MMM
YYYY
The COVID-19 Pandemic, Regional Cooperation Economic Partnership (RCEP) and the Rise of Investment Facilitation
COVID-19 大流行、区域合作经济伙伴关系 (RCEP) 和投资便利化的兴起
COVID-19パンデミック、地域協力経済連携(RCEP)および投資円滑化の台頭
COVID-19 팬데믹, 지역 협력 경제 파트너십(RCEP) 및 투자 촉진의 부상
La pandemia de COVID-19, la Asociación Económica de Cooperación Regional (RCEP) y el auge de la facilitación de inversiones
La pandémie de COVID-19, le partenariat économique de coopération régionale (RCEP) et la montée en puissance de la facilitation des investissements
Пандемия COVID-19, Экономическое партнерство регионального сотрудничества (ВРЭП) и усиление содействия инвестициям
Sufian Jusoh ¹, Intan Murnira Ramli ²
¹ Director and Professor of International Trade and Investment, Institute of Malaysian and International Studies (IKMAS), Universiti Kebangsaan Malaysia.
² Policy Fellow, Economic Research Institute for ASEAN and East Asia (ERIA), Jakarta, Indonesia.
Chinese Journal of International Law, 27 July 2021
Introduction

1. Fidler, in a recent Letter to the Journal, states that in the context of turbulent context of power and ideas, international law proved vulnerable and inadequate to support robust pandemic cooperation. Looking at the statement from the perspective of international investment law and policy framework, we tend to agree with Fidler's assertion.

2. Our assertion is that, during and post-COVID-19 pandemic, international investment policies as reflected in the domestic policies and international investment agreements (IIAs) require a bigger role of States in the investment scene, especially in facilitating both domestic and foreign investment through a more structured and effective investment facilitation. Countries around the world need to facilitate new investments especially in the medical related products and services; and to facilitate the implementation of approved investments. Investment facilitation is also important to ensure business continuity, especially those highly impacted by the COVID-19 pandemic including logistics and air services. These two sectors of service are keys to ensuring safe and efficient cross-border movement of goods including medical products and food items.

3. Investment facilitation is important, as, according to Berger, its main objective seems to be providing investors with a transparent, predictable, and efficient regulatory and administrative framework. Moreover, Novik and Crombrugghe assert that investment facilitation also relates to the improvement of government tools and services to help investors, to ensure sustainable development, capacity building, and private-public relations.

4. For many years, the neo-liberal ideology has promoted higher levels of liberalisation, allowing more private sector participation in the economy, and the reduced role of States. However, in the era of COVID-19 pandemic, the private sector and the States should work together to encourage and to facilitate domestic and foreign direct investments (FDI). IIAs have to reflect investment facilitation in the relevant provisions.

5. The recently signed Regional Cooperation Economic Partnership Agreement (RCEP) includes in its objectives the facilitation of investments. RCEP, involving 10 ASEAN Member States, Australia, China, Japan, Kore and New Zealand, forms the world's largest free trade area. Article 1.3 of RCEP states that the objectives of the agreement include progressive liberalization of trade in services and to create a liberal, facilitative and competitive investment environment in the region. The RCEP provision is consistent with the similar provisions in the ASEAN Comprehensive Investment Agreement (ACIA) 2009 and The World Trade Organisation (WTO) negotiations on the Investment Facilitation for Development, just launched in September 2020, as discussed below.

6. With the more challenging economic environment, investors expect a higher level of assistance in ensuring continuity and sustainability of their investments. However, with the changing global trend, where investors may look for new markets and new investment sectors or activities, some least developing and developed countries (LDCs) may find it hard to compete even if they do offer similar investment facilitation to investors.
Chinese Journal of International Law_1
Chinese Journal of International Law_2
Chinese Journal of International Law_3
Chinese Journal of International Law_4
Reviews and Discussions
https://www.hotpaper.io/index.html
An Annotated List of Lizards (Sauria: Squamata) Recorded from the People’s Republic of China
Mapping non-laminar proton acceleration in laser-driven target normal sheath field
{332}<113>Twinning transfer behavior and its effect on the twin shape in a beta-type Ti-23.1Nb-2.0Zr-1.0O alloy
Transformation of agriculture on the Loess Plateau of China toward green development
Code design and latency analysis of distributed matrix multiplication with straggling servers in fading channels
Perspectives and challenges for lead-free energy-storage multilayer ceramic capacitors
On the Asymptotic Stability of Wave Equations Coupled by Velocities of Anti-symmetric Type
Effects on the emission discrepancy between two-dimensional Sn-based and Pb-based perovskites
Hydrogels with Dynamically Controllable Mechanics and Biochemistry for 3D Cell Culture Platforms
Feature and Tendency of Technology Transfer in Z-Park Patent Cooperation Network: From the Perspective of Global Optimal Path
Mechanical Design and Dynamic Compliance Control of Lightweight Manipulator
Scalping or Line-sitting: The Role of Speculators



Previous Article                                Next Article
About
|
Contact
|
Copyright © Hot Paper