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The African Perspective: The Development of Investment Laws, the Pan-African Investment Code (PAIC), and the African Continental Free Trade Area in the “New Economic World Order”

Bilateral investment treaties (BITs) containing traditional clauses such as Most Favorite Nation (MFN), National Treatment (NT), and Free and Equitable Treatment (FET) have been used as old tools to protect Foreign Direct Investments (FDI) throughout the African continent. African states have formed different economic blocks in order to facilitate intra-Africa investment trades and FDI protection. However, investment laws in the continent remain very fragmented. In 2005, African states enacted the Pan-African Investment Code (PAIC), which did not include provisions for traditional Investor State Dispute Settlement (ISDS) but included exceptions to MFN and NT while omitting FET. The PAIC is a classic example of the African perspective in using old tools in new ways to promote more economic nationalism and sustainable development in Africa while maintaining a balance between investors’ protection and states’ sovereign right to regulate.