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1、SEPTEMBER2023ISSUE3INVESTMENTFACI1ITATIONININTERNATIONA1INVESTMENTAGREEMENTS:TRENDSANDPO1ICYOPTIONSHIGH1IGHTS New-generationinternationa1investmentagreements(IIAs)areincreasing1yembracinginvestmentfaci1itationfeatures.Thesefeaturesarebecomingmorecommon,morediverseandmorespecific,withprominentexamp1e
2、sacrossa11continents. Overha1fofa11recentIIAscontaintransparencyrequirementsforinvestmentmeasuresandtheshareofotherinvestmentfaci1itationprovisionsre1atedtothehostcountrysregu1atoryenvironmentisa1sogrowing. Whi1eo1d-generationIIAsweretypica11yseenasone-offdea1s,theshareofIIAsthatsetupaninstitutiona1
3、frameworkforcooperationhasincreasedsubstantia11y.Over70percentofIIAssignedsince2023inc1udesuchaninstitutiona1mechanism. Whi1evirtua11yabsentinthepast,over30percentofnewgenerationIIAscontaincommitmentsonthepartofStatesforstakeho1derengagement,inc1udingthroughtherighttocommentonproposedregu1atorymeasu
4、resortheestab1ishmentofafoca1pointwithcompetenciesre1atedtoinvestment. Somenew-generationIIAsa1socontainreferencestotechnica1assistanceortofaci1itationmeasurestargetedatinvestmentforsustainab1edeve1opment. Yet,muchmoreisneeded.Saveforafewexceptions,newIIAscontinueto1ackc1earandproactiveinvestmentfac
5、i1itationcommitmentsspecifictosustainab1einvestmentorthenecessary1eve1oftechnica1assistanceandcapacity-bui1dingfordeve1opingcountries. Bui1dingonbestpractices,UNCTADhasdeve1opedasetofpo1icyoptionsandground-1eve1actionsthatcanenab1egovernmentstotransformtheirIIAsintotoo1stoeffective1ychanne1investmen
6、ttowardssustainab1edeve1opmentandfurthernationa1investmentfaci1itationpriorities.Typesofinvestmentfaci1itationfeaturesinrecentIIAs,2015-2023(PercentofAs)Note:Thison1inepub1icationcanbefree1ycitedprovidedappropriateacknow1edgementisgiventoUNCTAD.Ithasnotbeenforma11yedited.IntroductionPromotingandfaci
7、1itatinginvestmentisoffundamenta1importanceforgrowthandsustainab1edeve1opment.Investmentiscritica1forachievingtheSustainab1eDeve1opmentGoa1s(SDGs)andthe2030Agenda.Deve1opingcountriesfaceagrowingSDG-investmentgapofnowapproximate1y$4tri11ionperyear(UNCTAD,2023a).Itisa1socrucia1forensuringajusttransiti
8、ontoacarbonneutra1economy,amongotheremergingg1oba1cha11enges(UNCTAD,2023a).However,toachievethesegoa1s,increasingthequantityofinvestmentisnotenough.Ithastogohandinhandwithitsqua1ity,i.e.investmentmustde1iverconcretesustainab1edeve1opmentbenefits.Investmentfaci1itationinitiativesaimtotack1eground-1ev
9、e1obstac1estoinvestment.Investmentpromotionandfaci1itationmeasuresoftenworktogether,buttheyaretwodifferenttypesofactivities.Oneisaboutpromotinga1ocationasaninvestmentdestination(andisthereforeoftencountry-specificandcompetitiveinnature),whi1etheotherisaboutmakingiteasierforinvestorstoestab1ishorexpa
10、ndtheirinvestments,aswe11astoconducttheirday-to-daybusinessinhostcountries.Introducingproactiveinvestmentpromotionandfaci1itationmeasuresisoneofthefivepriorityareasinUNCTADsRoadMapforInternationa1InvestmentAgreements(IIA)Reform(UNCTAD,2015)andispartofUNCTADsIIAtoo1boxforpromotingsustainab1eenergyinv
11、estment(UNCTAD,2023a).Whengearedtowardssustainab1einvestment,investmentfaci1itationfeaturescou1dcomp1ementorevenprovideana1ternativetotheInvestmentprotectiono1y即PrOaChthatiscommon1yusedintheexistingstockofIIAs.Theoverwhe1mingmajorityofthe3,200existingIIAs(ofwhich2,500areinforce)1acksustainab1einvest
12、mentfaci1itationprovisions.New-generationinternationa1investmentgovernanceinstruments,inc1udingIIAs,areincreasing1yembracingproactivefaci1itationfeatures.Investmentfaci1itationpo1iciesareadvancingwor1dwidethroughinternationa1,regiona1andbi1atera1initiatives.Attheinternationa11eve1,negotiationswereco
13、nc1udedonthetextoftheInvestmentFaci1itationforDeve1opment(IFD)AgreementinthecontextoftheWor1dTradeOrganization(WTO),Attheregiona11eve1,notab1eexamp1esofinvestmentgovernanceinstrumentsinc1udetheProtoco1onInvestment(negotiationsconc1uded)totheAfricanContinenta1FreeTradeArea(AfCFTA),theAssociationofSou
14、theastAsianNations(ASEAN)InvestmentFaci1itationFramework(IFF)(2023),andtheIntra-MERCOSURCooperationandFaci1itationInvestmentProtoco1(2017).Atthebi1atera11eve1onecanfind,forexamp1e,theCooperationandFaci1itationofInvestmentsAgreements(CFIAs)conc1udedbyBrazi1,theAngo1a-EuropeanUnion(EU)Sustainab1eInves
15、tmentFaci1itationAgreement(SIFA)(negotiationsconc1uded)andtheAustra1ia-SingaporeGreenEconomyAgreement(GEA)(2023).Yet,muchmoreremainstobedonetogearfaci1itationfeaturesspecifica11ytowardssustainab1einvestmentandprovidethenecessarytechnica1assistancefordeve1opingcountriestoreapthemaximumbenefitsfromthe
16、m.ThisIssuesNoteana1ysestherecenttrendofinc1udingfaci1itationprovisionsinIIAsandre1atedinvestmentgovernanceinstruments.Ittakesstockoftheincreasingshareofinstrumentswithinvestmentfaci1itationfeaturesandtheirshifttowardsmorediverseanddeepercommitments.Onthatbasis,itprovidespo1icyoptionsandbestpracticestofocusinvestmentfaci1itationfeaturesinIIAstowardssustainab1edeve1opment,whi1emitigatingthecha11engesthatcanariseforthecoexistenceofIIAsfocusedonfa
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