CHAPTER 4

International investment issues and Australia's international investment position

One of the Government's principal trade objectives is to capture the benefits of trade liberalisation and international investment for Australia by pursuing a multi-faceted trade policy of progressing complementary multilateral, regional and bilateral partnerships.

The Foreign Investment Policy Division is responsible for international investment policy issues in multilateral forums, such as the Organisation for Economic Cooperation and Development (OECD) and the World Trade Organisation (WTO), in regional forums such as Asia-Pacific Economic Cooperation (APEC), and bilaterally through free trade agreements, investment protection and promotion agreements and other bilateral partnerships.

The capacity to invest in foreign economies is increasingly becoming as important to global growth as the capacity to trade. According to the United Nations³, there are 65,000 transnationals corporations, with approximately 850,000 foreign affiliates across the globe. Sales by foreign affiliates in 2001, of almost US$19 trillion, were more than twice as high as world exports, while they were roughly equal in 1990.

Accordingly, bilateral free trade agreements (and to some extent multilateral agreements) now perform a larger role than just the removal of trade barriers. They are an instrument to promote two-way investment and to define investment parameters.

Over the past two decades, continued structural change within a maturing Australian economy has not only affected the trade mix, but has significantly changed the pattern and direction of investment flows including foreign direct investment (FDI). It is important not to focus on any one year's figures, but the trend over the five years to 30 June 2002 shows the flows of Australian direct investment abroad have increased by 173 per cent, from $7.4 billion in 1997-98 to $20.3 billion in 2001-02.

Interestingly, on 30 June 2001, the stock of Australian direct investment in the US (Australia's single largest source of inward FDI) was $95 billion, some $32 billion more than the stock of US direct investment in Australia on the same date. Overall, as at 30 June 2000 (on the basis of the most recent figures available from the OECD), Australia was the seventh largest importer of FDI among OECD countries and the twelfth largest exporter of FDI.

Australia, therefore, has a significant stake in the negotiations of international investment agreements, not only as a net importer of capital, but also as an important, and growing, source of capital for other economies.

Multilateral investment issues

In the multilateral context, substantially more Divisional resources are devoted to OECD matters than other multilateral forums. This is principally because the Division represents Australia in two OECD committees, the Committee on International Investment and Multinational Enterprises (CIME) and the Committee on Capital Movements and Invisible Transactions (CMIT).

The Executive Member of the FIRB is also the Australian National Contact Point for the OECD Guidelines for Multinational Enterprises (the Guidelines) and is responsible for the administration and promotion of these Guidelines in Australia.

In contrast to its involvement in OECD work, the Division is not directly responsible for the Government's involvement in trade related forums like the WTO and APEC. The Department of Foreign Affairs and Trade (DFAT) has primary responsibility for Australia's involvement in these forums. The Division provides expert advice and briefings on foreign investment matters to DFAT.

OECD matters

CIME

CIME is the reporting post for national contact points on their activities in relation to the OECD Guidelines for Multinational Enterprises (the Guidelines) and CIME oversees member countries' adherence to the declaration on international investment and multinational enterprises.

CIME meetings are held quarterly with one annual roundtable discussion on a specific issue under the Guidelines. The 2002 roundtable was on the issue of supply chains.

CIME undertook an extensive research program during the period, focusing on overarching issues of FDI for development. This work has paved the way for future work in the area including the development of a policy checklist for the development and use of FDI incentives.

CMIT

OECD Member countries have committed themselves to maintaining and expanding the freedom for international capital movements and current invisible operations under the legally binding OECD Codes of Liberalisation.

During 2001-02, CMIT developed a user's guide to the codes of liberalisation. During the period it also considered such issues as reviewing restrictions in financial services and in the telecommunications industry.

OECD Guidelines for Multinational Enterprises

Australia is a signatory to a declaration on international investment and multinational enterprises and a number of procedural decisions made by the member countries of the OECD in June 1976. The text of the Declaration is at Appendix G along with the Guidelines and a further annex to the Declaration, the General Considerations and Practical Approaches to Conflicting Requirements Imposed on Multinational Enterprises.

The Guidelines are recommendations by governments to multinational enterprises operating in or from the 30 OECD member countries and non-member adhering countries (Argentina, Brazil, Chile, Estonia, Lithuania and Slovenia). They are a voluntary code of 'best practice' standards for responsible business conduct. The Guidelines were reviewed in June 2000.

