(c) repatriate the proceeds of compensation in the event of expropriation, liquidation or sale of all or part of the investment, including an appreciation or increase in the value of the investment capital; (b) measures affecting investments listed by Member States in accordance with Article 18; or The revised CCIA is based on the Pan-African Investment Code approved by the African Union. This framework will provide a platform for the investment chapter, which is an integral part of the Continental Free Trade Area (ACFTA). (c) the private sector is a partner and participates fully in the investments and related activities of the common market referred to in Article 151 of the COMESA T Regulation. Regardless of the strength of national laws, BITs remain the main law applicable to investment-related issues. In 2016, African countries had 853 bits (157 intra-African and 696 with the rest of the world).5 The intention of African countries to enter into BITs seems in most cases to indicate to the counterpart of the developed country that the country is open to foreign investment and intends to protect investment in their country.6 The relationship between developing and developed countries can be seen as rather one-sided than in those between two countries. Given that there is an implicit understanding – although not generally expressed – that the main objective of the agreement is to increase investment in a developing country, rather than in and by both countries. The impact of this perception has arguably hindered greater economic growth in Africa by limiting the ability of African countries to enact national laws that run counter to BITs. African governments have expressed frustration with the restrictions that BITs impose on their sovereignty. African States that enter into biTs with developed countries limit their ability to freely regulate areas that may affect investment and, in most cases, submit to the will of international arbitration bodies (as outlined below).7 (e) any other multilateral agreement aimed at promoting or protecting investment. (ii) Ensure, by 2010, that all economic INVESTMENT activities are open to COMESA investors; and 3.
Each Member State shall inform the CCIA Committee and the Enlarged Committee within 30 days of the adoption or introduction of new measures or amendments to existing measures affecting investments or its obligations under this Agreement. Africa is on the cusp of what could be a break in a decades-long cycle of poverty and economic deficits. Breaking this cycle depends on the ability of African countries to pursue policies that attract and protect foreign and intra-African investment. This policy must show investors that the rule of law is respected; whereas a fair and local settlement of disputes is possible; and that the potential profits will outweigh the risks involved. The adoption of the African Continental Free Trade Agreement (AfCFTA) was a big step in the right direction. This agreement lays a solid foundation for increasing intra-African trade in goods and services and aims to build on the collective strengths of African nations and African citizens. The comesa Common Investment Area (CCIA) Agreement is a support instrument designed to help Member States harmonise investment best practices and facilitate private sector development. One of the main programmes envisaged is to grant equal national treatment to COMESA investors and citizens of all Member States. The objective of Part I of this Agreement is to create a competitive comesa common investment area with a more liberal and transparent investment environment between Member States in order to: (a) significantly increase the free movement of comesa investments from both COMESA and non-COMESA sources; (d) the progressive removal of investment restrictions and conditions that could impede investment flows and the implementation of investment projects under COMESA.
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