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Dear Colleagues, It is my pleasure to share with you our most recent Issues Note on "Taking Stock of IIA Reform". There is a pressing need for systematic reform of the international investment agreements (IIAs) regime to bring it in line with today's sustainable development imperative. Today, the question is not whether or not to reform, but about the what, how and the extent of such reform. This IIA Issues Note takes stock of IIA reform efforts at the national, bilateral, regional and multilateral levels. The Note reviews experiences with the policy options presented in UNCTAD’s Roadmap for IIA Reform (as launched in the World Investment Report). It discusses the emergence of new generation investment policies, as outlined in UNCTAD's Investment Policy Framework for Sustainable Development. The preliminary stocktaking shows that efforts towards a more sustainable-development-friendly IIA regime are being undertaken at all levels of governance: · At the national level, at least 110 countries have reviewed their national and/or international investment policies. Many of those reviews resulted in the development of a new IIA model that is in line with new generation investment policymaking. · At the bilateral level, there is a clear shift in drafting practice. Recently signed IIAs contain a number of policy options for balancing the host governments' right to regulate with investment protection. · At the regional level, megaregionals or regional IIA models include reform-oriented policy options. Some inputs into megaregional negotiations break new ground with respect to IIA and investment dispute settlement reform. · At the multilateral level, a number of forums touch upon issues related to IIA reform (e.g. transparency in ISDS, business and human rights, or financing for development). UNCTAD's World Investment Forum, its Trade and Development Board and Investment Commission provide a global platform for engaging policymakers and the investment and development community at large. IIA reform is a formidable challenge. Significant progress has been made, but much remains to be done. Comprehensive reform requires a two-pronged approach: modernizing existing treaties and treaty models and formulating new ones. Only a common approach will deliver an IIA regime, in which stability, clarity and predictability help achieve the objectives of all stakeholders: effectively harnessing international investment relations for the pursuit of sustainable development. UNCTAD has been advocating for IIA reform since 2010. Based on UNCTAD’s long-standing experience with its Work Programme on IIAs, UNCTAD's World Investment Report series 2010-2015 highlighted a myriad of challenges and options for reforming various aspects of the IIA regime. UNCTAD's mandate to continue this endeavor was recently confirmed in the Addis Ababa Action Agenda (AAAA) of the Third United Nations Financing for Development Conference, July 2015. UNCTAD stands ready to continue providing the investment and development community with the necessary backstopping in this regard. The IIA Issues Note will serve as input into the deliberations at the forthcoming UNCTAD Expert Meeting on IIA Reform, scheduled for 16 March 2016 in Geneva, Switzerland (for more information write to [log in to unmask]). The meeting will allow the investment and development community to improve its knowledge of IIA reform activities around the globe, share experiences of stakeholders' approaches to IIA reform, identify lessons learned, and chart the way forward towards the IIA Conference at the 2016 World Investment Forum, scheduled for July 2016 in Nairobi, Kenya. I look forward to welcoming you on 16 March! James Zhan Director, Investment and Enterprise Team Leader, World Investment Report UNCTAD Palais des Nations, Geneva Tel: +41 22 917 5797 www.unctad.org/diae www.unctad.org/wir (World Investment Reports) http://unctad-worldinvestmentforum.org/