On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of Turkmenistan on Mutual Promotion and Protection of Investments The Law of the Republic of Kazakhstan dated September 18, 2025 No. 217-VIII SAM.

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On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of Turkmenistan on Mutual Promotion and Protection of Investments

The Law of the Republic of Kazakhstan dated September 18, 2025 No. 217-VIII SAM.

To ratify the Agreement between the Government of the Republic of Kazakhstan and the Government of Turkmenistan on Mutual Promotion and Protection of Investments, signed in Ashgabat on October 10, 2024.

President of the Republic of Kazakhstan

K. TOKAEV

The Government of the Republic of Kazakhstan and the Government of Turkmenistan, hereinafter referred to as the "Contracting Parties", for the purposes of this Agreement,

Intending to create and maintain favorable conditions for investments by investors of the State of one Contracting Party in the territory of the State of the other Contracting Party,

Desiring to create favorable conditions for economic cooperation between the States by creating conditions for attracting and encouraging responsible foreign investments by investors of one Contracting Party in the territory of the other Contracting Party, contributing to sustainable economic development,

Recognizing that the promotion and mutual protection of investments carried out in accordance with the national legislation of the State of the Contracting Party in whose territory the investments are made will contribute to stimulating entrepreneurial initiatives and improving the well-being of the States of both Contracting Parties,

Reaffirming its commitment to corporate social responsibility and sustainable development, as well as to enhancing the contribution of international trade and investment to sustainable development,

Reaffirming that these goals will be achieved in accordance with the protection of health, safety and the environment, as well as promoting internationally recognized labor rights and without prejudice to the right of the Contracting Parties to regulate their territories through measures necessary to achieve legitimate political goals, such as protecting public health, human rights, and safety, environmental protection, labor rights, animal welfare, social protection or consumer protection, or for prudential financial reasons,

Recognizing the need to promote and protect these investments in order to promote the economic prosperity of the States of both Contracting Parties,

Agreeing that a fair and equitable investment regime is required to ensure a stable investment base and the most efficient use of economic resources,

have agreed on the following:

Article 1

Definitions

Unless otherwise specified, for the purposes of this Agreement, the following words and terms have the appropriate meanings:

1. The term "investor" means an entity of the State of one Contracting Party that invests in the territory of the State of the other Contracting Party in accordance with the national legislation of the State of the latter Contracting Party, in particular:

a) an individual who is a national of a State of one of the Contracting Parties and is authorized, in accordance with the national legislation of his State, to make investments in the territory of the State of the other Contracting Party;

b) legal entities, including companies, corporations, business associations and other organizations, established or otherwise established in an appropriate manner in accordance with the national legislation of the State of one of the Contracting Parties and having their location along with their actual economic activities in the territory of the State of such Contracting Party, regardless of whether they are privately owned either owned or controlled by the state.

For greater certainty, legal entities include official institutions, government authorities, sovereign wealth funds and institutions registered or organized in accordance with the national legislation of the States of the Contracting Parties.

2. The term "investment" means any type of assets invested by an investor of the State of one Contracting Party in the territory of the State of the other Contracting Party in accordance with the national legislation of the State of the latter Contracting Party, and has investment characteristics that include a certain duration, expectation of profit or income, contribution to the host State and acceptance of risk.

Types of investments include, but are not limited to, the following:

a) movable and immovable property, as well as other property rights such as easements, guarantees, mortgages, liens and similar rights;

b) shares, debentures of the company or any similar forms of participation in the company;

d) intellectual and industrial property rights, such as copyrights, trademarks, patents, technical processes, breeding achievements, know-how and information of commercial value, protected in accordance with the national legislation of the States of the Contracting Parties;

(e) Any economic rights granted by national legislation or agreement, such as production concessions, including rights to explore, process, extract and exploit natural resources.

No change in the form in which assets were initially or re-invested shall affect their qualification as "investments" within the meaning of this Agreement, unless such a change contradicts this Agreement and the national legislation of the States of the Contracting Parties.

3. The term "income" means the result of investments and the money received as a result of investments, and includes, in particular, but not exclusively, profits, dividends, interest, capital gains, royalties and fees.

4. The term "freely used currency" means a widely used currency for settlement of international transactions according to the classification of the International Monetary Fund.

5. The term "territory" means in relation to:

Republic of Kazakhstan - the territory of the Republic of Kazakhstan;

Turkmenistan - the territory of Turkmenistan.

