Common use of Extractive industries Clause in Contracts

Extractive industries. 1. The Parties, acknowledging the contribution of extractive industries to economic development, shall facilitate sustainable and responsible investment through appropriate legislation, policies and regulatory frameworks consistent with international best practices. They shall aim to ensure fair and undistorted access to extractive resources, fully respecting national laws and the sovereignty of countries over their natural resources, and upholding the rights of affected local communities. 2. The Parties agree to promote the responsible management of extractive resources, including the development of legislative frameworks, taking into account environmental impacts. They shall promote transparency and accountability, in line with the principles set out in the Extractive Industry Transparency Initiative (EITI. 3. The Parties shall promote the use of relevant technologies to facilitate the sustainable and responsible exploration and exploitation of extractive resources.

Extractive industries. 1. The Parties, acknowledging the contribution of extractive industries to economic development, shall facilitate sustainable and responsible investment through appropriate legislation, policies and regulatory frameworks consistent with international best practices. They shall aim to ensure fair and undistorted access to extractive resources, fully respecting national laws and the sovereignty of countries over their natural resources, and upholding the rights of affected local communities. 2. The Parties agree to promote the responsible management of extractive resources, including the development of legislative frameworks, taking into account environmental impacts. They shall promote transparency and accountability, in line with the principles set out in the Extractive Industry Transparency Initiative (EITI). 3. The Parties shall promote the use of relevant technologies to facilitate the sustainable and responsible exploration and exploitation of extractive resources.