DOI: 10.5176/2251-3809_LRPP18.161
Authors: Muruga Perumal Ramaswamy
Abstract:
This paper aims to examine the legal framework governing foreign investment in BRICS members as host states to determine the role of legal factors in attracting foreign investment in general and in stimulating intra BRICS investment in particular. The paper first examines the role of legal factors impacting foreign investments in BRICS in two typical dimensions namely the domestic law regime governing foreign investments and the treaty regime protecting foreign investments. The paper examines the pertinent set of substantive legal measures governing foreign investments and assess the scope for treaty protection of foreign investments in BRICS member states. As treaty regimes governing foreign investment tends to be bilateral or regional, the paper specifically examines the role of bilateral investment treaties (BITs) as well as treaties with investment related provisions. The final part of the paper examines the scope of treaty protection in stimulating intra BRICS investments through an assessment of bilateral or regional investment protection obligations of individual BRICS states viz a viz other BRICS members. The paper concludes with an emphasis of the need to conduct feasibility studies for concluding an intra BRICS investment treaty or inclusion of relevant investment protection measures in any potential BRICS Free Trade Agreement.
Keywords: Legal Factors and Investment Climate, BRICS Foreign Investment Law, Treaty Obligations and BRICS, Intra-BRICS Investment.
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