Abstract
ABSTRACT The pivotal role of science, technology, and innovation (STI) in the global economic framework has brought the Asia-Pacific region into sharp focus, given its unique blend of burgeoning and mature economies. Historically, International Investment Agreements (IIAs) were designed to protect investors, but the rapid ascendancy of STI necessitates a recalibration of these accords. This article embarks on a detailed comparative analysis of IIAs in the Asia-Pacific, exploring the nuances of STI provisions therein. While some IIAs incorporate STI considerations, a holistic integration remains noticeably lacking. The Organization for Economic Cooperation and Development provides frameworks to quantify technological capabilities, emphasizing the transition to a ‘knowledge economy’. Meanwhile, Intellectual Property Rights emerge with dual roles: fostering innovation while potentially hindering technological proliferation. The discussion delves into the necessity for IIAs, especially Bilateral Investment Treaties, and Free Trade Agreements, to fully embrace STI for maximizing global investment potential. The article's structure sequentially examines the ‘New Economy’, typologies of STI in IIAs, and the need for their incorporation, concluding with insights on the challenges and prospects of such integration.
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