2021/2176(INI) The future of EU international investment policy
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | INTA |
CAVAZZINI Anna ( Verts/ALE)
|
HÜBNER Danuta Maria ( EPP),
RODRÍGUEZ-PIÑERO Inma ( S&D),
VEDRENNE Marie-Pierre ( Renew),
HOOGEVEEN Michiel ( ECR),
MAUREL Emmanuel ( GUE/NGL)
|
| Committee Opinion | DEVE |
BITEAU Benoît ( Verts/ALE)
|
Beata KEMPA ( ECR),
Mónica Silvana GONZÁLEZ ( S&D),
Christian SAGARTZ ( PPE)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
2022/10/05
EC - Commission response to text adopted in plenary
Documents
2022/06/23
EP - Results of vote in Parliament
Documents
2022/06/23
EP - Decision by Parliament
Details
The European Parliament adopted by 436 votes to 69, with 71 abstentions, a resolution on the future of EU international investment policy.
The EU is a global leader in investment policy reform. Significant reform of investment policy has been undertaken at European and international level since the entry into force of the Lisbon Treaty, at the insistence and with the support of Parliament. The EU has launched and concluded IIAs with partner countries, reformed investment protection provisions, replaced investor-state dispute settlement (ISDS) with the investment court system (ICS), launched multilateral negotiations for an investment court, proposed legislation to regulate foreign subsidies, and adopted legislation for the screening of inward foreign direct investment. While these developments are significant steps in the right direction for a modernised and sustainable investment policy, Parliament stated that the EU’s international investment policy reform path needs to be further reformed and reinforced in order to address the current challenges.
The resolution underlined that investment can and should have a positive impact on sustainable economic growth, job creation and sustainable development, and contribute to the Sustainable Development Goals (SDGs). In this respect, the Commission should review the EU’s investment policy to ensure consistency with the European Green Deal and the SDGs, as well as with EU values, including respect for human rights and the social standards as defined by the European Pillar of Social Rights.
Parliament considered that international investment agreements (IIAs) should facilitate green, gender-sensitive and inclusive sustainable investments, adequately protect investors, contribute to the resilience of the single market while safeguarding policy space in host states, and encourage the exchange of best practices, skills and know-how, in accordance with the Organisation for Economic Co-operation and Development (OECD) Guidelines for multinational enterprises on corporate social responsibility.
Members considered that EU companies need adequate protection for their investments abroad. Protected investments should not include speculative forms of investment, financial instruments or portfolio investments that can be held for speculative purposes. Moreover, financial instruments which can be withdrawn at any time do not require protection. The Commission is asked to continue its endeavours to improve the definition of protected investments so as to make sure that IIAs protect only investments that make a substantial commitment of capital or other resources for a minimum number of years, for which there is an assumption of risk and expectation of profit.
The EU’s investment policy should also help developing countries, notably African countries, to attract foreign direct investment (FDI) and to reduce the funding gap to achieve the SDGs.
Market access
According to Parliament, recent investment agreements have a positive focus on market access and investment liberalisation and seek the removal of barriers to the establishment and operation of EU investors in foreign markets. The Commission should seek conditions for EU investors abroad that reflect the level of openness that foreign investors enjoy in the EU . IIAs should safeguard the ability of states to regulate foreign investments in their jurisdiction. Members also called on the Commission to monitor barriers to the establishment and operation of EU investors in foreign markets, including discriminatory practices. The Commission is urged to strictly protect the policy spaces of the EU and the Member States, notably on energy, agriculture, fisheries, audiovisual, telecommunication and digital issues, as well as public services, when liberalising investments.
Investment facilitation
Stressing that investment facilitation can contribute to unlocking investment opportunities in developing countries, Parliament called on the Commission to support developing countries in improving the investment climate in their jurisdiction, both through development cooperation tools and through bilateral agreements.
The Commission and the Member States should engage in negotiations at WTO level with a view to tackling distortions of competition, particularly in the area of industrial subsidies.
Compatibility of IIAs with EU priorities
The resolution noted that an increasing number of legal proceedings before investment tribunals target environmental measures . Members deplored 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.
The Energy Charter Treaty (ECT) is the most litigated investment agreement in the world today. Parliament supports the efforts to modernise the ECT and the EU’s position to exclude protection for most fossil fuel investments. It believes, however, that the EU position should not grant protection to investments in economic activities considered to be ‘significantly harmful’ according to EU law, and that the timeframe for phasing out the protection of existing investments in fossil fuels should be significantly shortened in order not to undermine the achievement of the EU’s climate objectives.
IIA ratification
Parliament pointed out that delays to Member States’ ratification of EU IIAs delay the replacement of bilateral investment treaties (BITs) with more transparent and modern provisions that protect equally all EU investors in third countries. It called on the Member States to ratify the concluded EU investment agreements.
Documents
2022/06/22
EP - Debate in Parliament
Documents
2022/05/30
EP - Committee report tabled for plenary, single reading
Documents
2022/05/30
EP - Committee report tabled for plenary
Documents
2022/05/16
EP - Vote in committee
2022/03/29
EP - Committee opinion
Documents
2022/03/18
EP - Amendments tabled in committee
Documents
2022/02/04
EP - Committee draft report
Documents
2021/12/16
EP - BITEAU Benoît (Verts/ALE) appointed as rapporteur in DEVE
2021/10/07
EP - Committee referral announced in Parliament
2021/07/14
EP - CAVAZZINI Anna (Verts/ALE) appointed as rapporteur in INTA
Documents
- Commission response to text adopted in plenary: SP(2022)484
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T9-0268/2022
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A9-0166/2022
- Committee report tabled for plenary: A9-0166/2022
- Committee opinion: PE704.583
- Amendments tabled in committee: PE729.936
- Committee draft report: PE704.874
- Committee draft report: PE704.874
- Amendments tabled in committee: PE729.936
- Committee opinion: PE704.583
- Committee report tabled for plenary, single reading: A9-0166/2022
- Commission response to text adopted in plenary: SP(2022)484
Activities
- Eva KAILI
Plenary Speeches (2)
- Inma RODRÍGUEZ-PIÑERO
Plenary Speeches (1)
Votes
Avenir de la politique de l’Union en matière d’investissements internationaux - Future of EU international investment policy - Die Zukunft der Auslandsinvestitionspolitik der EU - A9-0166/2022 - Anna Cavazzini - Proposition de résolution #
2022/06/23 Outcome: +: 436, 0: 71, -: 69
The Left
NI
ID| Amendments | Dossier |
| 237 |
2021/2176(INI)
2022/02/15
DEVE
70 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Underlines that investment can and should have a positive impact on sustainable development; recalls that investments, especially in extractive industries, logging, tourism and agribusiness operations can have huge impacts on local communities, including indigenous people; Notes with concern the asymmetry of international investment agreements (IIA)
Amendment 10 #
Draft opinion Paragraph 2 2. Deplores the asymmetry of this private justice system, which gives foreign investors the right to bring claims against governments, including on measures taken to protect public health, the environment and public interest, with no need to exhaust domestic legal remedies first; highlights the risks posed by the high costs of ISDS claims for the public finance of developing countries; stresses that the costs of investment lawsuits have the potential to bring the public budgets of most African countries to breaking point;
Amendment 11 #
Draft opinion Paragraph 2 2. Deplores the asymmetry of th
Amendment 12 #
Draft opinion Paragraph 2 2. Deplores the a
Amendment 13 #
Draft opinion Paragraph 2 2. Deplores the asymmetry of this private justice system,
Amendment 14 #
Draft opinion Paragraph 2 a (new) 2 a. Notes with concern that between 2013 and 2018, there has been an unprecedented boom of claims against African countries;stresses that while European investors initiated the majority of the lawsuits against African countries, accounting for 70% of all cases, African States have been the main losers in investment arbitration cases;highlights that the mere threat of significant compensation paid to corporations with taxpayers’ money may induce the Host state to reconsider desirable policymaking[1]; [1] Sources: “ISDS in numbers. Impacts of Investment Arbitration against African States”, Transnational Institute (October 2019)
Amendment 15 #
Draft opinion Paragraph 2 b (new) 2 b. Stresses the need to shift the focus away from a system that prioritizes investor protection to one that emphasizes the advancement of national and global development goals through sustainable investment;
Amendment 16 #
Draft opinion Paragraph 3 Amendment 17 #
Draft opinion Paragraph 3 Amendment 18 #
Draft opinion Paragraph 3 Amendment 19 #
Draft opinion Paragraph 3 3.
