1998 Framework Agreement on the ASEAN Investment Area

AIA

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Article 17 ‘Settlement of Disputes’:

“1. The Protocol on Dispute Settlement Mechanism for ASEAN shall apply in relation to any dispute arising from, or any differences between Member States concerning the interpretation or application of this Agreement or any arrangement arising therefrom.

2. If necessary, a specific dispute settlement mechanism may be established for the purpose of this Agreement which shall form an integral part of this Agreement.”

Subsequently, this is one of the ‘Covered Agreements’ pursuant to Article 1.1 of the 2004 ASEAN Protocol on Enhanced Dispute Settlement Mechanism read together with its Appendix I. The 2004 Protocol will only apply with respect to disputes that arose after its entry into force (29 November 2004).

Schedule I – Cooperation and Facilitation Programme

Schedule II – Promotion and Awareness Programme

Schedule III – Liberalisation Programme

ASEAN Secretariat Table of ASEAN Treaties/Agreements and Ratification as of October 2012

07/10/1998

29/03/2012

Article 21.1, Final Provisions: “This Agreement shall enter into force upon the deposit of instruments of ratification or acceptance by all signatory governments with the Secretary-General of ASEAN. The signatory governments undertake to deposit their instruments of ratification or acceptance within 6 months after the date of signing of this Agreement.”

2001 Protocol to Amend the Framework Agreement on the ASEAN Investment Area

This agreement was terminated upon the entry into force of the 2009 ASEAN Comprehensive Investment Agreement.

1987 Agreement Among the Governments of Brunei Darussalam, Republic of Indonesia, Malaysia, the Republic of the Philippines, the Republic of Singapore and the kingdom of Thailand for the Protection and Promotion of Investments

1996 Protocol to Amend the 1987 Agreement Among the Governments of Brunei Darussalam, Republic of Indonesia, Malaysia, the Republic of the Philippines, the Republic of Singapore and the Kingdom of Thailand for the Protection and Promotion of Investments

2014 Protocol to Amend the ASEAN Comprehensive Investment Agreement

2017 Second Protocol to Amend the ASEAN Comprehensive Investment Agreement

2017 Third Protocol to Amend the ASEAN Comprehensive Investment Agreement

2020 Fourth Protocol to Amend the ASEAN Comprehensive Investment Agreement

2021 ASEAN Investment Facilitation Framework

ASEAN accessed on 29/08/2022

This Agreement was signed by the Economic Ministers of Brunei Darussalam, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Cambodia acceded to this Agreement pursuant to the 1999 Protocol for the Accession of the Kingdom of Cambodia to ASEAN Agreements.

Note Article 12, Other Agreements:

“1. Member States affirm their existing rights and obligations under the 1987 ASEAN Agreement for the Promotion and Protection of Investments and its 1996 Protocol. In the event that this Agreement provides for better or enhanced provisions over the said Agreement and its Protocol, then such provisions of this Agreement shall prevail.

2. This Agreement or any action taken under it shall not affect the rights and obligations of the Member States under existing agreements to which they are parties.

3. Nothing in this Agreement shall affect the rights of the Member States to enter into other agreements not contrary to the principles, objectives and terms of this Agreement.”

Note Article 13, General Exceptions:

“Subject to the requirement that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination between countries where like conditions prevail, or a disguised restriction on investment flows, nothing in this Agreement shall be construed to prevent the adoption or enforcement by any Member State of measures;

a. necessary to protect national security and public morals;

b. necessary to protect human, animal or plant life or health;

c. necessary to secure compliance with laws or regulations which are not inconsistent with the provisions of this Agreement including those relating to:

i. the prevention of deceptive and fraudulent practices or to deal with the effects of a default on investment agreement.

ii. the protection of the privacy of individuals in relation to the processing and dissemination of personal data and the protection of confidentiality of individual records and accounts.

iii. safety.

d. aimed at ensuring the equitable or effective imposition or collection of direct taxes in respect of investments or investors of Member States.”

Note Article 19, Supplementary Agreements or Arrangements:

“The Schedules, Action Plans, Annexes, and any other arrangements or agreements arising under this Agreement shall form an integral part of this Agreement.”