Threat or Opportunity?
- Studies in International Investment series
Edited by Karl P. Sauvant
Chapter 14: Will Emerging Markets Change their Attitude Toward an International Investment Regime?
14. Will emerging markets change their attitude toward an international investment regime? Edward M. Graham INTRODUCTION Will emerging markets change their attitude toward an international investment regime? One can infer from this wording that emerging markets, meaning the big middle income countries such as Brazil, China, India and ten or so others, have been less than enthusiastic about implementing formal rules in the World Trade Organization (WTO) or elsewhere dealing with international investment.1 Indeed, the lack of progress toward such a regime can be explained in some large measure by the lack of enthusiasm of these emerging markets; or, otherwise put, had a single one of these countries voiced enthusiasm for such a regime, the issue of ‘trade and investment’ would probably still be on the Doha agenda. However, at the Cancun meeting of the World Trade Organization in September 2003, one of a number of ministerial-level meetings of the WTO in recent years that have ended in discord, the issue of trade and investment was simply dropped from the agenda of the Doha Round of Multilateral Trade Negotiations. This happened essentially because none of the negotiating parties, including the emerging markets, showed any enthusiasm whatsoever for continuing discussions on the issue. It was one of the so-called ‘Singapore issues’, added to the WTO agenda at the Singapore Ministerial meeting in 2000. Indeed, then and ever since, the issue has been addressed with what could only be termed a lack of enthusiasm by most emerging markets. The issue thus becomes:...
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