From the 1960s, amid inadequate state ownership, failed import substitution and global pressures, Commonwealth Caribbean states ratified bilateral investment treaties (BITs) and international investment agreements (IIAs) to attract foreign direct investment (FDI). Influenced by neoliberal economics and Sir W. Arthur Lewis’s advocacy, these treaties offer foreign investors tax holidays, subsidies, and protections – often asymmetrically burdening host states while lacking investor accountability. This article examines such asymmetry through treaty protections, state practice and cases, comparing them to the African Continental Free Trade Area (AfCFTA) Investment Protocol, arguing that its best practices could rebalance Caribbean BITs/IIAs, given their shared histories of colonialism and neo-imperialism.
Rahym R. Augustin-Joseph (Sat,) studied this question.