"other mutually acceptable dispute settlement procedures" could not be construed so as to frustrate a prior agreement to submit to arbitration. That was because there was some question as to whether the second sentence of paragraph 49 envisaged two separate steps in the process -namely, an agreement to submit to arbitration and a subsequent agreement on the dispute settlement procedure or mechanism. It was pointed out that no two such steps were envisaged under the provision. It was understood that an agreement to submit to arbitration would cover both of those steps at the same time. Furthermore, the second sentence aclmitte<l of a choice of dispute settlement procedure either before or after a dispute arises. Finally, the term "other dispute settlement procedures" clearly includecl international arbitration. 6. National treatment The question was raised as to whether a provision on national treatment (para. 52 of the Chairman's text) was necessary in view of the agreement on paragraph 51 requiring "fair and equitable treatment" for transnational corporations , which is understood to imply non-discriminatory treatment. However, if paragraph 52 were to be retained, it was suggested that it could be amended to read as follows: "Subject to national requirements for maintaining public order and protecting national security and consistent with national constitutional law and basic laws, and without prejudice to measures specified in legislation and declared policies relating to the development objectives of developing countries, entities of transnational corporations should be entitled to treatment accorded to domestic enterprises in similar circumstances." There vas considerable debate as to whether it was necessary to provide for the possibility of preferential treatment of foreign investors, as stated iu the last sentence of paragraph 52, which reads: "Nothing in this paragraph should be construed as excluding the right of the host country to grant such special incentives and facilities to transnatjonal 
**Analysis**
The text appears to be discussing international trade and investment agreements, specifically the treatment of transnational corporations and the dispute settlement procedures. The language used is formal and technical, suggesting a context of international diplomacy or treaty negotiation.

**Category**
International trade