Amendment 2 #
Draft opinion Paragraph 1 1. Notes with concern the asymmetry of international investment agreements (IIA), which give rights to foreign investors without putting the host state under any obligations in terms of human rights, labour and environmental law; regrets that IIAs usually include the investor-state dispute settlement mechanism (ISDS), which provides protection for investors but not for states or citizens; highlights that, in order to respond to public concerns, the EU has replaced the ISDS mechanism with Investment Court Systems (ICS) in recently negotiated international investment agreements, including those with Canada, Mexico, Singapore and Vietnam; notes that the agreements also include an appellate mechanism and provisions for the transition from bilateral ICS to a permanent Multilateral Investment Court (MIC); notes that the MIC would be a permanent body with first and appellate instances, and with full- time judges.
Amendment 20 #
Draft opinion Paragraph 3 3. Calls for the EU to align its investment policy with the European Green Deal and the European Climate Law1 ; stresses the importance of setting up industrial capacity in green energy industries like battery and solar photovoltaic manufacturing plants in partner countries, especially in Africa, and to share the technologies that are required for this green industrialisation process; _________________ 1 OJ L 243, 9.7.2021, p. 1.
Amendment 21 #
Draft opinion Paragraph 3 3. Calls for the EU to align its investment policy with the European Green Deal
Amendment 22 #
Draft opinion Paragraph 3 a (new) 3 a. Underlines the importance of aligning EU investments with the development priorities of partner countries and the regional organizations to which they belong in order to ensure that these investments are mutually beneficial for both parties, and to carry out inclusive ex ante impact assessments in this regard;
Amendment 23 #
Draft opinion Paragraph 3 a (new) 3 a. Notes that low- and middle-income countries face massive investment needs to finance their sustainable development strategies; points out that accelerating private financial flows towards our partner countries will be critical to collectively delivering on our global sustainability agenda.
Amendment 24 #
Draft opinion Paragraph 3 a (new) 3 a. Urges the commission to exclude fossil fuels investment as well as investments in other activities that are significantly harmful for the environment and human rights from treaty protections, in particular from investor-states arbitration mechanisms;
Amendment 25 #
Draft opinion Paragraph 3 a (new) 3 a. Stresses how the risks of being sued by big multinational companies could prevent developing countries governments and parliaments to adopt laws and regulations on public health and environmental protection;
Amendment 26 #
Draft opinion Paragraph 3 b (new) 3 b. Regrets the breach of the commitment made by developed countries in the 2009 Copenhagen Agreement to provide predictable and adequate funding for climate action in developing countries, especially for adaptation needs, that should have reached 100 billion dollars in 2020; calls on the EU to step up climate funding beyond the framework of the NDICI-Global Europe instrument, including through an ambitious use of the revenue raised by ETS auctions and CBAM certificates;
Amendment 27 #
Draft opinion Paragraph 3 b (new) 3 b. Calls on the Commission to seek an ambitious consensus in international fora and to support low- and middle- income countries in scaling up their access to sustainable finance by developing a comprehensive strategy and by promoting sustainability-related financial instruments.
Amendment 28 #
Draft opinion Paragraph 3 c (new) 3 c. Stresses the need to boost the manufacturing capacity of medical equipment in developing countries and the establishment of regional supply chains;
Amendment 29 #
Draft opinion Paragraph 4 Amendment 3 #
Draft opinion Paragraph 1 1.
Amendment 30 #
Draft opinion Paragraph 4 4. Urges the EU to review its investment treaties in order to ensure a fair balance between rights and obligations for investors
Amendment 31 #
Draft opinion Paragraph 4 4. Urges the EU to review its investment treaties in order to ensure a fair balance between rights and obligations for investors with full respect for human rights
Amendment 32 #
Draft opinion Paragraph 4 4. Urges the EU to review its investment treaties in order to ensure a fair balance between rights and obligations for investors with full respect for human rights, labour rights and the environment; stresses the need
Amendment 33 #
4.
Amendment 34 #
Draft opinion Paragraph 4 4. Urges the EU to review its investment treaties in order to ensure a fair balance between rights and obligations for investors with full respect for human rights and the environment; stresses the need to oblige the investor to support sustainable investment in the host state and to act, in all circumstances, in full respect of fundamental rights and to oblige the home state of the investor to allow victims to seek justice;
Amendment 35 #
Draft opinion Paragraph 5 Amendment 36 #
Draft opinion Paragraph 5 5. Believes that governments should not sign new investment protection treaties that include the ISDS mechanism and should remove it from the existing ones; is of the view that investment treaties should instead provide mechanisms and technical assistance to strengthen domestic legal systems and the rule of law, which would ensure a favourable environment for foreign investment while addressing the systemic failures that have a negative impact on sustainable development in partner countries;
Amendment 37 #
Draft opinion Paragraph 5 5. Stresses that there is no evidence that ISDS has promoted Foreign Direct Investment (FDI) in developing countries; Believes that governments should not sign new investment protection treaties that include the ISDS mechanism and should remove it from the existing ones; in particular, believes that investment trade agreements should require local legal remedies to be exhausted first before the foreign investor can resort to an arbitral tribunal, as in the case of human rights system;
Amendment 38 #
Draft opinion Paragraph 5 5.
Amendment 39 #
Draft opinion Paragraph 5 5.
