BETA

37 Amendments of Massimiliano SALINI related to 2021/2176(INI)

Amendment 2 #
Motion for a resolution
Recital A
A. whereas since the Lisbon Treaty, foreign direct investment has remained an exclusive competence of the European Union, as enshrined in Article 3(1)(e), Article 206 and Article 207 TFEU; whereas the EU’s international investment policy shouldhas been further reformed to address the current challenges;
2022/03/17
Committee: INTA
Amendment 3 #
Motion for a resolution
Recital A a (new)
Aa. whereas international investment agreements aim to ensure that EU investors enjoy a reciprocal level playing field when investing in a third country that is similar to the levels of guarantees enjoyed by third country investors in the EU;
2022/03/17
Committee: INTA
Amendment 5 #
Motion for a resolution
Recital B a (new)
Ba. whereas global foreign direct investment flows, which were already declining since 2015, have experienced a dramatic drop in 2020 (-30%) due to the COVID-induced crisis; whereas increasing outward and inward FDI will remain a key element of the path to recovery for the EU and for many other economies;
2022/03/17
Committee: INTA
Amendment 8 #
Motion for a resolution
Recital D
D. whereas around 1 500 bilateral investment treaties ratified by the Member States before the Lisbon Treaty are still in place, including the Energy Charter Treaty;
2022/03/17
Committee: INTA
Amendment 9 #
Motion for a resolution
Recital D a (new)
Da. whereas EU IIAs include or refer to a sustainable development chapter, which covers responsible business conduct (RBC) and the respect of environmental, human rights and labour standards, as well as the commitment of the Parties that those standards shall not be lowered in order to attract investment;
2022/03/17
Committee: INTA
Amendment 12 #
Motion for a resolution
Recital D b (new)
Db. whereas FDI and the EU investment policy should play a key role in achieving the objective of open strategic autonomy, in terms of diversification of supply chains;
2022/03/17
Committee: INTA
Amendment 14 #
Motion for a resolution
Recital E
E. whereas one of the top priorities of the European Green Deal is to respond to the challenges of climate change and environmental degradation; whereas all EU policies need to contribute to these goals, including investment policy; whereas substantial investments are needed worldwide in order to achieve the aims of the European Green Deal, meet the UN Sustainable Development Goals (SDGs), and recover from the COVID-19 pandemic;
2022/03/17
Committee: INTA
Amendment 18 #
Motion for a resolution
Recital G
G. wWhereas the number of investor- state dispute settlement (ISDS) cases is rising each year, including against Member States, signalling the ease of use of ISDS; whereas about 15 % of cases known to be filed against Member States in 2020 were intra-EU disputes;
2022/03/17
Committee: INTA
Amendment 25 #
Motion for a resolution
Paragraph 1
1. Believes that the EU’s investment policy needs to meet the expectations of investors and beneficiary states, but also the EU’s broader economic interests and external policy objectives; considers that EU international investment policy needs to be reformed in order to address a variety of challenges and transform it into an integrated and coherent policy frameworkrecalls the European Parliament's call for an integrated and coherent policy framework, which promotes high-quality and sustainable investments; welcomes the efforts undertook by the European Commission since 2010 to reform the Union's investment policy in that direction; considers that EU international investment policy needs to pursue its reform efforts to better meet the current challenges of better protecting our investors and making our Single Market an attractive place to invest in;
2022/03/17
Committee: INTA
Amendment 30 #
Motion for a resolution
Paragraph 2
2. Underlines that investment can and should have a positive impact on sustainable development; points out that inbound and outbound investments need to meet the needs of the real economy; calls on the Commission to review the EU’s investment policy to ensure consistency with the European Green Deal and the Sustainable Development Goals;deleted
2022/03/17
Committee: INTA
Amendment 45 #
Motion for a resolution
Paragraph 3
3. Points out that the definition of investment as codified in EU IIAs covers not only greenfield investments, but alsoshould not cover financial instruments that can be held for purely speculative purposes or for the extraction of rent;
2022/03/17
Committee: INTA
Amendment 48 #
Motion for a resolution
Paragraph 3 a (new)
3a. Welcomes the Commission’s efforts to open up new markets to EU investors through the negotiations of chapters on investment liberalisation with third countries; calls on the Commission to seek the best possible conditions for EU investors abroad, reflecting the level of openness that foreign investors enjoy in the EU and covering all ranges of business activities, including services and manufacturing sectors;
