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The study estimates the impact of bilateral investment agreements (BITs) on FDIinflows into fifteen Asian developing countries for the period 1980-81 to 1999-2000 and examines whether signing an investment agrement with a developedcountry or a developing country matters. It also examines the impact of regionalinvestment agrements, namely betwen APEC and ASEAN countries on FDIinflows. Panel data estimations are undertaken and the results show that signingBITs attracts FDI inflows. However, it is BITs with developed countries thatincrease FDI inflows as compared to BITs with developing countries. Resultsindicate that investment agreement between APEC countries has increased FDIinflows but that amongst ASEAN countries has had no impact.JEL classifications: F21