BILATERAL INVESTMENT AGREEMENTS OF GEORGIA: THREATS, CHALLENGES AND OPPORTUNITIES
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Abstract
Relevance of the topic. Bilateral investment treaties are an extremely important form of investment promotion. The purpose of signing these agreements is to deepen the economic ties between the countries. No matter how big the role of investments is in the economy, it is necessary to regulate them. It is necessary to pay more attention to the discussion of this issue from an academic point of view. Especially, taking into account the adverse experience that Georgia received from the judgments against it from international arbitrations. It is important to facilitate the legal study of various norms and protective measures for foreign investments, taking into account the agreements. Insufficient consideration of regulations and relevant norms regarding the issue, considering the development of investments, may even lead to financial responsibility. The purpose of the article. To evaluate the effectiveness of bilateral agreements. Scientific novelty of the paper. The issue is very relevant and its practical purpose is the possibility of using the obtained results in the educational process during the study of the mentioned topic, through analysis. Identifying advantages, disadvantages, as well as opportunities and threats, developing relevant recommendations in terms of effectiveness. Accepting the challenges in this field is a necessary condition. The mentioned issues have practical value and potential impact on the field and wider society. Methodology. Based on the SWOT analysis of bilateral investment agreements, their importance and socio-economic aspects are evaluated. The importance of investment agreements, foreign experience of their regulation is reviewed. As well as an innovative SWOT analysis of the concluded bilateral investment agreements. Discussion. An in-depth analysis of this issue leads to the promotion of the foreign investment regulation process. It will also give Georgia the opportunity to establish more effective approaches for attracting and protecting foreign investment capital. Conclusions. Taking into account the recommendations based on the scientific analysis proposed in the work will contribute to the improvement of the investment environment, thus raising employment and living standards, and the economic situation of Georgia.
How to Cite
##plugins.themes.bootstrap3.article.details##
investment climate, ensuring the security of foreign capital, effective use of local resources, international level, investment policy
Abuselidze, G., & Zoidze, G. (2023). Competitive Environment Problems and Challenges in the Pre-Pandemic and Post-Pandemic Society. Economic Themes, 61(3), 289–306.
Aisbett, E., Busse, M., & Nunnenkamp, P. (2018). Bilateral investment treaties as deterrents of host-country discretion: the impact of investor-state disputes on foreign direct investment in developing countries. Review of World Economics, 154, 119–155.
Aisbett, E., Busse, M., & Nunnenkamp, P. (2016). Bilateral investment treaties do work: Until they don't (No. 2021). Kiel Working Paper.
Allee, T., & Peinhardt, C. (2014). Evaluating three explanations for the design of bilateral investment treaties. World Politics, 66(1), 47–87.
Allee, T., & Peinhardt, C. (2010). Delegating differences: Bilateral investment treaties and bargaining over dispute resolution provisions. International Studies Quarterly, 54(1), 1–26.
Alschner, W., & Skougarevskiy, D. (2016). Mapping the universe of international investment agreements. Journal of international economic law, 19(3), 561–588.
Bandelj, N., & Mahutga, M. C. (2013). Structures of globalization: Evidence from the worldwide network of bilateral investment treaties (1959–2009). International Journal of Comparative Sociology, 54(2), 95–123.
Bendianishvili, N. (2023). "The role of EU countries' investments in the development of Georgia's economy".
Bickenbach, F., Liu, W. H., & Li, G. (2015). The EU-China bilateral investment agreement in negotiation: Motivation, conflicts and perspectives (No. 95). Kiel Policy Brief.
Busse, M., Königer, J., & Nunnenkamp, P. (2010). FDI promotion through bilateral investment treaties: more than a bit? Review of World Economics, 146, 147–177.
Chaisse, J., & Bellak, C. (2011). Do bilateral investment treaties promote foreign direct investment? Preliminary reflections on a new methodology. Transnational Corporations Review, 3(4), 3–10.
Colen, L., Persyn, D., & Guariso, A. (2016). Bilateral investment treaties and FDI: Does the sector matter? World Development, 83, 193–206.
Desbordes, R. (2016). A granular approach to the effects of bilateral investment treaties and regional trade investment agreements on foreign direct investment. Asian Economic Integration Report.
Egger, P., & Merlo, V. (2012). BITs bite: An anatomy of the impact of bilateral investment treaties on multinational firms. The Scandinavian Journal of Economics, 114(4), 1240–1266.
