New Horizons in International Business series
Edited by Lorraine Eden and Wendy Dobson
Chapter 12: Economic Issues Raised by NAFTA Chapter 11 Investor-to-State Dispute Settlement Cases Having Environmental Implications
* Edward M. Graham PROLOGUE I ﬁrst met Ed Safarian in 1976, and the location was France. This proved a great location for a discussion focused on why exactly it is that Canadians were ambivalent in their attitudes about direct investment in Canada from their large neighbor to the south. This was the era of the Foreign Investment Review Agency (FIRA) before it became the more benign Investment Canada, and many Canadians were out-and-out opposed to further direct investment by US-based multinationals, no matter how many beneﬁts could be shown to derive from it. Times have changed, Canadian attitudes have softened, and the United States itself went through a period of distrust of inward foreign direct investment, even from Canada. Also, both the US–Canada Free Trade area and NAFTA, the North American Free Trade Area, have come into eﬀect, formally liberalizing treatment by both nations of direct investment. But, even so, much of that discussion of 1976 remains relevant. Given this, when invited to contribute a paper to this Festschrift in honor of Ed Safarian, something having to do with direct investment and NAFTA seemed appropriate and hence this chapter. At this point, let me confess: the chapter had an earlier life as a background paper for a conference on NAFTA Chapter 11 held jointly by the Institute for International Economics – my home base, located in Washington, DC – and the International Institute for Sustained Development in Ottawa. But it was never published, and it seemed ideal for the...
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