6. The term "third party" applies to investors or States that are not related to the States of the Contracting Parties.

7. The term "receiving State" means the State of the Contracting Party in which the investments are located.

Article 2

Scope of the Agreement

1. The provisions of this Agreement shall apply to all investments made by investors of the State of one Contracting Party in the territory of the State of the other Contracting Party and recognized as such in accordance with the national legislation of the State of the latter Contracting Party, regardless of whether they were made before or after the entry into force of this Agreement, but shall not apply to any claims arising from events that have occurred or claims that were made prior to the entry into force of this Agreement.

The provisions of this Agreement do not apply to:

a) subsidies or grants, including loans, guarantees or insurance, obtained with the support of a Contracting Party, or any conditions related to the receipt or continuous receipt of such subsidies or grants, regardless of whether such subsidies or grants are provided exclusively to investors of the Contracting Parties or their investments;

b) taxation issues in the territories of the States of the Contracting Parties regulated by the national legislation of the States of each of the Contracting Parties;

d) land relations, including issues of real estate and property rights to it.

2. The provisions of this Agreement shall not affect the right of either Contracting Party to manage and exercise management powers in its territory to the extent necessary to achieve necessary objectives such as protecting public health, safety, the environment or labor rights. The very fact of a contradiction between government regulatory measures or changes in the national legislation of the State of either Contracting Party and the expectations of investors, in particular, their expectations of profit, or the fact of a negative impact on them, does not constitute a violation of the obligations under this Agreement.

Article 3

Investment promotion and protection

1. Each Contracting Party shall encourage and create favorable conditions for investors of the State of the other Contracting Party in order to facilitate investments in accordance with the national legislation of their States.

2. Investments made by investors of either Contracting Party shall enjoy fair and equitable treatment, as well as full protection and security in the territory of the State of the other Contracting Party.

For greater certainty, the reference to "fair and equitable treatment" means the obligation not to deny justice during judicial or administrative proceedings and not to violate procedural norms in accordance with the minimum standard of customary international law. The reference to "full protection and security" does not require treatment beyond the minimum standard of treatment required by the minimum standard of customary international law.

3. A violation of any provision of this Agreement or any other international investment agreement to which the Contracting Parties and their States are parties does not establish that there has been a violation of this Article.

Article 4

National regime

1. Each Contracting Party in the territory of its State, in similar circumstances, provides investors of the State of the other Contracting Party and their investments with a regime no less favorable than that which it provides to its own investors and their investments related to the management, maintenance, use or disposal of their investments.

2. Each Contracting Party reserves the right, in accordance with the national legislation of its State, to identify sensitive sectors of the economy and/or related business activities that should be limited or excluded.

3. For greater certainty, the reference to "similar circumstances" in this article requires a comprehensive examination of all the circumstances of the investment in each case.

Article 5

International agreements

No article of this Agreement may be interpreted as:

a) an obstacle for a Contracting Party to take any action in fulfillment of its obligations under the Charter of the United Nations to maintain international peace and security;

(b) Preventing a Contracting Party from fulfilling its obligations as a member of an economic integration agreement, such as a free trade area, customs union, common market, economic community, monetary union, or in order to oblige one of the Contracting Parties to provide current or future benefits from any regime to investors of the other Party and their investments or returns, preferences or privileges by virtue of its membership in such an agreement or any bilateral or multilateral investment agreement;

(c) The obligation of a Contracting Party to provide current or future benefits to investors of the other Contracting Party and their investments or income from any regime, preferences or privileges, obligations of the Contracting Party arising from international agreements or national legislation with respect to taxation.

Article 6

Expropriation and compensation

1. Neither Contracting Party shall nationalize or take targeted expropriation measures or any other measures having a similar effect on investments owned by investors of the other Contracting Party (hereinafter referred to as "expropriation"), unless such measures are taken in the public interest. Expropriation must be carried out within the framework of an appropriate legal procedure, on a non-discriminatory basis and subject to the payment of effective, prompt and adequate compensation. Such compensation must meet the criteria of fair market value of the expropriated investments immediately before expropriation or before the impending expropriation becomes known to the public, whichever is earlier (hereinafter referred to as the "valuation date"). The amount of compensation must include interest at the usual commercial rate from the date of expropriation to the date of payment, must be made in accordance with Article 8 ("Payments and Transfers") of this Agreement and be feasible.

