Shifting paradigms in international investment law : more balanced, less isolated, increasingly diversified / edited by Steffen Hindelang and Markus Krajewski.
2016
K3830 .S538 2016 (Map It)
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Title
Shifting paradigms in international investment law : more balanced, less isolated, increasingly diversified / edited by Steffen Hindelang and Markus Krajewski.
Published
Oxford, United Kingdom : Oxford University Press, 2016.
Copyright
©2016
Call Number
K3830 .S538 2016
Edition
First edition.
ISBN
9780198738428 (hbk.)
0198738420 (hbk.)
0198738420 (hbk.)
Description
xlii, 441 pages ; 24 cm
System Control No.
(OCoLC)936302832
Note
Based on papers presented at a conference in Berlin, in 2013, and later papers solicited for this volume (Preface, page v).
Bibliography, etc. Note
Includes bibliographical references (pages 393-434) and index.
Record Appears in
Table of Contents
Table of Cases
xix
Table of Legislation
xxix
List of Abbreviations
xxxix
List of Contributors
xli
Towards a More Comprehensive Approach in International Investment Law
1
Part I / Steffen Hindelang Markus Krajewski
I.
Investment Protection and Sustainable Development: Key Issues / Steffen Hindelang Markus Krajewski
19
I.
Introduction: The Role of Foreign Direct Investment in Promoting Development / Giorgio Sacerdoti
19
II.
Concept of 'Sustainable Development': Economic Background / Giorgio Sacerdoti
23
III.
Content and Legal Definitions of 'Sustainable Development' / Giorgio Sacerdoti
25
IV.
Foreign Investment: International Protection and Regulation / Giorgio Sacerdoti
28
V.
Evolution of BITS: From Just Protecting Investors to Safeguarding also the Rights of Host States to pursue their General Interest / Giorgio Sacerdoti
32
VI.
International Protection of Foreign Investment and Sustainable Development: Interference and Support / Giorgio Sacerdoti
37
II.
Negotiating New Generation International Investment Agreements: New Sustainable Development Oriented Initiatives / Giorgio Sacerdoti
41
I.
Introduction / Peter Muchlinski
41
II.
Sustainable Development and IIA Reform / Peter Muchlinski
43
III.
Treaty Design and Sustainable Development / Peter Muchlinski
46
a.
Preamble / Peter Muchlinski
46
b.
Pre-establishment rights / Peter Muchlinski
47
IV.
Resolving Controversial Interpretations of Existing Provisions / Peter Muchlinski
48
a.
Fair and equitable treatment (FET) / Peter Muchlinski
48
b.
Regulatory takings / Peter Muchlinski
50
c.
Most-favoured-nation (MFN) treatment / Peter Muchlinski
53
d.
National treatment / Peter Muchlinski
54
e.
Scope and definition / Peter Muchlinski
54
V.
Inclusion of New Sustainable Development Oriented Provisions / Peter Muchlinski
56
a.
General exceptions / Peter Muchlinski
56
b.
Investor responsibilities / Peter Muchlinski
57
c.
State obligations and institutional structures / Peter Muchlinski
59
d.
Special and differential treatment provisions / Peter Muchlinski
60
e.
Sustainability assessment / Peter Muchlinski
60
VI.
Reform of Investor-State Dispute Settlement / Peter Muchlinski
61
VII.
Concluding Remarks / Peter Muchlinski
63
Part II / Peter Muchlinski
Section 1* / Peter Muchlinski
III.
Revising Treatment Standards[—]Fair and Equitable Treatment in Light of Sustainable Development / Peter Muchlinski
65
I.
Introduction / Roland Kläter
65
II.
What is Fair and Equitable Treatment and What are the Problems? / Roland Kläter
65
III.
Policy Options in the IPFSD / Roland Kläter
68
a.
Unqualified commitment of fair and equitable treatment / Roland Kläter
68
b.
Reference to international law/minimum standard / Roland Kläter
70
c.
Exhaustive list of fair and equitable treatment obligations / Roland Kläter
74
d.
