The brief describes the widening debate on the implications of international investment agreements for sustainable development and outlines the broad features of alternative policy approaches to foreign direct investment
From an international policy point of view, South Africa’s denunciation of BITs is reasonable. It may even be seen as a refreshing retreat from a legal quagmire. But the domestic reality requires wider consideration.
The Board of Investment is working on Pakistan’s own template of a bilateral investment treaty, which will replace the existing treaties with different countries. And all the future ones will be negotiated on the new template.
Latin American states are the only ones in the world that have decided to withdraw from the ICSID Convention. It is also the only region in the world considering the necessity to find an alternative to ICSID mechanism.