No Longer Friends? Remarks on post-Brexit Protection of Foreign Investments under the Trade and Cooperation Agreement

Since May 2021, the relationship between the European Union and the United Kingdom has been regulated by the Trade and Cooperation Agreement. Notwithstanding extensive provisions on trade in goods and services, IP rights, fisheries, social security, and rights of nationals established in the territory of the parties, the Agreement lacks a significant regulation of foreign investments. Standards of treatment of foreign investment operations are extremely limited and no ISDS mechanism is established by the Treaty, moving away from the long-last- ing conventional practice on the matter. This study, therefore, highlights similarities and differences of the TCA with other trade and investment agreements concluded by the EU or by the UK with third States, exploring consequences upon investors of such narrow post-Brexit regulation.