International Investment: Co-operation with non-member economies

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As investment becomes the main driver of globalisation, sound policies towards investment are vital for world prosperity and stability, for maximising the benefits of the integration of emerging major non-OECD players into the global economy and for the development of poor countries.

The OECD Investment Committee engages in a dialogue and advances shared understanding with non-members on best policy practices and building capacities for promoting a sound environment for both foreign and domestic investment. It also advises developed countries on measures which they may take in support of non-members' reform efforts.

The mutual benefits of such co-operation are:

• more transparent and open policy frameworks for investment, thereby supporting domestic sustainable growth and a level playing field for all investors;
• more responsible business conduct by domestic companies, including those operating abroad;
• improved understanding and outcomes of international investment agreements and arbitration;
• better international investment statistics for policy making.

OECD investment co-operation with non-members is organised around three main pillars:

• Participation in the OECD Investment Committee. Ten non-members have adhered to the OECD Declaration on International Investment and Multinational Enterprises and several applications for adherence have recently been received. Held back-to-back with the Committee's autumn meeting at the OECD as from 2007, the annual OECD Global Forum on International Investment provides a multilateral platform for collaborative work on investment with the broader non-member constituency.
• Regional initiatives. Recent examples include the MENA-OECD Investment Programme and the NEPAD-OECD Africa Investment Initiative. Regional initiatives draw on the successful model developed by the OECD Investment Compact for South East Europe to ensure local ownership of a reform agenda, effective implementation of policy action priorities and continued monitoring of progress.
• Sustained dialogue with individual major players. This includes periodic peer reviews of China and Russia, and emerging dialogue with India.

Partnerships with other international organisations support OECD investment co-operation with non-members. Investment is included in the Joint Statement of Priorities for OECD-World Bank Co-operation signed in 2006. UNCTAD is an official sponsor of the OECD Global Forum on International Investment. In addition to UNCTAD, the World Bank, IMF and WTO also have observer status in the OECD Investment Committee. The OECD Investment Committee benefits from inputs by and regularly consults with the  Business and Industry Advisory Committee (BIAC), the Trade Union Advisory Committee (TUAC) and non-governmental organisations.

Our annual reports on Investment for Development bring together a record of the main achievements and make available to a wider audience some of the background analytical work developed under the aegis of the OECD Investment Committee within its investment policy work programme with non-member economies each year.