Amendment 4 #
Draft opinion Paragraph 1 1. Notes with concern the asymmetry of international investment agreements (IIA), which give rights to foreign investors without putting the host state under any obligations in terms of human rights, public health, labour and environmental law; regrets that IIAs usually include the investor-state dispute settlement mechanism (ISDS), which provides protection for investors but not for states or citizens, and deprive states of their right to enact regulatory frameworks that protect essential public interests, such as economic, social, cultural and environmental rights;
Amendment 40 #
Draft opinion Paragraph 5 a (new) 5 a. Considers that new investment treaties between investors and governments must allow foreign investors to align their policy and investment strategy with the EU's values and principles on human rights, labour rights, environmental law and due diligence, while at the same time adapting, where needed, to local sensitivities on customs, values, business and investment policy;
Amendment 41 #
Draft opinion Paragraph 5 a (new) 5 a. Calls on the EU Council and Commission to not include any arbitration systems such as ISDS or ICS in future trade and investment agreements with developing countries;
Amendment 42 #
Draft opinion Paragraph 5 b (new) Amendment 43 #
Draft opinion Paragraph 6 Amendment 44 #
Draft opinion Paragraph 6 6.
Amendment 45 #
Draft opinion Paragraph 6 6. Stresses that the Investment Court System designed by the EU does not protect governments’ right to regulate, as it still enables foreign investors operating in the EU and EU-based investors operating abroad to circumvent national legal systems and file lawsuits in international tribunals against public interest measures, through expansive interpretation of provisions such as “direct and indirect expropriation” and “fair and equitable treatment”, which enable investors to challenge legitimate regulatory changes to protect health, the environment, economic stability and other public interests;
Amendment 46 #
Draft opinion Paragraph 6 6. Stresses that the Investment Court System designed by the EU
Amendment 47 #
Draft opinion Paragraph 6 6.
Amendment 48 #
Draft opinion Paragraph 6 6. Stresses that the Investment Court System designed by the EU does not protect governments’ right to regulate
Amendment 49 #
Draft opinion Paragraph 6 a (new) 6 a. Calls on the Commission to support efforts to scale up sustainability- related financial instruments in our partner countries and help build back better globally, notably via ‘Global Europe’ - the Neighbourhood, Development and International Cooperation Instrument (NDICI) and the Instrument for Pre-Accession Assistance (IPA), welcomes the €5.1 billion European Fund for Sustainable Development (EFSD) to leverage additional financing by allowing risk sharing with private investors, international financial institutions and development banks, fostering economic and social development.
Amendment 5 #
Draft opinion Paragraph 1 1.
Amendment 50 #
Draft opinion Paragraph 6 a (new) 6 a. Takes note of the ongoing discussions within the working group of the United Nations Commission on International Trade Law (UNCITRAL) on dispute settlement and of the EU proposal to create a Multilateral Investment Court as a permanent body to enforce investor rights; highlights the risk to strengthen, in this way, the ISDS system, as it would further formalise rights for foreign corporations that domestic investors would not have; stresses the need to conduct comprehensive audits of investment protection treaties that include ISDS mechanism;
Amendment 51 #
Draft opinion Paragraph 6 a (new) 6 a. Notes that investment in developing and least developed countries carries higher risks and must be met with adequate and fair protection mechanisms; Stresses that investor protection remains important in EU investment agreements with developing countries;
Amendment 52 #
Draft opinion Paragraph 7 Amendment 53 #
Draft opinion Paragraph 7 7.
Amendment 54 #
Draft opinion Paragraph 7 7.
Amendment 55 #
Draft opinion Paragraph 7 7. Urges the EU to
Amendment 56 #
Draft opinion Paragraph 7 a (new) 7 a. Calls for the EU to foster a consensus towards adjustment and reforms to improve debt sustainability in international investments; underlines that debt relief, including debt cancellation, should be considered for the countries most in need, including middle-income countries when necessary; recalls the urgent need for reforming the international debt architecture to avoid a serious debt crisis;
Amendment 57 #
Draft opinion Paragraph 7 a (new) 7 a. Calls on the Commission to include safeguard clauses in its trade and investment agreements to protect the ability of governments and parliaments to regulate and to preserve public services and common goods such as water, health and education from privatization processes;
Amendment 58 #
Draft opinion Paragraph 7 a (new) 7 a. Stresses that investment agreement should encourage technology transfer linked to FDI, including for digital technologies;
Amendment 59 #
Draft opinion Paragraph 7 b (new) 7 b. Recalls the WTO moratorium on electronic transmissions (ET) since 1998; stresses that zero custom duties imply a significant loss of tariff revenue for developing countries; accordingly, insists that digital clauses in investment agreements should not ban the collection of taxes on electronic transmissions;
Amendment 6 #
Draft opinion Paragraph 1 1. Notes with concern the asymmetry of international investment agreements (IIA), which give rights to foreign investors without putting the host state under any obligations in terms of human rights, labour and environmental law; regrets that IIAs usually include the investor-state dispute settlement mechanism (ISDS), which provides protection for investors but not for states or citizens and also has the potential to undermine the national sovereignty of the states concerned;
Amendment 60 #
Draft opinion Paragraph 8 8. Recalls that governments have the right to regulate in a precautionary way that prioritises public health, labour and human rights, and the environment
Amendment 61 #
Draft opinion Paragraph 8 8. Recalls that governments have the right to regulate in a precautionary way that prioritises public health, labour rights and the environment, especially the right of local communities to clear water and sanitation facilities.
Amendment 62 #
Draft opinion Paragraph 8 – subparagraph 1 (new) Stresses that investment has a positive impact on growth and jobs, not only in the EU but also in developing countries, but investors must actively contribute to achieving the sustainable development goals of the host states, including by supporting the local economy through technology transfer, utilising local labour and local production;
Amendment 63 #
Draft opinion Paragraph 8 – point 1 (new) (1) Stresses that EU investment policy vis-à-vis developing countries must focus on stimulating and supporting investment flows that create jobs and reduce poverty;
Amendment 64 #
Draft opinion Paragraph 8 a (new) 8 a. Emphasizes that an investment policy which is consistent, based on good practices and coherent with EU regulation on investment, can have a significant positive impact on growth, the environment, human rights, good governance and employment in developing countries; Encourages the EU and its Member States to negotiate coherent investment agreements and to minimize divergencies where possible;
Amendment 65 #
Draft opinion Paragraph 8 b (new) 8 b. Emphasizes that EU international investment policy must ensure that cooperation with third countries, when establishing the protection of local businesses and labour rights, include the highest standards on human rights, labour and environmental laws;
Amendment 66 #
Draft opinion Paragraph 8 c (new) 8 c. Calls on the EU to continue to support local firms, SMEs and public services in developing countries through investment agreements and to improve their resilience and independence through close cooperation with regard to the exchange of best practices, skills and know how; considers that EU investor protection herein must be in line with the host states' public capacity to regulate and must meet the EU's obligation to exercise policy coherence for development;
Amendment 67 #
Draft opinion Paragraph 8 d (new) 8 d. Reiterates its concern on toxic investment strategies and undervaluing in global investment strategies by third parties to the EU and developing countries in the establishment of investment agreements with developing countries at the cost of human rights, environmental standards, sustainability and labour rights;
Amendment 68 #
Draft opinion Paragraph 8 e (new) 8 e. Insists that the future of EU foreign investment policy must take into consideration the consequences of the Covid-19 pandemic by applying an integrated and coherent policy which promotes high quality investments and makes a positive contribution to worldwide economic progress and sustainable development; Recognizes the deep impact that the Covid-19 has had on the establishment of investment agreements and local businesses in the EU and developing countries alike;
Amendment 69 #
Draft opinion Paragraph 8 f (new) 8 f. Notes with concern the widening global investment gap, which risks leading to the abandonment of global sustainability, environmental and human rights goals;
Amendment 7 #
Draft opinion Paragraph 1 a (new) 1 a. Stresses that EU trade and investment policies have an impact on developing countries societies; calls on the Commission to respect the principle of Policy Coherence for Development in all its trade and investment agreements, and include in all treaties binding and enforceable TSD chapters to implement international conventions and agreements related to human rights, decent work, gender equality and environmental sustainability;
Amendment 70 #
Draft opinion Paragraph 8 g (new) 8 g. Welcomes the European Commission's proposal on the Global Gateway; Emphasizes that investment strategies by European Member States and private entities alike, must be values- driven, adhere to high standards on human rights and labour rights and be fully aligned with the UN's Agenda 2030 and its Sustainable Development Goals, as well as the Paris Agreement;
Amendment 8 #
Draft opinion Paragraph 1 a (new) 1a. Is also generally concerned about the conclusion of free trade agreements with countries which do not align with EU standards in the areas of, in particular, labour law and the environment;
Amendment 9 #
Draft opinion Paragraph 2 2. Deplores the asymmetry of this private justice system, which gives foreign investors the right to bring claims against governments; highlights the risks posed by the high costs of ISDS claims, regardless of their outcome, for the public finance of developing countries, which can avoid regulatory measures being taken in the public interest because of the high cost of arbitrary procedures and the unpredictability of their result; stresses that the costs of investment lawsuits have the potential to bring the public budgets of most African countries to
source: 719.629
2022/03/17
INTA
167 amendments...