Falvey, R., & Foster‐McGregor, N. (2018). North‐South foreign direct investment and bilateral investment treaties. The World Economy, 41(1), 2–28.
Frenkel, M., & Walter, B. (2019). Do bilateral investment treaties attract foreign direct investment? The role of international dispute settlement provisions. The World Economy, 42(5), 1316–1342.
Gazzini, T. (2012). Bilateral investment treaties. In International Investment Law (pp. 99-132). Brill Nijhoff.
Grieveson, R., Holzner, M., & Vukšić, G. (2021). Regional economic cooperation in the Western Balkans: The role of stabilization and association agreements, bilateral investment treaties and free trade agreements in regional investment and trade flows. Eastern European Economics, 59(1), 3–24.
Haftel, Y. Z., & Thompson, A. (2013). Delayed ratification: The domestic fate of bilateral investment treaties. International Organization, 67(2), 355–387.
Jang, Y. J. (2011). The impact of bilateral free trade agreements on bilateral foreign direct investment among developed countries. The World Economy, 34(9), 1628–1651.
Kim, S. (2023). Protecting home: how firms’ investment plans affect the formation of bilateral investment treaties. The Review of International Organizations, 18(4), 667–692.
Kox, H. L., & Rojas‐Romagosa, H. (2020). How trade and investment agreements affect bilateral foreign direct investment: Results from a structural gravity model. The World Economy, 43(12).
Lavopa, F. M., Barreiros, L. E., & Bruno, M. V. (2013). How to kill a BIT and not die trying: Legal and political challenges of denouncing or renegotiating bilateral investment treaties. Journal of International Economic Law, 16(4), 869–891.
Law of Georgia on promotion and guarantees of investment activity.
Law of Georgia on State Support of Investments.
Leal-Arcas, R., Anderle, M., Santos, F., Uilenbroek, L., & Schragmann, H. (2020). The contribution of free trade agreements and bilateral investment treaties to a sustainable future. Zeitschrift für Europarechtliche Studien–ZEuS, 23(1), 3–76.
Matano, S. (2024). Scheme for utilizing investment-related treaties – The perspective of investment via a third country. Mitsui & Co. Global Strategic Studies Institute.
Otinashvili, R., Veshapidze, S., & Zoidze, G. (2023). Impact of Economic Crime on The Sustainable Development of The State. Three Seas Economic Journal, 4(1), 10–17.
Schlemmer, E. C. (2016). An overview of South Africa’s bilateral investment treaties and investment policy. ICSID Review-Foreign Investment Law Journal, 31(1), 167–193.
Schwebel, S. M. (2015). In defense of bilateral investment treaties. Arbitration International, 31(2), 181–192.
Titi, C. (2015). International investment law and the European Union: towards a new generation of international investment agreements. European Journal of International Law, 26(3), 639–661.
Tsertsvadze, G. (2013). Introduction to International Investment Law, Meridian.
UNCTAD. (2023). Trends in the Investment Treaty Regime and a Reform Toolbox for the Energy Transition. United Nations Conference on Trade and Development, IIA Issues Note No. 2.
UN Trade and Development: Investment Policy Hub. (2024). Bilateral Investment Treaties (BITs).
Vandevelde, K. J. (2010). Bilateral investment treaties: history, policy, and interpretation. Oxford University Press.
Veshapidze, S., Bakhtadze, L., Putkaradze, R., Kharitonashvili, J., Danelia, I., Lominashvili, M., & Chantladze, N. (2024). Modern international economic relations of Georgia. Smarty Publishing.
Yackee, J. W. (2010). Do bilateral investment treaties promote foreign direct investment-some hints from alternative evidence. Va. J. Int'l L., 51, 397.
Zoidze, G., & Veshapidze, S. (2022). Transformation of economic policy priorities under COVID-19. Three Seas Economic Journal, 3(2), 35–43.
Zoidze, G., & Abuselidze, G. (2021). COVID-19 pandemic and currency risk analysis in Georgia. Entrepreneurship, 9(2), 33–46.
Zoidze, G., Abuselidze, G., & Veshapidze, S. (2023). Economic Vulnerability of Small Powers. Journal of Geography, Politics and Society, 13(3), 1–12.
This work is licensed under a Creative Commons Attribution 4.0 International License.