Regulations of Foreign Investment : Challenges for International Harmonization.

By: Mavroidis, Petros CContributor(s): Mavroidis, Petros CMaterial type: TextTextSeries: World Scientific Studies in International Economics SerPublisher: Singapore : World Scientific Publishing Co Pte Ltd, 2013Copyright date: ©2013Description: 1 online resource (510 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9789814390842Subject(s): Investments, Foreign -- Law and legislationGenre/Form: Electronic books.Additional physical formats: Print version:: Regulations of Foreign Investment : Challenges for International HarmonizationDDC classification: 346.092 LOC classification: K3830 -- .R44 2013ebOnline resources: Click to View
Contents:
Intro -- Contents -- Acknowledgements -- List of Contributors -- Introduction Zdenek Drabek and Petros C Mavroidis -- Findings -- 1 Regulation of Investment in the Trade Régime: From ITO to WTO Petros C Mavroidis -- 1. Introduction -- 2. Investment Regulation in the Havana Charter -- 3. The GATT-Era -- 4. The WTO-Era -- 4.1. Trade in goods -- Inconsistent measures -- Standstill, transitional obligations, and notification requirements -- 4.2. Trade in services -- 4.3. Trade related intellectual property rights (TRIPs) -- 4.4. The working group on trade and investment -- 5. Attempts to Multilateralize Outside the WTO -- 6. Conclusions -- References -- Annex 1: Investment Regulation in the Havana Charter -- Article XI -- Article XII -- Annex 2: Article III.5 GATT -- Annex 3: TRIMs -- Members -- Article I -- Article II -- Article III -- Article IV -- Article V -- Article VI -- Article VII -- Article VIII -- Article IX -- Annex 4: Mode 3 GATS -- Annex 5: TRIPs Provisions -- Article XXI -- Article XXXI -- 2 Domestic, Regional and Multilateral Investment Liberalization Jorge A Huerta Goldman -- 1. Domestic Laws on Investment -- 1.1. Bolivia's domestic laws on investment -- Equal treatment and sectors restricted -- Rights of Foreign and Domestic Investors -- Real estate and expropriation -- 1.2. Brazil's domestic laws on investment -- Rules on foreign capital -- Rules on equality of national and foreign investment -- Purchase of real estate -- Expropriation -- 1.3. Mexico's domestic laws on investment -- Real estate -- Constitutional warranties including non-discrimination -- 2. Bilateral Investment Treaties -- 2.1. Bolivia's BITs -- 2.2. Brazil's BITs -- 2.3. Mexico's BITs -- 3. The World Trade Organization (WTO) -- General obligations -- Specific commitments -- 4. Observations -- 4.1. Investment statistics.
4.2. National treatment vs foreign treatment -- 4.3. BITs vs WTO: State responsibility -- 4.4. Cross-fertilization of disciplines -- 4.5. Slow liberalization in the WTO -- 4.6. Developing countries as new investors -- 5. Conclusions -- References -- Annex 1 -- I. Bolivia -- II. Brazil -- III. Mexico -- 3 Mode 3 of the GATS: A Model for Disciplining Measures Affecting Investment Flows? Bart De Meester and Dominic Coppens -- 1. Introduction -- 2. Scope of Mode 3 and Investment -- 2.1. Commercial presence -- 2.2. Owned or controlled -- 2.3. Investment by service suppliers -- 2.4. GATS scope with regard to investment measures -- 2.5. Commitments on Mode 3 service supply -- 3. Gaps in Disciplines on Mode 3 -- 3.1. GATS provisions that discipline measures that hamper investment -- Market access -- (a) General measures -- (b) Specific investment decisions and market access -- Non-discrimination -- (a) General measures -- (b) Individual decisions and non-discrimination -- Domestic regulation disciplines -- (a) Administration of measures of general application -- (b) Individual decisions affecting investment -- Disciplines on subsidies hampering inward foreign investment -- 3.2. GATS provisions that discipline measures that attract investment -- 4. Conclusion -- References -- 4 Labor Standards and Human Rights: Implications for International Trade and Investment Drusilla K Brown, Alan V Deardorff and Robert M Stern -- 1. Introduction -- 2. Human Dignity in an Integrated Global Economy -- 2.1. Globalization, labor and human-rights violations, and the remedy for market inefficiency -- Forced labor and human trafficking15 -- Child labor -- Discrimination and sexual harassment -- Freedom of association and collective bargaining -- Compensation, contracts, and hours -- Occupational safety and health -- Poverty.
