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Vol 21 No 11 Nov/Dec 2016

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Improving International Investment Agreements

Edited by: Armand De Mestral, Celine Levesque

ISBN13: 9781138843387
Published: October 2014
Publisher: Routledge
Country of Publication: UK
Format: Paperback (Hardback in 2012)
Price: £34.99
Hardback edition , ISBN13 9780415671972



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In recent years, the world has witnessed the coming of age of international investment law. The numbers are telling with over 2600 bilateral investment treaties, over 462 free trade, customs unions and other economic partnership agreements notified to the WTO, with 276 being in force, an increasing number of which include investment chapters, and over 350 known investor-State treaty-based arbitrations.

This phenomenon has not left many untouched as over 175 States have signed international investment agreements (IIAs) and at least 81 governments have faced investment treaty arbitrations. The regime, however, has not been without criticisms. The main criticisms being: that IIAs do not fulfil their great bargain the promotion of investment, while they effectively protect powerful economic interests; that IIAs protect investor’s rights over the public interest of the host country; that the dispute settlement system put in place by IIAs lacks legitimacy due to the fundamentally ad hoc nature of investor-State arbitration; and that the complexity and cost of the system are out of control.

This book takes stock of developments in international investment law and analyzes potential solutions to some of these criticisms from the perspective of international public policy, in negotiations, substantive obligations and dispute resolution. The book is prepared by a group of scholars and practitioners from Canada and Europe.

It takes a multidisciplinary approach to the subject, with analysis from the legal, political and economic perspectives. The first part of the book traces the evolution in IIA treaty-making and provides an evaluation from a political economy and economics perspective. The other three parts are organised around the concepts of efficiency, legitimacy and sustainability. Each contributor analyzes one or more issues of treaty negotiation, substance or dispute resolution, with the ultimate aim of improving IIA treaty-making in these respects.

Subjects:
International Investment Law
Contents:
Part 1: IIA Treaty-making: evolution and evaluation
1. Developments in IIA treaty-making, Andrew Newcombe
2. The role of the EU in IIA treaty-making, Armand de Mestral
3. The role of China in IIA treaty-making, Chunbao Liu
4. A quantitative view on trends in IIA rules, Mark Manger
5. The costs and benefits to developing countries from IIAs: an economic perspective Hassan Benchekroun and Ray Chaudhuri

Part 2: Efficiency
6. Advantages and disadvantages of including investment chapters in FTAs vs. BITs? Armand de Mestral and Alireza Falsafi
7. From bilateral to multilateral: the road ahead?, Alireza Falsafi
8. Increasing the Use of Alternative Dispute Resolution (ADR) in IIAs, Céline Lévesque
9. Legal problems relating to the multiplication of investor-State dispute settlement mechanisms and related mechanisms, Andreas Ziegler

Part 3: Legitimacy
10. Investors as subjects of international law and ramifications, Patrick Dumberry
11. Investor Misconduct in Investment Treaty Arbitration, Andrew Newcombe
12. Counter-claims, Helene Dubrowski
13. Measures to prevent the abuse of corporate structure, Jean-Francois Hébert

Part 4: Sustainability
14. General Exceptions to Investment Treaty Obligations, Andrew Newcombe
15. Sustainable Development and IIAs, Markus Gehring
16. Taxation Treaties and IIAs, Kimberley Brooks and Martha O’Brien
17. Impact of international law on IIA interpretation, August Reinisch
18. Is there a need for an appellate mechanism? Debra Steger