The Australian National Contact Point's (ANCP) main activities this year have been focusing efforts to increase the general public awareness of the Guidelines and to address issues raised with the ANCP. This has involved:

• Bi-annual consultations with business, labour and other NGOs representing a wide range of interests. These sessions were held in Melbourne, Sydney and Canberra in November 2001, and in Melbourne and Canberra in April 2002. A special workshop on supply chains was also held in Melbourne in June 2002 to provide input into the OECD roundtable on supply chains in Paris later that same month.
  • On average, 25 agencies other than Treasury were represented at each of the bi-annual rounds. Of these, there were representatives from approximately two government agencies, five business, five unions, and seventeen other NGOs. The aim of these sessions was, among other things, to seek the views of these organisations on the most effective way for the ANCP to promote the Guidelines, and to involve interested and relevant community groups more effectively in that process;

• Developing a formal consultative structure for the bi-annual consultations. The aim is to provide a formal forum for business, labour, non-government organisations and the interested public to address issues under the Guidelines with the ANCP, facilitate discussion on OECD working papers, and provide ideas for, and assistance with, promotion of the Guidelines;
• Sponsoring the attendance of Serena Lillywhite, Manager for Ethical Business, Brotherhood of St Laurence, at the OECD Round Table discussion in Paris on supply chains in June 2002; and
• The presentation in June 2002 of the second annual report on Australia's NCP activities, for 2001-02, to the OECD. Details are available on the ANCP website at www.ausncp.gov.au.

One prominent theme of the consultation process has been corporate social responsibility - or Triple Bottom Line (TBL). The TBL concept seeks to broaden the focus of corporations, small and medium enterprises, government and others to include not just their contribution to economic wellbeing, but also their potential impact on environmental and social conditions.

The Guidelines include provisions encouraging greater corporate disclosure. The importance of this provision has been highlighted by recent high profile Australian and US corporate collapses.

The ANCP also engaged parties in a discussion on FDI for development, an issue to which the OECD is devoting considerable resources.

No specific instance complaints have been raised with the ANCP in the past 12 months.

Recent developments

The ANCP is upgrading its website in response to comments made in the April round of consultation to grant participants greater access to OECD documents and to allow interested parties to register their interest and, as necessary, to update their contact details.

The ANCP has developed a paper which outlines the formal structure of the ANCP, together with clarifying how it will deal with complaints, details on how parties can lodge complaints and answers to frequently asked questions. This documentation is available on the ANCP website.

The ANCP is continuing to develop its work in promoting the Guidelines and, in particular, in ensuring that the Australian business sector is actively engaged in this process.

World Trade Organisation (WTO)

Australia also pursues its interests in relation to international investment through involvement in the WTO Working Group on the Relationship between Trade and Investment (Working Group). The Working Group was formed following the Uruguay Round at the WTO Ministerial Conference in Singapore in 1996 and its mandate was extended indefinitely in 1998. At the WTO Ministerial Meeting in Doha in November 2001, Ministers agreed to launch, subject to explicit consensus, multilateral rules for trade and investment after the Fifth Ministerial Conference to be held in Cancun, Mexico in September 2003. Negotiations on a multilateral framework for investment would be part of the 'single undertaking' underpinning the entire round of negotiations covered by the Doha Development Agenda by 1 January 2005.

The Division provides expert advice and briefings to the Department of Foreign Affairs and Trade, which represents Australia at Working Group meetings. The agenda for 2002 involved four meetings covering seven key areas, as identified in the Doha Declaration, viz, scope and definition; transparency; non-discrimination; modalities for pre-establishment commitments; development provisions; balance of payments safeguards; and settlement of disputes between members. Agenda items include the transfer and diffusion of technology and technical assistance to developing countries, as well as technical definitional and scope issues. The objective for the two meetings of the Working Group currently scheduled for 2003 will be to complete any unfinished discussions on the seven elements identified in the Doha Declaration, explore other issues that Members wish to pursue, and reach agreement on modalities of negotiation, which will be presented to Trade Ministers at the Ministerial Conference.

Asia-Pacific Economic Cooperation (APEC)

Australia continues to participate actively in the work of APEC, including in relation to foreign investment. Australia's main investment interest in APEC is to encourage APEC members to enhance the environment for investment liberalisation in their economies and to improve transparency. This is done through Individual Action Plans (IAPs), peer reviews and collective action through the work of the Investment Experts Group (IEG).