3. Empirical Evidence on the Impact of Labor Standards on International Trade and Investment: Is There a Race to the Bottom? -- 3.1. The experience of US GSP and better factories Cambodia -- 3.2. Other evidence of the effects of labor standards on trade and investment -- 3.3. Is there a race to the bottom? -- 4. Conclusions -- References -- 5 Interactions Between Subsidies Regulation and Foreign Investment, and the Primacy of the International Trade Regime Tomer Broude -- 1. Introduction -- 2. The Economic Effects of Subsidies: Distinguishing Between International Trade and FDI -- 2.1. The effects of subsidies on international trade and justifications for regulation -- 2.2. The effects of subsidies on FDI and justifications for regulation -- 3. Trade and Investment Concerns Relating to Subsidies: The Structural Primacy of the Trade Regime -- 4. Gaps in the Existing WTO Subsidies Regime Relating to Investment -- Prohibited subsidies -- Countervailable subsidies -- Actionable subsidies -- 5. Thoughts on Addressing Future Challenges: Regulating FDI Subsidies Through Investment Arbitration? -- References -- 6 Environmental Protection Daniel M Firger and Michael B Gerrard -- 1. Introduction -- 2. The Interaction of Environmental Law and FDI -- 2.1. Vertical interactions -- 2.2. Horizontal interactions -- 2.3. "Diagonal" interactions -- 3. Evidence: International Investment Agreements and disputes -- 3.1. Expropriation -- 3.2. Fair and equitable treatment -- 3.3. National treatment and the most favored nation standard -- 3.4. Umbrella clauses -- 3.5. Object and purpose -- 4. Toward International Harmonization -- 4.1. Preserving flexibility for environmental regulation -- Narrowing the scope of indirect expropriation -- Clarifying FET, MFN, and national treatment standards -- Environmental carve-outs and exceptions.
4.2. Incentivizing sustainable development through low-carbon FDI -- Changes to preambles -- Performance requirements -- 5. Conclusion -- References -- 7 Technology Transfer: Regulatory Issues and International Investment Agreements Keith E Maskus -- 1. Introduction -- 2. Technology Transfer, FDI and Investment Regulation -- 2.1. Direct national regulation -- 2.2. The emergence of IIAs -- 2.3. Multilateralism -- 2.4. Empirical evidence -- 3. Technology Transfer in IIAs -- 3.1. The baseline: TRIPS -- 3.2. PTAs and TRIPS-plus -- 3.3. BITs -- 3.4. Characterizing investor-state disputes on technology transfer -- 3.5. Non-trade agreements -- 4. Inconsistencies and Harmonization -- References -- 8 Sovereign Wealth Funds and Political Risk: New Challenges in the Regulation of Foreign Investment Victoria Barbary and Bernardo Bortolotti -- 1. Introduction -- 2. Background -- 3. SWF Investment and Political Risk -- 4. Pecunia Non Olet? Market Failure Considerations -- 5. The Current Regulatory Setting on Foreign Sovereign Investment: A Sketch From the US and European Perspective -- 6. Toward a "Smart" Regulatory Framework for SWF Investment -- 7. Conclusions -- References -- 9 International Tribunals as Agents of Harmonization Moshe Hirsch -- 1. Introduction -- 2. Decentralized Legal System -- 3. Tribunals as Agents of Legal Harmonization -- 3.1. Recognition of new binding rules -- Customary law -- General principles of law -- 3.2. Interpreting Treaty Provisions -- 3.3. Precedent and Harmonization of Investment Law -- 4. The Limits of Harmonization by Investment Tribunals -- 5. Concluding Remarks -- References -- 10 Foreign Acquisitions and National Security: What Are Genuine Threats? What Are Implausible Worries? Theodore H Moran -- 1. Introduction -- 2. A framework for threat assessment -- 2.1. Threat I -- 2.2. Threat II -- 2.3. Threat III.
