The Pan-African Investment Code as a Bridge to AfCFTA Investment Protocol

Abstract

Abstract A precursor to the African Continental Free Trade Area (AfCFTA) Investment Protocol, the Pan-African Investment Code (PAIC) was considered an innovative approach that attempted to resolve some of Africa’s traditional dilemmas in terms of striking the right balance between investment attraction and protection and the preservation of policy space to the sovereign. Whether PAIC got the balance right is debatable. There is no doubt, however, it provoked significant academic and policy interest since the text was made public. This chapter analyzes the approach that PAIC had taken and how it contributed to the AfCFTA Investment Protocol, which seems to have built on its key innovations and corrected some of the excesses of PAIC’s pro-state approach.