2. If no agreement has been reached between the parties on the amount of compensation, the settlement of such dispute must be carried out in accordance with the provisions of Article 13 ("Settlement of disputes between a Contracting Party and an investor of the other Contracting Party") of this Agreement.

3. Such market value must be expressed in a freely usable currency at the market exchange rate applicable for that currency at the valuation date. Compensation must be paid without delay and must be officially recognized and transferable in a freely usable currency. Compensation should also include interest from the date of expropriation to the date of payment.

4. In cases where a Contracting Party expropriates the assets of a legal entity that is registered or established in accordance with the national legislation of its State in any part of the territory of its State and in which shares belong to investors of the State of the other Contracting Party, it shall ensure the application of this article in such a way as to guarantee adequate and effective compensation in respect of investments to investors of the State of the other The Contracting Parties that own these shares.

5. Direct expropriation occurs when investments are nationalized or otherwise directly expropriated through formal transfer of ownership or outright seizure.

6. Indirect expropriation occurs when a measure or series of measures of a Contracting Party has an effect equivalent to direct expropriation, in the sense that it substantially deprives the investor of the basic attributes of ownership of his investments, including the right to own, use and dispose of his investments, without formal transfer of ownership or direct withdrawal.

7. Determining whether a measure or series of measures of a Contracting Party in a particular situation constitutes indirect expropriation requires conducting a case-by-case investigation based on facts, taking into account, inter alia, such factors as:

(a) The economic impact of a measure or series of measures, although the mere fact that a measure or series of measures of a Contracting Party has a negative impact on the economic value of investments does not indicate that indirect expropriation has taken place;

(b) The extent to which the actions of a Contracting Party impede clear, reasonable expectations supported by investments; and

For greater certainty, the question of whether an investor's expectations, supported by investments, are justified depends, to the extent appropriate, on factors such as whether the Contracting Parties have provided binding written guarantees to the investor, as well as the nature and extent of government regulation or the potential for government regulation in the relevant sector.

8. For greater certainty, except in rare circumstances, bona fide non-discriminatory measures of a Contracting Party that are designed and applied to protect legitimate public welfare goals such as health, safety and the environment, or those aimed at ensuring compliance with existing rules regarding the investor's own misconduct or reducing threats to the investor's activities. may pose a threat to public health, the environment, or public order, and is not an indirect expropriation.

Article 7

Compensation of losses

1. Investors of any of the Contracting Parties whose investments have suffered losses as a result of war or other armed conflicts, civil unrest, the establishment of a state of emergency, revolution, riots, riots or other similar events in the territory of the other Contracting Party must be subject to a regime (with respect to restitution, compensation or other settlements) no less favorable than the regime, provided by this other Contracting Party to its investors or to investors of a third party, whichever is better for the respective interests.

2. Without prejudice to paragraph 1 of this Article, investors of one Contracting Party who have suffered in the territory of the other Contracting Party as a result of the following actions:

(a) The requisition of their property, in whole or in part, by the armed forces or the authorities;

b) the destruction of their property, in whole or in part, by the armed forces or the authorities, which was not the result of a battle or was not caused by the necessity of the situation.,

Immediate, adequate and effective compensation or restitution should be provided for damage/loss that occurred during the requisition period or resulted from the destruction of their property.

Article 8 Payments and transfers

1. Each Contracting Party shall ensure to investors the free transfer of payments related to such investments made by investors of the State of the other Contracting Party in the territory of the latter State, after the investors have fulfilled all tax obligations, in particular, but not exclusively:

a) capital and additional amounts of capital used to service and increase investments;

b) income;

c) repayment of any loan, including interest on it related to investments;

d) profit from the sale of shares;

f) income received by investors in cases of sale or partial sale, or liquidation;

f) income of natural persons of the State of one Contracting Party or other personnel attracted from abroad who work in connection with investments in the territory of the State of the other Contracting Party;

g) payments related to an investment dispute;

(h) Compensation in accordance with article 6 ("Expropriation and compensation") of this Agreement.

2. Transfers in accordance with this article must be carried out without delay in accordance with the procedure established by the currency legislation of the State of the Contracting Party in whose territory the investments were made, in any freely used currency and at the market exchange rate in effect on the date of transfer.