3. A Common Approach for OECD, and Beyond -- 4. The Broader Context: Allowing the Benefits From Foreign Direct Investment (FDI) - Including FDI via Acquisitions - To Spread Around the World -- References -- 11 Public Services, Investment Liberalization and Protection Federico Ortino -- 1. What Is the Definition of "Public Services"? How Are They "Regulated"? -- 2. Do International Investment Agreements (Whether Bilateral, Regional or Multilateral) Cover "Public Services"? -- 3. Investment Liberalization and Investment Protection Provisions in International Investment Agreements -- 4. Additional Provisions in Investment Agreements Relevant for "Public Services" -- 5. Impact of International Investment Treaties on "Public Services": Investor-State Arbitrations -- 5.1 Emergency legislation and gas transportation sector in Argentina: CMS v Argentina16 -- 5.2. Universal service obligation in the telecommunication sector in Hungary: Telenor v Hungary19 -- 5.3. Termination of 30-year concession agreement for the provision of water and sewage services in the Argentine province of Tucuman: Vivendi v Argentina21 -- 5.4. Reversal of privatisation of the energy sector in Hungary: AES v Hungary23 -- 5.5. Reversal of liberalization in the health insurance services in the Slovak republic: Eureko v Slovak Republic25 -- 6. Impact of International Investment Treaties on "Public Services": Preliminary Findings -- 7. Conclusion -- References -- 12 The EU Approach to Investment Americo Beviglia Zampetti and Colin Brown -- 1. Introduction -- 2. The EU Recent Practice -- 2.1. The CARIFORUM-EU Economic Partnership Agreement -- 2.2. The EU-Korea FTA -- 3. The Future EU Approach - Changes Brought About by the Treaty of Lisbon -- 3.1. The changes brought about by the Treaty of Lisbon -- 3.2. Existing Member State treaties -- 3.3. New or revised Member State treaties.
3.4. Cooperation during the lifetime of Member State agreements.
Summary: The main aim of this book is to assess the importance of international rules for foreign direct investment and the major challenges to international harmonization of those rules. Particular attention is paid to the most controversial and contentious issues with the view of appraising the prospects for establishing global rules. The book is divided into three parts; the first part includes papers assessing the role of national and international legislation with further distinction being made between bilateral, regional and multilateral legal frameworks. The second part addresses regulatory issues of technology transfer, labor, environment, subsidies and investment incentives, national security, public services and sovereign wealth funds. The final part looks at the experience of some international fora in addressing these issues and at some theoretical and conceptual problems of rule harmonization. The papers have been written by legal and economic scholars from leading universities.
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Intro -- Contents -- Acknowledgements -- List of Contributors -- Introduction Zdenek Drabek and Petros C Mavroidis -- Findings -- 1 Regulation of Investment in the Trade Régime: From ITO to WTO Petros C Mavroidis -- 1. Introduction -- 2. Investment Regulation in the Havana Charter -- 3. The GATT-Era -- 4. The WTO-Era -- 4.1. Trade in goods -- Inconsistent measures -- Standstill, transitional obligations, and notification requirements -- 4.2. Trade in services -- 4.3. Trade related intellectual property rights (TRIPs) -- 4.4. The working group on trade and investment -- 5. Attempts to Multilateralize Outside the WTO -- 6. Conclusions -- References -- Annex 1: Investment Regulation in the Havana Charter -- Article XI -- Article XII -- Annex 2: Article III.5 GATT -- Annex 3: TRIMs -- Members -- Article I -- Article II -- Article III -- Article IV -- Article V -- Article VI -- Article VII -- Article VIII -- Article IX -- Annex 4: Mode 3 GATS -- Annex 5: TRIPs Provisions -- Article XXI -- Article XXXI -- 2 Domestic, Regional and Multilateral Investment Liberalization Jorge A Huerta Goldman -- 1. Domestic Laws on Investment -- 1.1. Bolivia's domestic laws on investment -- Equal treatment and sectors restricted -- Rights of Foreign and Domestic Investors -- Real estate and expropriation -- 1.2. Brazil's domestic laws on investment -- Rules on foreign capital -- Rules on equality of national and foreign investment -- Purchase of real estate -- Expropriation -- 1.3. Mexico's domestic laws on investment -- Real estate -- Constitutional warranties including non-discrimination -- 2. Bilateral Investment Treaties -- 2.1. Bolivia's BITs -- 2.2. Brazil's BITs -- 2.3. Mexico's BITs -- 3. The World Trade Organization (WTO) -- General obligations -- Specific commitments -- 4. Observations -- 4.1. Investment statistics.