Interpretative guidance to arbitral tribunals / Roland Kläter
75
e.
Omit fair and equitable treatment clause / Roland Kläter
77
IV.
Conclusion / Roland Kläter
79
IV.
Expropriation in the Light of the UNCTAD Investment Policy Framework for Sustainable Development / Roland Kläter
81
I.
Introduction / Lukas Stifter August Reinisch
81
II.
Role of Sustainable Development in the Context of Expropriation / Lukas Stifter August Reinisch
84
a.
Pre-modern (indirect) expropriation clauses / Lukas Stifter August Reinisch
85
aa.
sole effects doctrine / Lukas Stifter August Reinisch
86
bb.
police powers doctrine / Lukas Stifter August Reinisch
88
b.
Modern expropriation clauses / Lukas Stifter August Reinisch
90
III.
Conclusion / Lukas Stifter August Reinisch
96
Section 2* / August Reinisch Lukas Stifter
V.
Investment Arbitration: Learning from Experience / Lukas Stifter August Reinisch
97
I.
Introduction / Jonathan Ketcheson
97
II.
ISDS and Sustainable Development / Jonathan Ketcheson
98
III.
Should there be Adjudication of Investment Disputes? / Jonathan Ketcheson
101
IV.
Is Arbitration HI Suited for Investment Disputes? / Jonathan Ketcheson
104
V.
Need for Transparency and Public Participation / Jonathan Ketcheson
110
VI.
Need for an Appellate Body? / Jonathan Ketcheson
115
VII.
Reintroduction of the Local Remedies Rule? / Jonathan Ketcheson
121
VIII.
Conclusion / Jonathan Ketcheson
126
VI.
European Commission and UNCTAD Reform Agendas: Do They Ensure Independence, Openness, and Fairness in Investor[—]State Arbitration? / Jonathan Ketcheson
128
I.
Introduction / Gus Van Harten
128
II.
Approaches to Reform / Gus Van Harten
130
III.
Independence and Impartiality / Gus Van Harten
131
IV.
Openness / Gus Van Harten
136
V.
Procedural Fairness / Gus Van Harten
139
VI.
Conclusion / Gus Van Harten
140
Section 3* / Gus Van Harten
VII.
Sustainable Development Provisions in International Trade Treaties: What Lessons for International Investment Agreements? / Gus Van Harten
142
I.
Introduction / J. Anthony VanDuzer
142
II.
Sustainable Development / J. Anthony VanDuzer
144
III.
Survey of Sustainable Development Provisions in International Trade and Investment Treaties Related to Labour Standards and the Environment / J. Anthony VanDuzer
145
a.
taxonomy of sustainable development provisions[—]focusing on environmental protection and labour rights / J. Anthony VanDuzer
145
b.
Environmental and labour rights protection provisions in PTIAs and BITs / J. Anthony VanDuzer
147
IV.
Summary of Survey of Labour Rights and Environmental Protection Provisions in PTIAs and BITs / J. Anthony VanDuzer
171
V.
Factors Affecting the Likelihood that PTIA Provisions Regarding Labour Rights and Environmental Protection will be Adopted in BITs / J. Anthony VanDuzer
172
a.
Introduction / J. Anthony VanDuzer
172
b.
Factors encouraging the adoption of labour rights and environmental protection provisions in BITs / J. Anthony VanDuzer
172
c.
Factors discouraging the adoption of labour rights and environmental protection provisions in BITs / J. Anthony VanDuzer
175
VI.
Conclusion / J. Anthony VanDuzer
175
Part III / J. Anthony VanDuzer
VIII.
Reconciling Investment Protection and Sustainable Development: A Plea for an Interpretative U-Turn / J. Anthony VanDuzer
177
I.
Introduction / Katharina Berner
177
II.
Vienna Rules as a Gateway for Sustainable Development / Katharina Berner
178
a.
Applicability of the Vienna rules / Katharina Berner
179
b.
Meaning and legal status of sustainable development / Katharina Berner
181
c.
