Joint Declaration on Investment Treaty Practice
Canada and Chile intend to work together on matters relating to the evolving practice of International Investment Agreements, including Investment Protection and Investor-State Dispute Settlement (ISDS), as part of the ongoing review and implementation of the Comprehensive and Progressive Agreement for Trans–Pacific Partnership (CPTPP) and the Canada-Chile Free Trade Agreement.
In this work, Canada and Chile together:
- Reaffirm the right of each Party to regulate within its territory to achieve legitimate policy objectives, such as the protection of public health, social services, education, safety, the environment, including climate change, gender equality, Indigenous Peoples' rights, responsible business conduct, or public morals; social or consumer protection; or the promotion and protection of cultural diversity;
- Recognise the strong procedural and substantive safeguards that are included in the Investment Chapter of the CPTPP and in the Canada-Chile FTA, reflecting the balance between our commitments on investment protection and a government's right to regulate to achieve legitimate policy objectives;
- Recognise the important role of the private sector, civil society and other interested groups on public policy matters relating to ISDS;
- Intend to consider evolving international practice and the evolution of ISDS including through the work carried out by multilateral international fora, such as the United Nations Commission on International Trade Law (UNCITRAL) and the Organisation for Economic Co-operation and Development (OECD), among others; and
- Intend to promote transparent conduct rules on the ethical responsibilities of arbitrators in ISDS procedures, including conflict of interest rules that prevent arbitrators from acting, for the duration of their appointment, as counsel or party appointed expert or witness in other proceedings.
Within this framework, Canada and Chile together will:
- Instruct our technical experts to discuss the possible modernization of the Investment Chapter of the Canada-Chile Free Trade Agreement.
- Promote the continued improvement of the operation of the Investment Chapter of the CPTPP within the framework of the review mechanisms of the CPTPP.
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