Investment Policy Brief 15, March 2019
UNCITRAL Working Group III: Can Reforming Procedures Rebalance Investor Rights and Obligations?
The work of the United Nations Commission on International Trade Law (UNCITRAL) provides an opportunity to rebalance the international investment regime – but only if the full gamut of key issues are identified. Requiring investors to uphold standards of responsible business conduct (RBC) is largely a function of substantive rights and obligations, but it also presents procedural dimensions that fall within the purview of the UNCITRAL process. This policy brief explores the issues and discusses possible options for reform.
This brief is part of the South Centre’s policy brief series focusing on international investment agreements and experiences of developing countries.
While the reform process of international investment protection treaties is evolving, it is still at a nascent stage. Systemic reforms that would safeguard the sovereign right to regulate and balance the rights and responsibilities of investors would require more concerted efforts on behalf of home and host states of investment in terms of reforming treaties and rethinking the system of dispute settlement.
Experiences of developing countries reveal that without such systemic reforms, developing countries’ ability to use foreign direct investment for industrialization and development will be impaired.
The policy brief series is intended as a tool to assist in further dialogue on needed reforms.
*** The views contained in this brief are attributable to the author/s and do not represent the institutional views of the South Centre or its Member States.
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This article was tagged: Bilateral Investment Treaties (BITs), Foreign Direct Investment (FDI), Investment Agreement, Investment Law and Policy, Investment Policy Briefs, Investor-State Dispute Settlement (ISDS) System, Reform of the IIA regime, Responsible Business Conduct (RBC), United Nations Commission on International Trade Law (UNCITRAL)