Dünya ekonomisinde özellikle 1990’lardan sonra uluslararası sermayehareketleri büyük bir önem kazanmıştır. Bir taraftan uluslararası sermayebirikimi çok büyük miktarlara ulaşmış, diğer taraftan yabancı sermaye hareketlerininülkeler açısından hem mikro hem de makro ekonomik tesirleriartmıştır. Bu trende paralel sûrette bir iktisadî aktör olarak “çok uluslu şirketler”doğmuş ve kuvvetlenmiştir.Ekonomik alanda gittikçe kuvvetlenen çok uluslu şirketlerin hukukî-siyasî alanda da kuvvetli olmak istemesi gâyet tabiîdir. Bu münâsebetleyeni zuhur edip kuvvetlenen çok uluslu şirketlerin hukukî-siyasî veekonomik alanda önceki dönemin hükümran aktörü durumundaki millîdevletlerle nüfuz mücâdelesine girişmesi zarurîdir. Böyle bir mücâdeledehedef çok uluslu şirketlerin hürriyet alanlarının genişletilmesidir. Bu, uluslararasısermaye hareketlerinin serbestleşmesini imâ eder.MAI taslağı uluslararası sermaye hareketlerinin mutlak derecede serbestleşmesi,yabancı sermaye önündeki tüm bariyerlerin kaldırılması hedeflenerekinşâ edilmiştir. Uluslararası sermayenin gayrı iktisadî risklereve haksız rekâbete karşı ev sahibi ülkeden korunma (garanti) istemesi tabiîdir.Ayrıca gelişmişlik seviyesi ne olursa olsun her ülkenin yabancı sermayeyeihtiyacı olduğu âşikârdır. Bununla beraber yabancı sermayenin evsahibi ülke açısından faydalı olabilmesi hususunda ülkeye hangi çerçevedegeldiği son derece önemlidir.MAI sâdece yabancı yatırımcıları korumayı hedeflemektedir. Halbu kiyabancı sermaye karşısında ev sahibi ülkenin de korunmaya ihtiyacı vardır.Uluslararası sermaye hareketleri alanında bir çerçeve aslen liberal karakterdeolmalıdır. Fakat sözkonusu tanzim; ev sahibi ülkeye de bazı haklartanıyıp tedbirler alma imkânı vermeli, kısaca yabancı yatırımcı ile ev sahibiülke arasında bir denge tesis etmelidir.MAI’nin esasları şöyle sıralanabilir: (ı) Millî muâmele prensibi, (ıı) ençok tercih edilen ülke/millet prensibi, (ııı) bir yatırımla ilgili tüm ödemelerülke içine veya dışına serbestçe transfer edilebilir (transfer serbestisi prensibi),(ıv) yabancı yatırımcıya ihracat, istihdam, teknoloji, üretim, …vs. herhangibir ekonomik şart (performans yükümlülüğü) getirememe prensibi, (v) yabancı yatırımla ilgili olarak şirketin yönetici kadrosunun ve istihdamedeceği kişilerin, bunların âilelerinin ülkeye giriş-çıkış ve ikâmetlerininserbestiyeti prensibi, (vı) ihtilâflarda milletlerarası tahkime gidilmesi prensibi,(vıı) ev sahibi ülkede yabancı yatırımcının aleyhine uygulamalarınkaldırılması ve sözkonusu yabancı yatırımcının uğradığı zararı karşılamaküzere tazminât verilmesi, (vııı) yabancı şirket yöneticilerinin veya çalışanlarınınev sahibi ülkeden veya belli bir milletten/ülkeden olması şeklindebir mecbûriyet getirilememesi, (ıx) devlet tekellerinin kaldırılması, (x) evsahibi ülke özel sektörüne açık her alanın yabancı yatırımcıların faâliyetlerinede açık olması, (xı) yabancı yatırımcı ile yerli yatırımcı arasında vergi,özelleştirme konusunda ilkinin aleyhine bir ayrımcılık yapılamaması, (xıı)ev sahibi ülkeye belli konularda geçerli olmak üzere muâfiyet ve istisnâlarkoyma hakkının tanınması.Makâlede şu temel soruların cevabı aranmaktadır: (ı) Uluslararası sermayehareketlerinin tanzim edilmesine ihtiyaç var mıdır? (ıı) Böyle birtanzim hangi karakterde olmalı, hangi esasları orjin almalıdır? (ııı) Uluslararasısermaye hareketleri alanındaki bir ideal çerçeve açısından MAItaslağı ne ölçüde uygundur? (ıv) MAI çerçevesinde gelen yabancı sermayeev sahibi ülkeye ne kazandırabilir ve ne kaybettirebilir? (v) MAI ile Türkiye’dekiuygulama arasında ortaklık ve farklılıklar nelerdir?Anahtar Kelimeler: MAI, çok taraflı anlaşma, yabancı yatırım, uluslararasısermaye, sermaye hareketleri.MAI(Multilateral Agreement on Investment)ABSTRACTInternational capital movements have become very important in theworld economy especially since 1990’s. On side international capital stokshas reached to so huge amounts, and on the other side foreign capitalmovements’s influences have increased at both micro and macro economicarea in regarded to countries. As parallel at this trend, the multinationalcorporates as an economic actor have appeared and become more powerful.It is very natural that the multinational corporations which have becomestronger want to be powerful at political-juridictional ground. Hence, it isnecessary to the multinational corporations struggle for adopting influenceagainst national states that have been dominant actors in the prior era. Thepurpose in this struggle is to expand the freedom’s field of multinationalcorporates. This object implies that the international capital flows have tobeen liberalized.MAI’s frame has been constituted in the purpose of that the internationalcapital movements become liberal exactly and all of barriers in front of them are abolished. It is very natural that the international capital wantsto be protected (garanteed) against no-economic risk and unreasonablecompetience from the host country. Adittionally, on hand it is obvius thatevery country which developped or undevelopped need foreign capital. Butin the other hand, the regulatory frame how the foreign capital inflow tothe country is very significant in respect to whether or not foreign capital isuseful for the host country.MAI has targetted protecting only foreign investor. However, the hostcountry also requires to be protected against foreign capital. On the otherside, a regulation such as this has to offer some rights and the possibilityto take precautions. In brief it has to build an equilibrium between foreigninvestor and host country.The basises of MAI can be listed so that: (ı) national treatment, (ıı)the most favoured nation/country treatment, (ııı) all payments relating toan investment may be freely transferred into and out