Amendment 1 #
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
Amendment 10 #
Motion for a resolution Recital D a (new) Da. whereas none of the investment treaties negotiated by the European Union since the Lisbon Treaty has yet entered into force;
Amendment 100 #
Motion for a resolution Paragraph 12 12. Stresses 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;
Amendment 101 #
Motion for a resolution Paragraph 12 12.
Amendment 102 #
Motion for a resolution Paragraph 12 12. Stresses 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 prohibition or strong restrictions of third-party funding for investor-state disputes;
Amendment 103 #
Motion for a resolution Paragraph 13 13.
Amendment 104 #
Motion for a resolution Paragraph 13 13. Calls on the Member States to
Amendment 105 #
Motion for a resolution Paragraph 13 13. Calls on the Commission and the Member States to terminate or modernise any bilateral investment treaties that contain ISDS and which are not in line with the EU proposal for a Multilateral Investment Court, any
Amendment 106 #
Motion for a resolution Paragraph 13 13. Calls on the Member States to terminate or modernise any bilateral investment treaties that contain ISDS, any treaties that contain protection standards which are contrary to our objectives and values and go beyond protection against direct and indirect expropriation, nationality-based discrimination or the gross denial of justice, and any treaties that protect fossil fuel investments;
Amendment 107 #
Motion for a resolution Paragraph 13 13. Calls on the Member States to terminate or modernise
Amendment 108 #
Motion for a resolution Paragraph 13 13. Calls on the Member States to terminate
Amendment 109 #
Motion for a resolution Paragraph 13 a (new) 13a. Points out that delays in Member State ratification of EU IIAs delays the replacement of BITs with transparent and modern provisions that equally protect all EU investors in third countries; calls on Member States to swiftly ratify concluded EU investment agreements; notes that continued delays in the entry into force of EU IIAs seek to undermine the credibility of the Union as an effective international actor;
Amendment 11 #
Motion for a resolution Recital D a (new) Da. whereas FDI and the EU investment policy play a key role for diversification of supply chains;
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;
Amendment 111 #
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;
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;
Amendment 113 #
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
Amendment 114 #
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
Amendment 115 #
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 and does not pose any risk to its development, enforcement and application; supports the Commission in strictly applying the conditions for authorising the negotiation, signature and conclusion of new agreements by Member States;
Amendment 116 #
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 and consistent with the EU’s objectives and values; supports the Commission in strictly applying the conditions for authorising the negotiation, signature and conclusion of new agreements by Member States;
Amendment 117 #
Motion for a resolution Paragraph 14 a (new) 14a. Calls on the Commission to upgrade its investment protection model adopted in 2015 in order to guarantee full compatibility with the European Green Deal objectives; and to provide clear guidelines on issues such as the limitation of substantive standards, including the definition of ‘investor’ and ‘investment’, as well as on provisions governing compensation, including a cap on compensation at the amount of eligible expenditures incurred by the investors; urges the Commission to use this updated model as a basis for authorisation of new Member States BITs;
Amendment 118 #
Motion for a resolution Paragraph 14 a (new) 14a. Stresses that international investment facilitation agreements should support investments which promote sustainable development and do not create incentives to cause damage to nature, the climate or society; regrets that the negotiations conducted by the EU at the WTO and with certain states to facilitate investment are insufficiently precise about the types of investment to be supported; calls on the Commission not to impose disciplinary conduct on host countries, but to favour instead a model based on cooperation and technical assistance; encourages the Commission to include measures to ensure that investments made through these agreements respect human rights and do not cause environmental damage, and to establish redress and compliance mechanisms in the case of violations; expects the new investment facilitation rules not to be subject to investor-to-state dispute resolution clauses;
Amendment 119 #
Motion for a resolution Paragraph 14 b (new) 14b. Notes that the Investment Court System (ICS) still constitutes international arbitration; notes that unlike in national courts, arbitrators on the ICS roster would merely interpret with wide discretion the rights and substantive provisions enshrined in international investment agreements, without balancing such provisions with relevant public interest laws which were decided democratically; notes that only foreign investors would be able to bring cases under the ICS system;
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;
Amendment 120 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today; welcomes 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; supports the Commission in its wish to modernise the dispute settlement system in order to bring it into line with the new European approach in IIAs; regrets, however, that the modernisation negotiations have reached a stalemate owing to the lack of commitment on the part of third countries and the refusal to make the ECT compatible with the Paris Agreement;
Amendment 121 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today; welcomes 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;
Amendment 122 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today; welcomes efforts to modernise the ECT and the EU’s position to exclude protection for most fossil fuel investments;
Amendment 123 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today; welcomes efforts to modernise the ECT and the EU’s position to exclude protection for most fossil fuel investments; emphasises that the reformed ECT should also include the addition of renewable/clean hydrogen to the list of protected energy materials; 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;
Amendment 124 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today; welcomes 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; regrets that the European Parliament does not get any access to the negotiating texts of the ECT modernisation negotiations;
Amendment 125 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today;
Amendment 126 #
Motion for a resolution Paragraph 15 15. Points out that the ECT is the most litigated investment agreement in the world today;
Amendment 127 #
Motion for a resolution Paragraph 15 a (new) 15a. Is concerned that despite the fact that the EU seeks to exclude some fossil fuels projects from protection, investments considered as “significantly harmful” under the EU taxonomy would stay protected according to the EU position as regards the ECT modernisation process;
Amendment 128 #
Motion for a resolution Paragraph 15 b (new) 15b. Welcomes the fact that Italy notified its decision to withdraw from the Energy Charter Treaty as of 1 January 2015; notes that countries that have ratified or acceded to the ECT may terminate their membership 12 months after notification of withdrawal; regrets that investments realised before the exit date are still protected for 20 years, but welcomes that all new investments immediately stop being protected;
Amendment 129 #
Motion for a resolution Paragraph 16 Amendment 13 #
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,
Amendment 130 #
Motion for a resolution Paragraph 16 16. Urges the Commission to ensure that a revised ECT will
Amendment 131 #
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; urges the Commission to ensure that in the revised ECT the investment protection is only granted to real investors and not to purely financial or speculative investors; calls on the Commission and the Member States to start preparing for the possibility of a coordinated exit from the ECT, including with an impact assessment to assess the potential effects of withdrawal, with a view to formal submission to the Council in the event of the negotiating objectives not being achieved by June 2022;
Amendment 132 #
Motion for a resolution Paragraph 16 16.
