Abstract
This paper considers whether there should be an international investment code and, if so, whether it should be a regional code for the Asia Pacific Economic Cooperation (APEC) countries or a multilateral code. The APEC Eminent Persons Group recommended to APEC in October 1993 that there should be an Asia—Pacific Investment Code to regulate direct foreign investment in the region. On the other hand, there is already substantial regulation of international investment at the bilateral, regional and multilateral levels and other proposals for increased regulation are under consideration in the OECD and other fora. This paper argues that, in the long term, a Code under the World Trade Organisation would have the advantages of greater country coverage, links to other investment-related provisions of the WTO and greater enforceability. In the interim, APEC can develop and promote the principles of transparency and non-discrimination in the treatment of foreign direct investments.
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