Following the review in Part I regarding the principles, aspirations and ideals behind BITs, this note covers the objectives of BITs as specifically expressed in their preambles.
Specified Objectives
Specifically expressed objectives in the BITs of the selected jurisdictions comprise the following:
1. Investment promotion and protection.
2. Strengthening (economic) cooperation between the Parties.
3. Achieving sustainable development. This is stated either explicitly or through wording expressing the Parties’ desire or intention to achieve the objectives of the treaty in a manner consistent with standards such as the protection of health, safety, the environment, consumer protection and labour rights.
4. Utilizing economic resources and potential facilities in the area of investment.
5. Enhancing stakeholder relationships. This is usually reflected in wording expressing the Parties’ commitment to achieving certain goals, including:
- Securing a balance of rights and obligations between and among the State Parties, investors and investments.
- Strengthening the contacts between the private sector and the governments of both Parties.
- Encouraging investors’ respect for corporate social responsibilities.
Figure 1 shows the extent to which these objectives are reflected in the treaty networks of the selected jurisdictions, based on the number of paragraphs dedicated to each objective or combination of objectives.
Figure 1. The Objectives of Bilateral Investment Treaties as Specified in their Preambles