Vienna rules' potential to reconcile investment protection and sustainable development concerns / Katharina Berner
183
aa.
Interpretation and conflicts of norms / Katharina Berner
183
bb.
Vienna rules and international investment agreements / Katharina Berner
185
III.
Putting Theory into Practice: A Critical Review of Arbitral Jurisprudence / Katharina Berner
188
a.
No single combined operation for sustainable development / Katharina Berner
189
b.
Inadequate consideration of contextual arguments / Katharina Berner
195
c.
prominent role of de facto precedents / Katharina Berner
200
IV.
Conclusion / Katharina Berner
202
IX.
Investment Protection and Sustainable Development: What Role for the Law of State Responsibility? / Katharina Berner
204
I.
Remedies and Regulatory Space: The UNCTAD Suggestions for Sustainable Development / Helmut Philipp Aust
204
II.
Legal Consequences in General International Law / Helmut Philipp Aust
207
III.
Legal Consequences of Treaty Breaches in International Investment Law / Helmut Philipp Aust
210
a.
Applicability of the ASR remedies / Helmut Philipp Aust
210
b.
choice between restitution and compensation in the practice of investment arbitration / Helmut Philipp Aust
213
c.
Analysis / Helmut Philipp Aust
216
IV.
Rethinking the Role of State Responsibility in the Context of Investment Protection and Sustainable Development / Helmut Philipp Aust
220
a.
Restitution[—]an undue infringement of State sovereignty? / Helmut Philipp Aust
220
b.
State responsibility as a set of secondary rules / Helmut Philipp Aust
222
c.
State sovereignty and the development of international law / Helmut Philipp Aust
224
V.
Conclusion / Helmut Philipp Aust
225
X.
Termination and Renegotiation of International Investment Agreements / Helmut Philipp Aust
227
I.
Introduction / Karsten Nowrot
227
II.
Reasons for the Current Importance of Termination and Renegotiation of Investment Agreements / Karsten Nowrot
229
a.
Current shift from 'second generation' to 'third generation' investment agreements / Karsten Nowrot
230
b.
rise of regionalism in international investment treaty-making / Karsten Nowrot
235
III.
'Termination without Renegotiation': Legal Issues Arising from the Denunciation of Investment Agreements / Karsten Nowrot
238
a.
Investment treaty provisions stipulating requirements of a lawful termination / Karsten Nowrot
239
b.
'Survival clauses': treaty provisions addressing the consequences arising from denunciations / Karsten Nowrot
241
IV.
'Termination as a Result of Renegotiation': Normative Implications of Investment Treaty Termination by Mutual Consent / Karsten Nowrot
245
a.
Mutually agreed terminations in accordance with the relevant treaty provisions / Karsten Nowrot
245
b.
Terminations by mutual consent in disregard of applicable treaty provisions / Karsten Nowrot
247
aa.
Doctrinal and practical relevance / Karsten Nowrot
247
bb.
closer look at Article 54 (b) VCLT and its normative limitations / Karsten Nowrot
249
cc.
'Starting all over again': on the past and present scope of application of termination clauses / Karsten Nowrot
254
V.
'Renegotiation without (simultaneous) Termination': Treaty Amendments and Suspensions in Light of Termination Clauses / Karsten Nowrot
260
a.
'Ordinary' treaty amendments and authoritative interpretations / Karsten Nowrot
260
b.
Treaty practice aimed at 'circumventing' termination clauses / Karsten Nowrot
263
VI.
Conclusion / Karsten Nowrot
264
Part IV / Karsten Nowrot
XI.
Emergence of a New Approach to Investment Protection in South Africa / Karsten Nowrot
266
I.
Introduction / Sean Woolfrey
266
II.
South Africa and BITs / Sean Woolfrey
267
III.
South Africa Faces International Investment Arbitration under its BITs / Sean Woolfrey
270
IV.
South Africa Reviews its BIT Policy Framework / Sean Woolfrey
272
a.
main findings of the Review / Sean Woolfrey
272
b.
