Modern regional integration agreements (RIA) include the norms of the regulation of admission and operation of foreign investment. They di er signi cantly from each other in the form of investment liberalization, the formsof investor protection, the promotion of foreign investment, the establishment of a dispute settlement mechanism, spread on mutual investments and/or investments from non-member countries. International standards is generally recognized relevant rules of the North American Free Trade Agreement (NAFTA).
Investment regulation su ciently develops in the countries of North, Central and South America. As an example, the present article examines the investment practice and its impact on the in ow of foreign investment in the three integration blocks – NAFTA, Mercosur and the Andean Community
Widespread RIAs have stimulated a shift in the regulation of foreign investment from bilateral investment agreements to regional integration agreements. In most cases, regional agreements lead to the creation of free trade zones, covering issues on investment liberalization. The reason relates to the consolidation and harmonization investment codes, and represents a step forward to the revitalization of multilateral regulation of foreign investments. A characteristic feature of regional integration in the eld of mutual investment is holding liberalization based on eliminating or signi cantly reducing barriers to access and operation of mutual investments. In a number of agreements total investment liberalization is provided, such as in NAFTA. However, in most RIAs in Western Hemisphere partial investment liberalization bases on national treatment.
There are two most common investment regimes – the-most-favored-nations-treatment and national treatment. In addition, the integration agreements include the rules for the protection of balance of payments under the non-discrimination treatment and noti cation and compliance with the Charter of the IMF.
Regional integration agreements contain articles on protection of the rights and interests of foreign investors, taking into account the norms of international law and national investment policy.
However, RIAs in Western Hemisphere do not include some topics such as the promotion of foreign investments and attract key personnel that distinguishes their investment practice from the practice of RIAs in Asia-Paci c region.
Key words: investment regulation, regional integration agreements, Western Hemisphere, NAFTA, Mercosur, the Andean Community.
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