Protecting Foreign Investment : The WTO and the New Global Investment Regime
, by Carlos Correa and Nagesh KumarNote: Supplemental materials are not guaranteed with Rental or Used book purchases.
- ISBN: 9781842771839 | 1842771833
- Cover: Trade Paper
- Copyright: 9/4/2004
The rich industrialized countries are insisting that the WTO not only launch a new round of world trade negotiations (formally to be decided at Cancun in September 2003), but that rules restricted to trade issues now be extended to protect foreign direct investment. Developing countries would henceforward be unable to protect their own business sectors and determine their own policies towards foreign capital. The authors explain in detail the North's determination to give overseas investments by their transnational corporations privileged protection. These initiatives have included, inter alia, the OECD's failed MAI initiative and the World Bank-sponsored Multilateral Investment Guarantee Agency. In particular, the authors focus on the WTO's General Agreement on Trade in Services (GATS) and Agreement on Trade-related Investment Measures (TRIMS). They spell out the consequences for developing countries and examine whether there is really a case for a new multilateral framework on investment within the WTO. They propose various options for developing countries in resisting what amounts to a new form of Western protectionism.