Another recurring theme is the Parties’ recognition of the relationship between investment and broader ideals. One such ideal is respect for the regulatory authority and policy space of the host jurisdiction. Another is sustainable development through the protection of the environment, labour and human rights.
Some treaty preambles contain variations of the investment-labour rights linkage without any explicit reference to the concept of sustainable development. The first of these variations is the recognition by the Parties of the promotional effect of the development of economic and business ties on internationally accepted labour standards. The second is the Parties’ affirmation of the importance of a cooperative labour-management relationship in promoting investment.
In some preambles, the treaty is perceived as a mechanism for deepening cooperation between the Parties. In others, the Parties view it as being consistent with, or fulfilling, other commitments they have made under other existing international agreements or instruments.
Other less-frequently expressed ideals include:
- The important role of private enterprises operating within a free and open market.
- The prevention and combating of transnational organized crime.
- The importance of corporate social responsibility.
Figure 1 shows the extent to which these themes are reflected in the preambles of treaties in force concluded by the selected jurisdictions, based on the count of paragraphs covering each theme.
Figure 1. The Principles, Aspirations and Ideals behind Bilateral Investment Treaties