of the host country(freedom of transferring), (ıv) any condition (for instance, export, import,imployement, tecnology transfer into country, production, research anddevelopment,… etc.) must not be put on foreign investor, (v) it is free totemporary entry, stay, reside, exit for key person, managers, its workers,and their families about foreign investment, (vı) it can be referred to theinternational arbitration to resolve any dispute, (vıı) any applying againstforeign investor shall be abolished, and the loss or damage which a foreigninvestor incurred shall be compensed by the government, (vııı) it mustn’tbe imposed an obligation as that the foreign investor has to appointor employ a person from the host country or any particular natinality/country, (ıx) the state’s monopolies existed shall be abrogated, (x) foreigninvestor can freely entry to and act in every area that is open for the privatesector of the host counry, (xı) it has to be treated between foreign and hostcountry’s investor on a non-discriminatory basis on taxing, subvantion,privatization, expropriation, nationalizatin, (xıı) it is recognised to imposecertain exceptions and temporary safeguards which are current in generalor specular situations to the host country.The responses those main questions are seeked in the study: (ı) does itneed or not that the international capital movements are regulated? (ıı) howdoes this regulation have to be, and what characters does it have to have?What basises does it accept as origins? (ııı) What degree is MAI accordingto the ideal frame concerning international capital movements? (ıv) Whatmay the international capital inflow whose frame is MAI make gain andlose for host country? (v) What are the similarities or difference betweenMAI and the practice in Turkey?Keywords: MAI, multilateral agreement, foreign investment, hostcountry, international capital, capital movements.

International capital movements have become very important in the world economy especially since 1990’s. On side international capital stoks has reached to so huge amounts, and on the other side foreign capital movements’s influences have increased at both micro and macro economic area in regarded to countries. As parallel at this trend, the multinational corporates as an economic actor have appeared and become more powerful. It is very natural that the multinational corporations which have become stronger want to be powerful at political-juridictional ground. Hence, it is necessary to the multinational corporations struggle for adopting influence against national states that have been dominant actors in the prior era. The purpose in this struggle is to expand the freedom’s field of multinational corporates. This object implies that the international capital flows have to been liberalized. MAI’s frame has been constituted in the purpose of that the international capital movements become liberal exactly and all of barriers in front of them are abolished. It is very natural that the international capital wants to be protected (garanteed) against no-economic risk and unreasonable competience from the host country. Adittionally, on hand it is obvius that every country which developped or undevelopped need foreign capital. But in the other hand, the regulatory frame how the foreign capital inflow to the country is very significant in respect to whether or not foreign capital is useful for the host country.MAI has targetted protecting only foreign investor. However, the host country also requires to be protected against foreign capital. On the other side, a regulation such as this has to offer some rights and the possibility to take precautions. In brief it has to build an equilibrium between foreign investor and host country.The basises of MAI can be listed so that: (ı) national treatment, (ıı) the most favoured nation/country treatment, (ııı) all payments relating to an investment may be freely transferred into and out of the host country (freedom of transferring), (ıv) any condition (for instance, export, import, imployement, tecnology transfer into country, production, research and development,… etc.) must not be put on foreign investor, (v) it is free to temporary entry, stay, reside, exit for key person, managers, its workers, and their families about foreign investment, (vı) it can be referred to the international arbitration to resolve any dispute, (vıı) any applying against foreign investor shall be abolished, and the loss or damage which a foreign investor incurred shall be compensed by the government, (vııı) it mustn’t be imposed an obligation as that the foreign investor has to appoint or employ a person from the host country or any particular natinality/country, (ıx) the state’s monopolies existed shall be abrogated, (x) foreign investor can freely entry to and act in every area that is open for the private sector of the host counry, (xı) it has to be treated between foreign and host country’s investor on a non-discriminatory basis on taxing, subvantion, privatization, expropriation, nationalizatin, (xıı) it is recognised to impose certain exceptions and temporary safeguards which are current in general or specular situations to the host country.The responses those main questions are seeked in the study: (ı) does it need or not that the international capital movements are regulated? (ıı) how does this regulation have to be, and what characters does it have to have? What basises does it accept as origins? (ııı) What degree is MAI according to the ideal frame concerning international capital movements? (ıv) What may the international capital inflow whose frame is MAI make gain and lose for host country? (v) What are the similarities or difference between MAI and the practice in Turkey?