by Shaun Donnelly
The Business and Industry Committee (BIAC) to the OECD in Paris recently issued a policy paper on “Why International Investment Agreements Matter”. The paper was issued in connection with a March 14 OECD conference in Paris on International Investment Treaties. BIAC is the formally-established business consultation network among the 34 OECD member nations. USCIB played a leading role with BIAC in the development of this investment policy paper. As USCIB’s vice president for investment and financial services, I was a panelist at the OECD Conference on Investment Treaties last week.
The BIAC policy paper lays out the importance of strong international investment agreements in promoting and protecting foreign direct investment (FDI) flows, which, in turn, are major drivers of economic growth, job creation and improved competitiveness. FDI and investment agreements have recently come under increased political attacks from opponents of economic engagement in today’s and tomorrow’s globalized economy. This BIAC document lays out a clear exposition of views of international business on the importance of FDI and strong investment agreements.