Amendment 133 #
Motion for a resolution Paragraph 16 16.
Amendment 134 #
Motion for a resolution Paragraph 16 16. Urges the Commission to ensure that a revised ECT will protect the right of states to regulate and 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 preparing a coordinated exit from the ECT with a view to formal submission to the Council and to Parliament in the event of the negotiating objectives not being achieved by June 2022;
Amendment 135 #
Motion for a resolution Paragraph 16 16. Urges the Commission to ensure that a revised ECT will immediately prohibit fossil fuel investors from suing
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
Amendment 137 #
Motion for a resolution Paragraph 17 17. Welcomes the Court of Justice’s clarification that ISDS provisions in the ECT are not applicable in the case of intra- EU disputes; notes with concern that the Achmea ruling did not deter arbitration tribunals from continuing to hear intra-EU investment disputes; welcomes the recent declarations from the Commission and a majority of Member States reflecting the Achmea ruling; supports the request from several Member States for a ruling from the Court of Justice, and considers this should offer definitive clarification on the issue to prevent any future intra-EU arbitration being admissible under the ECT; urges the Commission to make its best efforts to assert these judgments in the existing intra EU arbitration proceedings;
Amendment 138 #
Motion for a resolution Paragraph 17 17. Welcomes the Court of Justice’s clarification that ISDS provisions in the ECT are not applicable in the case of intra- EU disputes; notes
Amendment 139 #
Motion for a resolution Paragraph 17 17. Welcomes the Court of Justice’s clarification, in the Komstroy judgment, that ISDS provisions in the ECT are not applicable in the case of intra-
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;
Amendment 140 #
Motion for a resolution Paragraph 17 a (new) 17a. Points out that while the enforcement of possible awards in these cases will be difficult in courts of the European Union, cases under ICSID rules can still be enforced in the courts of third states around the world; notes that these courts can order sovereign assets of EU Member States to be seized;
Amendment 141 #
Motion for a resolution Paragraph 17 a (new) 17a. Is concerned that many Contracting Parties seem not to share EU ambitions in the field of climate change mitigation, sustainable development and energy transition, despite the fact that all of them are also signatories of the Paris Agreement; urges the Commission to ensure the alignment of the ETC with the Paris Agreement and the objectives of the European Green Deal, while preserving the EU’s ability to develop public policy measures consistent with its commitment to become the first climate neutral continent by 2050;
Amendment 142 #
Motion for a resolution Paragraph 17 b (new) 17b. Calls on the Commission not to nominate arbitrators who have ignored judgments of the European Court of Justice to FTA or ICS rosters of arbitrators;
Amendment 143 #
Motion for a resolution Paragraph 18 18. Welcomes the fact that UNCITRAL Working Group III has been engaging in deliberations on a possible multilateral reform of ISDS since 2017; notes that 60 states agreed by consensus that UNCITRAL’s work must address structural reform options; c
Amendment 144 #
Motion for a resolution Paragraph 19 19. Notes 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 cover the modernisation of substantive protection standards; calls for the negotiations on this multilateral investment court to include a redress mechanism, strict rules on conflicts of interest and a code of conduct; considers that this new mechanism has to address investors’ obligations, prevent frivolous litigation, preserve the right to regulate in the public interest and avoid regulatory chill, guarantee judicial equality among investors (with particular attention to micro-enterprises and SMEs), independence, transparency and accountability;
Amendment 145 #
Motion for a resolution Paragraph 19 19. Notes 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 cover the modernisation of substantive
Amendment 146 #
Motion for a resolution Paragraph 19 19.
Amendment 147 #
Motion for a resolution Paragraph 19 19. Notes 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
Amendment 148 #
Motion for a resolution Paragraph 19 19.
Amendment 149 #
Motion for a resolution Paragraph 20 20. Calls on the Member States to adopt without delay the proposal for a Council decision on the conclusion, on behalf of the EU, of the UN Convention on Transparency in Treaty-based Investor- State Arbitration; calls on the Commission and the Member States to support the entry into force of a binding international legal mechanism, currently being drawn up by the UN Human Rights Council, aimed at regulating the activities of transnational companies and firms;
Amendment 15 #
Motion for a resolution Recital E a (new) Ea. whereas the EU taxonomy aims at facilitating the shift of investments from unsustainable economic activities to investment in activities that are needed to achieve environmental sustainability, and more specifically climate neutrality in the next 30 years;
Amendment 150 #
Motion for a resolution Paragraph 20 20.
Amendment 151 #
Motion for a resolution Paragraph 20 20. Calls on the Member States to adopt
Amendment 152 #
Motion for a resolution Paragraph 20 a (new) 20a. Stresses that the ratification of pending EU trade and investment agreements will replace old Bilateral Investment treaties for some Member States, but will also bind a significant number of Member States that do not have existing Bilateral Investment Treaty with the partner countries, therefore increasing the risk of investment cases against EU Member States; emphasises that terminating existing outdated BITs enables Member States to regain policy space without expanding the system; is worried that in the case of EU trade agreements containing an integrated investment chapter with dispute settlement, such an investment chapter cannot be modernised or terminated without reopening the whole agreement;
Amendment 153 #
Motion for a resolution Paragraph 21 21. Points out that on a global scale in 2017, 2019 and 2020, more investment treaties were terminated than new IIAs concluded; notes that some recently concluded mega-regional IIAs employ an increasingly cautious approach to investor- state adjudication;
Amendment 154 #
Motion for a resolution Paragraph 21 21.
