In several declarations, signed on Tuesday 15 and Wednesday 16 January, Member States undertook to terminate all bilateral intra-EU investment treaties (BITs), following the ‘Achmea’ judgement (see EUROPE 11975) in which the EU Court of Justice ruled them incompatible with EU law. A victory for the European Commission, which has repeatedly considered these treaties illegal and infringing on the rules of the single market.
As a reminder, bilateral investment treaties are...