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Handbook of Trade Policy for Development$
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Arvid Lukauskas, Robert M. Stern, and Gianni Zanini

Print publication date: 2013

Print ISBN-13: 9780199680405

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680405.001.0001

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International Investment Agreements: Investor Protections and Foreign Direct Investment *

International Investment Agreements: Investor Protections and Foreign Direct Investment *

Chapter:
(p.768) Chapter 24 International Investment Agreements: Investor Protections and Foreign Direct Investment*
Source:
Handbook of Trade Policy for Development
Author(s):

Ana Frischtak

Richard Newfarmer

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199680405.003.0024

This chapter reviews the provisions in BITs and PTAs that grant foreign investors greater predictability on the policy framework regulating their investment, enumerates their purported benefits of increased investment flows, and considers the costs associated with disputes lodged under these agreements. These agreements typically provide for transparency, non-discrimination among foreign and domestic investors, and guarantees against expropriation. Some agreements do prevent contracting parties from imposing trade-related investment measures (TRIMS), such as local content requirements and local hiring requirements. Nearly all provide for some sort of dispute settlement. There is some tentative evidence that provisions in these arrangements have contributed to increased flows, especially towards stable countries with otherwise less-developed property rights or those initiating reforms, and they appear to be most helpful in attracting foreign investment when undertaken in combination with multilateral or preferential trade agreements.

Keywords:   Investment provisions, protection, bilateral investment treaties, BITs, trade-related investment measures, TRIMS, investor-state dispute settlement

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