Amendment 155 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the Commission and the Member States to carry out a cost-benefit analysis of the IIAs in force or being negotiated in order to develop an investment policy consistent with the objective of carbon neutrality, the Sustainable Development Goals and the strategic goals of the European Union;
Amendment 156 #
Motion for a resolution Paragraph 22 Amendment 157 #
Motion for a resolution Paragraph 22 22. Urges the Commission to develop an EU foreign investment strategy to incentivise and protect sustainable investments, without relying on investor- state adjudication, as well as to update its investment protection model adopted in 2015 in line with the requests of this resolution so as to guide the negotiations of new or updated EU agreements;
Amendment 158 #
Motion for a resolution Paragraph 22 22. Urges the Commission to develop an EU foreign investment strategy to incentivise and protect sustainable investments, in all its dimensions, with or without relying on investor-
Amendment 16 #
Motion for a resolution Recital F F. whereas investment policy includes measures such as removing undue barriers to investment, monitoring the impact of foreign investment on strategic autonomy, national security and the real economy, and devising other tools to encourage and facilitate direct investment in sectors and places where it is needed the most; whereas most international investment agreements (IIAs) focus on investment protection, with or without investor-state adjudication; whereas, however, the conclusion of such agreements has never demonstrated a causal effect in terms of attractiveness for foreign direct investment;
Amendment 160 #
Motion for a resolution Subheading 4 a (new) Enhancing the screening of foreign direct investments in the European Union
Amendment 161 #
Motion for a resolution Paragraph 22 a (new) 22a. Underlines the importance of maintaining, strengthening and implementing the clauses in the new EU IIAs that prohibit the lowering of standards, as they are critical to avoid a "race to the bottom" in countries attracting foreign investment; calls on the Commission to analyse their effectiveness further, in particular in developing countries, to ensure that tax policy and development finance are aligned to support a "race to the top"; notes that tax revenues are crucial for developing countries to provide basic public services; and urges the Commission to work at multilateral level to promote sustainable investment facilitation which is not pursued through competitive tax breaks among others by continuing its work on the Joint Initiative on Investment Facilitation for Development in the framework of the WTO that aims to increase the participation of developing and least-developed WTO members in global investment flows;
Amendment 162 #
Motion for a resolution Paragraph 22 a (new) 22a. Welcomes the fact that a large number of developing countries are participating in the WTO negotiations on Investment facilitation for Development; points out that investment facilitation contributes to unlocking investment opportunities in developing countries, notably for small and medium-sized enterprises and to achieving the Sustainable Development Goals; encourages the Commission to proactively engage in those negotiations by the end of the year with a view to agreeing on a meaningful set of rules among WTO Members; invites the Commission to also pursue bilateral investment facilitation negotiations with African partners;
Amendment 163 #
Motion for a resolution Paragraph 22 a (new) 22a. Welcomes the adoption in 2018 of the new foreign investment screening mechanism; stresses that this screening mechanism aims to establish cooperation and potentially limit foreign investments in strategic sectors in order to protect the European Union and its Member States; calls on those Member States which do not yet have one to set up such a national foreign direct investment screening mechanism in order to ensure that European cooperation is effective;
Amendment 164 #
Motion for a resolution Paragraph 22 b (new) 22b. Is of the opinion that investment facilitation is a good instrument to improve the EU's competitiveness and economic growth; calls on the Commission to use this tool to strengthen the EU's strategic autonomy, in particular the energy, raw materials and semiconductor sectors, especially in the current geopolitical climate;
Amendment 165 #
Motion for a resolution Paragraph 22 b (new) 22b. Stresses that the purpose of the foreign direct investment screening mechanism is to analyse and screen cases where the acquisition or control of a particular company, infrastructure or technology would create a security or public order risk in the European Union; calls on the Commission to assess the possibility of defining new sectors such as strategic cultural assets or catalogues of cinematographic works as strategic sectors, by means of a delegated act;
Amendment 166 #
Motion for a resolution Paragraph 22 c (new) 22c. Calls on the Commission, as part of the review clause, to explore the possibility of strengthening the European foreign direct investment screening mechanism to give it, with the agreement of the Member States, the power to block an investment that would create a risk to security and public order;
Amendment 167 #
Motion for a resolution Paragraph 22 d (new) 22d. Welcomes the Commission’s proposal for an instrument to tackle distortions caused by foreign subsidies that are an unfair form of investment, and calls for its swift adoption; calls on the Commission and the Member States to engage fully in plurilateral negotiations at WTO level in order to tackle distortions of competition, particularly in the area of industrial subsidies;
Amendment 17 #
Motion for a resolution Recital F a (new) Fa. whereas, in order to attract investment, labour standards, respect for the environment and corporate social responsibility should not be lowered in the sustainable development chapters of EU IIA;
Amendment 18 #
Motion for a resolution Recital G G.
Amendment 19 #
Motion for a resolution Recital G a (new) Ga. whereas most investment treaties do not specify how the notions of ‘full reparation’ and ‘fair market value’ of an investment are to be ascertained; whereas panels have in the last decade predominantly interpreted such notions by using ‘forward-looking’ valuation techniques based on discounted cash flows methods (DCF) that calculate and aggregate expected future net income streams adjusted to the specific risks attached to the investment project; whereas the use of DCF methods has led in many well-documented cases to vastly larger amounts of compensation than the aggregate amounts of expenditure actually incurred by investors in host countries (asset-based or ‘backward- looking’ valuation methods);
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
Amendment 20 #
Motion for a resolution Recital G a (new) Ga. whereas the six priorities of the European Union between 2019 and 2024 include work to combat climate change and environmental degradation, as well as creating more attractive investment conditions and supporting businesses;
Amendment 21 #
Motion for a resolution Recital G a (new) Ga. whereas developing countries face a gap of USD 2.5 trillion in annual financing to achieve the SDGs by 2030; whereas Foreign direct investment (FDI) is a principal means of financing the 2030 Agenda for Sustainable Development and the corresponding SDGs;
Amendment 22 #
Motion for a resolution Recital G a (new) Ga. whereas foreign direct investment (FDI) in developing countries is a primary means of financing the 2030 Agenda for Sustainable Development; whereas such capital can support job creation, and social and environmental improvements as set out in the SDGs;
Amendment 23 #
Motion for a resolution Recital G b (new) Gb. whereas the EU is a global leader in investment policy reform; whereas significant reform of investment policy has been undertaken at European and international level since the entry into force of the Lisbon Treaty, at the insistence and with the support of the European Parliament; whereas the EU has launched and concluded IIAs with third countries, reformed investment protection provisions, replaced ISDS with ICS, launched multilateral negotiations for an investment court, proposed legislation to regulate foreign subsidies, and adopted legislation for the screening of inward foreign direct investment; whereas these developments are significant steps in the right direction for a modernised and sustainable investment policy; whereas much more remains to be done to advance this reform agenda;
Amendment 24 #
Motion for a resolution Recital G b (new) Gb. whereas the increasing recourse by investors to third parties to finance their litigation in exchange for a return or other financial interest in the outcome of a dispute (third-party funding) has exacerbated the imbalances underpinning compensation practices in litigation by further reducing the risks for investors of pursuing a claim, and thereby adding incentives to increase the number of claims; points out that third-party funding may increase the bargaining power of claimants to the detriment of States with limited resources, and weaker regulatory frameworks;
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;
Amendment 26 #
Motion for a resolution Paragraph 1 1.