2022/03/17
Committee: INTA
Amendment 50 #
Motion for a resolution
Paragraph 3 b (new)
3b. Calls on the Commission to monitor and seek the removal of barriers to the establishment and operation of EU investors in foreign markets, including discriminatory practices and performance requirements such as technology transfer; welcomes the Commission’s focus on enforcement of existing commitments, and underlines that this should also apply to investment-related commitments;
2022/03/17
Committee: INTA
Amendment 51 #
Motion for a resolution
Paragraph 3 c (new)
3c. Invites the Commission to use all available means to improve the investment climate in developing countries, both through development cooperation tools and through bilateral agreements; welcomes, in that regard, the focus on investment facilitation disciplines seeking to enhance transparency, streamline procedures and enhance public-private dialogue; highlights that those disciplines should benefit both EU and local investors;
2022/03/17
Committee: INTA
Amendment 52 #
Motion for a resolution
Paragraph 3 d (new)
3d. Recalls that in the last decade, the Union signed several agreements containing investment chapters with third countries; regrets that mixed agreements and agreements under shared competences1 are either only applied provisionally or not in force at all; urges Member States to ratify these agreements as soon as possible so that all EU investors can benefit from greater market liberalization and stronger investment protection rules and standards; [1] Provisions on portfolio investment and/or ISDS are shared competence between the European Union and its Member States, according to the ECJ (Singapore Opinion).
2022/03/17
Committee: INTA
Amendment 53 #
Motion for a resolution
Paragraph 3 e (new)
3e. Recalls that in the last decade, the Union signed several agreements containing investment chapters with third countries; regrets that mixed agreements and agreements under sharedcompetences1 are either only applied provisionally or not in force at all; urges Member States to ratify these agreements as soon as possible so that all EU investors can benefit from greater market liberalization and stronger investment protection rules and standards; [1] World Bank. 2019. Retention and Expansion of Foreign Direct Investment: Political Risk and Policy Responses. World Bank, Washington, DC.
2022/03/17
Committee: INTA
Amendment 54 #
Motion for a resolution
Paragraph 3 f (new)
3f. Underlines that investment can and should have a positive impact on sustainable development; is concerned that according to OECD, developing countries faced a shortfall of USD 1.7 trillion in 2020 due to the COVID- induced crisis in addition to the exiting USD 2.5 trillion funding gap; calls on the Commission to ensure consistency of the EU’s investment policy with the European Green Deal and the SDGs; calls on the EU’s investment policy to help developing countries, notably African countries, in reducing the funding gap to reach the SDGs;
2022/03/17
Committee: INTA
Amendment 56 #
Motion for a resolution
Paragraph 3 h (new)
3h. Welcomes the leadership role taken by the European Union in the World Trade Organization (WTO) plurilateral negotiation on Investment Facilitation for Development, which will improve the investment and business climate, and make it easier for investors in all sectors of the economy to invest, conduct their day-to-day business and expand their operations in developing countries; is encouraged to see that more than two-thirds of WTO members participate to this negotiation; supports the progress made so far by the parties, and strongly encourages parties to reach their stated goal of concluding the negotiation by the end of 2022;
2022/03/17
Committee: INTA
Amendment 57 #
Motion for a resolution
Paragraph 3 i (new)
3i. Welcomes the Commission’s trailblazing work on new standalone investment facilitation agreements, which would facilitate and support sustainable and inclusive investment; takes note in that regard of the start of negotiations with Angola in June 2021 on such an agreement; invites the European Commission to conclude this negotiation as soon as possible; takes note that similar investment facilitation provisions are being negotiated among African countries in the future Investment Protocol of the African Continental Free Trade Area; invites the Commission to continue supporting those negotiations;
2022/03/17
Committee: INTA
Amendment 58 #
Motion for a resolution
Subheading -1 (new)
-1 Opening new markets to all EU investors
2022/03/17
Committee: INTA
Amendment 59 #
Motion for a resolution
Subheading -1 a (new)
-1a Ensuring an investment-friendly business climate
2022/03/17
Committee: INTA
Amendment 60 #
Motion for a resolution
Paragraph 3 j (new)