During 2001-02, the Division revised and updated the Investment Chapter of Australia's annual IAP. This Chapter describes the investment environment and policies of APEC member economies, and is intended to give a clear view of progress in achieving the announced Bogor goal of free and open trade and investment between APEC member economies. Australia's IAP for 2001-02 included information on liberalisation of Australia's foreign investment policy and investment related measures which have occurred in the past twelve months, as well as those which have been implemented since the base year of 1996. Copies of APEC IAPs are available on the APEC website at www.apecsec.org.sg.

Australia agreed to be the subject of peer review in 2002 along with Canada and Thailand. This involves reporting on Australia's progress in achieving trade and investment liberalisation as set out in its IAP. It also involves Australia responding to questions addressed to it by other APEC member economies and the APEC Secretariat. The Division was responsible for all investment related questions.

The Division provided technical assistance to other areas of Treasury and to DFAT regarding attendance at meetings of the IEG.

Bilateral investment issues

Investment Promotion and Protection Agreements (IPPAs)

Australia's bilateral IPPAs provide a clear set of obligations relating to the promotion and protection of investments of the signatory parties. By promoting confidence in the regulatory environment relating to foreign investment, IPPAs have the potential to enhance investment flows between Australia and other countries. IPPAs apply post-establishment, that is Australia's sovereign right to admit investments (either through acquisitions or new businesses) is unaffected by the provisions of such agreements.

A model IPPA text has been developed to provide the basis on which these agreements can be negotiated. The IPPAs provide 'most favoured nation' commitments relating to the treatment of foreign investment, give undertakings about expropriation/nationalisation (including the nature of compensation for such acts) and establish mechanisms for resolving disputes over investment matters.

To date, Australia has signed IPPAs with Argentina, Chile, the Czech Republic, Hong Kong, Hungary, India, Indonesia, Laos, Lithuania, Pakistan, Papua New Guinea, the People's Republic of China, Peru, the Philippines, Poland, Romania, and Vietnam. Agreements with Egypt, Sri Lanka, the United Arab Emirates and Uruguay have been signed but are not yet in force. Australia recently completed IPPA negotiations with Mexico and Turkey with an intention to sign the agreements in coming months. Australia is currently negotiating IPPAs with a number of countries, including Thailand and Russia.

Other agreements involving investment

Australia - Singapore Free Trade Agreement

Australia concluded a Free Trade Agreement (FTA) with Singapore in October 2002. The Singapore-Australia FTA (SAFTA) is Australia's first FTA since the conclusion of the Australia-New Zealand Closer Economic Relations Agreement nearly twenty years ago. The SAFTA reflects a trend in recent years towards bilateral negotiations where the key objectives are the further liberalisation of trade in goods, services and investment between two countries.

DFAT has primary responsibility for negotiating FTAs and the Division contributes expert advice on international investment issues. In addition to eliminating tariffs on goods, SAFTA establishes a more open, predictable and transparent framework for bilateral trade and investment across a wide range of areas. These include trade in services, investment, telecoms regulation, competition policy, government procurement, technical standards, intellectual property, electronic commerce and customs procedures.

SAFTA will improve the environment for Australian investment in Singapore. Australian investors will receive national treatment placing them on a par with domestic investors except in areas specifically exempted. In the event that investors from another country are offered more favourable terms by Singapore under another agreement, Singapore has agreed to consider offering Australian investors treatment no less favourable than under this other agreement. Australian investors will also enjoy greater transparency in relation to investment restrictions in Singapore's government-linked companies. They will enjoy protection against expropriation and will be entitled to compensation should expropriation or other loss occur. The agreement was concluded using the 'negative list' approach for scheduling exceptions to general principles. No changes are required to Australia's foreign investment screening processes, nor to current restrictions on foreign ownership controls, for example, on institutions such as Telstra and Qantas.

Australia - New Zealand Closer Economic Relations

The Closer Economic Relations Agreement between Australia and New Zealand entered into force in 1983. The objectives of CER are to expand free trade by eliminating barriers to trade and promoting fair competition. The agreement assisted in building up momentum for trade liberalisation. By 1990, five years ahead of schedule, all tariffs and quantitative restrictions had been removed from trans-Tasman goods trade.

Australia and New Zealand continue to enjoy a close relationship with high levels of investment flowing between the two countries. In 1999 The Joint Prime Ministerial Taskforce on Australia New Zealand Bilateral Economic Relations (ANZBER) was established to address a number of issues including impediments to trans-Tasman investment. The review resulted in significant liberalisations to the investment regimes of Australia and New Zealand. Both countries have now met liberalisation commitments made in relation to investment under ANZBER.

