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International economic relations are governed by two bodies of international
law. Trade in goods and services is the domain of international trade law,
embodied in the WTO agreements. Foreign investment is governed by
international investment law, consisting of a vast network of investment
agreements, including bilateral investment treaties (BITs) and preferential
trade agreements (PTAs). These two different fields of international law share
a large area of overlap: foreign investment in services, around 55% of all
global direct investment, is covered by both investment agreements and the WTO
General Agreement on Trade in Services (GATS). Since the rights and
obligations featured in the two frameworks are not always compatible, this
legal overlap reduces transparency and undermines governments’ regulatory
capacity in an unanticipated manner.
This is the first book to tackle investment law and trade law jointly, and to
compare the principles, rules, and dispute-settlement mechanisms of investment
agreements with the multilateral framework of the WTO/GATS. Among the many
invaluable questions the book addresses are the following:
What are the substantive rules that apply to investment in services under
investment agreements and the GATS?
How do these disciplines differ? Which offers the best protection for
investors in services and do they affect the governments’ policymaking
The in-depth analysis, supported by an extensive review of existent
jurisprudence, provides a thorough explanation of treaty standards like most
favoured nation, national treatment, fair and equitable treatment, domestic
regulation, and transparency, as well as procedural rules on access to the
dispute-settlement mechanisms and enforcement procedures.
Who can gain access to investor-State arbitration and WTO dispute settlement?
Policymakers will find relevant insights in this work, as it provides a
thorough review of legal matters that limit policy decisions and bring about
possible contradictions between the two bodies of international economic law.
Legal practitioners will benefit from the book’s clear guidelines on the pros
and cons of the trade and investment legal frameworks, and under what
conditions each system is best suited to protect foreign investment in
List of Abbreviations.
Part I Presentation and Background.
Chapter 1 Introduction.
Part II Access to International Fora on Trade and Investment.
Chapter 2 Dispute Settlement in International Economic Law.
Chapter 3 Access to Dispute Settlement Procedures.
Part III Substantial Rights Granted To Foreign Investors In Services.
Chapter 4 Admission and Establishment.
Chapter 5 Post-establishment MFN and NT Obligations.
Chapter 6 Minimum Standards of Treatment.
Chapter 7 Expropriation.
Part IV Remedies and Enforcement in International Trade and Investment
Chapter 8 Legal Remedies in International Economic Disputes.
Chapter 9 Means of Enforcement in International Economic Fora.
Part V Overview and Concluding Remarks.
Chapter 10 Conclusion.