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Abstract

Investors in the United States and other countries have a significant and growing stake in overseas business operations. The U.S. government is a leading proponent of a proposed OECD agreement to protect foreign investors from “discriminatory and distorting” government practices and to assure the free flow of capital across international borders. This agreement, a proposed Multilateral Agreement on Investment (MAI), would give cross-border investors greater protections than currently provided by NAFTA and the Uruguay Round agreements. OECD negotiators have stated that one of their goals is to curtail the powers of subnational governments in ways that go beyond NAFTA and the World Trade Organization. This article's purpose is to examine the potential impact of a proposed MAI on state and local environmental policies and practices and identify actions state policy makers can take to preserve their authority to accommodate local preferences in protecting natural resources and the environment.

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A Multilateral Agreement on Investment: Would It Undermine Subnational Environmental Protection?

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