In 2003, both countries will recognise the 20th anniversary of the CER Agreement. Australia aims to continue to build on the considerable achievements already made to simplify laws and regulations that affect trans-Tasman business. There are no practical impediments to trans-Tasman investment, ongoing flows of new investment are high, and neither of our respective screening bodies has declined an investment proposal from the other country in the last ten years.

Australia - US Free Trade Agreement

The United States has announced its intention to begin negotiating a FTA with Australia. It is expected that the first negotiating round will take place soon after the required 90 day notification period to US Congress has elapsed, possibly in March 2003.

Both countries have indicated their intention to negotiate a comprehensive agreement covering manufacturing, agriculture and services, and the US administration has indicated its interest in discussing a number of issues relating to Australia's foreign investment policy. Negotiations will present parties with major challenges. However, it is expected that a FTA will bring substantial benefits to the Australian economy. It is also intended that a FTA will enable Australia and the United States to provide momentum to the current World Trade Organisation Doha Round of negotiations which remain Australia's highest trade policy priority.

With regard to foreign investment policy, the Government considers that Australia's existing arrangements are liberal and transparent and allow the Government to respond to genuine community concerns while welcoming worthwhile investment.

Australia - Thailand Closer Economic Relations (Free Trade)

Prime Minister Howard and Thailand's Prime Minister Thaksin announced on 30 May 2002 that Australia and Thailand would begin negotiations towards a closer economic relations free trade agreement. The Prime Ministers said that the agreement would be comprehensive in scope, covering liberalisation of trade in goods and services as well as cooperation in a broad range of areas that would encourage strengthened trade and investment linkages.

At the launch of the negotiations, the Prime Ministers noted that they expected an 'early harvest' within months, that is, a set of agreed measures that would be announced and implemented in advance of the final negotiated package. A joint statement regarding the elements of an 'early harvest' was made at ministerial level on 16 November 2002 and includes an in principle agreement to accelerate negotiations on the investment promotion and protection provisions of the final CER FTA agreement. The joint statement also set mid-2004 as a target for the completion of the negotiations.

The Division is involved in negotiations relating to investment matters and has attended the two rounds of discussions held to date. The current focus is on facilitation of investment between the two countries.

Australia - Japan economic partnership

On 1 May 2002, Prime Minister Howard and Japanese Prime Minister Koizumi announced jointly that the two Governments would begin consultations to explore all options for deeper economic linkages between Australia and Japan.

 

The first round of consultations was held in Tokyo on 2-3 September 2002 and the second in Canberra on 28-29 November 2002. These working group meetings are focussed largely on information sharing across a very wide range of issues relevant to both countries' trade and related policies and practices. The third, and final, working group session is scheduled for March 2003. Senior officials are expected to meet in mid-2003 to agree on the outline of a report to both Prime Ministers on next steps. Australia's objective is for the report to the Prime Ministers to lead to the conclusion of a wide-ranging trade and economic agreement between Australia and Japan.

DFAT has primary responsibility for pursuing a trade and economic agreement with Japan. However, the Division is involved in the working group meetings and has provided analysis of Japan's foreign investment regime and conducted preparatory work for consultations.

International investment position

This section summarises trends in foreign investment in Australia and Australian investment abroad using Australian Bureau of Statistics (ABS) data.

Foreign investment in Australia refers to the stock of financial assets in Australia owned by non-residents and financial transactions that increase or decrease this stock. Conversely, Australian investment abroad refers to the stock of foreign financial assets owned by Australian residents and financial transactions that increase or decrease that stock.

ABS data on Australia's international investment, which are compiled in accordance with the relevant international statistical standards promulgated by the OECD and the International Monetary Fund, are based on different criteria from those used by the Board.

There are substantial differences between the Board's statistics and ABS statistics. These include differences in coverage, concepts and timing. ABS data are a measure of the actual cross-border transactions that have occurred and the level of foreign investment held at a particular time. The Board's figures are an aggregation of the proposals submitted for approval, regardless of the source of finance used, along with the proposed associated expenditures. The limitations of the Board's data are explained in Chapter 2.