2010 Cabinet Decision / Sean Woolfrey
276
V.
Emergence of a New Approach to Investment Protection in South Africa / Sean Woolfrey
276
VI.
Draft Promotion and Protection of Investment Bill / Sean Woolfrey
278
a.
Interpretation / Sean Woolfrey
278
b.
Security of investment / Sean Woolfrey
279
c.
Expropriation / Sean Woolfrey
280
d.
Dispute settlement / Sean Woolfrey
282
e.
Sovereign right to regulate in the public interest / Sean Woolfrey
282
VII.
South African Model BIT / Sean Woolfrey
283
VIII.
Dual Investment Protection Regime? / Sean Woolfrey
285
IX.
Conclusion / Sean Woolfrey
286
a.
Balancing investment protection and sustainable development in South Africa / Sean Woolfrey
287
b.
What does replacing BITS with the PPI Bill mean? / Sean Woolfrey
287
c.
dual approach to investment protection / Sean Woolfrey
289
d.
South Africa and the shifting paradigm in international investment law / Sean Woolfrey
289
XII.
Reliance on Alternative Methods for Investment Protection through National Laws, Investment Contracts, and Regional Institutions in Latin America / Sean Woolfrey
291
I.
Introduction / Maria José Luque Macias
291
II.
Recent Developments in Investment Treaty and Contractual Practice in Latin America / Maria José Luque Macias
292
III.
Investment Contracts and National Laws as Legal Means for the Protection and Regulation of Foreign Investment in Latin America / Maria José Luque Macias
295
a.
Investment laws and dispute settlement through arbitration / Maria José Luque Macias
295
b.
Stabilization clauses / Maria José Luque Macias
298
c.
Addressing non-economic concerns / Maria José Luque Macias
300
d.
future of IIAs / Maria José Luque Macias
302
IV.
Regional Initiatives in Latin America for Challenging the Status Quo of ISDS / Maria José Luque Macias
303
a.
UNASUR Centre for the Settlement of Investment Disputes / Maria José Luque Macias
304
aa.
Background / Maria José Luque Macias
304
bb.
Structure and basic principles / Maria José Luque Macias
306
cc.
Potential scope of jurisdiction / Maria José Luque Macias
308
dd.
Relationship between inter-State and investor[—]state disputes / Maria José Luque Macias
310
ee.
Outlook / Maria José Luque Macias
312
b.
Observatory on Transnational Corporations / Maria José Luque Macias
313
V.
Conclusion / Maria José Luque Macias
314
XIII.
Jumping Back and Forth between Domestic Courts and ISDS: Mixed Signals from the Asia-Pacific Region / Maria José Luque Macias
316
I.
Introduction / Leon E. Trakman Kunal Sharma
316
II.
Practical Value of ISDS / Leon E. Trakman Kunal Sharma
318
III.
Domestic Policies[—]Australia and the Asia Pacific / Leon E. Trakman Kunal Sharma
320
a.
Australian Labor Party's 2011 trade policy / Leon E. Trakman Kunal Sharma
320
b.
Coalition Government's current policy / Leon E. Trakman Kunal Sharma
322
c.
Australia's regional investment interests / Leon E. Trakman Kunal Sharma
323
d.
Australia not alone[—]Indonesia's apparent aversion to ISDS / Leon E. Trakman Kunal Sharma
327
e.
Regional concerns[—]the Trans-Pacific Partnership Agreement / Leon E. Trakman Kunal Sharma
328
IV.
ISDS or Domestic Courts / Leon E. Trakman Kunal Sharma
330
V.
Future of ISDS for Australia / Kunal Sharma Leon E. Trakman
334
VI.
Conclusion / Leon E. Trakman Kunal Sharma
336
XIV.
'Generalization' of International Investment Law in Constitutional Perspective / Leon E. Trakman Kunal Sharma
339
I.
Introduction / Peter-Tobias Stoll Till Patrik Holterhus
339
II.
