The Regionalisation of Laws and Policy on Foreign Investment
Chapter 5: The ASEAN Economic Community and the ASEAN Investment Framework
Since its establishment, ASEAN has strived for resilience, both individually as nations and as an international grouping. It spent time refining and fostering the concepts that defined ASEAN. The free flow of investment is a key component of the AEC. Higher levels of investment between ASEAN Member States will increase the likelihood of disputes arising between private investors and governments. In response, ACIA provides the legal foundation for the AEC’s liberalised investment regime, establishing an Investor-State Dispute Resolution (ISDR) mechanism. The ISDR mechanism can be a useful, albeit limited, tool for resolving disputes between investors and ASEAN governments. ACIA is an important pillar of the AEC and part of the ASEAN Community. This concept was first mooted at the ASEAN Summit in Bali in 2003; and is an effort to realise the concept of ASEAN Vision 2020 which was agreed by the ASEAN leaders at the 1997 ASEAN Summit in Kuala Lumpur. ACIA, as discussed above, is a result of the Cebu Declaration at the 12th ASEAN Summit in 2007 to transform ASEAN into a region with free movement of investments.
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