Wealth and Resources Contracts (Review and Re- negotiation of Unconscionable Terms) Act, 2017

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