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Timestamp: 2019-04-19 22:53:23+00:00

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Since the 1990s, conflicts within international law on foreign investment have arisen as a result of several competing interests. The neoliberal philosophy ensured inflexible investment protection given by a network of investment treaties interpreted in an expansive manner, which led to states creating regulatory space over foreign investment. However, NGOs committed to single causes such as human rights and the environment protested against inflexible investment protection. The rise to prominence of arguments against the fragmentation of international law also affected the development of investment law as an autonomous regime. These factors have resulted in some states renouncing the system of arbitration and other states creating new treaties which undermine inflexible investment protection. The treaty-based system of investment protection has therefore become tenuous, and change has become inevitable. Emphasising the changes resulting from resistance to a system based on neoliberal foundations, this study looks at recent developments in the area.
Resistance and change in the international law on foreign investment / M. Sornarajah.
1. Investments, Foreign (International law) I. Title.
What is the proportionality test?
more complete statement in this book.
and change from the events that have transpired. The last chapter presents such a theory of change in international law.
Aniruddha Rajput helped through discussions of many areas of the subject.
many conversations on this and other matters.
University Press for my work has always been a strength.
I wrote this book for Thanga, who has shared so much of life with me.
Statistics. Vaishi is on her way to becoming a medical doctor.
Murphy Exploration and Production International v. Ecuador, ICSID, Case No.
Next Era Energy Global Holdings BV and Next Era Energy Spain Holdings BV v.
Texas Overseas Petroleum Co. (Texaco)/California Asiatic Oil Co. (Calasiatic) v.
the public interest. Other states have suspended making such treaties.
law in the area should be.
Investment Disputes. Many have announced that they will not conclude any more investment treaties, including South Africa, India and Indonesia.
Australia announced such a policy, but has since recanted after the change of government.
relation to the projected Trans Paciﬁc Pact that is being negotiated.
usually regional treaties, contain developed state partners grouped with developing states.
respondents in such arbitrations, a relatively new phenomenon.
(1990) 4 ICSID Rep. 245.
editions are 2nd edn 2004, 3rd edn 2010).
World Investment Report (Geneva, 2014), p. 124.
offers was stated in Southern Paciﬁc Properties Ltd (SPP) v. Egypt, ICSID, Case No.
does not indicate that such a result was intended.
support a unilateral recourse to arbitration by the foreign investor had to await AAPL v.
position. It is difﬁcult to explain this time lapse as to why unilateral recourse to arbitration, which if it did exist as suggested, was not resorted to until 1990.
For a fuller consideration of this technique, see Chapter 3.
These ﬁgures are given in UNCTAD, World Investment Report (Geneva, 2014), p. 124.
Forty-four treaties were terminated in 2014.
(Helsinki: Ministry of Foreign Affairs, 2014).
(Oxford University Press, 2008), p. 1188.
Treaty Arbitration’, (2013) 51 Columbia Journal of Transnational Law 418.
recent past. Its FTA with Japan left out the section on investor–state dispute settlement.
Walter Bau v. Thailand, UNCITRAL, Award (1 July 2009) (Barker, Lalonde, Bunnag).
But the Supreme Court overruled the decision by a narrow majority.
Argentina continues to resist enforcement despite pressure.
at the level of international investment agreements, arbitral rules, institutions) remains wanting.
Argentina has sought annulment of all awards made against it.
the requirement. The Supreme Court overruled the decision by a narrow majority.
non-satisfaction of the negotiation period.
UNCTAD, IIA Issue Note, No. 1 (May 2013), p. 26.
International Investment Law in Context (Oxford University Press, 2008).
health and welfare. Disputes arose which evidenced these clashes.
bankruptcy in Argentina. The Guardian, 24 June 2014.
ICSID, Case No. ARB/05/22 (29 September 2006).
UNCITRAL PCA, Case No. 2012-12 (2012).
(11 September 2007) (Levy, Lew, Lalonde).
accommodated within the general discipline of international law.
course during the period of the last decade of the twentieth century.
the changes that are taking place can be seen as a continuum of the past.
contents of the chapters that are to follow.
They were the twin ideologies left standing after the fall of communism.
later, there was the global economic crisis.
Security (Cambridge University Press, 2013).
economic ills of the developing world by powerful states and institutions.
Constructions of Neoliberal Reason (Oxford University Press, 2010).
Economic Development (Cambridge University Press, 2006), p. 253.
Other Rules of International Law (Cambridge University Press, 2003).
the dollar–peso parity, were undone in order to deal with the crisis.
providing relief packages by the ﬁnancial institutions have been widely criticized.
the World’s Poor (Cambridge University Press, 2013), p. 278.
Law and Economic Development: A Critical Appraisal (Cambridge University Press, 2006).
model that was based on strict regulation of the economy by the developmental state.
These competing models did not come into consideration.
through compulsory arbitration ensured that there were effective sanctions against the breach of the provisions.
Studies discuss whether or not investment treaties promote ﬂows of foreign investment.
investment is uniformly beneﬁcial, which is the underlying basis of investment treaties.
Bite’, World Bank Policy Research Working Paper No. 3121 (Geneva: World Bank, 2003).
orthodox position that BITs promote investment ﬂows to doubt.
adherents to the system the United States had devised.
investment. This is true of other branches of international law as well.
this book is to explain changes in this area of the law.
norms of international law on foreign investment protection.
momentous movements that took place at the beginning of the decade.
The fall of the Soviet Union ended the competing ideology of communism, and this led to the proclamation of the triumph of the market model.
for the limited foreign investment held by multinational corporations.
but also to an unprecedented growth in investment arbitration.
to Argentina’s ﬁfty-two in 2012).
and Nolte (eds.), United States Hegemony and the Foundations of International Law.
operated had undergone changes as a result of the shift in power equations within that context.
holocaust in the Congo by Emperor Leopold of Belgium took place without accountability.
changes that take place within international investment law.
Lies Ahead (New York: Farrar, Straus & Giroux, 2012).
Courses, vol. 351 (The Hague: Martinus Nijhoff, 2012).
acceptance could also change when the climate supporting them changes.
beneﬁcial to the interests of the community as a whole.
law. A coincidence of circumstances led to change.
Customary International Law (Cambridge University Press, 1999).
international patent laws has been widely studied.
are not based on secure foundations.
law. This may be purposeful so that the authority of the norms so made is not doubted.
institutions that are partial to investment protection.

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