TODAY

Launching of Negotiations of the Investment Agreement between the Republic of the Union of Myanmar and the European Union

Joint Statement

Nay Pyi Taw, 20 March 2014

Today, EU Commissioner for Trade Karel De Gucht and Union Minister of National Planning and Economic Development of the Republic of the Union of Myanmar, Dr.KanZaw, launched negotiations for an investment protection agreement between the European Union and Myanmar.

In recent years the Myanmar government has undertaken a number of steps to reform its economy and to increase investment by foreign firms in Myanmar.  The EU welcomes the progress made and is committed to support Myanmar in its efforts.  The EU-Myanmar Investment Protection Agreement is intended to improve the protection afforded to investors of both parties and to contribute to attracting investments to Myanmar and the EU by ensuring that they will be treated fairly and on an equal footing with other investors.

The investment agreement will include innovative elements in order to strike the right balance between the right of the parties to regulate and the need to protect investors.  The agreement will not interfere with the right of the State to pursue legitimate public policy objectives and to work for the development of the country and its people.

The agreement will allow both parties to continue to pursue their strong commitment to sustainable development in its economic, social and environmental dimensions and to the promotion of high levels of protection in these areas.  It will also promote responsible corporate conduct, in line with internationally recognised principles and guidelines.

Both parties will ensure that the dispute settlement system is transparent, that it does not encourage unsubstantiated and frivolous claims, and that arbitrators respect a code of conduct.

Both parties are committed to work swiftly towards the conclusion of a mutually beneficial investment protection agreement.