Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-456-500"
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"en.20110510.60.2-456-500"2
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I voted for this report on the proposal for a regulation of the European Parliament and of the Council establishing transitional arrangements for bilateral investment agreements between Member States and third countries. It is a case of applying Article 207(1) of the Treaty on the Functioning of the European Union (TFEU), which provides for the exclusive competence of the EU in matters of foreign direct investment as part of the common commercial policy. In a world of global transfers of assets and capital, and as a logical consequence of the EU’s common commercial policy, the investment policy of Member States also has to be coordinated and decided at EU level. This means that the present system embodied by a myriad of overlapping and sometimes conflicting bilateral investment treaties (BITs) of the Member States has to be replaced – in a reasonable time span – by a new framework of modern EU investment treaties consistent with cross-cutting EU policy goals. The transition to an EU investment policy, bearing in mind the risky and long-term nature of foreign direct investment, is a long and complicated process. It is extremely important to ensure a high level of legal certainty during the transition period."@en1
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