3j. Recalls that investment protection measures seek to ensure, through commitments such as non-discrimination on the grounds of gender, race or religion, fair treatment for investors or compensation in case of expropriation; welcomes in that regard the reform efforts carried out by the Commission for the precise definitions of protection standards in modern investment agreements;
2022/03/17
Committee: INTA
Amendment 61 #
Motion for a resolution
Paragraph 4
4. StressNotes that an alarming number of investment claims target environmental measurelegal proceedings before ISDS courts target environmental measures1, whether they be on fossil fuels or renewable energy investments; regrets the fact that various countries, including the Member States, are being sued in relation to policies on climate, the phasing out of fossil fuels, or the just transition; [1] 17% of all cases according to UNCTAD databases
2022/03/17
Committee: INTA
Amendment 69 #
Motion for a resolution
Paragraph 5
5. Urges the Commission to exclude invensure consistments in fossil fuels or any other activities that pose significant harm to the environment and human rights from treaty protections, in particular investor-state arbitration mechanismscy between IIAs and EU environment policies, labour rights, and human rights, notably through provisions on sustainable development aiming at improving the domestic framework in which foreign investors operate;
2022/03/17
Committee: INTA
Amendment 71 #
Motion for a resolution
Paragraph 6
6. Points out that even in the absence of legal proceedings, the explicit or implicit threat of recourse to investment arbitration can enhance the position of investors in negotiations with states (the ‘chilling effect’); however, stresses that modern EU IIAs do clearly recall the principle that governments have the right to regulate legitimate public policy objectives on matters of public health, social services, public education, safety, environment or public morals, social or consumer protections, privacy and data protection, or the promotion and protection of cultural diversity, including in a manner that may negatively affect the operation of an investment or an investor’s expectation of profits; calls on the Commission to strongly assert its right to regulate;
2022/03/17
Committee: INTA
Amendment 76 #
Motion for a resolution
Paragraph 7
7. Stresses that IIAs do not contain investor obligations; stresses that only foreign investors can launch investment cases against states; regrets the fact that having a case dismissed is the best possible outcome for respondent states but includes provisions on trade and sustainable development whereby parties commit not to lower environmental and labour standards to attract investment, and to promote the uptake of responsible business conduct in their territories; stresses that under the majority of investment treaties only foreign investors can launch investment cases against states; invites the Commission to continue international discussions on how to make investment obligations more effective in the field of international investment law;
2022/03/17
Committee: INTA
Amendment 80 #
Motion for a resolution
Paragraph 8
8. Is concerUnderlineds that recent EU IIAs still contain broadlimit protection standards which can be uto well-defined extreme caseds to challenge legitimate public polichat EU investors may face in third countries; asks the Commission to conly allowtinue protectiong against discrimination, direct expropriation and thand indirect expropriation, losses owing to war or civil unrest, breach of physical security, denial of justice, fundamental breach of due gpross denial of justicecess, manifest arbitrariness, targeted discrimination on manifestly wrongful grounds such as gender, race or religion, or abusive treatment such as harassment, and to ensure that foreign investors are not accorded superior rights to those enjoyed by domestic investors;
2022/03/17
Committee: INTA
Amendment 86 #
Motion for a resolution
Paragraph 9
9. Underlines the fact that EU IIAs negotiated after 2009 still include sunset clauses which prevent easy termination; points out that Member States and the other contracting parties can agree to neutralise sunset clausesunset clauses are standard procedures in EU IIAs as they are meant to protect investment on the long-term; however, notes that Member States and the other contracting parties can agree to shorter sunset clauses as is the case in recent negotiations where parties agreed to a five-year sunset clause with the possibility to agree on an extension of five additional years in case of no replacement; calls on the Commission to assess the benefit of negotiating shorter sunset clauses for EU investors;
2022/03/17
Committee: INTA
Amendment 92 #
Motion for a resolution
Paragraph 10
