In recent decades, countries have concluded many regional investment agreements, although the feverish growth of bilateral investment agreements continues rapidly around the world. This growing regionalism in international investment law is a double-edged sword. On the one hand, the risks of fragmentation and inconsistency increase exponentially when a regional layer enters the already chaotic “spaghetti bowl” of investment contracts. The noble dream of a uniform and multilateralized set of investment protection standards therefore seems increasingly unattainable. On the other hand, a regional investment agreement offers a group of States the opportunity to weigh investment-related commitments and other non-investment-related priorities in a particularistic manner. This essay focuses on the ASEAN Comprehensive Investment Agreement signed in 2009 and argues that it is a region-specific agreement integrated into the broader ASEAN normative and institutional framework. Potential conflicts between ASEAN member States` investment commitments and their commitments under two other regional projects will be examined and recommendations will be made on how arbitral tribunals can manage these conflicts. 17 UNCTAD, Investment Commissions in Economic Integration Agreements, UNCTAD/ITE/IIT/2005/10 (Geneva: UNCTAD, 2006) to 31Google Scholar (`EIA Investment Commissions`), according to which, as of June 2005, there were 218 “Economic Integration Investment Agreements”, of which more than 99 per cent of all countries were parties to an EIA. 190 Namely, Paragraph 16(2) of the ICMWR, loc. cit. Note 186, which recognizes the rights of migrant workers and their families to “effective state protection against violence, bodily harm, threats and intimidation.” “As the name suggests, the CFIA is comprehensive, but more than that, it is also based on international best practices and on an equal footing with other international investment treaties in terms of scope, rights and obligations,” he said. 31 1987 Agreement on the Promotion and Protection of Investments, signed by the Ministers of The Economy on 15 December 1987, online: (“IGA”)+(“IGA”)>Google Scholar.
234 Tecmed, loc. cit. Note 206, paragraph 122. See also S.D. Myers, loc. cit. Note 204, paragraphs 215, 221, where (pursuant to NAFTA, Art. 104 para.
and (1) it was noted that Canada`s measures, even if required by its international environmental commitments, must be the least restrictive methods of achieving the level of environmental protection it has chosen, while respecting its trade and investment obligations under NAFTA. The Protocol Amending the CFIA was adopted by AMS at the 17th ASEAN Council of Investment Zones (AEM-17. AEOI Council) signed on 26 August 2014 in Nay Pyi Taw, Myanmar. It entered into force on 12 September 2016. 20 Cf. Woolcock, Stephen, “Making Multi-Level Rules Work: Trade and Investment Rules in Regional and Bilateral Agreements” in Lombaerde, Philippe de, ed., Multilateralism, Regionalism and Bilateralism in Trade and Investment: 2006 World Report on Regional Integration (Dordretcht, Netherlands: Springer, 2007) 37 at 37–39CrossRefGoogle Scholar, on the grounds that trade and investment rule-making has moved from the multilateral level (e.B.B. OECD and WTO) in the period from 1945 to the mid-1990s at the regional/bilateral level. The challenge, therefore, is to ensure that there is a positive interaction between simultaneous rule-making processes at the bilateral, plurilateral, regional and bilateral levels in order to avoid inconsistency and divergence, or what Woolcock calls “regulatory regionalism” (ibid. . . .