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tules. Since 1995, governments all over _ sensus-building conferences. the world have made some 600 changes in And with its far less subtle approach, the national investment legislation, 95 per cent IMF continues to use every opportunity to of which have resulted in greater liberalisa- impose MAI-like rules on countries in tion. Over the past five years, the number _ financial crisis. of bilateral investment treaties has tripled Activities on another front are likely to to reach a current grand total of 1,330 be stepped up in the coming months—a agreements involving 162 countries.*® trans-Atlantic free trade zone, including The following is an overview of the multi- full-scale investment deregulation, between faceted push for investment deregulation the EU and the US. Preparations have been that has been launched by OECD countries. _ underway for several years between the US Over and above the MAI, the EU, the Government, the European Commission United States and Japan dream of a global and corporate leaders in the Trans-Atlantic investment treaty within the WTO. Business Dialogue (TABD). In early Attempts to initiate negotiations on such a February, EU Commission Vice-President treaty—stimulated by the euphoria that fol- Brittan announced that the aim is to start lowed the GATT signing—took place in _ negotiations at the EU-US Summit in May 1995 and 1996. 1998—another path leading to the same Fierce Third World resistance to the so- goal, and with the same fundamental lack called MIA (Multilateral Investment of public consultation let alone a public Agreement) resulted in a compromise: the mandate.“ creation of a WTO working group on investment—within which the struggle _MAILOR MIA: A TWO-TRACK continues. INVESTMENT STRATEGY UNCTAD, another increasingly outspo- The year 1995 was big for investment ken proponent of deregulation, plays a cru- negotiations. Not only did MAI negotia- cial role in moving Third World countries _ tions officially begin, but the OECD minis- towards more neoliberal positions on _ terial meeting in June of that year also investment, for instance by providing con- agreed to push simultaneously for an MIA Parliament which fears that the enlarge- ment of the EU to Central and Eastern Europe—which will involve changes in legislation and future social and environ- mental policies at the EU level—are threat- ened by the MAI. These fears are mostly based on the most favoured nation and standstill clauses in the MAI. The Parliament's draft resolution on the MAT ends by calling on "the parliaments and the governments of the member states not to sign the MAT until a thorough analy- sis, accessible to the public, has been car- ried out of the impact of this agreement on legislation within the EU". The European Commission, however, is under no obliga- tion to fulfil this request. The European Parliament has demanded the right to ratify the agreement, but it remains unclear whether or not the Council of Ministers will heed this request. MAI OR MIA: A TWO-TRACK INVESTMENT STRATEGY The year 1995 was big for investment negotiations. Not only did MAI negotia- tions officially begin, but the OECD minis- terial meeting in June of that year also agreed to push simultaneously for an MIA THE INTERNATIONAL PUSH FOR INVESTMENT DEREGULATION As has already been indicated throughout this briefing, the MAT is not the only ambi- tious attempt to deregulate investment 86 = NEXUS APRIL - MAY 1998 MAIGaLomaniA! The Multilateral Agreement on Investment Continued from page 34