The Investment Protection Agreements are reciprocal treaties aimed at protecting the international investments of companies by reducing political and legal uncertainty abroad.

Their objective is to minimize political risks and provide greater legal certainty to the investor by recognizing, by the two signatory countries, certain obligations and guarantees to the investments made in both countries reciprocally. The coverage granted by the APPRI is applied to the phase of the post-establishment of the investment, once it has been carried out in accordance with the legislation of the receiving country. Agreements signed by Spain bilaterally, the Reciprocal Investment Protection and Promotion Agreements (APPRIs). Agreements signed by Spain as a member country of the EU, the Investment Protection Agreements (APIs)  and other multilateral treaties.

This protection is consolidated through a series of clauses: 

• The mandatory standards of fair and equitable treatment and national treatment, which guarantee a non-discriminatory treatment of foreign assets. Under these standards, with the exception of the privileges granted to third parties through regional economic integration processes, agreements to avoid double taxation and internal fiscal legislation, Spanish investment will be treated no less favourably than that of the local investor. Expropriation measures, or other measures whose effects are similar to expropriation, can only be adopted in a non-discriminatory manner, for reasons of public interest and through the payment of prompt, adequate and effective compensation. The ICS seeks to provide greater guarantees of transparency, independence and legitimacy in investor-state dispute resolution procedures.

  The state-of-the-art Investment Protection Agreements include provisions on transparency, Corporate Social Responsibility (CSR), human and labour rights, and environmental protection, in order to advance social rights and towards the goal of a sustainable economy.

  Finally, it should be noted that both the investment protection standards and the associated mechanisms for their compliance are undergoing an intense transformation process.

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