Activities of Judith SARGENTINI related to 2010/2203(INI)
Shadow opinions (1)
OPINION Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee and the Committee of the Regions: Towards a comprehensive European international investment policy
Amendments (12)
Amendment 2 #
Draft opinion
Paragraph 1
Paragraph 1
1. Is convincedConsiders that investment can have a positive impact on growth and jobs, not only in the EU but also in developing countries; supports, therefore, an EU investment policy that promotes, and helps to foster the necessary conditions for, liberal, insofar that investors actively contribute to the development goals of the host states, i.e. by supporting its local economy thanks to technology transfer and by utilising local labour and inputs; in particular, stresses that investment agreement should not limit domestic policy options of the host state to make more stringent legislation of foreign direct investmentto achieve legitimate social or environmental goals;
Amendment 6 #
Draft opinion
Paragraph 1a (new)
Paragraph 1a (new)
1a. Highlights that national treatment, i.e. foreign investors are treated at least as favourably as domestic companies, can be detrimental for the host country's economic development; stresses that a fair agreement on investment entails allowing developing countries to discriminate investment based on its contribution to development objectives;
Amendment 7 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes also that, given healthy growth rates and significant potential in many developing nations, many of which enjoy long-standing privileged relationships with Europe, the proposed improvements toPoints out that there is no guarantee that multilateral rules on investments would enhance investment flows; takes the view that while investment treaties and investment protection initiatives tend to be univocally directed at investment liberalisation and protection, an EU investment policy cshould be extremely beneficial both to the EU and to developing economiesinstead comprehend social, economic and environmental developments targets, that need to be regularly assessed and reviewed;
Amendment 9 #
Draft opinion
Paragraph 3
Paragraph 3
3. NotTakes that the investment risk is generally higher in developing countries, and that good governance is a prerequisite for strong, effective investor protectione view that an investment framework based on investors's rights without obligations does not contribute to development; Iis of the opinion that investment treaties can help improve governance and bring about the stable, secure environment to encourage investment into these countries; Considers increased investment in developing countries essential for development, as part of an approach moving towards partnership agreements that bring about the reduction of poverty in line with MDG commitmentsif they contain provisions on obligations of the home country to promote sustainable investments, transfer technology, fight corruption,... as well as obligations on the investors regarding compliance with human rights, labour rights and corporate social responsibility;
Amendment 12 #
Draft opinion
Paragraph 4
Paragraph 4
4. Is disappointed therefore that the Commission communication focuses very little on developing countries as potential investment partners; notes also that the primary concern of the Commission is to design an EU investment policy that reflects the corporate's objective of achieving maximum protection for EU investors; recalls in this respect that the Treaty on the Functioning of the EU obliges the EU to practise policy coherence for development, i.e. to "take account of the objectives of development cooperation in the policies that it implements which are likely to affect developing countries";
Amendment 13 #
Draft opinion
Paragraph 4a (new)
Paragraph 4a (new)
4a. Points out that the willingness to achieve legal certainty and maximum protection for EU investors contrasts with the approach of the Commission on Corporate Social Responsibility, whereby obligations of corporations should not be legally binding but remain on a voluntary-base through code of conduct;
Amendment 14 #
Draft opinion
Paragraph 4b (new)
Paragraph 4b (new)
4b. Warns against developing a double standard policy regarding the rights and obligations of corporations; recalls that the CSR approach has failed to tackle human rights and environmental abuses of Transnational Corporations; takes the view that corporate must be obligated to respect international and domestic law and be held accountable where they are found in breach;
Amendment 15 #
Draft opinion
Paragraph 5
Paragraph 5
5. Stresses the importance of ensuring investment treaties are consistent with all other policies affecting developing countries, notably featuring clauses on human rights, the environment, decent work, transparency and the fight against illicit capital flows; accordingly, takes the view that Bilateral Investment Treaties should not serve as blueprints for the EU's future investment treaty model; but deems that BIT should be reviewed to broaden the objectives (including sustainable development), make provisions more precise (especially regarding the definition of FDI and indirect expropriation), build in limitations (to enable control of capital movement), and add obligations for investors and home country governments;
Amendment 22 #
Draft opinion
Paragraph 7
Paragraph 7
7. Believes that EU investment policy should, particularly regarding developing countries, work to encourage foreign investment in activities and sectors with a clear and significant impact on sustainable development, in which they might otherwise not engage because of the risks involved; calls on the Commission to implement a full impact analysis of the risks involved and investment's impact on sustainable development ;
Amendment 26 #
Draft opinion
Paragraph 9
Paragraph 9
9. Urges the EU to respect developing countries' ownership of their economic strategies and cooperate with them to reach investment agreements that are mutually beneficial even if this means the use of a different model of BIT;
Amendment 30 #
Draft opinion
Paragraph 10
Paragraph 10
10. Believes developing countries would benefit greatly from having the EU as a sole interlocutor regarding investment arrangements, rather than multiple agreements with individual member states., provided that the EU investment policy strikes a right balance between the objective of investor protection with the development goals of host states; Therefore sees as vital the establishment of an appropriate deadline by which time member state bilateral treaties must be replaced by EU level agreements.
Amendment 32 #
Draft opinion
Paragraph 10a (new)
Paragraph 10a (new)