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Estonia · Law · SE

218

Bilateral investment agreements between European Union member states Act on Ratification of Termination Agreement

avaldatud riigiteatajasEstonia· Riigikogu· ET

Introduced

18 June 2020

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AVALDATUD_RIIGITEATAJAS

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Source updated

17 November 2020

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Summary

The purpose of the Agreement on Termination of BITs between EU Member States is to terminate BITs within the EU in a coordinated manner. There are approximately 300 bilateral investment treaties in force between EU member states. The purpose of the agreements at the time they were concluded was to promote investment by providing mutual guarantees against political risks that could adversely affect investment. Such investment treaties were intended to strengthen investor protection, using, for example, expropriation compensation or procedures for settling investment disputes. After joining the EU, Member States' need for such additional guarantees has disappeared, as all Member States are subject to the same EU Single Market rules, including those regarding cross-border investments. The case law of the European Court of Justice according to the agreement, the possibility of recourse to arbitration is not in line with EU law. The agreement terminates 8 of the 12 intra-EU investment protection agreements concluded by Estonia. These are with Spain, the Netherlands, Greece, Latvia, Lithuania, France, Germany and the Belgium-Luxembourg Economic Union. The contract with Finland and Sweden will be terminated bilaterally. Austria has also stated that it would like to have investment protection with member states with which Austria has valid contracts, enter into bilateral termination agreements. At the moment, it is not definitively clear what will happen to the investment promotion and protection agreement between the Government of the Republic of Estonia and the Government of the United Kingdom of Great Britain and Northern Ireland. This will become clear during the process of the UK exiting the EU.

Machine translation from Estonian. The official text remains authoritative.

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