At present, a host of intergovernmental institutions are focusing on reforming international investment law and policy. Individual states are also seeking to elaborate and advance new approaches to investment governance. At the multilateral level, World Trade Organization (WTO) members are considering investment facilitation; UNCITRAL is working on ISDS reform; and the International Centre for Settlement of Investment Disputes (ICSID) is revising its ISDS rules. At the pluri- and bilateral levels, states are revisiting their existing treaties: North American states are renegotiating their North American Free Trade Agreement (NAFTA); a range of new models and approaches to existing stocks of treaties have been advanced, including by Brazil and South Africa; and across Europe, European member states and the European Union are devising plans and taking steps to terminate a wide swath of existing investment protection agreements.
Meanwhile, states are negotiating other international instruments that will impact the governance of investment, including, for instance, the Global Pact for the Environment3 and the Treaty on Transnational Corporations and Other Business Enterprises.
This session looked at where opportunities exist to integrate the guiding principles on governing investment, as elaborated over the previous two days, within existing reform processes.
Ricardo Meléndez-Ortiz, Chief Executive of ICTSD, is a panellist in the session on “Advancing solutions, including in ongoing reform efforts”.