International Investment Agreements: Flexibility for Development
UN, 2000 - Business & Economics - 176 pages
This paper reflects discussions which took place during the three expert meetings convened by the Commission on Investment, Technology and Related Financial Issues during 1997-1999. These discussions dealt with existing International Investment Agreements (IIAs) and their development dimensions. The paper examines ways in which IIAs can provide for flexibility with a view towards promoting development, while encouraging foreign direct investment (FDI) and providing stability and predictability in investment relations. The paper first discusses the meaning and purpose of flexibility in the interest of in the context of IIAs. It goes on to look at how existing IIAs have provided flexibility from the perspectives of: the objectives of an agreement; its overall structure and methods of participation; its substantive provisions; its applications. The paper emphasises that IIAs, in common with all international agreements, typically contain obligations that reduce to some extent the autonomy of the participating countries. Such agreements should recognise the economic asymmetries and levels of development between developing and developed countries. The challenge for negotiators of IIAs is to find the proper balance between obligations and flexibility. IIAs should be designed in a way that allows their parties some flexibility in pursuing their development objectives.
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FLEXIBILITY IN THE INTEREST
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accord adopted application approach Article ASEAN Investment Area Asia Asia-Invest binding Clean Development Mechanism commitments Contracting Party cooperation developing country Members development objectives differential treatment disputes effect Energy Charter Treaty equitable treatment establishment European Communities European Union example facilitate fair and equitable flexibility Foreign Direct Investment foreign investors Framework Agreement Framework Convention GATS host country IIAs implementation industries international investment agreements International Level investment instrument investment promotion issues in international Jean Dupuy Kyoto Protocol least developed countries Liberalisation liberalization Lome Convention mechanisms MERCOSUR multilateral Multinational Enterprises NAFTA national treatment negative list negotiations OECD paragraph participation preamble programmes protection regional relevant requirements reservations respect Right to Development Sales sectors Series on issues special and differential specific substantive provisions territory Trade in Services Transnational Corporations Treaty Series UNCTAD Series United Nations publication World Investment Report York and Geneva