The Emerging Foreign Investment Regime in the Americas P O L I C Y P A P E R D O C U M E N T D E P O L I T I Q U E D O C U M E N T O D E P O L ?T I C A FPP-05-01 The Emerging Foreign Investment Regime in the Americas Paul Alexander Haslam EXECUTIVE SUMMARY Despite the setbacks encountered in the negotiation of multilateral foreign investment rules at the World Trade Organization and Free Trade Area of the Americas talks, there is still a framework of rules governing investment emerging in the Americas. Although incomplete and embryonic, the emerging foreign investment regime is defined by the existing multi-layered patchwork of primarily bilateral investment agreements and investment chapters of free trade agreements. But, the shift from negotiating investment rules in a regional or multilateral forum to a predominantly bilateral one is likely to have consequences for the character of that investment regime. This paper examines the nature of this emerging foreign investment regime in the Americas. It begins by discussing the state of the global and hemispheric negotiations on investment rules, and the position of two of the hemisphere"s most important players, the United States and

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