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EU, US adopt ‘blueprint for open and stable investment climates’

Author: The Sofia Echo staff Date: Wed, Apr 11 2012 1702 Views
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EU Trade Commissioner Karel De Gucht and deputy assistant to the president of the United States Michael Froman agreed on an ambitious set of investment principles and openly invite other countries to follow suit, the European Commission said on April 10 2012.
 
"In the framework of the Transatlantic Economic Council (TEC), the EU and the US have developed a blueprint for creating and maintaining stable, predictable and transparent investment regimes. The principles cover the elements which the EU and the US believe are necessary to attract long-term sustainable investment," the statement said.

"Open investment markets generate growth and jobs – and these investment principles will support such an open investment climate," De Gucht said. "It's another example of where the EU and the US are working together to keep trade and investment flowing worldwide. It shows that EU-US cooperation in the Transatlantic Economic Council delivers."

The Statement on Shared Principles for International Investment urges governments to maintain open, transparent and non-discriminatory investment climates.

Simultaneously, it confirms that governments can commit to a high level of investment protection and still maintain the right to regulate in order to pursue legitimate public policy objectives, the EC said.

In the view of the EU, such objectives include the environment, health, safety, labour or cultural diversity. The statement also emphasises that governments should not lower their standards, for example in relation to human rights or the environment, in order to attract foreign direct investment.

The EU and US have implemented these principles in their own respective investment regimes and call on other countries to consider them with a view to strengthening international investment markets, the statement said.

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