Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-451-500"
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"en.20110510.60.2-451-500"2
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"I voted in favour of this document, because it is proposed that the Regulation should provide the faculty for the Commission to withhold an authorisation, to request Member States to renegotiate or terminate a Bilateral Investment Treaty (BIT), and to have the Commission’s approval for newly negotiated BITs. It also lays down conditions on how, when and what it is possible to negotiate. Following the entry into force of the Treaty of Lisbon, foreign direct investment is included in the list of matters falling under the common commercial policy. In accordance with Article 3(1)(e) of the Treaty on the Functioning of the European Union (hereinafter “the Treaty”), the Union has exclusive competence with respect to the common commercial policy. Accordingly, only the Union may legislate and adopt legally binding acts within that area. The Member States are able to do so only if empowered by the Union, in accordance with Article 2(1) of the Treaty. That relationship will develop further as the Union exercises its competence in common investment policy with the main goal of creating the best possible investment protection system for all Member States’ investors equally and equal investing conditions on third country markets. As the new investment policy will be developed in view of the transitional validity of bilateral investment agreements concluded by Member States, it should acknowledge the rights of investors whose investments fall into the scope of those agreements and should ensure their legal certainty. The Commission should take the necessary steps towards a progressive replacement of all existing agreements on investment with new agreements that should provide for the best possible level of protection."@en1
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