WRITTEN QUESTION No. 3684/97 by Mark WATTS to the Commission. Proposed multilateral agreement on investment
Date: 1997-11-19
Institutions: European Parliament, WATTS
Subjects: OECD, animal welfare, competitiveness, environmental protection, international agreement, investment, job creation, multilateral agreement













EUR-Lex - 91997E3684 - EN






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91997E3684

WRITTEN QUESTION No. 3684/97 by Mark WATTS to the Commission. Proposed multilateral agreement on investment  


Official Journal C 174 , 08/06/1998 P. 0098 





WRITTEN QUESTION E-3684/97 by Mark Watts (PSE) to the Commission (19 November 1997)Subject: Proposed multilateral agreement on investmentWhat are the Commission's views on the proposed Multilateral Agreement on Investment which is currently being considered by the OECD?Does the Commission agree that such an agreement could pose a threat to the environment and human welfare worldwide and represent a threat to sovereignty over economic and social affairs?Does the Commission further agree that the proposals could eliminate all flexibility for flexible investment and could result in investment in inappropriate areas?Answer given by Sir Leon Brittan on behalf of the Commission (7 January 1998)The Community, by decision of the Council of 22 May 1995, participates in the negotiations on a Multilateral agreement on investment (MAI) which are held in the framework of the Organisation for economic co-operation and development (OECD). Negotiating guidelines for the Community and Member States participation in the negotiations were adopted by the Council on 27 November 1995. In May 1997, the OECD ministerial meeting decided that negotiations on the MAI should be finalized by the time of its next meeting in early May 1998The objective of the Community and its Member States in the negotiations is to achieve a legally binding agreement applying to all levels of government, creating a transparent non-discriminatory and liberal investment environment, covering the pre- and post investment phase restricted by only limited narrowly defined, either horizontal, sectoral or country specific exceptions and supported by effective investor to state and state to state dispute settlement procedures. The result of the negotiations should be in conformity with the EC Treaty and ensure that the Community's integration process can be continued in the future.It is the Commission's view that, if this objective is achieved, the MAI will fill a gap in international rules for a globalizing economy and will be to the benefit of European investors, jobs and competitiveness. Concerning the possible threat of the agreement to environmental and human welfare and the ability of governments to develop and implement affective environmental policies domestically, the Commission would refer the Honourable Member to its answer to written questions No E-3289/97 ((OJ C 134, 30.4.1998, p. 131. )) and No E-3291/97 ((OJ C 134, 30.4.1998, p. 132. )) by Mr Kreissl-Dörfler. It is also worth noting that the MAI negotiating group decided in October 1997 to undertake an environmental review of the agreement which should be finalized in January 1998.