Legal Research On Investment Facilitation Among BRICS Countries

In a broad sense,investment facilitation includes all measures that can.effectively facilitate investment,including the formulation and revision of laws and policies that are conducive to investment,the elimination of unnecessary barriers to investment,and the facilitation of foreign investors in all stages of their investment.The specific performance of the system is favorable for foreign investment access policy,open and transparent investment rules,foreign exchange management system convenient for foreign exchange,and fair and efficient investment dispute settlement mechanism.It is an important guarantee for the realization of investment facilitation and the smooth flow of capital in the global scope to improve domestic and foreign investment legislation,reach cooperation consensus at the multilateral and bilateral levels,and embody it in international agreements with legal force such as multilateral investment agreements(MAI)and bilateral investment agreements(BIT).In recent years,as a developing country with late development advantage,BRICs countries have increasingly become an important role in the world investment system and an important distribution center for international investment.However,at present,the total investment among BRICs countries is very low,far from giving full play to the advantages of BRICs cooperation mechanism in promoting the free flow of international capital.From the perspective of international investment law,how to make investment among BRICs countries more convenien't,promote the development of their own economy,so as to strengthen and stabilize the status of BRICs countries in the international investment system,and promote the investment facilitation issue to obtain wider recognition and support in the international community to lay the foundation for BRICs countries in investment cooperation It is also the main line of this paper to explore and research.This paper defines the relevant concepts of investment facilitation,then analyzes the legal status quo of investment facilitation among BRICs countries,and points out that at present,the legal cooperation of investment facilitation among BRICs countries has made some progress,and the agreements signed in the confirmation of currency and letter of credit and the revision and improvement of investment legislation by all countries are conducive to promoting investment facilitation among BRICs countries,but BRICs Investment facilitation among countries is still hindered at the level of international and domestic law.Then based on the text research of investment agreements and investment legislation signed between countries,it is found that within BRICs countries,not all of them have signed bits between the two countries,nor have they reached MAI on multiple levels.Investment facilitation cooperation among countries is only carried out under the non legally binding guidance document of BRICs investment facilitation outline,which lacks institutional guarantee;in addition,it is found that the BRICs countries have not signed bits between the two countries,nor have they reached Mai on multiple levels.In the three stages of foreign investors' entry,operation and exit from the host country,all countries have set up different levels of investment barriers,such as restricting the fields and industries that foreign investors can enter,restricting the proportion of Foreign Investment Holdings,strictly managing the entry and exit of foreign workers,and finally combining the factors that hinder the investment facilitation,and putting forward constructive ideas for the future investment facilitation reform of BRICs countries.China,as the leading country at the bilateral level,should urge countries to negotiate and sign investment protection agreements between the two sides,establish BRICs cooperation organizations at the multilateral level,and negotiate and sign multilateral investment protection agreements.In view of the investment barriers set up in foreign investment legislation of various countries,this paper is proposed to learn from international experience,such as adopting the management mode of "National treatment before access +Negative List",further streamlining the negative list,expanding the opening up of investment fields,reducing tax rates,improving administrative services and improving the legal construction of the free trade zone,so as to further open up the investment market among countries and promote the investment facilitation process of BRICs countries.At the end of the paper,the development of investment facilitation among BRICs countries is summarized,and it is speculated that the direct investment cooperation among BRICs countries will be further deepened with the multi-level cooperation of financial,tax,customs and other institutions,and will gradually gain more voice in the global investment governance system,promote the formulation of international investment rules,and promote the process of international investment liberalization and facilitation.