The Pan-African Investment Code (PAIC) is the first continent-wide African model investment treaty elaborated under the auspices of the African Union. The PAIC has been drafted from the perspective of developing and least-developed countries with a view to promote sustainable development. The PAIC contains a number of Africa-specific and innovative features, which presumably makes it today a unique legal instrument. Written in a time where the international investment community is still debating the future of international investment law, this article seeks to present and contextualize this first African model investment treaty. The article highlights the most innovative features of the PAIC, such as the reformulation of traditional investment treaty provisions and the introduction of direct obligations for investors.
See Indian Model BIT (2015) art 1.4 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/3560>; Investment Cooperation and Facilitation Agreement between the Federative Republic of Brazil and the Republic of Malawi (signed 25 June 2015 not yet in force) art 2 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/4715>. However the typical ‘every kind of asset’ formulation remains the general approach see eg Comprehensive Economic and Trade Agreement between Canada of the One Part and the European Union of the other Part (signed 30 October 2016 not yet in force) art 8.1 <http://trade.ec.europa.eu/doclib/docs/2016/february/tradoc_154329.pdf> (CETA); Trans-Pacific Partnership (signed 4 February 2016 not yet in force) art 9.1 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/3573> (TPP); Draft Norwegian Model BIT (2015) art 2.2 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/3350> all accessed 17 February 2017.
See US Model BIT (2012) art 1 <https://ustr.gov/sites/default/files/BIT%20text%20for%20ACIEP%20Meeting.pdf> accessed 17 February 2017.
German Model BIT (2008) art 1.1 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/2865>; UK Model BIT (2008) art 1(a) <http://investmentpolicyhub.unctad.org/Download/TreatyFile/2847>; French Model BIT (2006) art 1.1 <www.italaw.com/documents/ModelTreatyFrance2006.pdf>; Agreement between Japan and the Islamic Republic of Iran on Reciprocal Promotion and Protection of Investment (signed 5 February 2016 not yet in force) art 1.1 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/3578>; Agreement between Japan and Ukraine for the Promotion and Protection of Investment (signed 5 February 2015 not yet in force) art 1.1 <http://investmentpolicyhub.unctad.org/Download/TreatyFile/3324> all accessed 17 February 2017 with the exception of the Agreement between Japan and the Oriental Republic of Uruguay for the Liberalization Promotion and Protection of Investment (signed 26 January 2015 not yet in force).
Nowrot (n 122)1162.
NAFTA (n 59) art1114.2; US Model BIT (n 48) art 12.