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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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Seeking a Multilateral Treaty on Investment

Seeking a Multilateral Treaty on Investment

The International Trade Organization

(p.111) 3 Seeking a Multilateral Treaty on Investment
The First Bilateral Investment Treaties

Kenneth J. Vandevelde

Oxford University Press

The United States sought after World War II to promote a liberal trade regime through the creation of an International Trade Organization. Developing countries wanted to include provisions on economic development, particularly on the provision of capital, thus resulting in the insertion in an early draft of provisions prohibiting unreasonable treatment of investment and calling for its just and equitable treatment. At the urging of the business community, the U.S. delegation proposed stronger provisions to protect foreign investment. These provisions encountered much opposition from capital importing countries, resulting in modifications that weakened the provisions. Delegates from the War and Navy Departments proposed a “self-judging” national security exception the invocation of which would not be subject to review of any kind, but were successfully opposed by other members of the U.S. delegation who contended that such an exception would be inconsistent with the rule of law.

Keywords:   International Trade Organization, ITO, investment provisions, unreasonable treatment, just and equitable, national security exception, self-judging, rule of law

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