4.2. National treatment vs foreign treatment -- 4.3. BITs vs WTO: State responsibility -- 4.4. Cross-fertilization of disciplines -- 4.5. Slow liberalization in the WTO -- 4.6. Developing countries as new investors -- 5. Conclusions -- References -- Annex 1 -- I. Bolivia -- II. Brazil -- III. Mexico -- 3 Mode 3 of the GATS: A Model for Disciplining Measures Affecting Investment Flows? Bart De Meester and Dominic Coppens -- 1. Introduction -- 2. Scope of Mode 3 and Investment -- 2.1. Commercial presence -- 2.2. Owned or controlled -- 2.3. Investment by service suppliers -- 2.4. GATS scope with regard to investment measures -- 2.5. Commitments on Mode 3 service supply -- 3. Gaps in Disciplines on Mode 3 -- 3.1. GATS provisions that discipline measures that hamper investment -- Market access -- (a) General measures -- (b) Specific investment decisions and market access -- Non-discrimination -- (a) General measures -- (b) Individual decisions and non-discrimination -- Domestic regulation disciplines -- (a) Administration of measures of general application -- (b) Individual decisions affecting investment -- Disciplines on subsidies hampering inward foreign investment -- 3.2. GATS provisions that discipline measures that attract investment -- 4. Conclusion -- References -- 4 Labor Standards and Human Rights: Implications for International Trade and Investment Drusilla K Brown, Alan V Deardorff and Robert M Stern -- 1. Introduction -- 2. Human Dignity in an Integrated Global Economy -- 2.1. Globalization, labor and human-rights violations, and the remedy for market inefficiency -- Forced labor and human trafficking15 -- Child labor -- Discrimination and sexual harassment -- Freedom of association and collective bargaining -- Compensation, contracts, and hours -- Occupational safety and health -- Poverty.

3. Empirical Evidence on the Impact of Labor Standards on International Trade and Investment: Is There a Race to the Bottom? -- 3.1. The experience of US GSP and better factories Cambodia -- 3.2. Other evidence of the effects of labor standards on trade and investment -- 3.3. Is there a race to the bottom? -- 4. Conclusions -- References -- 5 Interactions Between Subsidies Regulation and Foreign Investment, and the Primacy of the International Trade Regime Tomer Broude -- 1. Introduction -- 2. The Economic Effects of Subsidies: Distinguishing Between International Trade and FDI -- 2.1. The effects of subsidies on international trade and justifications for regulation -- 2.2. The effects of subsidies on FDI and justifications for regulation -- 3. Trade and Investment Concerns Relating to Subsidies: The Structural Primacy of the Trade Regime -- 4. Gaps in the Existing WTO Subsidies Regime Relating to Investment -- Prohibited subsidies -- Countervailable subsidies -- Actionable subsidies -- 5. Thoughts on Addressing Future Challenges: Regulating FDI Subsidies Through Investment Arbitration? -- References -- 6 Environmental Protection Daniel M Firger and Michael B Gerrard -- 1. Introduction -- 2. The Interaction of Environmental Law and FDI -- 2.1. Vertical interactions -- 2.2. Horizontal interactions -- 2.3. "Diagonal" interactions -- 3. Evidence: International Investment Agreements and disputes -- 3.1. Expropriation -- 3.2. Fair and equitable treatment -- 3.3. National treatment and the most favored nation standard -- 3.4. Umbrella clauses -- 3.5. Object and purpose -- 4. Toward International Harmonization -- 4.1. Preserving flexibility for environmental regulation -- Narrowing the scope of indirect expropriation -- Clarifying FET, MFN, and national treatment standards -- Environmental carve-outs and exceptions.

