Article 20
1. The Community and its Member States shall grant, for the establishment of Tajik companies as defined in Article 22(d), treatment no less favourable than that accorded to any third country companies. 2. Without prejudice to the reservations listed in Annex II, the Community and its Member States shall grant subsidiaries of Tajik companies established in their territories treatment no less favourable than that granted to any Community companies, in respect of their operation. 3. The Community and its Member States shall grant branches of Tajik companies established in their territories treatment no less favourable than that accorded to branches of companies of any third country, in respect of their operation. 4. The Republic of Tajikistan shall grant, for the establishment of Community companies as defined in Article 22(d), treatment no less favourable than that accorded to Tajik companies or to any third country companies, whichever is the better. 5. The Republic of Tajikistan shall grant subsidiaries and branches of Community companies established in its territory treatment no less favourable than that accorded to Tajik companies or branches, or to any third country company or branch, whichever is the better, in respect of their operations.