The Regionalisation of Laws and Policy on Foreign Investment
The period since the North American Free Trade Agreement (NAFTA)’s entry came into force has witnessed a literal explosion in the number of international investment agreements (IIAs) involving many countries. IIAs have been concluded primarily between developed and developing countries to protect the formers’ investors. This phenomenon has also registered an important mutation in the last decade, with a growing number of IIAs concluded between developing countries, characterising the evolution of emerging economies and the ascendancy of sovereign wealth funds. The global regime for investment is dynamic and continually growing. International investment rule-making has undergone a profound mutation over the last few years (which has been depicted by scholars as involving ‘treatification’, legalisation, and also significant normative proliferation). The core of international investment regulations remains based on BITs and bilateral PTAs.
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