The international investment agreements (IIAs) are a strategic policy instrument that member countries could use to achieve win-win cooperation. Meanwhile, the extension of the Association of Southeast Asian Nations (ASEAN) membership toward the Regional Comprehensive Economic Partnership (RCEP) membership has induced the rich and deep investment agreement that challenges the ASEAN countries to take advantage. This study demonstrates the effects of investment provisions in international investment agreements on the bilateral foreign direct investment (FDI) in the RCEP economies. It also investigates the effect of ASEAN membership on investment creation and investment diversion toward the RCEP region. Using panel data on RCEP countries during the period 2009 to 2018 and a Poisson pseudo-maximum likelihood estimator, the results show that the relationship between inward FDI and investment provisions in IIAs are positive and significant. Likewise, the investment protection, facilitation, and promotion provisions in bilateral investment treaties have positive and significant effects on the inward FDI. Moreover, the findings indicate that the ASEAN membership tends to cause the investment creation toward the RCEP region; and it is a stepping stone on the road to the investment policy framework for sustainable development.

中文翻译：

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区域综合经济伙伴关系地区的国际投资协定条款和外国直接投资流量

国际投资协定（IIA）是成员国可以用来实现双赢合作的战略政策工具。同时，东南亚国家联盟（ASEAN）成员资格向区域全面经济伙伴关系（RCEP）成员资格的扩展引发了丰富而深刻的投资协议，这挑战了东盟国家利用该协议。这项研究证明了国际投资协定中的投资条款对RCEP经济体中的双边外国直接投资（FDI）的影响。它还调查了东盟成员国对投资创造和投资向RCEP地区转移的影响。利用2009年至2018年期间RCEP国家的面板数据和Poisson伪最大似然估计器，结果表明，国际投资协定中的外国直接投资与投资准备之间的关系是正向且显着的。同样，双边投资条约中的投资保护，便利和促进条款对外国直接投资也有积极而重大的影响。此外，调查结果表明，东盟成员国往往会导致对RCEP地区的投资创造。它是通往可持续发展投资政策框架之路的垫脚石。研究结果表明，东盟成员国往往会导致对RCEP地区的投资创造。它是通往可持续发展投资政策框架之路的垫脚石。调查结果表明，东盟成员国往往会导致对RCEP地区的投资创造。它是通往可持续发展投资政策框架之路的垫脚石。