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A Critical Assessment of the MAI

In: Regulating International Business

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  • Sol Picciotto

Abstract

This chapter offers a critical analysis of the MAI, to show why a new approach is needed towards the establishment of a multilateral framework for international investment. It argues that the negotiations for a MAI at the OECD were misconceived, as became clear with the failure to reach agreement on a text for approval by the OECD Ministerial Council in May 1998, and the suspension of the negotiations in October, with the withdrawal of the French government. The draft text of the MAI was the product of the mandate given to the ‘high-level negotiating group’ in May 1995, following four years of preparatory work. The group was asked to draw up an agreement which would ‘provide a broad multilateral framework for international investment with high standards for the liberalization of investment regimes and investment protection and with effective dispute-settlement procedures’. The fundamental flaws in the resulting draft can be traced to that initial and little-noticed decision.

Suggested Citation

  • Sol Picciotto, 1999. "A Critical Assessment of the MAI," Palgrave Macmillan Books, in: Sol Picciotto & Ruth Mayne (ed.), Regulating International Business, chapter 5, pages 82-105, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27738-4_5
    DOI: 10.1007/978-1-349-27738-4_5
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