10. Emphasises that under both customary international law and international human rights law, individuals are requiredoffered the possibility to seek redress before domestic courts before bringing international proceedings against the state for wrongful acts; regretspoints out the fact that international investment law, by contrast, usually does not require the exhaustion of domestic remedies; notices, however, that the requirement to exhaust domestic remedies would be inefficient in countries with flawed judicial systems; welcomes the Commission’s “no U-turn” approach that prevents investors from cherry- picking remedies using different tracks once they have opted for bringing a claim under the Investment Court System;
2022/03/17
Committee: INTA
Amendment 94 #
Motion for a resolution
Paragraph 11
11. Underlines that the considerable damages awarded by investment tribunals have imposed a significant financial burden on respondent states; points out that the use of valuation methods generally used by adjudicators is highly controversial owing to their very wide margin of discretion and reliance on highly complex and inherently speculative assumptions; invites the Commission to review theprovide safeguard within provisions governing compensation in EU IIAs; and the use of stronger clauses preventing the use of punitive damages; notes in that regard the benefits that a permanent multilateral investment court with well-versed adjudicators will bring; calls on the Commission to advocate for strict valuation methods in the ongoing UNCITRAL reform negotiations;
2022/03/17
Committee: INTA
Amendment 101 #
Motion for a resolution
Paragraph 12
12. StressNotes that the increasing recourse by investors to third parties to finance their litigation in exchange for a return in the outcome of an award (third- party funding) is adding incentives to increase the number of claims; invites the Commission to support the restric; welcomes the Commission's efforts for ensuring full transparency of third-party funding in EU investment agreements; invites the Commission to continue international negotiations ofn how to regulate third-party funding for investor- state disputes beyond EU agreements;
2022/03/17
Committee: INTA
Amendment 108 #
Motion for a resolution
Paragraph 13
13. Calls on the Member States to terminate or modernise anytheir bilateral investment treaties that contain ISDS, any treaties that contain protection standards beyond protection against direct expropriation, nationality-based discrimination or the gross denial of justice, and any treaties that protect fossil fuel investment(BITs) or modernise them as to put them in conformity with the reformed approach in EU IIAs; takes note of the fact that EU IIAs no longer protect old BITs standards and points out to the fact that a multilateral court system would solve such adjudication issues;
2022/03/17
Committee: INTA
Amendment 110 #
Motion for a resolution
Paragraph 13 a (new)
13a. Calls on the Member States to swiftly ratify already concluded EU IIAs, in order to replace bilateral investment treaties with modern provisions protecting all EU investors alike;
2022/03/17
Committee: INTA
Amendment 112 #
Motion for a resolution
Paragraph 14
14. Calls on the Commission to ensure that all of the Member States’ bilateral investment treaties are fully compatible with EU law; supports the Commission in strictly applying the conditions for authorising the negotiation, signature and conclusion of new agreements by Member States; supports the Commission in issuing interpretative guidelines to be followed by Member States to ensure a unified interpretation of modernised EU investment policies;
2022/03/17
Committee: INTA
Amendment 125 #
Motion for a resolution
Paragraph 15
15. Points out that the ECT is the most litigated investment agreement in the world today; welcomesupports efforts to modernise the ECT and the EU’s position to exclude protection for most fossil fuel investments; notes that investments considered ‘significantly harmful’ under the EU taxonomy would remain protected according to the EU’s position; underlines that amending the ECT requires unanimity of all contracting parties voting at the annual conference;
2022/03/17
Committee: INTA
Amendment 136 #
Motion for a resolution
Paragraph 16
16. Urges the Commission to ensure that a revised ECT will immediately prohibit fossil fuel investors from suing contracting parties for pursuing policies to phase out fossil fuels in line with their commitments under the Paris Agreement; calls on the Commission and the Member States to start preparingconsider the option of a coordinated exit from the ECT with a view to formal submission to the Council in the event of the negotiating objectives not being achieved by June 2022;
2022/03/17
Committee: INTA
Amendment 148 #
Motion for a resolution
Paragraph 19
19. NotWelcomes that in the context of the UNCITRAL Working Group III discussions, the EU and its Member States are pursuing the establishment of a standing mechanism to resolve investment disputes: the multilateral investment court; stresses, however, that this proposal does not covercalls on the Commission to promote the modernisation of substantive protection standards in appropriate international fora;
2022/03/17
Committee: INTA