Is the EU-Canada free trade agreement setting a new standard in investor-state arbitration or eroding investor rights, asks Devika Khanna
The free trade agreement between the EU and Canada signed in Ottawa on 26 September 2014—the so-called “comprehensive economic trade agreement” (CETA)—represents a turning point in the history of Europe’s approach to investment policy, and arguably sets the standard for other investment agreements currently being (re)negotiated. The European Commission also holds it out as the “most progressive system to date” for investor-to-state dispute settlement (ISDS).
The provisions of CETA, the first agreement signed by the EU within its exclusive competence over member states’ investment policy following the Lisbon Treaty, may shed light on the likely tone of future agreements, including the anticipated trade and investment partnership (TTIP) and trans-Pacific partnership agreement (TPP) that are set to reshape global trade and investment. Similar changes are also found in the Investment Protection Chapter of the EU-Singapore Free Trade Agreement (EUSFTA) initialled in September 2013 and which is set to replace 12 bilateral investment agreements (BITs) in
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