Using the TTIP momentum to modernize the eu approach to the global investment policy regime

Abstract

Si hay un asunto relacionado con el comercial internacional sobre el que existe consenso entre todos los actores relevantes, este es que el régimen global de inversiones está obsoleto y necesitado de una urgente y profunda revisión para asegurar que responde al interés general y que es compatible con los principios y valores de la UE. Este artículo, publicado como parte de la monografía "Different Glances at EU Trade Policy" del CIDOB, sitúa este debate en el contexto de la reciente estrategia "Comercio para Todos" de la Comisión Europea y de las negociaciones del tratado TTIP entre Estados Unidos y la UE, que han provocado un mayor conocimiento e interés de estas temáticas por parte de un mayor número de ciudadanos europeos.

If there is one single issue in the international trade environment on which all relevant actors agree it is that the existing global investment policy regime is obsolete and in urgent need of revision and reform. This article is published as part of the monograph "Different Glances at EU Trade Policy". The monograph analyses and discusses the EU Communication "Trade for All" from different perspectives based on key current debates on international trade. The article focuses on one of the most contentious issues raised by the negotiation of the TTIP: the investor-state dispute settlement (ISDS) arbitration system included in most existing investment agreements in the world. The ISDS is used to resolve disputes between investors and host states when the former may be adversely affected by legislative changes that alter the preconditions for investment. In other words, such arbitration systems allow foreign corporations to sue governments over democratically adopted public policy and in doing so limit governments autonomy to regulate in the public interest. To prevent that from happening the EU Commission proposed a reformed ISDS system in 2015.