Amendment 27 #
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
Amendment 28 #
Motion for a resolution Paragraph 1 a (new) 1a. Stresses that the main objective of EU investment protection policy is to guarantee that EU investors have abroad at least a level playing field with a basic protection in comparison with what foreign investors enjoy in the EU;
Amendment 29 #
Motion for a resolution Paragraph 1 a (new) 1a. Highlights the importance to the European economy of internal and external investment and the need to ensure that EU investors abroad are protected;
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;
Amendment 30 #
Motion for a resolution Paragraph 2 Amendment 31 #
Motion for a resolution Paragraph 2 2. Underlines that investment can and should have a positive impact on sustainable development;
Amendment 32 #
Motion for a resolution Paragraph 2 2. Underlines that investment can and should have a positive impact on growth, job creation and sustainable development; points out that inbound and outbound investments need to meet the needs of the real economy; calls on the Commission to
Amendment 33 #
Motion for a resolution Paragraph 2 2. Underlines that investment can and should have a positive impact on sustainable development and create jobs; recalls that investment agreements should serve to facilitate investment, as well as provide a regulatory framework for minimum standards and commitments; points out that inbound and outbound investments need to meet the needs of the real economy; calls on the Commission to continue reviewing the EU’s investment policy to ensure consistency with the European Green Deal and the Sustainable Development Goals;
Amendment 34 #
Motion for a resolution Paragraph 2 a (new) 2a. Calls on the remaining Member States to proceed with internal ratification of investment protection agreements with Canada, Singapore and Vietnam so they enter into force and create favourable conditions and protection for EU investors in these countries;
Amendment 35 #
Motion for a resolution Paragraph 2 a (new) 2a. Emphasises the need to ensure that the Joint Statement Initiative on Investment Facilitation abides to the rules of Articles IX and X of the WTO agreement, which require consensus and overall transparency;
Amendment 36 #
Motion for a resolution Paragraph 2 b (new) 2b. Underlines the importance of an overall EU approach as regards investment facilitation at both bilateral and multilateral levels with an overarching focus on cooperation, including capacity building and technical assistance, notably as regards the support of digitalisation in developing countries; underlines also the need to avoid creating administrative burden for LDCs;
Amendment 37 #
Motion for a resolution Paragraph 2 c (new) 2c. Points out that investment facilitation provisions at both IIAs and WTO level essentially focus on creating obligations for public authorities in ‘host countries’, but not for ‘home countries’ or for their undertakings; emphasises in that respect the need for integrating binding provisions as regards corporate social responsibility (CSR), human rights and environmental due diligence, as well as anti-corruption safeguards in investment facilitation frameworks; underlines also the need to integrate specific provisions for facilitating sustainable investments in host countries, including monitoring mechanisms on the activities supported by FDI flows;
Amendment 38 #
Motion for a resolution Paragraph 2 d (new) 2d. Points out to the need to exclude investment facilitation disciplines from dispute settlement provisions of IIAs, including from investor-state disputes;
Amendment 39 #
Motion for a resolution Paragraph 2 e (new) 2e. Welcomes the entry into force of the Foreign Direct Investment (FDI) screening Regulation in 2019; underlines the importance of such mechanism as a step for better monitoring FDI contribution to Europe's strategic interests; calls for further strengthening the instrument in the context of its forthcoming review process so as to have more granular data on whether inward FDI flows support sustainable economic activities and greenfield investments; is of the opinion that outward FDI flows should also be monitored, so as to better identify the activities supported by these flows;
Amendment 4 #
Motion for a resolution Recital B B. whereas the EU is the world’s largest destination and source of inbound and outbound international investments; whereas they contribute to EU growth and job creation;
Amendment 40 #
Motion for a resolution Paragraph 2 f (new) 2f. Notes that some recent IIAs have a strong focus on market access and investment liberalisation; stresses that while European investors can benefit from these agreements, investment liberalisation can also affect the ability of States and third countries to regulate foreign investments in their jurisdiction; urges the Commission to strictly protect EU and Member State policy space on energy, agriculture, fisheries, audio- visual, telecommunication and digital issues, as well as public services, when liberalising investments; stresses that liberalising investments without safeguards can lead to an increase in speculative short-term investments that can increase economic instability, especially in developing countries;
Amendment 41 #
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 also financial instruments that can be held for purely speculative purposes or for the extraction of rent; calls on the Commission to restrict the scope of what is considered to be an ‘investment’ to investments that substantially commit capital and other resources over a minimum number of years, which seriously assess the risks and which effectively contribute to the development of the host country; stresses that this concept should not include rights attached to portfolio investments, shares, loans, bonds, public debt instruments or debt securities;
Amendment 42 #
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 also financial instruments that can be held for purely speculative purposes or for the extraction of rent; considers that such financial instruments which can be withdrawn at any time do not require long-term protection, and calls on the Commission to narrow the definition of investment accordingly;
Amendment 43 #
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 also financial instruments
Amendment 44 #
Motion for a resolution Paragraph 3 3. Points out that the definition of investment as codified in EU IIAs
Amendment 45 #
Motion for a resolution Paragraph 3 3. Points out that the definition of investment as codified in EU IIAs
Amendment 46 #
Motion for a resolution Paragraph 3 a (new) 3a. Underlines that greater transparency and tighter controls on arbitration have been introduced with the ICS, including the creation of a permanent tribunal, a permanent appeal mechanism, a code of conduct and improved substantive provisions, such as reiterating the right to regulate, improving transparency and preventing arbitration for loss or expectation of profits;
Amendment 47 #
Motion for a resolution Paragraph 3 a (new) 3a. Underlines that the positive impact of signing investment protection treaties as regards the attraction of foreign investments is unproven in scientific literature;
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;
Amendment 49 #
Motion for a resolution Paragraph 3 a (new) 3a. Points out that the definition of fair and equitable treatment under the current EU investment model is insufficiently precise and leaves too much room for interpretation by arbitrators, that investors can pursue governments as soon as they consider their policies to be ‘arbitrary’ or in breach of their ‘legitimate expectations’, and that governments are obliged to prove the ‘necessary’ and ‘non-discriminatory’ nature of their decisions and that they serve ‘legitimate’ purposes; calls, therefore, on the Commission not to include such terminology in its future international investment agreements;
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;
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;
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;
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).
Amendment 53 #
Motion for a resolution Paragraph 3 e (new) 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;
Amendment 55 #
Motion for a resolution Paragraph 3 g (new) 3g. Highlights that introducing innovative investment facilitation measures can contribute to achieving SDGs by helping to mobilize higher levels of investment to promote inclusive and sustainable growth and poverty reduction as it supports a longer-term presence of foreign investors in the host economy and to develop better linkages between foreign investors and local companies;
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;
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;
Amendment 58 #
Motion for a resolution Subheading -1 (new) -1 Opening new markets to all EU investors
Amendment 59 #
Motion for a resolution Subheading -1 a (new) -1a Ensuring an investment-friendly business climate
Amendment 6 #
Motion for a resolution Recital B a (new) Ba. whereas, by contributing to economic growth, job creation and integration in global value chains, foreign investment benefit host countries as well as economies in the EU;
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;
Amendment 61 #
Motion for a resolution Paragraph 4 4.
Amendment 62 #
Motion for a resolution Paragraph 4 4.
