Bilateral investment treaties such as the ones the EU is negotiating with Colombia, Peru and Central America keep growing and have reached the number of 120 between EU member states.
International investment is said to be the most important path leading to economical development. Developing countries make concessions to transnational businesses allowing them to elude regulations in order for them to make more beneficial investments. But the literature proves this FDI-Foreigh Direct Investment- does not always have a positive effect on developing countries.
These treaties do not go hand-in-hand with economic development. They protect the investors over the interests of the developing countries, where investors obligations are rarely mentioned. They do not refer specifically to human rights, environmental and labour obligations.
Brazil and South Africa have reviewed their agreements concerning the impact of the BITs on sustainable development and local sovereignty to regulate.
The case of Norway and the alternative proposed by this country seems the most advanced conclusions on the agreements of BITs.