3. In accordance with a court order, a Contracting Party may delay the transfer of funds for a certain period if unforeseen violations have been identified in connection with the following:

a) bankruptcy, insolvency or protection of creditors' rights;

(b) Criminal offences related to operational investment activities;

3. In accordance with a court order, a Contracting Party may delay the transfer of funds for a certain period if unforeseen violations have been identified in connection with the following:

a) bankruptcy, insolvency or protection of creditors' rights;

(b) Criminal offences related to operational investment activities;

(c) Enforcement of orders or court decisions in court proceedings related solely to the operational activities of the investment; and

c) non-fulfillment of tax payments.

Such delay should be carried out on a fair and non-discriminatory basis and in good faith.

4. The Contracting Parties undertake to provide the transfers referred to in this article with treatment no less favourable than that accorded to transfers arising from investments made by any third State.

Article 9

Restrictions to protect the balance of payments

1. In cases of serious balance of payments violations and external financial difficulties or the threat of their occurrence, the Contracting Party may impose or maintain restrictions on payments or transfers related to investments. It is recognized that special pressure on the balance of payments of a Contracting Party in the process of economic development may require the application of restrictions to ensure, among other things, the maintenance of sufficient financial reserves for the implementation of its economic development program.

2. The restrictions referred to in paragraph 1 of this article must:

a) comply with the articles of Agreement of the International Monetary Fund;

(b) To prevent unnecessary damage to the commercial, economic and financial interests of the other Contracting Party;

(d) Be temporary and gradually lifted as the situation described in paragraph 1 of this article improves; and

(e) Be applied on the basis of national treatment and in such a way that the other Contracting Party is treated no less favourably than any third State.

3. The other Contracting Party must be notified immediately of any restrictions that have been adopted or established in accordance with paragraph 1 of this Article, or of any changes to such restrictions.

4. A Contracting Party that has imposed any restrictions in accordance with paragraph 1 of this Article should initiate consultations with the other Contracting Party with a view to reviewing the restrictions it has adopted.

Article 10

Subrogation

1. If a Contracting Party or its authorized body has provided a guarantee of any compensation for non-commercial risks in respect of investments of any of its investors in the territory of the State of the other Contracting Party and has made payments to such investors in respect of their claims under this Agreement, the other Contracting Party agrees that the first Contracting Party or its authorized body has the right by virtue of subrogation to exercise the rights and defend the demands of these investors. The assignment or claim rights must not exceed the original rights or claims of such investors.

2. In the case of subrogation, as defined in paragraph 1 of this Article, the investor has no right to file a claim, unless such investor is authorized to do so by the Contracting Party or its authorized body.

Article 11

Common exceptions

1. Nothing in this Agreement may be considered as preventing a Contracting Party from adopting, maintaining or providing any non-discriminatory legal measure that it considers necessary to protect the population, animal and plant life, health or the environment; protect public morals or maintain public order; protect national security interests; protect national heritage. artistic, historical, or archaeological value; preservation of living or non-living depleted natural resources.

2. Nothing in this Agreement may be interpreted as:

(a) Requiring any Contracting Party to provide or allow access to any information, the disclosure of which, in its opinion, is contrary to its essential national interests and interests of its national security; or

(b) Preventing any Contracting Party from taking any action it deems necessary to protect its national and security interests in relation to measures taken during a war or other emergency situations in international relations or the application of national policies or international treaties relating to the non-proliferation of nuclear weapons or any other explosive weapons.

3. The adoption, maintenance or enforcement of such measures is subject to the requirement that they not be applied in an arbitrary or unjustifiable manner, or constitute a disguised restriction on investments by investors of the other Contracting Party.

Article 12

Giving up advantages

1. Upon notification, the Contracting Party may waive the benefits of this Agreement, which relate to:

a) an investor of the State of the other Contracting Party, which is a legal entity of the State of such Contracting Party, and investments of such investor, if such legal entity is owned or controlled by investors of a third party, and the State of the rejecting Contracting Party does not maintain diplomatic relations with this third party;

b) an investor of the other Contracting Party who is a legal entity of the State of such Contracting Party and investments of such investor, if the investor from the third party owns or controls this legal entity and it does not conduct significant commercial operations in the territory of the State of the other Contracting Party.

Article 13

Settlement of disputes between a Contracting Party and an investor of the other Contracting Party

Conversation

1. Any dispute between an investor of one Contracting Party and the other Contracting Party concerning an alleged violation of the obligations of the latter Contracting Party under this Agreement shall, as far as possible, be settled amicably between the parties to the dispute.

