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CIGI Commentaries

CETA Chapter 8: The Investment Tribunal

May 2, 2016
Investor-State Arbitration Commentary Series No. 1
The investment tribunal included in the recently adopted text of the Comprehensive Economic Trade Agreement (CETA) may well be a game-changer for investor-state arbitration (ISA) in the future. But then — it may not.

Cosmic or Cosmetic Reform: Commentaries on the real and imagined potential of the CETA’s investment tribunal

Friday, April 29, 2016

CIGI’s International Law Research Program invited commentary by noted experts in the field about the promise and peril of the CETA’s new investment tribunal and whether this development will enhance or hinder global rule of law. In this series, these experts opine on the tribunal’s potential impact on the often criticized system of ISA: whether it is a significant reform, a superficial adjustment or a retrenchment. Readers will have to draw their own conclusions as to whether this is a cosmic or cosmetic reform of the system of ISA.

Is There a Future for International Monetary Cooperation?

April 25, 2016
CIGI Commentary
Economic conflict between nation-states has been a major concern throughout the past century and will continue to threaten progress for the foreseeable future. The language evolves, but the issues persist. The “beggar-thy-neighbour” policies and “competitive devaluations” that aggravated the Great Depression of the 1930s have become the “currency wars” of the twenty-first century. Defining the problem, however, is easy compared with the task of solving it. A central recurring question is whether policy makers can — and should — cooperate and try to coordinate their policies in an effort to alleviate conflicts and improve outcomes.

A Deeper Look at China’s “Going Out” Policy

March 8, 2016
There has been a great deal of anxiety about the motivations behind China’s going out policy and its possible international consequences. Many view it as an expression of China’s international ambition and a strategy that threatens the existing international order; however, that is not the whole story. An equally important but often less understood issue is the role of China’s domestic politics and political economy in shaping its new activism in foreign financial policy. Moreover, it is unclear how successful the going out policy is. The complexity of China’s going out policy was the topic for a recent round table discussion hosted by the Centre for International Governance Innovation and the Foreign Policy Institute at the School of Advanced International Studies of Johns Hopkins University in Washington, DC. Participants discussed a number of issues around two broad themes: the impact of domestic political economy on China’s foreign economic policy and the challenges for China’s external financial strategy — in particular, its One Belt, One Road initiative.

Climate Change Solidarity and Resolve: Post-Paris Strategy, Policy and Law to Translate Ambition into Action

November 27, 2015
The twenty-first session of the Conference of the Parties (COP 21) to the United Nations Framework Convention on Climate Change (UNFCCC), being held in Paris from November 30 to December 11, is expected to articulate guiding principles and set the level of global ambition around climate change. The real work, however, will come afterward, in translating general ideas into strategies, policies and laws that actually change behaviour. This will have to be done at international, transnational, national and subnational levels, using a holistic approach that integrates and supports the global Sustainable Development Goals (SDGs) adopted by the United Nations General Assembly in September of this year. This commentary outlines how senior fellows and researchers within CIGI’s ILRP will contribute to creating effective climate change strategies, policies and laws consistent with and supportive of global SDGs.

The G20 Should Elevate Gender Balance to the Top of Its Agenda

November 6, 2015
They gathered because they want to be permanent members of the United Nations Security Council. But the show of unity in New York by the leaders of Brazil, Germany, India and Japan in September stood out because it was a rare image of what geopolitical affairs should look like. The meeting of the “Group of Four” (G4) had an equal number of men and women, just as one would expect in a world where the proportion of males and females is roughly equal.

Toward A Global Investment Governance Framework: An Opportunity for the Chinese Presidency of the G20

November 5, 2015
Cross-border investment is an increasingly important part of the global economy. In the last two decades, foreign direct investment (FDI) inflow has grown from about 10 percent to 35 percent of the global GDP (see Figure 1). However, the governance of international investment remains highly fragmented and contested. Unlike international trade, which has been governed by a global framework since the end of World War II — first under the General Agreement on Tariffs and Trade (GATT) and then the World Trade Organization (WTO) — FDI has been governed by nearly 3,000 bilateral investment treaties (BITs) and over 300 other international investment agreements.

Should Climate Finance Be Integrated Into the G20 Agenda?

November 4, 2015
The Governor of the Bank of England Mark Carney recently delivered a well-received speech in London, United Kingdom, to a community of financial sector representatives emphasizing the impact that climate change could have on financial sector stability. The impact could be threefold. The first type of risk is direct — the increasing frequency of extreme weather events such as floods could have impacts on the insurance sector in particular, which will have to pay for the damage to insured property caused by these events. A second type of risk will be the liability risk for insurance firms from claims made by parties suffering damage due to climate change caused by others. If such claims are successful, they could be passed to insurance firms that would then have to pay.

Where Are the Emperor's Clothes?

November 3, 2015
At their 2014 summit in Brisbane, Australia, G20 leaders adopted the Brisbane Action Plan, which was intended to raise potential world growth by two percent over the subsequent five years. Australia’s G20 presidency worked mightily for this result, recognizing that the credibility of the G20 to deliver was being questioned by many who saw the G20 increasingly as little more than a talk shop.

Strengthening the Multilateral Institutions: A G20 Priority

November 2, 2015
The Right Honourable Paul Martin
Just as the Korean summit in 2010 was the first time the G20 leaders were hosted by an Asian country, and the 2012 Mexican summit the first time they were hosted by a Latin American nation, this year’s summit in Turkey will be the first held by a Muslim majority country, which reinforces the fact that the greatest opportunity and challenge the G20 faces with its many cultures, religions and political systems is how to make globalization work in a world of differences.
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