The twenty economies of the Pacific Basin Economic Council urge all governments to pursue energetically the successful conclusion of a strong Multilateral Agreement on Investment (MAI) in the OECD. A MAI that expresses high standards and liberalization of investment regimes would benefit all PBEC economies, not only those which are members of the OECD.

PBEC notes that:

Investment is as important as trade in promoting economic development and raising living standards, in some respects more so;

Foreign direct investment can be a stabilizing factor in developing economies; and

In today’s global economy, corporate investors and host economies both stand to gain from global, transparent, non-discriminatory and open investment rules that provide investors with secure environments.

At this point, only the OECD can provide a model framework for global investment rules within a reasonable time frame. All PBEC economies are reliant to some extent on foreign direct investment and, in light of the crises of this past year, acutely aware of the urgent need for policies that can promote investment and stability. The MAI represents one such set of policies and should be completed as quickly as possible.

Endorsed by the PBEC Steering Committee 05/24/98
Adopted by the PBEC Board of Directors 05/24/98