The Organisation of Islamic Cooperation (OIC) Investment Agreement is a treaty signed by member states of the OIC to promote investment and trade among Muslim countries. It aims to create a favorable environment for investment, reduce trade barriers, and strengthen economic cooperation among member states.
The treaty was signed in 1981 and has since been regularly updated to adapt to changes in the global economic landscape. The OIC Investment Agreement encourages member states to offer incentives to foreign investors, protect their intellectual property rights, and provide a stable legal framework for investment.
The OIC Investment Agreement is based on the principle of non-discrimination, which means that member states cannot discriminate against investors from other member states on the basis of nationality or any other criteria. This principle ensures that investors are treated fairly and that they have equal access to investment opportunities.
Furthermore, the OIC Investment Agreement provides for the establishment of an Investor-State Dispute Settlement mechanism. This mechanism allows investors to file complaints against member states that violate the treaty`s provisions. The dispute will be resolved through arbitration, and the decision will be binding on both parties.
The OIC Investment Agreement also seeks to promote sustainable and responsible investment practices. Member states are encouraged to implement policies that promote social and environmental responsibility in investment activities.
The organisation of Islamic cooperation also offers technical assistance and capacity-building programs to member states that need support in implementing the provisions of the treaty. These programs include training and workshops on investment promotion, investment protection, and sustainable investment practices.
In conclusion, the Organisation of Islamic Cooperation Investment Agreement is a crucial treaty that promotes investment and economic cooperation among member states. It provides a framework for fair and non-discriminatory investment practices, establishes a dispute resolution mechanism, and promotes sustainable investment practices. The OIC Investment Agreement is a valuable tool for promoting economic development and prosperity in the Muslim world.