Office of International Affairs

International Investment (ITI)

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The Office of International Investment (ITI) provides policy analysis and recommendations to senior Treasury policymakers with respect to U.S. international investment policy, including foreign investment in the United States and U.S. investment abroad and the resolution of foreign investment disputes involving U.S. investors. ITI has the lead for OPIC within Treasury and supports the Treasury OPIC Board Member. Treasury is the Secretariat for the interagency Committee on Foreign Investment in the United States (CFIUS), which reviews foreign mergers and acquisitions in the United States for national security concerns under the Exon-Florio provisions. The Director of the office chairs the CFIUS at the staff level. ITI works cooperatively with other Executive Branch departments and agencies to develop and implement U.S. international investment policy and is a key part of the U.S. negotiating team for Bilateral Investment Treaties and Free Trade Agreements (FTAs) with investment chapters. Additionally, ITI coordinates IA positions on non-trade related economic sanctions.

ITI played a key role in the negotiation of the investment provisions of the Chile , Singapore and Australia , Morocco , and the Central American Free Trade Agreements and the docking of the Dominican Republic with the Central American FTA, as well as ongoing negotiations with Panama , Thailand , and the Andean countries ( Colombia , Peru , and Ecuador ).

ITI worked with other agencies to develop the new model Bilateral Investment Treaty (BIT). The BIT program was reinvigorated in 2004 with the negotiation of a BIT with Uruguay using the new model treaty. That BIT includes a special Collective Action Provision developed by ITI to meet Uruguay 's concerns about debt restructuring. ITI will participate in BIT negotiations with Pakistan and other countries that may be added in the months ahead.

In the implementation of the Exon-Florio provisions, Treasury has sought to balance national security concerns arising from foreign investment with the objective of maintaining the U.S.'s historically open and welcoming policy toward foreign direct investment. Since 1988, the CFIUS has reviewed 1,525 filings of prospective mergers or acquisitions in the United States by foreign companies.

On sanctions policy, ITI has worked closely with other IA offices and the Office of Foreign Assets Control to ensure that the U.S. economic sanctions are multilateral not bilateral in approach and are targeted at bad actors and their colleagues rather than general populations. In particular, Treasury and ITI have opposed sanctions that would harm the openness and efficiency of U.S. capital markets.