Amendment 63 #
Motion for a resolution Paragraph 4 4. Stresses that an alarming number of investment claims target environmental measures;
Amendment 64 #
Motion for a resolution Paragraph 4 a (new) 4a. Welcomes the new investment protection agreement model drawn up by the Commission; stresses that these new agreements provide better protection for the right of states to regulate so as to defend, in particular, our public services, and fundamentally reform traditional investor-state arbitration mechanisms with the establishment of a public investment court system; regrets, however, that this new approach has not produced the expected results, as no agreement which contains it has yet entered into force;
Amendment 65 #
Motion for a resolution Paragraph 4 b (new) 4b. Stresses that the EU IIAs contribute to the growth of the EU and allow European companies to benefit from uniform rules to access foreign markets;
Amendment 66 #
Motion for a resolution Paragraph 5 5.
Amendment 67 #
Motion for a resolution Paragraph 5 5. Urges the Commission to e
Amendment 68 #
Motion for a resolution Paragraph 5 5. Urges the Commission, in line with our Green Deal, to exclude investments 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 mechanisms;
Amendment 69 #
Motion for a resolution Paragraph 5 5. Urges the Commission to e
Amendment 7 #
Motion for a resolution Recital D D. whereas around 1 500 bilateral investment treaties ratified by the Member States before the Lisbon Treaty and including the old method of investor-state dispute settlement are still in place, including the Energy Charter Treaty;
Amendment 70 #
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’); is concerned that as a result, policy decision making might be delayed, watered down, or that more public funds may be spent on compensating the fossil fuel sector than would otherwise be the case, making it more costly and thus more difficult for States to undertake energy transition measures, representing an overall subsidy provided by taxpayers to the fossil fuel sector; stresses that while the right to regulate of States is acknowledged, it does not prevent them from having to comply with obligations established in IIAs, nor does it preclude compensation claims following the exercising of that right;
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;
Amendment 72 #
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
Amendment 73 #
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’); calls on the Commission to follow the same line as in recent trade IIA and to clarify the right of the government to prioritise legitimate public policy objectives, even if it may affect the profit expectations of an investor;
Amendment 74 #
Motion for a resolution Paragraph 6 a (new) 6a. Points out that investments, especially in mining, oil and gas extraction, logging, tourism and agribusiness operations can have far- reaching impacts on local communities, including Indigenous Peoples; notes that in numerous investor–state arbitrations, businesses have challenged actions that States claimed to have taken to address local concerns or unrest about a project’s impact;
Amendment 75 #
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
Amendment 76 #
Motion for a resolution Paragraph 7 7. Stresses that IIAs do not contain investor obligations
Amendment 77 #
Motion for a resolution Paragraph 7 7.
Amendment 78 #
Motion for a resolution Paragraph 7 a (new) 7a. Stresses that EU and Member State IIAs must ensure full compatibility with the provisions of forthcoming instruments on sustainable corporate governance, forced labour and deforestation in order to advance the enforcement of investor obligations; notes that progress in these areas and the continued strengthening of EU IIA provisions should ensure that EU investors in third countries, in particular in developing countries, transparently demonstrate strategies to actively contribute to the achievement of the SDGs and the Paris goals, and are subject to accountability mechanisms, in particular by providing access to justice for victims in third countries;
Amendment 79 #
Motion for a resolution Paragraph 8 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
Amendment 80 #
Motion for a resolution Paragraph 8 8.
Amendment 81 #
Motion for a resolution Paragraph 8 8.
Amendment 82 #
Motion for a resolution Paragraph 8 8.
Amendment 83 #
Motion for a resolution Paragraph 8 8. Is concerned that recent EU IIAs still contain broad protection standards which can be used to challenge legitimate public policies; asks the Commission to only allow protection against discrimination, direct expropriation and the gross denial of justice,
Amendment 84 #
Motion for a resolution Paragraph 8 8. Is concerned that recent EU IIAs still contain broad protection standards which can be used to challenge legitimate public policies, thus risking to slow down the necessary efforts to fight climate change; asks the Commission to only allow protection against discrimination, direct expropriation and the gross denial of justice, and to ensure that foreign investors are not accorded superior rights to those enjoyed by domestic investors;
Amendment 85 #
Motion for a resolution Paragraph 8 8. Is concerned that recent EU IIAs still contain broad protection standards which can be used to challenge legitimate public policies; asks the Commission to only allow protection against discrimination, direct expropriation and the gross denial of justice, and to ensure that foreign investors are not accorded superior rights to those enjoyed by domestic investors they directly compete with;
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
Amendment 87 #
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 clauses; calls on the EU to limit the sunset clause to one year maximum in investment agreements currently being negotiated, as well as in future agreements, and to modernise existing agreements accordingly;
Amendment 88 #
Motion for a resolution Paragraph 9 9. Underlines the fact that EU IIAs negotiated after 2009 still include sunset clauses which prevent easy termination;
Amendment 89 #
Motion for a resolution Paragraph 9 9. Underlines the fact that EU IIAs negotiated after 2009 still include sunset clauses which prevent easy termination;
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;
Amendment 90 #
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 exclude or neutralise sunset clauses in investment agreements;
Amendment 91 #
Motion for a resolution Paragraph 9 9. Underlines the fact that EU IIAs negotiated after 2009 still include sunset
Amendment 92 #
Motion for a resolution Paragraph 10 10. Emphasises that under both customary international law and international human rights law, individuals are
Amendment 93 #
Motion for a resolution Paragraph 10 10. Emphasises that under both customary international law and international human rights law, individuals are required to seek redress before domestic courts before bringing international proceedings against the state for wrongful acts; regrets the fact that international investment law, by contrast, usually does not require the exhaustion of domestic remedies; calls on the Commission to incorporate in any draft reform the proposals of the United Nations Commission on International Trade Law which aim to give priority to the exhaustion of domestic remedies;
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
Amendment 95 #
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
Amendment 96 #
Motion for a resolution Paragraph 11 11. Underlines that the considerable
Amendment 97 #
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
Amendment 98 #
Motion for a resolution Paragraph 11 a (new) 11a. Underlines that the Discounted Cash Flows (DCF) methodologies generally used for calculating compensation does not represent a reliable valuation method for investments with long lifespans or with uncertain future income streams, neither for investments that are subject to risks that are difficult or impossible to quantify - such as geopolitical risks, vulnerability to technological obsolescence, nor for determining compensation for early or planning stage projects;
Amendment 99 #
Motion for a resolution Paragraph 11 b (new) 11b. Underlines that the way the jurisprudence on compensation and damages has evolved, and thereby, the use of valuation methods, represents a significant departure from well- established compensation principles and practices in national and international legal systems that provide for significantly more constrained margins of discretion for adjudication; points out that such departure confers in practice greater rights to foreign investors than to domestic ones; calls for compensation to be capped at the amount of eligible expenditures actually incurred by the investors; underlines that balancing approaches should, as appropriate, determine compensation below such cap, so as to consider contextual elements such as non-compliance with undertakings of their legal or contractual obligations or commitments;
source: 729.936
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History
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