2. An investor of a Contracting Party claiming a violation of this Agreement shall send a written request for settlement to the other Contracting Party. During these negotiations, the parties to the dispute may use non-binding third-party procedures such as good offices, reconciliation or mediation.

3. The request for settlement in accordance with paragraph 2 of this article must contain the following information::

a) the name and address of the investor and, if such a request is submitted on behalf of a local company, the name, address and place of incorporation of the local company;

b) the provision(s) of this Agreement that was allegedly violated;

(c) The legal and factual basis for the claim, including treatment that is allegedly incompatible with the provisions of this Agreement;

(d) The assistance requested and the estimated amount of damage claimed; and

f) evidence confirming that the applicant is an investor of the other Contracting Party and that he owns or controls investments and, if he acts on behalf of a local company, he owns or controls a local company.

4. If a settlement request is submitted by more than one investor or on behalf of more than one local company, the information in sub-paragraphs (a) and (e) of paragraph 3 of this article should be provided for each investor or each local company, as the case may be.

5. If the parties to the dispute have not agreed on a longer period, negotiations must be conducted within 90 (ninety) days from the date of submitting a settlement request in accordance with paragraph 2 of this article.

6. If an investor has not submitted an application to arbitration in accordance with paragraph 8 of this article within eighteen months after submitting a settlement request, such investor is considered to have withdrawn his request for settlement. This period may be extended by agreement of the parties to the dispute.

Arbitration

7. In the event of a claim by the investor, the host State may file counterclaims, and the court will have jurisdiction to determine these violations in connection with any violation(s) of this Agreement. For the sake of clarity, any violation giving rise to a counterclaim does not necessarily have to be related to the investor's claim.

8. If such a dispute cannot be settled in accordance with the provisions of paragraph 1 of this article within six months from the date of the written request for settlement, the interested investor may, at its discretion, submit the dispute for resolution to:

(a) The competent court of the State of the Contracting Party in the territory of the State in which the investment was made; or

(b) The International Center for the Settlement of Investment Disputes established in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, signed in Washington on March 18, 1965; or

c) An International court of Arbitration "ad hoc" in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL), adopted by UNCITRAL; or

(d) The International Arbitration Center of the Astana International Financial Center or the Court of the Astana International Financial Center, with the agreement of the parties to the dispute; or

e) International commercial Arbitration at the Chamber of Commerce and Industry of Turkmenistan with the consent of the parties to the dispute; or

f) any other arbitration institutions or in accordance with any other arbitration rules, subject to the agreement of the parties to the dispute.

9. After the investor chooses one of the above-mentioned dispute resolution methods, the rest cannot be applied.

10. The Contracting Party and the investor of the State of the other Contracting Party shall maintain confidentiality with respect to the subject matter, content and details of the arbitration dispute provided for in paragraph 8 of this article.

11. The investor may submit the dispute referred to in this article to arbitration in accordance with paragraph 8 of this article only if no more than three years have passed since the date when the investor first learned or should have learned about the alleged violation and was aware that the investor had suffered losses and suffered damage.

Article 14

Privileges and immunity

Nothing in this Agreement shall be interpreted as a waiver, derogation or other modification of any immunities, privileges or exceptions granted to the central banks of the States of the Contracting Parties and/or property owned by the central banks of the States of the Contracting Parties by right of ownership and/or otherwise, in accordance with international agreements, conventions and/or) by any applicable law.

Article 15

Financing of disputes by third parties

1. In the case of dispute financing by third parties, the party to the dispute benefiting from such financing must disclose to the other party to the dispute and to the court (arbitration) about the existence and nature of the financing agreement, as well as the name and address of the third party providing financing.

2. Such notification must be sent at the time of filing the claim or, if a financial agreement has been concluded or a grant or grant has been provided after filing the claim, immediately after the conclusion of the agreement or grant or grant.

3. "Third-party financing" means any financing by a natural or legal person who is not a party to the dispute, but who enters into an agreement with one of the parties to the dispute in order to partially or fully finance the costs of the procedure in exchange for remuneration depending on the outcome of the dispute, or any financing by a natural or legal person who is not a party to the dispute, in the form of a grant or subsidy.

Article 16

Settlement of disputes between the Contracting Parties

1. Both Contracting Parties shall strive in good faith and with cooperation for a fair and expeditious settlement of any disputes arising between them in connection with the interpretation or implementation of this Agreement. In this regard, both Contracting Parties undertake to initiate direct objective negotiations to achieve such a settlement. If the disagreement is not resolved within six months from the date of receipt of a written request from either Contracting Party for negotiations, it may be submitted, at the request of either Contracting Party, to an ad hoc arbitration consisting of three members.

