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The First Bilateral Investment TreatiesU.S. Postwar Friendship, Commerce, and Navigation Treaties$
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Kenneth J. Vandevelde

Print publication date: 2017

Print ISBN-13: 9780190679576

Published to Oxford Scholarship Online: April 2017

DOI: 10.1093/acprof:oso/9780190679576.001.0001

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Launching the U.S. Postwar FCN Treaty Program

Launching the U.S. Postwar FCN Treaty Program

(p.57) 2 Launching the U.S. Postwar FCN Treaty Program
The First Bilateral Investment Treaties

Kenneth J. Vandevelde

Oxford University Press

At the end of World War II, the State Department revitalized its program of friendship, commerce, and navigation (FCN) treaties, which dated back to 1776. This entailed preparing, in consultation with the business community, a new standard draft treaty, the most important innovation of which was the extension of protection to companies. The first treaty concluded after the war was with China. This treaty was opposed by much of the business community, which believed that the State Department had failed to use its bargaining power to obtain sufficiently favorable provisions, especially national treatment with respect to engaging in business activities. The second treaty, with Italy, included such a right and was received favorably by the business community. A proposed treaty with the Soviet Union was abandoned after George F. Kennan argued that the Soviet Union lacked a sufficient commitment to the rule of law for the treaty to be effective.

Keywords:   standard draft treaty, protection of corporations, national treatment, China, Italy, Soviet Union, rule of law

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