Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-455-000"
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"en.20110510.60.2-455-000"2
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"We cannot expect that what has failed at the level of the World Trade Organisation (WTO) and the Organisation for Economic Cooperation and Development (OECD) – that is, bringing light into the jungle of bilateral investment agreements – will be successful at EU level. An attempt has been made at a higher level to introduce comprehensive multinational regulations for Foreign Direct Investment, or FDI, that would apply to all economic sectors. In the longer term this will probably be more likely to achieve the aim, but in reality it depends on how it is actually organised. The problem is that binding BIT arbitration judgments based on international law could entail commitments to investors by Member States that give rise to EU Treaty infringement proceedings. For this there is still no solution.
There is just as little consideration in the report of the potential negative aspects of the investment policy, for example the fear among the domestic population of job losses and wage cuts due to outsourcing and the relocation of production. Direct investments are by no means the magic bullet they are made out to be. Certain developing countries have had to learn that the hard way. For these reasons I voted against this report."@en1
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