4.2. Incentivizing sustainable development through low-carbon FDI -- Changes to preambles -- Performance requirements -- 5. Conclusion -- References -- 7 Technology Transfer: Regulatory Issues and International Investment Agreements Keith E Maskus -- 1. Introduction -- 2. Technology Transfer, FDI and Investment Regulation -- 2.1. Direct national regulation -- 2.2. The emergence of IIAs -- 2.3. Multilateralism -- 2.4. Empirical evidence -- 3. Technology Transfer in IIAs -- 3.1. The baseline: TRIPS -- 3.2. PTAs and TRIPS-plus -- 3.3. BITs -- 3.4. Characterizing investor-state disputes on technology transfer -- 3.5. Non-trade agreements -- 4. Inconsistencies and Harmonization -- References -- 8 Sovereign Wealth Funds and Political Risk: New Challenges in the Regulation of Foreign Investment Victoria Barbary and Bernardo Bortolotti -- 1. Introduction -- 2. Background -- 3. SWF Investment and Political Risk -- 4. Pecunia Non Olet? Market Failure Considerations -- 5. The Current Regulatory Setting on Foreign Sovereign Investment: A Sketch From the US and European Perspective -- 6. Toward a "Smart" Regulatory Framework for SWF Investment -- 7. Conclusions -- References -- 9 International Tribunals as Agents of Harmonization Moshe Hirsch -- 1. Introduction -- 2. Decentralized Legal System -- 3. Tribunals as Agents of Legal Harmonization -- 3.1. Recognition of new binding rules -- Customary law -- General principles of law -- 3.2. Interpreting Treaty Provisions -- 3.3. Precedent and Harmonization of Investment Law -- 4. The Limits of Harmonization by Investment Tribunals -- 5. Concluding Remarks -- References -- 10 Foreign Acquisitions and National Security: What Are Genuine Threats? What Are Implausible Worries? Theodore H Moran -- 1. Introduction -- 2. A framework for threat assessment -- 2.1. Threat I -- 2.2. Threat II -- 2.3. Threat III.

3. A Common Approach for OECD, and Beyond -- 4. The Broader Context: Allowing the Benefits From Foreign Direct Investment (FDI) - Including FDI via Acquisitions - To Spread Around the World -- References -- 11 Public Services, Investment Liberalization and Protection Federico Ortino -- 1. What Is the Definition of "Public Services"? How Are They "Regulated"? -- 2. Do International Investment Agreements (Whether Bilateral, Regional or Multilateral) Cover "Public Services"? -- 3. Investment Liberalization and Investment Protection Provisions in International Investment Agreements -- 4. Additional Provisions in Investment Agreements Relevant for "Public Services" -- 5. Impact of International Investment Treaties on "Public Services": Investor-State Arbitrations -- 5.1 Emergency legislation and gas transportation sector in Argentina: CMS v Argentina16 -- 5.2. Universal service obligation in the telecommunication sector in Hungary: Telenor v Hungary19 -- 5.3. Termination of 30-year concession agreement for the provision of water and sewage services in the Argentine province of Tucuman: Vivendi v Argentina21 -- 5.4. Reversal of privatisation of the energy sector in Hungary: AES v Hungary23 -- 5.5. Reversal of liberalization in the health insurance services in the Slovak republic: Eureko v Slovak Republic25 -- 6. Impact of International Investment Treaties on "Public Services": Preliminary Findings -- 7. Conclusion -- References -- 12 The EU Approach to Investment Americo Beviglia Zampetti and Colin Brown -- 1. Introduction -- 2. The EU Recent Practice -- 2.1. The CARIFORUM-EU Economic Partnership Agreement -- 2.2. The EU-Korea FTA -- 3. The Future EU Approach - Changes Brought About by the Treaty of Lisbon -- 3.1. The changes brought about by the Treaty of Lisbon -- 3.2. Existing Member State treaties -- 3.3. New or revised Member State treaties.

3.4. Cooperation during the lifetime of Member State agreements.

The main aim of this book is to assess the importance of international rules for foreign direct investment and the major challenges to international harmonization of those rules. Particular attention is paid to the most controversial and contentious issues with the view of appraising the prospects for establishing global rules. The book is divided into three parts; the first part includes papers assessing the role of national and international legislation with further distinction being made between bilateral, regional and multilateral legal frameworks. The second part addresses regulatory issues of technology transfer, labor, environment, subsidies and investment incentives, national security, public services and sovereign wealth funds. The final part looks at the experience of some international fora in addressing these issues and at some theoretical and conceptual problems of rule harmonization. The papers have been written by legal and economic scholars from leading universities.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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