ACIA

The ASEAN Comprehensive Investment Agreement (ACIA) is ASEAN’s main economic instrument to realise a free and open investment regime. The ACIA, as one of the economic instruments for realising regional economic integration, aims to create a liberal, facilitative, transparent and competitive investment environment in ASEAN.

The ACIA took effect on 29 March 2012. For more information or to download the documents, please see below:

• The ACIA Guidebook for Businesses and Investors is available here.
• The ASEAN Comprehensive Investment Agreement (ACIA) is available to download here.

ACIA Introduction

The Governments of Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People’s Democratic Republic, Malaysia, the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand and the Socialist Republic of Viet Nam, Member States of the Association of Southeast Asian Nations (“ASEAN”), hereinafter collectively referred to as “Member States” or singularly as “Member State”;

RECALLING the decisions of the 39th ASEAN Economic Ministers (“AEM”) Meeting held in Makati City, Philippines on 23 August 2007 to revise the Framework Agreement on the ASEAN Investment Area signed in Makati City, Philippines on 7 October 1998 (“AIA Agreement”), as amended, into a comprehensive investment agreement which is forwardlooking, with improved features and provisions, comparable to international best practices in order to increase intraASEAN investments and to enhance ASEAN’s competitiveness in attracting inward investments into ASEAN;

RECOGNISING the different levels of development within ASEAN especially the least developed Member States which require some flexibility including special and differential treatment as ASEAN moves towards a more integrated and interdependent future;

REAFFIRMING the need to move forward from the AIA Agreement and the ASEAN Agreement for the Promotion and Protection of Investments signed in Manila, Philippines on 15 December 1987 (“ASEAN IGA”), as amended, in order to further enhance regional integration to realise the vision of the ASEAN Economic Community (“AEC”);

CONVINCED that sustained inflows of new investments and reinvestments will promote and ensure dynamic development of ASEAN economies;

RECOGNISING that a conducive investment environment will enhance freer flow of capital, goods and services, technology and human resource and overall economic and social development in ASEAN; and

DETERMINED to further intensify economic cooperation between and among Member States,

HAVE AGREED as follows: 

SECTION A

• Article 1 – Objective
• Article 2 – Guiding Principles
• Article 3 – Scope of Application
• Article 4 – Definitions
• Article 5 – National Treatment
• Article 6 – Most-Favoured-Nation Treatment
• Article 7 – Prohibition of Performance Requirements
• Article 8 – Senior Management and Board of Directors
• Article 9 – Reservations
• Article 10 – Modification of Commitments
• Article 11 – Treatment of Investment
• Article 12 – Compensation in Cases of Strife
• Article 13 – Transfers
• Article 14 – Expropriation and Compensation
• Article 15 – Subrogation
• Article 16 – Measures to Safeguard the Balance-of-Payments
• Article 17 – General Exceptions
• Article 18 – Security Exceptions
• Article 19 – Denial of Benefits
• Article 20 – Special Formalities and Disclosure of Information
• Article 21 – Transparency
• Article 22 – Entry, Temporary Stay and Work of Investors and Key Personnel
• Article 23 – Special and Differential Treatment for the Newer ASEAN Member States
• Article 24 – Promotion of Investment
• Article 25 – Facilitation of Investment
• Article 26 – Enhancing ASEAN Integration
• Article 27 – Disputes Between or Among Member States

SECTION B

• Article 28 – Definitions
• Article 29 – Scope of Coverage
• Article 30 – Conciliation
• Article 31 – Consultations
• Article 32 – Claim by an Investor of a Member State
• Article 33 – Submission of a Claim
• Article 34 – Conditions and Limitations on Submission of a Claim
• Article 35 – Selection of Arbitrators
• Article 36 – Conduct of the Arbitration
• Article 37 – Consolidation
• Article 38 – Expert Reports
• Article 39 – Transparency of Arbitral Proceedings
• Article 40 – Governing Law
• Article 41 – Awards

SECTION C

• Article 42 – Institutional Arrangements
• Article 43 – Consultations by Member States
• Article 44 – Relation to Other Agreements
• Article 45 – Annexes, Schedule and Future Instruments
• Article 46 – Amendments
• Article 47 – Transitional Arrangements Relating to the ASEAN IGA and the AIA Agreement
• Article 48 – Entry into Force
• Article 49 – Depositary
• ANNEX 1 – Approval in Writing
• ANNEX 2 – Expropriation and Compensation

ASEAN Comprehensive Investment Agreement (ACIA) and Related Documents 

1. ASEAN Investment Comprehensive Agreement (Signed 2009, entered into force 2012)

• • Reservation Lists (2012)
  • Modified Reservation Lists:

a.Brunei Darussalam (2012)

b.Indonesia (2012)

c.Lao PDR (2012)

d.Malaysia (2018)

e.Myanmar (2015)

f.Philippines (2021)

2. First Protocol to Amend the ACIA (Signed 2014. Entered into force 2014)
3. Second Protocol to Amend the ACIA (signed 2017. Entered into force 2020)
4. Third Protocol to Amend the ACIA (signed 2017. Entered into force 2020)
5. Fourth Protocol to Amend the ACIA (Signed 2020, Entered into force 2023)
6. Fifth Protocol to Amend the ACIA (Signed 2026, Not yet entered into force)

Unofficial Consolidated Text of ACIA (FOR REFERENCE ONLY)

• Unofficial Consolidated Text of the ACIA (incorporating all amendments up to Fifth Protocol to Amend the ACIA)
• Unofficial Consolidated Headnote of the ACIA (incorporating all amendments up to Fifth Protocol to Amend the ACIA)

Other Instruments

• ASEAN Investment Facilitation Framework (2021)
• ASEAN Sustainable Investment Guidelines (2026)

Investment Agreements Superseded by ACIA

1. Framework Agreement on the ASEAN Investment Area (Signed 1998, Entered into force 1999)
2. Protocol to Amend the Framework Agreement on the ASEAN Investment Area (Signed 2001, Entered into force 2006)
3. Agreement for the ASEAN Promotion and Protection of Investments or the Investment Guarantee Agreement (ASEAN IGA) (Signed 1987, Entered into force 1989)
4. Protocol to Amend the ASEAN IGA (Signed 1996, Entered into force 2005)

Information about ACIA

1. ASEAN Comprehensive Investment Agreement: An Introduction
2. ASEAN Comprehensive Investment Agreement: A Guidebook for Businesses and Investors