Working Paper No. 15/2017 | November 2017 Move away from BITs framework: A need for multilateral investment treaty? Malebakeng Agnes Forere Senior Lecturer University of Witwatersrand, Johannesburg
[email protected] The objective of this paper is to critically evaluate the desirability of multilateral treaty that will take into account the needs of developed and developing countries alike as developed nations seek to protect their investment abroad while developing nations want to attract investment, be able to regulate and most importantly they want to limit access to international arbitration. In achieving this objective, the paper will give a snapshot of recent developments indicating a shift away from BITs framework, international investment arbitration and what was considered customary international law of investment. Following from these highlights, the paper will then consider the need of multilateral investment treaty against the current developments. Further, the paper will then discuss how such a multilateral treaty should look like in order to get a buy-in from both the developed and developing nations. Research for this paper was funded by the Swiss State Secretariat for Economic Affairs under the SECO / WTI Academic Cooperation Project, based at the World Trade Institute of the University of Bern, Switzerland. SECO working papers are preliminary documents posted on the WTI website (www.wti.org) and widely circulated to stimulate discussion and critical comment. These papers have not been formally edited. Citations should refer to a “SECO / WTI Academic Cooperation Project” paper with appropriate reference made to the author(s). Move away from BITs framework: A need for multilateral investment treaty? Malebakeng Agnes Forere* I.