Foreign investors enjoy the protection of a vast network of international
investment agreements (IIAs) supplemented by the general rules of
international law. Under IIAs, states must accord foreign investors
substantive standards of promotion and protection. In addition, IIAs provide
an investor-state arbitration mechanism that allows foreign investors to
enforce these standards against host states. In response to disputes arising
under the IIA regime, since the early 1990s a significant body of arbitral
jurisprudence has developed. This book provides a comprehensive and systematic
explanation of these standards of treatment, taking into account developments
in treaty practice and arbitral jurisprudence. Where possible, the authors
critically examine the applicable principles emerging from treaty practice and
jurisprudence.
The book focuses on the substantive protections accorded to foreign investors
and investments. Among the many specific issues and topics that arise in the
course of the analysis are the following:
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the origins and evolution of the international investment treaty framework;
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the interaction between international and national law in the resolution of
IIA disputes and the interpretation of IIAs;
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the role IIAs play in investment liberalization and their interaction with
other areas of international economic law;
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the relationship between treaty and customary international law standards;
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the development of norms of non-discrimination and minimum standards of
treatment, including fair and equitable treatment;
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the meaning of expropriation and conditions for lawful expropriations;
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the rules relating to transfer of funds, performance requirements and
transparency; and
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exceptions and defences to investment treaty obligations.
International business and other investors will greatly appreciate the
in-depth information and insightful guidance in this solidly useful book. It
will also be welcomed by jurists and students as a significant milestone in
the articulation of principles in a quickly growing field of international law.
1. The Historical Development of Investment Treaty Law. 2.
Applicable Substantive Law and Interpretation. 3. Treaty Titles and
Preambles, Promotion, Admission and Establishment Obligations. 4.
National Treatment. 5. Most-favoured-nation Treatment. 6.
Minimum Standards of Treatment. 7. Expropriation. 8. Transfer
Rights, Performance Requirements and Transparency. 9. Observance of
Undertakings. 10. Exceptions and Defences.