CYIL vol. 10 (2019)

CYIL 10 ȍ2019Ȏ

EUǧSINGAPORE INVESTMENT PROTECTION AGREEMENT IN THE LIGHT …

6. Conclusion The signature of the first Investment Protection Agreement by the EU and its Member States with Singapore is an important step in the development of the EU investment policy. Although the overall primacy belongs to CETA, the EU-Singapore IPA is the first standalone investment agreement. Its content strikes an adequate balance between the Parties’ right to regulate and protection of legitimate investments. The much-awaited CJ EU Opinion shed a positive light on the future of EU investment protection agreements. The Opinion confirmed compliance of CETA Investment Chapter with EU law due to a number of carefully drafted provisions, present in all negotiated EU investment protection agreements. Although the EU Singapore IPA content is not completely identical with the CETA, the insignificant declensions in text do not justify different interpretation of compliance with EU law. Hence the EU Singapore IPA complies with EU law as well. The favourable result of Opinion 1/17 shall facilitate the ratification process by the Member States. So far thirteen Member States have ratified CETA, however, no Member State has notified ratification of EU Singapore IPA yet 99 . CETA has been provisionally applied from September 2017, however, without investment chapter belonging to the shared competence of the Member States and the EU. EU Singapore IPA cannot be provisionally applied before the completion of ratification process in all Member States. Hence the full effect of the new EU investment policy on the economies of the EU and the Member States will be visible at a later stage.

99 Data from the Consilium website,as of 22. 9. 2019 https://www.consilium.europa.eu/en/documents-publications/ treaties-agreements/agreement/?id=2016017.

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