Financial Times (London)
July 9, 2003, Wednesday USA Edition 2
Multilateral investment pacts should be on Cancun agenda
By LIVANOS CATTAUI
From Ms Maria Livanos Cattaui.
Sir, Kavaljit Singh is wrong to assert that a multilateral investment agreement under the World Trade Organisation is against the interests of developing countries ("Keep investment pacts off Cancun's agenda", July 7). The opposite is true.
The existing patchwork of bilateral and regional treaties is hardly the most effective way to create that elusive level playing field. It allows the strong to dictate to the weak and to discriminate against countries as they please. The International Chamber of Commerce
wants investment pacts on the Cancun agenda because we are convinced that a framework of WTO rules would contribute to transparent, stable and predictable conditions for long-term cross-border investment. Such a framework should balance the interests of home and host countries, and take due account of the development policies and objectives of host governments, as well as their right to regulate in the public interest, without discriminating against foreign investors.
Many bilateral investment treaties already incorporate high standards of market access and investment protection. The purpose of a WTO investment agreement should be to establish those same high standards multilaterally for all 146 members of the WTO.
Maria Livanos Cattaui, Secretary General, International Chamber of Commerce, 75008 Paris, France
Copyright 2003 The Financial Times Limited
