Law, Trade and Finance
Asian Commercial, Financial and Economic Law and Policy series
Edited by Ross P. Buckley, Richard Weixing Hu and Douglas W. Arner
Chapter 8: East Asian Investment Treaties in the Integration Process: Quo Vadis?
8. East Asian investment treaties in the integration process: quo vadis? Trinh Hai Yen INTRODUCTION Investment treaties are instruments of international law by which states undertake commitments to other states with regard to international investors and investments and they provide enforcement mechanisms for those commitments.1 Investment treaties in this chapter include bilateral investment treaties (BITs) and bilateral or multilateral economic agreements with investment provisions such as free trade agreements. The ten ASEAN nations and China, Japan and South Korea have made 67 investment treaties. Given this large number, these treaties provide prospects for the development of a common legal investment instrument. Efforts to regionalize the legal framework for intra-East Asia investment were first undertaken in the East Asia Study Group (EASG) report published at the ASEAN+3 Summit in 2002. The report contained proposals for an East Asia Free Trade Area and an East Asia Investment Area.2 A Joint Expert Group from ASEAN+3 countries suggested that the economic benefits from an East Asian Free Trade Area (EAFTA) exceed those of AFTA (ASEAN Free Trade Area), any ASEAN+1 Free Trade Area (FTA), or any other bilateral or sub-regional arrangements.3 1 Jeswald W. Salacuse, The Law of Investment Treaties (New York: Oxford University Press, 2010), 1. 2 Final Report of the East Asia Study Group (EASG), ASEAN+3 Summit, 4 November 2002, accessed 2 September 2010, http://www.mofa.go.jp/region/asiapaci/asean/pmv0211/report.pdf. 3 ‘Towards an East Asian FTA: modality and roadmap’, A Report by Joint Expert Group for Feasibility Study on EAFTA, September 2006, accessed 2 September 2010,...
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