Briefings TJM's response to the OECD's public consultation on business responsibilities and investment treaties
TJM's response to the OECD's public consultation on business responsibilities and investment treaties
TJM has responded to the ongoing OECD consultation into business responsibilities and investment treaties. The submission recommends that OECD members seriously consider their approach to international investment protection. It outlines how existing agreements have not kept pace with developments in human rights and environmental protections, create a parallel legal system and offer significant benefits to investors with no corresponding obligations. It argues that vague wording has allowed for broad interpretation by tribunals without any requirement to follow case law, making the system unpredictable. Finally, it notes that there is little evidence to support the proposition that Bilateral Investment Treaties (BITs) lead to increased investment in partner countries. Given the range of alternative options that are available and the continuing rejection of ISDS by countries around the world, members must use the opportunity of the OECD review to rethink their approach.
