аЯрЁБс>ўџ 57ўџџџ4џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅСq П\bjbjt+t+ "AA\џџџџџџ]ЈЈЈЈЈЈЈМММММ Ш М%іррррррррЪ$Ь$Ь$Ь$Ь$Ь$Ь$$ћ%єя'Ž№$Јррррр№$<ЈЈррр<<<р:ЈрЈрЪ$ММЈЈЈЈрЪ$<T<І>hЈЈЪ$рд №e‹ѕСММ"І$$NEW ISSUES IN THE TRADING SYSTEM Trade and Investment Professor V. Balasubramanyam gave reasons why he felt there was a good case for bringing foreign investment into the АФУХСљКЯВЪЙйЭјзЪСЯ. International trade and investment are closely linked, in theory and in fact (foreign investors are involved in over one-half of global trade transactions). Both are related to economic growth, and foreign investment can help facilitate the adjustment process as economies open up to international competition. The relationship between trade and investment on the one hand, and economic development and poverty eradication on the other, was less clear-cut. This pointed to the importance of placing development considerations at the heart of a АФУХСљКЯВЪЙйЭјзЪСЯ agreement on investment, and not building the case solely on its potential contribution to increasing FDI flows. At present, FDI was concentrated too narrowly in just a few developing countries, and this had lead to wasteful competition to attract FDI through investment incentives. Disciplining investment incentives should be one objective of a АФУХСљКЯВЪЙйЭјзЪСЯ investment agreement. Another should be to provide an alternative to bilateral investment agreements, which were costly to administer, discriminatory and distortionary. It would also provide an opportunity to renegotiate the TRIMs Agreement, and allow developing countries once again the use of these important development policy tools. Arguments put forward against bringing investment into the АФУХСљКЯВЪЙйЭјзЪСЯ – such as the topic is too complex, the time is not ripe, or it would override developing countries' sovereignty – were not convincing. Developing countries needed the weight of the АФУХСљКЯВЪЙйЭјзЪСЯ to help tame the activities of multinational corporations. Konrad Von Moltke said the importance of FDI, and the need for an international investment agreement, were undeniable, but he doubted the wisdom of bringing investment into the АФУХСљКЯВЪЙйЭјзЪСЯ. It was not clear that the links between FDI and trade were strong enough to make investment a АФУХСљКЯВЪЙйЭјзЪСЯ issue, and there were real risks of the АФУХСљКЯВЪЙйЭјзЪСЯ starting negotiations in this area and ending up failing, given previous experience in the U.N. and the OECD. There was a striking absence of public debate over a possible АФУХСљКЯВЪЙйЭјзЪСЯ investment agreement, yet very difficult and sensitive issues would inevitably arise. One was how a АФУХСљКЯВЪЙйЭјзЪСЯ investment agreement would relate to the large number of existing bilateral and regional agreements. Others were evident from the experience of the NAFTA with issues such as expropriation, national treatment, and investor-state dispute settlement, which could easily overload the АФУХСљКЯВЪЙйЭјзЪСЯ system. Getting the balance right between private investors' rights and public goods involved very elaborate domestic institutions and was a highly charged political issue, which would prove difficult for the АФУХСљКЯВЪЙйЭјзЪСЯ to handle. Investment was also intimately linked to sustainable development issues – particular environmental and social issues – which the АФУХСљКЯВЪЙйЭјзЪСЯ was ill-suited to handle. Nor was the АФУХСљКЯВЪЙйЭјзЪСЯ suited to deal with the distributional issues that would be involved in an investment agreement. All in all, a negotiation on investment in the АФУХСљКЯВЪЙйЭјзЪСЯ risked getting out of hand, as had happened in the negotiation of the TRIPS Agreement. The discussion that followed covered questions of whether any international rules in this area were needed at all, given strong growth in FDI flows over the past decade, and if they were why the АФУХСљКЯВЪЙйЭјзЪСЯ could not just pick up from the draft agreement that had been prepared by the U.N. some years ago; whether a GATS-style approach to an investment agreement in the АФУХСљКЯВЪЙйЭјзЪСЯ would indeed be advantageous for developing countries as some of the proponents of negotiations were claiming; what evidence there was on foreign investment migrating to host countries with low environmental or social standards; how a possible АФУХСљКЯВЪЙйЭјзЪСЯ agreement would fit in alongside, or as a substitute for, existing bilateral investment agreements; what interest business might have in a possible АФУХСљКЯВЪЙйЭјзЪСЯ agreement; and whether the АФУХСљКЯВЪЙйЭјзЪСЯ could be reformed to bring in the full range of stakeholders who would be concerned with a negotiation on investment. 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