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39561. State Control over Interpretation of Investment Treaties

Author:
Lise Johnson and Merim Razbaeva
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Critiques of investment treaties relate to the concern that tribunals' interpretations of these agreements depart from states' understandings of the texts, and do so in unpredictable ways leading to expensive litigation and unforeseen liability. States, however, can take steps to make their intentions regarding the texts clearer, and reduce the risk of uncertain outcomes. This policy paper discusses these possible steps, and the legal rules supporting them, providing guidance to states, attorneys, and tribunals regarding the important role of states in clarifying vague standards in and managing liability under existing investment treaties.

39562. Locating production and income within MNEs: An alternative approach based on formulary apportionment

Author:
Dylan G. Rassier
Publication Date:
12-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Economic accountants, who are responsible for measuring gross domestic product (GDP), and tax authorities, which are responsible for collecting tax revenues, face similar challenges with respect to multinational enterprises (MNEs): economic accountants want to know where within an MNE production is taking place and, thus, where to attribute GDP; tax authorities want to know where income from production is earned. Current global guidance on economic accounting and international taxation generally require transactions within MNEs to be recognized at market (or “arm's length”) values as if the transactions are taking place among unrelated entities. However, the values of transactions within MNEs may not reflect economic reality because related entities may exchange unique products with no active markets, and because MNEs may be structured with one or more entities that exist for purposes other than production. As a result, transactions within MNEs may distort economic accounting statistics and tax revenues.

39563. Canada's non-reciprocal BIT with China: Would the US or Europe do the same?

Author:
Gus Van Harten
Publication Date:
12-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The Canada - China bilateral investment treaty (BIT) – ratified by Canada on September 12, 2014, after a two - year delay following its signature in 2012 – provides a useful reference for future investment negotiations involving Canada or China and other countries.
Political Geography:
China and Canada

39564. In Defense of Bilateral Investment Treaties

Author:
Stephen M. Schwebel
Publication Date:
11-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The creation of the International Centre for Settlement of Investment Disputes (ICSID) is the boldest step in the modern history of international cooperation on the protection of foreign investment. I t has furthered the flourishing of arbitration between investors and states, itself one of the most progressive developments in international law of the past sixty years. Since Germany concluded the first bilateral investment treaty (BIT) with Pakistan in 1959, some 3,000 BITs have been concluded. Yet, there are reports that the European Union (EU), led by Germany, may exclude investor - state arbitration from the Transatlantic Trade and Investment Partnership (TTIP) with the United States (US), impairing the ubiquity of investor - state arbitration.
Political Geography:
Pakistan, United States, and Germany

39565. The Road to Responsible investment Treaties

Author:
Roel Nieuwenkamp Kimmo Sinivuori
Publication Date:
11-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
As the OECD Guidelines for Multinational Enterprises, first adopted in 1976 and updated for the fifth time in 2011, are approaching middle age, it is appropriate to reflect on how the use of the se far - reaching recommendations for responsible business conduct can be promoted in international investment agreements (IIAs). During the Guideline's almost four decades of existence, the landscape of the global economy has continuously evolved, and securing sustainable development has become a key international issue.

39566. The Crucial Role of Infrastructure in Attracting FDI

Author:
Peter Nunnenkamp, Julian Donaubauer, and Birgit Meyer
Publication Date:
10-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
It is widely believed that a country's infrastructure is a critical factor in sustaining economic growth, promoting trade and attracting foreign direct investment (FDI). However, better data are required to assess the links between infrastructure, FDI and economic development. The available measures are either restricted to specific aspects of economic infrastructure, or they cover only a limited number of countries over a short period of time.

39567. Germany, the Transatlantic Trade and Investment Partnership and investment-dispute settlement: Observations on a paradox

Author:
Ralph Alexander Lorz
Publication Date:
10-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The Transatlantic Trade and Investment Partnership (TTIP) currently being negotiated between the European Union (EU) and the United States (US) could become the most comprehensive international agreement on free trade and investment protection. The negotiations have mostly been met with the usual criticism that accompanies attempts to expand free trade, despite overwhelming evidence that free trade fosters global economic development.
Political Geography:
United States and Germany

39568. How to deal with the growing incentives competition

Author:
Kenneth P. Thomas
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
As I discussed in an earlier Perspective, the use of investment incentives is pervasive and growing. The most recent example of a big bidding war was when Boeing threatened to move production of its 77 7 - X aircraft out of Washington state, prompting some 20 states to offer incentive packages to the company (including $1.7 billion from Missouri). In the end, Washington gave Boeing a package of tax incentives worth a record - breaking $8.7 billion over the 2 025 – 2040 period to stay, and the unions made substantial concessions regarding pensions.
Political Geography:
Washington

39569. Good Governance of Third Party Funding

Author:
Catherine Kessedjian
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
An OECD study shows that arbitration costs in investment disputes average US$ 8 million; in one case involving mass claims, the parties spent almost US$ 40 million in legal fees just to reach the decision on jurisdiction. Under these circumstances, it is no wonder that third party funding has become the talk of the town.

39570. The Canada-China BIT 2012: Perspectives and Implications

Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
<p>The Canada-China BIT could provide insight on the key issues to be discussed in a possible US-China BIT. A particularly controversial issue will be the terms of investor-state arbitration (ISA). But as ISA becomes increasingly controversial between developed democratic states, it may become harder to negotiate ISA with China.</p>