Edited by Inge Govaere, Reinhard Quick and Marco Bronckers
JOBNAME: Trade and Competitio PAGE: 1 SESS: 21 OUTPUT: Mon Jun 20 16:16:16 2011 2. Towards a WTO businessenabling compact Stefan D. Amarasinha and Simon J. Evenett* 2.1 GLOBAL COMPANIES – PAST FAILURES According to the World Investment Report 2009 developing countries were hosts to the parent corporations of 21,245 multinationals and to 425,258 afﬁliates of foreign multinationals.1 Brazil, India, and China (BICs) have approximately 4,500 multinationals operating overseas, with the number of Chinese multinationals exceeding that of the United States by 50 per cent.2 Even during the recent global economic crisis outward FDI from the BICs exceeded US$90 billion in 2008.3 However, going back just a decade or two, the picture was of course a very different one, largely dominated by western multinationals.4 The BICs are increasingly taking a vocal role in speaking up for their multinationals in connection with regulatory hurdles and discriminatory practices faced abroad. Examples include Arcelor/Mittal,5 CNOOC/ UNOCAL, and more recently the Chinese company Huawei – partnering with Bain – having to abandon its proposed acquisition of the US company * The views expressed in this text are those of the author(s) and should not be seen or interpreted as an ofﬁcial position of the European Commission. 1 The comparable totals for ‘developed countries’ were 58,783 and 366,681, respectively. See Annex Table A.1.8. of World Investment Report 2009: Transnational Corporations, Agricultural Production and Development. 2 Although in terms of market capitalization, most US multinationals are still much...
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