Asked by: Baroness Miller of Chilthorne Domer (Liberal Democrat - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the likely costs of the investor-state arbitration being brought against them by Woodhouse Investment Pte; and what assessment they have made of their exposure to further fossil fuel-linked investor-state dispute settlements in future.
Answered by Lord Stockwood - Minister of State (HM Treasury)
Investor State Dispute Settlement (ISDS) provides an independent means for investors to resolve disputes with states where they believe they have experienced arbitrary, discriminatory, or unfair treatment or expropriation without compensation.
The UK has a longstanding track record of supporting foreign investment, including through fulfilling its obligations in the international investment agreements to which it is a party and has never faced a successful ISDS claim.
The Government maintains that it has acted consistently with domestic and international law obligations in the case of the legal challenges. In view of the ongoing proceedings, it would be inappropriate for the Government to comment further at this stage.
Asked by: Baroness Miller of Chilthorne Domer (Liberal Democrat - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the effect of investor state dispute settlements on a country's ability to invest in its Sustainable Development Goals.
Answered by Baroness Gustafsson
The UK is party to 81 Bilateral Investment Treaties and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership that contain Investor-State Dispute Settlement (ISDS).
ISDS provides an independent means to resolve disputes with states where investors believe they have experienced arbitrary, discriminatory or unfair treatment or expropriation without compensation. ISDS does not remove governments’ right to regulate in the public interest, including with respect to implementation of the Sustainable Development Goals.
Asked by: Baroness Miller of Chilthorne Domer (Liberal Democrat - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what discussions they have had with the government of Columbia on removing the investor state dispute settlement provisions from any renewed bilateral investment strategy.
Answered by Baroness Gustafsson
Following the UK-Colombia Bilateral Investment Treaty’s (BIT) initial ten-year term, in accordance with the treaty’s provisions, it shall remain in force indefinitely unless it is terminated by either Party. The Government has not been formally approached by the Colombian Government regarding proposals to amend the BIT.
The Government regards the UK-Colombia BIT as playing an important role in the investment relationship between our two countries. The stock of total investment between the UK and Colombia was £6.8 billion in 2023.
Asked by: Baroness Miller of Chilthorne Domer (Liberal Democrat - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what was the outcome of their recent discussions with the government of Columbia on the future of the bilateral investment strategy which has reached the end of its initial ten year term.
Answered by Baroness Gustafsson
Following the UK-Colombia Bilateral Investment Treaty’s (BIT) initial ten-year term, in accordance with the treaty’s provisions, it shall remain in force indefinitely unless it is terminated by either Party. The Government has not been formally approached by the Colombian Government regarding proposals to amend the BIT.
The Government regards the UK-Colombia BIT as playing an important role in the investment relationship between our two countries. The stock of total investment between the UK and Colombia was £6.8 billion in 2023.