Workshop on economic and legal aspects of International Investment Agreements Kampala, Uganda 10-14 November 2008 International Rules on FDI Thomas Westcott Legal Advisor UNCTAD. Topics for discussion. I. International framework on investment II. Trends in IIAs. 2.
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Workshop on economic and legal aspects of International Investment Agreements
10-14 November 2008
International Rules on FDI
I. International framework on investment
II. Trends in IIAs
Interface between national and international FDI policies Investment Agreements
International investment agreements (IIAs):
Objectives of the legal objectives
Standards of treatment
- Entry and
- Ownership and
- Authorization and
Regional establishment agreements
Many IIAs cover more or less the same issues objectives
…but the concrete way in which they are addressed
For host countries (traditionally developing)
For home countries (traditionally developed)
109 BITs have been renegotiated
13 renegotiated in 2006
Albania and Romania renegotiated two BITs each in 2006.
A new generation of BITs follows the trend set by some of the recent FTAs
These contain four main innovations:
- in today’s group activity we will explore this further!
CCIA signed in 2007
Not yet fully implemented?
Contains provisions that depart from standard provisions in BITs
Includes detailed language on some issues in light of recent arbitral decisions
Aims to find balance between the rights of investors and the state’s right to regulate.
Historical overview: Havana Charter, World Bank Guidelines, UN Code of Conduct, OECD MAI
Investment in the WTO: a missed opportunity?
Investment-specific agreements: dispute settlement (ICSID, NY Convention,..), insurance (MIGA)
Limited membership: OECD rules, APEC
Limited scope: Energy Charter Treaty, GATS, TRIMS, TRIPs.
Known investment treaty arbitrations investor-State disputes
(cumulative and newly instituted cases, 1987-2006)
Thank you. investor-State disputes