Foreign investment levels

Foreign investment has made a significant contribution to the development of Australia. It provides scope for higher rates of economic activity and employment than could be achieved from domestic levels of savings. FDI also provides access to new technology, management skills and overseas markets. According to ABS data, as at 30 June 2002, FDI accounted for 29.6 per cent of Australia's Gross Domestic Product, an increase of 0.5 per cent over the past three years.

The ABS estimated level, or stock, of foreign investment in Australia as at 30 June 2002, was $845 billion. This represented an increase of $21 billion, or 3 per cent, over the level at 30 June 2001. FDI accounted for $212 billion of this.

In comparison, the level of Australian investment abroad, as at 30 June 2002, was $459 billion. This represented a decrease of $3 billion or 1 per cent, over the level at 30 June 2001. FDI accounted for $156 billion of this.

Table 4.1 demonstrates that, while Australia's stock of inward FDI remains relatively steady (albeit still increasing), Australia's stock of outward FDI is increasing at a rapid rate. As this gap between Australia's inward and outward FDI narrows, Australia is no longer such a large net importer of capital as it has been in the past. As at 30 June 2000, Australia was the seventh largest importer of FDI among OECD countries and the twelfth largest exporter.

Table 4.1: International direct investment position in OECD countries

(click on image to enlarge)

Source: OECD/Financial Statistics Unit - based on national sources.
P Provision data.
1 Based on fiscal years ending 31 March.
.. Statistics unavailable.
Note 2001 and 2002 OECD data was not available at the time of publishing.

Foreign investment levels by country

Chart 4.1 shows the level of FDI between Australia and other major sources of FDI, namely, the US, the UK, Japan, New Zealand and Singapore for the period 30 June 1997 to 30 June 2001.

Chart 4.1: Level of foreign direct investment by country at 30 June 2001 ($billion)

Source: ABS 5352.0 International Investment Position, Australia, Supplementary Country Statistics, 2000-01 June Qtr 2002.

Interestingly, the stock of Australian direct investment in the US at 30 June 2001 was $95 billion, some $32 billion more than the stock of US direct investment in Australia on the same date. In comparison, Australian direct investment in the US on 30 June 1997 was $20 billion less than the stock of US direct investment in Australia.

The UK was the other major source of direct investment into Australia increasing by 49 per cent over the five year period from $39 billion to $58 billion.

Investment in Australia by Singapore and Japan have steadily increased over the period from $1.9 billion to $2.7 billion (46 per cent) and $15.7 billion to $17 billion (8 per cent) respectively. While the level of direct investment from New Zealand fell from $6.9 billion at 30 June 1997 to $4.9 billion at 30 June 2001.

Foreign investment flows

Foreign investment transactions involve changes in the levels of Australian foreign assets and liabilities (including the creation or extinction of foreign assets and liabilities). A current account deficit in Australia's balance of payments is balanced by a surplus on the capital and financial account, after allowing for errors and omissions. The balance on the financial account represents net financial transactions with the rest of the world, that is, the inflow of foreign investment into Australia, minus the outflow of Australian investment abroad.

International investment statistics are divided into 'direct', 'portfolio', 'financial derivatives', 'other investment' and 'reserve assets'. Under the international standards used to compile ABS foreign investment statistics, direct investment represents capital invested in an enterprise by an investor in another country which gives the investor a 'significant influence' (either potentially or actually exercised) over the key policies of the enterprise. Ownership of 10 per cent or more of the ordinary shares or voting stock of an enterprise is considered, under the ABS framework, to indicate 'significant influence' by an investor. Portfolio investment is the cross-border investment in equity and debt securities (other than direct investment). Other investment is a residual group that comprises many different kinds of investment. Reserve assets are those external financial assets available to and controlled by the Reserve Bank of Australia or the Commonwealth Treasury for use in financing payment imbalances or intervention in foreign exchange markets.

Table 4.2: Foreign investment flows ($billion)^(a)

Note: Figures may not add due to rounding.

1. In keeping with balance of payment conventions, credit entries are shown without sign and debit items are shown as negative entries. Thus, investment flows going from Australia to offshore destinations are shown as a negative.
2. Derivatives were included in Other Investments prior to 2000.
3. Other Investment includes all other investment.

Source: ABS 5302.0 Balance of Payments and International Investment Position, Australia, September Qtr 2002.

Table 4.2 provides a breakdown of the flow of foreign investment over the past five years measured by ABS statistics. Chart 4.2 provides a summary of the major trends in foreign investment flows from the same data.

Chart 4.2: Foreign investment flows

1. The net foreign investment figure has been derived from determining the difference between foreign investment in Australia and Australian investment abroad.

