Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-09-Speech-1-196-000"
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"en.20110509.22.1-196-000"2
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"Madam President, the adoption of a common foreign investment policy which safeguards equal treatment for all European investors is a very important move. However, until such time as it is possible to conclude investment agreements at Union level, a legal vacuum – the legal uncertainty referred to by Mr Caspary – needs to be avoided and the necessary security of law must exist for European investors. I would point out that the legislation of the Member States of the Union, in conjunction with unifying legislation, provide every guarantee needed for third country investors. On the other hand, if a high level of protection is to be safeguarded for Europeans investing in third countries, the current bilateral agreements executed by individual Member States of the Union need to remain in force.
The draft resolution does not, in my opinion, safeguard the necessary security of law in any way whatsoever. I refer, in particular, to the points relating to: firstly, the Commission’s discretionary powers to withdraw the authorisation to maintain existing agreements or to approve new negotiations to amend current or execute new agreements; secondly, the provision to review the legal framework within five years; and thirdly, the extremely time-consuming procedures for executing new agreements. The amendments adopted by the Committee on International Trade are, in my view, a move in the right direction. I repeat, the objective should be to maintain existing and simplify the procedure for executing and applying new bilateral agreements."@en1
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