2. Within two months from the date of receipt of the request, each Contracting Party shall appoint one arbitrator, and the two arbitrators so appointed shall appoint a third-party national as chairman of the arbitration within two months and with the approval of both Contracting Parties.

3. If the necessary appointments have not been made within the time limits specified in paragraph 2 of this Article, any Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice of the United Nations (hereinafter referred to as the International Court of Justice) to make any necessary appointment. If the President of the International Court of Justice is a national of a State of one of the Contracting Parties or is otherwise unable to perform the specified function, the Vice-President of the International Court of Justice must be invited to perform the specified appointments. If the Vice-President of the International Court of Justice is a national of a State of one of the Contracting Parties or if for other reasons he is unable to perform this function, the next oldest member of the International Court of Justice, who is not a national of a State of any Contracting Party, will be invited to make the necessary appointments.

4. The Arbitral Tribunal shall make its decisions by a majority vote. Such decisions are final and binding on both Contracting Parties. Each Contracting Party shall pay the expenses of its member of the arbitral tribunal and its representatives in the arbitration proceedings; the expenses of the chairman of the arbitral tribunal and the remaining expenses shall be paid by the Contracting Parties in equal shares. However, the arbitration may decide that one of the two Contracting Parties bears a higher share of the costs, and this decision will be binding on both Contracting Parties. The arbitration determines its own procedures.

5. All claims must be submitted and all hearings must be completed within six months from the date of appointment of the chairman of the arbitration, unless otherwise agreed. The arbitral tribunal must make its decision within two months from the date of filing the final claims or the closing date of the general sessions, whichever comes later.

6. It is not allowed to submit a dispute to arbitration in accordance with the provisions of this article if the same dispute has been submitted to another arbitration in accordance with the provisions of Article 13 ("Settlement of disputes between a Contracting Party and an investor of the other Contracting Party") of this Agreement, and which is still under consideration by this arbitration.

Article 17

The most favorable conditions

1. If the national legislation of the State of one of the Contracting Parties or obligations under international law that are currently in force or have subsequently been established between the States of the Contracting Parties in addition to this Agreement contain a provision, general or specific, entitling investors of the State of the other Contracting Party to a regime that will be more favorable than that, which is provided for in accordance with this Agreement, such a provision will take precedence over this Agreement to the extent that it is more favorable to the investor.

2. In all cases where the conditions provided by one Contracting Party to an investor of the State of the other Contracting Party in accordance with national legislation or other provisions of a specific agreement or agreement concluded in accordance with the national legislation of the State of the receiving Contracting Party are more favorable than those provided for under this Agreement, the most favorable conditions should apply to this investor. conditions.

Article 18

Transparency

Each Contracting Party shall publish or otherwise, in accordance with the national legislation of its State, make available to the public its laws, rules, procedures, administrative orders and judicial decisions of general application, as well as international agreements that may relate to investments by an investor of the State of the other Contracting Party in the territory of the State of the first Contracting Party.

Article 19

Entry into force and introduction of amendments and additions

1. This Agreement shall enter into force on the date of receipt, through diplomatic channels, of the last written notification that the Contracting Parties have completed the internal procedures necessary for its entry into force.

2. The Contracting Parties may, by mutual agreement, make amendments and additions to this Agreement, which are an integral part of it and are formalized by separate protocols that enter into force in accordance with the procedure provided for in paragraph 1 of this Article.

Article 20

Validity period and termination

This Agreement is valid for 10 (ten) years and is automatically extended for similar periods, unless one of the Contracting Parties notifies the other Contracting Party through diplomatic channels of its intention not to extend this Agreement no later than one year before the expiration of the initial or any subsequent period.

The termination of this Agreement will not affect its implementation in respect of investments made during its validity period, for a period of 10 (ten) years from the date of its termination, unless the Contracting Parties agree otherwise.

In witness whereof, the undersigned, being duly authorized thereto by their respective Governments, have signed this Agreement.

Done in the city of Ashgabat on October 10, 2024, in two copies each in the Kazakh, Turkmen and Russian languages, all texts being equally authentic. In case of discrepancies between the texts of this Agreement, the Contracting Parties shall refer to the text in Russian.

For the Government

Republic of Kazakhstan

Turkmenistan

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