TheAgreements on investment protection agreementsare reciprocal treaties aimed at protecting international investment corporations through the reduction of the political and legal uncertainty.

Itsobjectiveis to minimise the political risks and provide greater legal certainty the investor by the recognition by the two signatories, of certain obligations and guarantees the investments made in both countries each other. The coverage afforded by APPRI applies during post-establecimiento of investment, once it has been done in accordance with the legislation of the receiving country.

Currently, there are severaltypesagreements: Investment protection Agreements signed by Spain on a bilateral basis, the Reciprocal Promotion And protection of Investments (Pourrez). Agreements signed by Spain as a member country of the eu, the Protection of Investments (APIs) and other multilateral treaties.

This protection is being consolidated through a series ofclauses:

• Mandatory standards of fair and equitable treatment and national treatment, ensuring a non-discriminatory treatment of foreign assets. Under these standards, with the exception of the privileges granted to third parties through processes of regional economic integration, of the conventions to avoid double taxation and fiscal legislation, the spanish investment will receive treatment no less favourable than that of local investors.
• The actions of expropriation or other whose effects are similar to the expropriation may be taken only in a non-discriminatory, for reasons of public interest and through the payment of compensation prompt, adequate and effective.
• Right to free transfer of capital, profits and other payments relating to investment.
• Ensuring compliance with contractual obligations undertaken by the host state of investment with the investor.
• Mechanisms to resolve, through international arbitration, any dispute that might arise between investors and investor-state disputes.

In the case of APIs, such a dispute settlement mechanism is in line with the new approach ICS (Investment Court System). The ICS seeks to provide greater guarantees of transparency, independence and legitimacy dispute resolution procedures inversor-Estado.

Agreements on investment protection agreements of Last generation include provisions on transparency, Corporate Social Responsibility (CSR), human and labour rights, and environmental protection, in order to make progress on the social rights and towards the goal of a sustainable economy.

Finally it should be noted that, both the standards of protection of investments as mechanisms for its implementation partners, are under an intensive process of transformation. Thus, Spain participates actively in different forums of the reform debate of the arbitration system of investment, on the understanding that It should be a coherent system, predictable, fair, transparent and accessible to all companies, including smes.

Main sections:

• Agreements for reciprocal promotion and protection of Investments (APPRI)
• Protection of EU agreements
• Multilateral Agreements