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96<br />
“We have tried to explain how much we believe the Singapore issues, such as<br />
trade facilitation, are the key, not the hindrance, to development.”280<br />
In view of this immense significance given to the Singapore-issues by the European<br />
Commission, the BBC in the run-up to Cancún could not resist to spread the<br />
news that henceforth the focus would be on the “Brussels-issues.” 281 And especially<br />
two of these Brussels-issues are of special importance for the EU: Investment and<br />
government procurement.<br />
In this context the Commission envisions the following with respect to the investment<br />
issue:<br />
“We believe that it is in the interest of all countries to create a more stable and<br />
transparent climate for FDI world-wide. In our view, the WTO should focus on<br />
FDI, leaving aside short-term capital movements.<br />
Non-discrimination, transparency and predictability of domestic laws applicable<br />
to FDI should be the guiding principles for the investment framework<br />
that we envisage to negotiate.<br />
The admission of investors should be dealt with following a gradual approach:<br />
each government should be able to decide which sectors can be opened to<br />
foreign investors and which ones cannot, according to transparent, positive<br />
and non-discriminatory commitments.<br />
Each government should also preserve the right to regulate the economic<br />
activity within its territory, including in the fields of development, environment<br />
and social conditions.<br />
The dispute settlement mechanism should be that of the WTO. Investor-to-<br />
State arbitration does not fit in the WTO framework, and should be left to<br />
bilateral agreements.<br />
Rules on investment protection, for instance in case of expropriation, could<br />
also be discussed, if WTO Members found it useful. Any such rules, however,<br />
must not affect a host country’s right to regulate, in a non-discriminatory manner,<br />
the behavior of firms in its territory.” 282<br />
At the same time, the negotiating side for the EU, after the “failure” of Cancún,<br />
seems to have made a shift in orientation:<br />
280<br />
Speech by Commissioner Pascal Lamy to the United Nations, October 31, 2003 “IS THERE LIFE AFTER<br />
CANCUN?”.<br />
281<br />
http://www.bbc.co.uk/portuguese/economia/story/2003/09/030911_casssuca2mp.shtml.<br />
282<br />
EU: DG Trade: http://europa.eu.int/comm/trade/issues/sectoral/investment/conswtoag_inv.htm.