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India is opposing an informal proposal made by the EU and Canada about a global investment pact with an investor-to-state dispute settlement (ISDS) provision at WTO.
The issue was discussed at an "informal meeting" of key WTO members, including India, China, Brazil, Japan, and Australia, in Davos last week. "We rejected it (the attempt made by the EU and Canada) completely. We want anything to do with investments to be a bilateral thing... We do not believe in making investments a subject of multilateral disputes," Commerce and Industry Minister Nirmala Sitharaman told reporters here.
The minister said she is not in favor of the "contentious" investor-to-state dispute settlement (ISDS) mechanisms, which is part of a bilateral agreement between the European Union (EU) and Canada. Under ISDS, corporates can take sovereign governments to international arbitration for resolution of disputes. Both these countries want other WTO members to agree to this mechanism and the template to resolve investor disputes at the multi-lateral level.
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