Poland Plans to Cancel Bilateral Investment Treaties With EU
- Treaties no longer needed as Poland is stable, minister says
- Country faces $2.3 billion in claims before arbitration courts
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Poland’s government is seeking to cancel bilateral investment agreements with other European Union members, saying such treaties drive up legal costs and are used to pile “pressure” on the Warsaw government over economic issues.
Special tools for protecting investments, used mainly during the late 1980s and 1990s when trust in Poland and it’s legal system was low, are no longer needed, according to a statement from the Treasury Ministry on Thursday. The bilateral investment treaties, known as BITs, stipulate that disputes are settled through international arbitration, not in Polish courts.