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Promises and Pitfalls of the European Union Policy on Foreign Investment--How will the New EU Competence on FDI affect the Emerging Global Regime?

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  • Julien Chaisse

Abstract

This article analyses constitutional changes and policy consequences concerning the transfer to the supranational level of an external competence in the field of investment resulting from the Treaty on the Functioning of the European Union (TFEU). It states that EU Member States lose their competence to conclude investment treaties and to analyse legal innovations at the EU level. The new comprehensive European investment policy may enable the EU to utilize its leverage to negotiate favourable terms with non-Member States and consistency in protection standards worldwide, leading to an even (as well as a superior) playing field for EU investors. This horizon, however, is darkened by technical, but important, issues of investment treaties implementation and the uncertain future of existing investment treaties signed by Member States. This article shows that these legal innovations offer a rich canvas against which international legal issues of 'systemic importance' are discussed, while policy lessons covering preferential trade policy and the next generation of investment treaties are explored. Legal issues and policy strategies will in turn impact the international regime for investment. Oxford University Press 2012, all rights reserved, Oxford University Press.

Suggested Citation

  • Julien Chaisse, 2012. "Promises and Pitfalls of the European Union Policy on Foreign Investment--How will the New EU Competence on FDI affect the Emerging Global Regime?," Journal of International Economic Law, Oxford University Press, vol. 15(1), pages 51-84, March.
    • Handle: RePEc:oup:jieclw:v:15:y:2012:i:1:p:51-84
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    File URL: http://hdl.handle.net/10.1093/jiel/jgs001
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    Cited by:

    1. Axel Berger & Wan‐Hsin Liu, 2021. "Can the G20 serve as a launchpad for a multilateral investment agreement?," The World Economy, Wiley Blackwell, vol. 44(8), pages 2284-2302, August.
    2. Sophie Meunier, 2017. "Integration by Stealth: How the European Union Gained Competence over Foreign Direct Investment," Journal of Common Market Studies, Wiley Blackwell, vol. 55(3), pages 593-610, May.
    3. Chaisse, Julien & Hamanaka, Shintaro, 2014. "The Investment Version of the Asian Noodle Bowl: The Proliferation of International Investment Agreements," Working Papers on Regional Economic Integration 128, Asian Development Bank.
    4. Robert G. Finbow, 2016. "Restructuring the State through Economic and Trade Agreements: The Case of Investment Disputes Resolution," Politics and Governance, Cogitatio Press, vol. 4(3), pages 62-76.

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