Source: ABS 5302.0 Balance of Payments and International Investment Position, Australia, September Qtr 2002.

 

These highlight the annual fluctuations of foreign investment flows into and out of Australia over the past five financial years.

Continued structural change within a maturing Australian economy over the past two decades has significantly changed the pattern and direction of investment flows, including direct investment. The trend over the five years to 30 June 2002 shows the flows of Australian direct investment abroad have increased by 173 per cent, from $7.4 billion invested during 1997-98 to $20.3 billion in 2001-02. Flows of FDI into Australia increased by 125 per cent, from $10.3 billion to $23.2 billion over the same period.

Flows of total investment abroad increased by 222 per cent over the five year period, from $16.6 billion to $53.3 billion at 30 June 2002. Flows of total investment in to Australia increased by 75 per cent, from $41.4 billion to $72.5 billion.

Foreign investment by sector

Over the period 30 June 2001 to 30 June 2002 (Chart 4.3), the percentage of foreign ownership of Australian equity increased for financial intermediaries but remained steady or decreased marginally for all other sectors.

Foreign ownership of financial intermediaries nec increased by 4.5 per cent, from 6.2 per cent in 2000-01 to 10.7 per cent in 2001-02. Foreign ownership of banks remained steady, while life insurance corporations, private non-financial corporations and other insurance corporations decreased by 0.1 per cent, 0.5 per cent and 0.7 per cent, respectively.

Chart 4.3: Foreign ownership of Australian equity by sector

Source: ABS 5232.0 Financial Accounts, Australia, June Qtr 2002.

Of the total equity on issue at 30 June 2002, non-residents held equity valued at $339 billion (29 per cent), while residents held equity valued at $843 billion (71 per cent). Although the proportion of equity held by non-residents has remained steady at around 29 per cent over the period 30 June 2001 to 30 June 2002, the total value of equity on issue has decreased by 2.1 per cent from $1,206 billion to $1,181 billion.

Useful references on international investment issues

Bellow is a list of useful websites and documents dealing with international investment issues.

Websites

Organisation	Address
Asia-Pacific Economic Cooperation (APEC)	www.apec.org.sg
Attorney-General's Department	www.ag.gov.au
Australian Bureau of Statistics	www.abs.gov.au
Australian Competition and Consumer Commission	www.accc.gov.au
Australian National Contact Point for the OECD Guidelines for Multinational Enterprises	www.ausncp.gov.au
Australian Prudential Regulatory Authority	www.apra.gov.au
Australian Securities and Investment Commission	www.asic.gov.au
Business and Industry Advisory Committee to the OECD	www.biac.org
Commonwealth Treasurer	www.treasurer.gov.au
Department of Foreign Affairs and Trade	www.dfat.gov.au
Department of immigration and Multicultural and Indigenous Affairs	www.immi.gov.au
Department of Treasury	www.treasury.gov.au
Foreign Investment Review Board	www.firb.gov.au
International Monetary Fund	www.imf.org
Invest Australia	www.investaustralia.gov.au
OECD Guidelines for Multinational Enterprises	www.multinationalguidelines.org/csr
Organisation for Economic Co-operation and Development (OECD)	www.oecd.org
Scale Plus (Australian law online)	www.scaleplus.law.gov.au
Trade Union Advisory Committee to the OECD	www.tuac.org
United Nations	www.un.org
World Trade Organisation (WTO)	www.wto.org

Specific documents

Document title	Available at:
Code of Liberalisation of Capital Movements	www.oecd.org
Economic Round Up (Treasury series)	www.treasury.gov.au
General Agreement on Tariffs in Trade (GATT)	www.wto.org
General Agreement on Trade in Services (GATS)	www.wto.org
Guide to the Investment Regimes of the APEC Member Economies	www.apec.org.sg
International Direct Investment Statistics Yearbook	www.oecd.org
International Investment Agreements (UNCTAD series)	www.un.org
OCED Declaration on International Investment and Multinational Enterprises	www.ausncp.gov.au
OECD Code of Liberalisation of Current Invisible Operations	www.oecd.org
OECD Guidelines for Multinational Enterprises	www.ausncp.gov.au
Treasury Annual Report	www.treasury.gov.au
World Investment Directory	www.un.org
World Investment Report	www.un.org

 

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3. United Nations, World Investment Report 2002: Transnational Corporations and Export Competitiveness - Overview. New York, September 2002.