Study On Transparency Rules Of International Investment Agreements

Transparency rules have received significant attention and continue to gain importance in international,regional,and national legal regimes.More and more international investment agreements have transparency rules and the rules increasingly rich content,including intermational investment agreements concluded by China.Study on transparency rules of international investment agreements should get the appropriate attention.The history of transparency rules of international investment agreements did not last long and only part of the agreements contain clear transparency rules.Compared with transparency rules of WTO,transparency rules of international investment agreements lack systematic and different agreements have big difference.Transparency rules through content tend to be specific,unified approach to gradually improve their lack of systematic defects.Improve transparency rules of international investment agreements are important.Firstly,in the perspective of information economics,transparency rules to improve the incomplete and asymmetric information of international investment market,and promote transnational mobility of international capital efficiently.Secondly,from the point of view of international political theory,transparency rules' differences of the agreements reflect different national strength,the development of the content of transparency rules reflect changes in the international political structure,are necessary to safeguard its interests and needs of all countries.Thirdly,from rule of international law,transparency rules reflect the optimal balance of freedom,fairness and efficiency.International investment agreements include two eategories:BITs and FTAs.Content of transparency rules include transparency obligations of Parties and exceptions of transparency.Two types of agreements consistent with the provisions of the existing transparency rules where there are also differences in content.When the existing BIT between the parties has a FTA,FTA will specify solution to the conflict between rules transparency of two type's agreements,and make transparency rules harmonized.Tack the content development of U.S.Model BIT for example,the regularity of the content development of transparency rules as follows:from a single publication obligations of Parties to the notification,the specific requirements of administrative procedures and more obligations to foreign investors step by step to promote high standards of protection.However,transparency rules of international investment agreements to run at a specific international dispute settlement mechanism and the host country's domestic law there are certain obstacles.At first,transparency rules in investor-state dispute settlement mechanism have been running sluggish.Running sluggish reason is that regardless of the presence or absence of specific transparency rules of international investment agreements,the tribunal directly applicable fair and equitable treatment of agreements.However,if investors can file arbitration in accordance with the transparency rules of agreements,the tribunal should not ignore the specific transparency rules apply.Secondly,transparency rules are directly applicable in the host country also has obstacles,investors need according to relevant domestic law of the host country to protect its own access to information rights,foremost of which is the basis of national laws on freedom of information,or disclosure of information.The flaws of transparency rules of international investment agreements concluded by China are:a large amount of agreements no transparency rules;transparency rules are too simple;transparency clauses and exception clauses of transparency in different agreements have significant difference.These flaws are not beneficial to uniform implementation of China's investment policies,which need to be eliminated.Way to eliminate the flaws is to make a Transparency Rules Example of BIT,and then used to guide negotiations and conclusions of BITs and FTAs.For China-USA BIT negotiations,China should not folly accept transparency rules of U.S.Model BIT,but on the basis of safeguarding national interests and considering the needs of the United States,take targeted negotiation strategy to get better results,making it the realization of the two countries promotion of investment liberalization on the basis of national objectives essential measures and means.