為回應國際貿易與跨國投資快速變遷的特質，歐盟執委會為了建立一個公平及以規則為基礎的國際法律制度，並確保所有的全球參與者有一個平順的交易環境，以期發展ㄧ個歐盟與非歐盟國家相互合作的先進外國投資政策。為達到這些目標，歐盟執委會已經發展與改革外交政策方法，例如涵蓋從國際貿易、服務貿易到外國投資的新世代自由貿易協定、歐盟層級實施對進入歐盟的外國投資審查制度、倡議建立新的投資法院制度，以取代傳統的外國投資爭端仲裁機制等。雖然這些新的規定有助於改善歐盟的外國投資政策，但這些修定與改革也引發了是否符合歐盟法的許多爭議。本論文針對歐盟新世代自由貿易協定的投資保護規定、進入歐盟的外國直接投資審查架構與投資法院制度，進行深入的研究，以期探索歐盟外國投資保護的新趨勢，同時並深入探討歐盟關於外國投資職權的法律爭議。

In response to the changing nature of international trade and cross-border investment patterns, the European Commission aims to develop a progressive foreign investment policy in cooperation with both the EU and non-EU nations to establish a fair international rule-based legal order and ensure all global actors are on a level playing field. To achieve this, the European Commission has developed and reformed external policy instruments such as the new-generation Free Trade Agreements (FTAs) that include extensive coverage from international trade and services to foreign investment, an EU framework for inward foreign direct investment (FDI) screening, and an Investment Court System, designed to replace the traditional ad hoc arbitration model for investment dispute resolution. Despite their positive roles in strengthening the EU’s foreign investment policy, these changes and reforms have sparked vigorous debate on whether they are compatible with the EU law. 

To gain an insight into the main innovations brought by the EU foreign investment protection, this paper aims to provide an overview of investment protection provisions in the EU’s new-generation FTAs, the European framework to screen inward FDI, and the Investment Court System. Special attention will be devoted to examining the legal issues concerning the EU’s competences over foreign investment.

Table of contents
Chapter 1. Introduction	1
I.	Motivation and purpose 1
II.	Research methods 5
III.	Literature review 6
IV.	Research scope and limitations 12
V.	Research structure 13
Chapter 2. International Investment Protection Policy 15
I.	The emergence of investment protection policy 15
(I)	The history and origins of investment protection policy 16
(II)	Reform of investment protection 18
II.	EU’s new-generation FTA 21
III.	EU-Singapore FTA and Opinion 2/15 25
(I)	The negotiation process and scope of the agreement	25
(II)	The impact of the agreement 27
IV.	Conclusion 30
Chapter 3. EU’s Competence over the Conclusion of New-Generation FTAs in the Case of EU-Singapore and Opinion 2/15 33
I.	EU’s external competences 34
(I)	EU’s exclusive competence 35
(II)	The scope of Common Commercial Policy 36
A.	Pre-Lisbon: Opinion 1/75 36
B.	Pre-Lisbon: Opinion 1/94 37
C.	Post-Lisbon 37
(III)	EU’s implied competence	38
II.	The crux and implications of Opinion 2/15 40
(I)	A three-step test: the CJEU’s test to determine the competence for the commitments in the EU-Singapore FTA 43
(II)	Characteristics of investment 46
(III)	Definition of foreign direct investment and portfolio investment 47
(IV)	The CJEU’s opinion on investment protection 48
III.	Conclusion 51
Chapter 4. A Supranational Screening Regulation for Admission of Foreign Direct Investment 53
I.	Current issue with inward foreign investment: Chinese takeovers of EU’s advanced technology undertakings 
 54
(I)	‘Made in China 2025’ Initiative	55
(II)	Current trend of Chinese FDI in the EU 56
II.	EU’s response to current issue: an EU framework for FDI screening 59
(I)	Existing FDI screening mechanisms at the national level 59
(II)	Two FDI review mechanism examples - French and German FDI review regimes 61
(III)	Screening of foreign direct investment-an EU framework 62
III.	Conclusion 66
Chapter 5. EU’s Reform of Investor-State Dispute Settlement	69
I.	Substantive protection standards 70
(I)	Non-discrimination clauses 70
A.	National treatment 70
B.	Most favored nation treatment 71
(II)	Fair and equitable treatment 72
(III)	Free transfers of funds	72
(IV)	Protection against expropriation 72
A.	Legal expropriation 73
B.	Direct expropriation 73
C.	Indirect expropriation 74
D.	Compensation 75
II.	Current ISDS regime 75
(I)	International arbitration centers for ISDS 76
(II)	ISDS procedures	77
(III)	Criticisms of the conventional ISDS system 78
III.	EU’s reform of investment dispute resolution 79
(I)	Innovations in Investment Court System 80
(II)	The autonomy of the EU legal order 83
V.	Conclusion 85
Chapter 6. Conclusion 87
References 91

List of Figures
Figure 1. Research structure 13
Figure 2. The trend of global FDI outward stock	24
Figure 3. The timeline of EU-Singapore FTA negotiations	27
Figure 4. The tests applied the Court of Justice of the European Union to determine EU’s competences over the conclusion of EU-Singapore FTA.	45
Figure 5. FDI Transactions between the EU-28 and China (€million) 57
Figure 6. Non-EU FDI in high technology sectors and manufacturing 58
Figure 7. EU Member States with investment screening mechanisms (as of February 2019) 61
Figure 8. EU regulation for screening FDI-the information exchange framework 65

List of Tables
Table 1. Number of bilateral investment treaties concluded by EU Member States as of April 7, 2019	19
Table 2. Table of contents of EU-Singapore Free Trade Agreement 29
Table 3. Table of contents of EU-Singapore Investment Protection Agreement 29
Table 4. Competences classified by the CJEU and the Advocate General for EU-Singapore FTA 43

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.
B.	中文
洪德欽 (2012)，「 歐盟新一代自由貿易協定政策之研究」，歐美研究， 第四十二卷(第四期) ： 頁 673-752。
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