On 24 October 2019 EU Member States reached agreement on a plurilateral treaty for the termination of intra-EU bilateral investment treaties (BITs). The agreement follows the declarations of 15 and 16 January 2019 on the legal consequences of the judgment of the Court of Justice in Achmea and on investment protection in the European Union, where member states committed to terminate their intra-EU BITs.
On 5 May 2020, 23 Member States signed the agreement for the termination of intra-EU bilateral investment treaties (“termination agreement”).
The termination agreement implements the March 2018 European Court of Justice judgment (Achmea case), where the Court found that investor-State arbitration clauses in intra-EU bilateral investment treaties (“intra-EU BITs”) are incompatible with the EU Treaties.
Signatories of the termination agreement are Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.
This agreement is subject to ratification, approval or acceptance and enter into force 30 calendar days after the date on which the Secretary-General of the Council of the European Union receives the second instrument of ratification, approval or acceptance.