From Splendid Isolation to Centre Stage / Peter-Tobias Stoll Till Patrik Holterhus
340
a.
Splendid isolation and reform / Peter-Tobias Stoll Till Patrik Holterhus
340
b.
Interlinkages to other areas of international economic law and general international law / Peter-Tobias Stoll Till Patrik Holterhus
340
c.
Recent experiences of the application of international investment law / Peter-Tobias Stoll Till Patrik Holterhus
341
d.
Generalization: CETA, TTIP, and others / Peter-Tobias Stoll Till Patrik Holterhus
342
III.
'Constitutional' View / Peter-Tobias Stoll Till Patrik Holterhus
343
IV.
Aspects of Sovereignty, Democracy, and Legitimation / Peter-Tobias Stoll Till Patrik Holterhus
345
V.
Review of the Exercise of Public Authority[—]by an Arbitral Body? / Peter-Tobias Stoll Till Patrik Holterhus
346
a.
Autonomy of the EU Legal Order / Peter-Tobias Stoll Till Patrik Holterhus
346
b.
Arbitration Procedure / Peter-Tobias Stoll Till Patrik Holterhus
347
VI.
Fast Track to Compensation? / Peter-Tobias Stoll Till Patrik Holterhus
349
VII.
'Reverse discrimination' as an Aspect of Non-discrimination / Peter-Tobias Stoll Till Patrik Holterhus
351
VIII.
International Constitutional Dimensions / Peter-Tobias Stoll Till Patrik Holterhus
353
a.
Investors' rights as a substitute for a human right to property[—]or the other way round? / Peter-Tobias Stoll Till Patrik Holterhus
353
b.
proper role for the individual in an international economic law for the global marketplace / Peter-Tobias Stoll Till Patrik Holterhus
355
IX.
Outlook / Peter-Tobias Stoll Till Patrik Holterhus
356
XV.
Contribution of EU Trade Agreements to the Development of International Investment Law / Peter-Tobias Stoll Till Patrik Holterhus
357
I.
Introduction / Frank Hoffmeister
357
II.
Concept of Sustainable Development in EU Agreements / Frank Hoffmeister
359
a.
Definition of sustainable development / Frank Hoffmeister
359
aa.
UNCTAD Report 2012 / Frank Hoffmeister
359
bb.
Brussels Consensus / Frank Hoffmeister
360
b.
EU sustainable development chapter / Frank Hoffmeister
361
aa.
Free Trade Agreements (FTAs) / Frank Hoffmeister
361
bb.
Investment Protection Agreements / Frank Hoffmeister
363
c.
Further EU reforms / Frank Hoffmeister
365
aa.
Fair and equitable treatment / Frank Hoffmeister
366
bb.
Expropriation / Frank Hoffmeister
367
III.
Importance of International Law / Frank Hoffmeister
369
IV.
Enforcement / Frank Hoffmeister
371
a.
Mediation / Frank Hoffmeister
372
b.
Domestic Remedies / Frank Hoffmeister
373
c.
Improved Enforcement Mechanism / Frank Hoffmeister
375
V.
Conclusion / Frank Hoffmeister
375
Conclusion and Outlook: Whither International Investment Law? / Frank Hoffmeister
377
I.
Where Do We Stand? / Steffen Hindelang Markus Krajewski
377
a.
More balanced / Steffen Hindelang Markus Krajewski
379
b.
More diversified / Markus Krajewski Steffen Hindelang
382
c.
Less isolated? / Steffen Hindelang Markus Krajewski
384
II.
Where Do We Go from Here? / Steffen Hindelang Markus Krajewski
386
a.
protection of the State's ability to regulate / Markus Krajewski Steffen Hindelang
386
b.
Reform of the dispute settlement system / Steffen Hindelang Markus Krajewski
387
c.
Relationship between investment protection and domestic legal remedies / Steffen Hindelang Markus Krajewski
389
Bibliography / Steffen Hindelang Markus Krajewski
393
Index / Markus Krajewski Steffen Hindelang
435