Journal Title
Title of Journal: Wirtschaftsdienst
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Abbravation: Wirtschaftsdienst
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Publisher
Springer Berlin Heidelberg
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Authors: Henning Klodt Martin Klein Marc Bungenberg Gabriel Felbermayr Gerhard Schick
Publish Date: 2014/07/23
Volume: 94, Issue: 7, Pages: 459-478
Abstract
Einer der wesentlichen Streitpunkte zwischen den USA und der EU bei der Aushandlung des Transatlantischen Freihandelsabkommens sind die Regelungen zum Investitionsschutz Dies soll eigentlich Investoren davor schützen durch veränderte rechtliche Rahmenbedingungen Verluste zu erleiden Es zielt aber auf die Wirtschaftsverfassung von Nationalstaaten denn die Profi tabilität der Investitionen ist vor allem durch Änderungen des Arbeits Verbraucherund Umweltschutzes betroffen Sollte es hier zu Klagen kommen könnte dies die politische Souveränität von Staaten gefährdenBilateral investment treaties BITs and investorstate dispute settlements ISDS have become highly controversial The authors review the evidence and discuss the pros and cons of BITs and other investment agreements Many observers are concerned that Transatlantic Trade and Investment Partnership TTIP regulations on investment protection could be abused by international corporations to obtain unjustifi ed compensation from EU member states These concerns are to some extent legitimate and should be considered more seriously in the EU negotiation strategy International investment agreements IIA are necessary when host countries of FDI do not have reliable and independent judicial systems To avoid abuse and to account for the increasing role of global production chains agreements require more precise defi nitions and ISDS needs to be more transparent and independent With the EU developing its own new approach independently and differently from the one taken in the past by its member states the current negotiations of “megaregionals” as well as the fi rst standalone EU IIA with China offer the unique possibility to answer current critique around international investment law Is there in the current documents an IIA20 that strengthens the right to regulate and holds up high protection standards for investors The exclusion of ISDS from TTIP negotiations risks missing a unique chance to improve the current less than perfect international investment regime
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