152:(MDGs) call for a Global Partnership for Development. In particular, Goal 8 encourages the further development of an open, rule-based, predictable, non-discriminatory trading and financial system, which includes a commitment to good governance, development, and poverty reduction, both nationally and internationally- concepts that apply equally to the investment system. The “Monterrey Consensus” of the UN Conference on Financing for Development 2002, acknowledges that countries need to continue their efforts to achieve a transparent, stable and predictable investment climate. The UN Johannesburg Plan of Implementation of September 2002, following up on the Rio Declaration, calls for the formulation and elaboration of national strategies for
327:-friendly through formulations that safeguard policy space and limit State liability); new provisions in IIAs (e.g. to balance investor rights and responsibilities and to promote responsible investment); and the introduction of Special and Differential Treatment (SDT) (e.g. clauses for less-developed Parties to calibrate the level of obligations to the country’s level of development).
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development strategy of countries, enhance the sustainable development impact of investment and promote responsible investment. The guidelines further aim to balance maximizing sustainable development outcomes while maintaining an attractive investment climate. The national investment policy guidelines targets policy action at three levels:
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The IPFSD consists of eleven core principles which aim to guide the investment policy underlying IIAs. Flowing from these core principles, the IPFSD provides states guidelines and advice on formulating good investment policies. The IPFSD proposes clause-by-clause options for negotiators to strengthen
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The IPFSD embodies the new generation of investment policies that seeks to create a more intricate development strategy that maintains a favorable investment climate. New generation investment policies seek to give investment policy a more prominent place in development strategies. The continuous
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IPFSD has been designed with the intention of providing immediate technical assistance for the negotiation of investment agreements, while maintaining a dialog between investment policy stakeholders including the international development community, investors, business associations, labor unions,
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The IPFSD aims to translate the core principles into concrete options for policymakers with a view to addressing today’s investment challenges by providing examples of how to draft IIAs that address sustainable development by strengthening development dimensions of IIAs, balancing the rights and
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Limiting the scope of the transfer-of-funds clause by providing an exhaustive list of covered payments/transfers, including exceptions triggered by serious balance-of-payment difficulties, and stipulating that the investor's transfer rights are contingent on its compliance with the host State's
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The national investment policy guidelines translate the core principles for investment policy making into concrete guidelines at the national level, with a view to addressing specific policy changes. These guidelines are designed to ensure that investment policy is coherent with the overarching
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The IPFSD suggests, clause-by-clause, how the IPFSD's core principles can be converted into concrete provisions in an IIA. Governments can choose from these explicit policy options those that best suit their countries’ levels of development and respective policy objectives. Among others these
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IPFSD is the result of numerous consultations with experts and is intended as a platform to provide for further consultation and discussion with all investment stakeholders. The main objective of the IPFSD is to create a balance between the rights and obligations of States and investors while
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which allows investment stakeholders to post comments regarding the content of the IPFSD. The combination then, of IPFSD and the
Investment Policy Hub will enable IPFSD to remain a valuable resource for investment policy makers into the future.
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To that end, IPFSD defines eleven critical core principles. Flowing from these core principles IPFSD provides States guidelines and advice on formulating good investment policy including clause-by-clause options for negotiators to enhance the
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Formulating the fair and equitable treatment (FET) clause as an exhaustive list of State obligations (e.g. not to (i) deny justice; (ii) treat investors in a manifestly arbitrary manner; (iii) flagrantly violate due
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Including clauses designed to eliminate or make investor-state dispute settlement (ISDS) the last resort (e.g. after the investor's exhaustion of local remedies and use of
Alternative Dispute Resolution
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Including exceptions to protect human rights, health, core labour standards and the environment, along with a check-and-balance system that ensures there is enough policy space while avoiding abuse; and
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IPFSD is not a negotiated text or undertaking between States; but rather an initiative by the UNCTAD Secretariat that represents expert guidance while leaving domestic policy makers free to
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Limiting the Full
Protection and Security (FPS) clause to establish that "physical" security and protection will only commensurate with the country's level of development;
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IPFSD also offers an interactive online platform giving stakeholders the opportunity to critically assess policy guidelines and recommend any appropriate changes.
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obligations of States and investors, and managing the systematic complexity of the IIA regime. International investment policy must be addressed at three levels.
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Clarifying the distinction between legitimate regulatory activity and regulatory takings giving rise to compensation (i.e. indirect expropriations);
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To that end, in concert with IPFSD, UNCTAD has provided a platform for further consultation and discussion with all investment stakeholders—the
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Several other international instruments inspired the core principles that make up the IPFSD. They comprise, in particular, the
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relevant NGOs and interest groups. The result of these ongoing multi-stakeholder consultations will be a dynamic document.
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Narrowing the scope-and-definition clause to exclude portfolio, short-term or speculative investments from treaty coverage;
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Member States calling for sustainable economic development, an understanding that investment is a critical aspect of
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need to respond to newly emerging challenges and trends make it necessary to review and modify these guidelines.
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Offer guidance to policymakers when formulating their national and international investment policies.
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Promote a new generation of investment agreements by pursuing a broader development agenda; and
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In the face of persistent global economic and social challenges, UNCTAD's IPFSD intends to:
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include: adjustments of existing IIA provisions(e.g. making them more
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Investment Policy
Framework for Sustainable Development (IPFSD) 2012
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Investment Policy
Framework for Sustainable Development 2015
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International investment agreements (IIAs): policy options
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Agreement and the
Agreement on Government Procurement.
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Investment Policy
Framework for Sustainable Development
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Investment Policy
Framework for Sustainable Development
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Dynamic nature of IPFSD and The
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Some specific clause-level recommendations include:
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Building multilateral consensus on investment policy
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