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Contemporary Developments and New Trends in International Investment Rulemaking and Investor-State Dispute Settlement: An Introduction

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Handbook of International Investment Law and Policy

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Abstract

After having analyzed the context, standards, and regime interactions in international investment law, our handbook closes with a Contemporary Developments and New Trends in International Investment Rulemaking and Investor-State Dispute Settlement section dedicated to contemporary trends in rulemaking and Investor State Dispute Settlement (ISDS). While ISDS reform seems to dominate global discussions, interesting new developments are taking place in a vast array of specialized domains at the national, regional, and international levels. This dynamism is particularly perceptible in the Global South, which is both embracing and questioning international investment law at the same time. The following chapters hence provide the reader with a very accurate picture of today’s international investment law and dispute settlement scene, as well as critical considerations on the ability and willingness of the field to reform in questioning some of its contested and often problematic foundations.

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Notes

  1. 1.

    UNCTAD (2018) Recent developments in the international investment regime. Https://Unctad.Org/En/Publicationslibrary/Diaepcbinf2018d1_En.Pdf. See generally the UNCTAD for updates on the number of treaties.

  2. 2.

    Editorial. The secret trade courts. New York Times, New York, 27 September 2004; George Monbiot. The real threat to the national interest from the rich and powerful. The Guardian, London, 15 October 2013.

  3. 3.

    J of International Economic Law, 2017, 20, 649–672 – Reforming Investor–State Dispute Settlement: A (Comparative and International) Constitutional Law Framework.

  4. 4.

    Https://Investmentpolicy.Unctad.Org/Publications/40/Iia-Issues-Note-Denunciation-Of-The-Icsid-Convention-And-Bits – Https://Www.Lexology.Com/Library/Detail.Aspx?G=5482a708-B96e-4b80-89ba-E5abdd2845d0#Footnote-015-Backlink

  5. 5.

    Symposium on Sergio Puig and Gregory Shaffer, “Imperfect Alternatives: Institutional Choice and the Reform of Investment Law,” and Anthea Roberts, “Incremental, Systemic, and Paradigmatic Reform of Investor-State Arbitration” Who’s Afraid of Reform? Beware the Risk of Fragmentation Catharine Titi Page 234

  6. 6.

    See in favor of ISDS advancing the rule of law at Https://Www.Ilsa.Org/ILW/2018/CLE/Panel%20%2320%20-%20Schill-%20International%20Investment%20law%20and%20the%20rule%20of%20law.Pdf at pages 4–13, and the contrary view at pages at 14–18 and Ursula Kriebaum in https://doi.org/10.5305/Procannmeetasil.109.2015.0203a At pages 203–206. Also see, A Comparative Analysis of the ISDS system with the WTO system of adjudication at Https://Www.Jstor.Org/Stable/10.5305/Amerjintelaw.109.4.0761.

  7. 7.

    See the arguments in favor of ISDS compromising the rule of law in Https://Digitalcommons.Osgoode.Yorku.Ca/Cgi/Viewcontent.Cgi?Referer=&Httpsredir=1&Article=1012&Context=All_Papers at pages 1–42.

  8. 8.

    Https://Www.Uncitral.Org/Pdf/English/CIDS_Research_Paper_Mauritius.Pdf 9-14 – CIDS can the Mauritius Convention serve as a model for the reform of Investor-State Arbitration in connection with the introduction of a permanent investment tribunal or an appeal mechanism? Analysis and Roadmap Gabrielle Kaufmann-Kohler∗ and Michele Potestà 3 June 2016.

  9. 9.

    The Code can be found at: Https://Uncitral.Un.Org/En/Codeofconduct UNCITRAL 01 May 2020.

  10. 10.

    United Nations Commission on International Trade Law, Working Group III (Investor-State Dispute Settlement Reform), Thirty-Eighth Session, Vienna, 14–18 October 2019, Possible Reform of Investor-State Dispute Settlement (ISDS), Note by the Secretariat – Tabular Presentation of Reform Options 30 July 2019 – A/CN.9/WG.III/WP.166/Add.1.

  11. 11.

    Symposium on Sergio Puig and Gregory Shaffer, “Imperfect Alternatives: Institutional Choice and the Reform of Investment Law,” and Anthea Roberts, “Incremental, Systemic, and Paradigmatic Reform of Investor-State Arbitration” Who’s Afraid of Reform? Beware the Risk of Fragmentation – Title AJIL Unbound, Volume 112 2018, Pp. 232–236

  12. 12.

    Https://Uncitral.Un.Org/En/Tribunalselection – 31 July 2019 Https://Undocs.Org/En/A/CN.9/WG.III/WP.169 A/CN.9/WG.III/WP.169 – Possible Reform of Investor-State Dispute Settlement (ISDS) Selection and Appointment of ISDS Tribunal Members – United Nations Commission On International Trade Law Working Group III (Investor-State Dispute Settlement Reform) Thirty-Eighth Session Vienna, 14–18 October 2019.

  13. 13.

    Supra TITI (n5).

  14. 14.

    Supra TITI (n5).

  15. 15.

    Https://Cf.Iisd.Net/Itn/Tag/Multilateral-Investment-Court-Mic/ Multilateral Investment Court, See Un Docs Https://Uncitral.Un.Org/En/Reformimplementation

  16. 16.

    See, for example, Pantechniki S.A. Contractors & Engineers (Greece) v. The Republic of Albania, ICSID Case No. ARB/07/21.

  17. 17.

    See, for example, Karl P. Sauvant, An Advisory Centre on International Investment Law: Key Features, Academic Forum on ISDS, 2019.

  18. 18.

    Karl PS (2019) An advisory centre on international investment law: key features. Academic Forum on ISDS, 5–6.

  19. 19.

    Investors participating in the annual MIGA-EIU Political Risk Survey 2013 – whether from industrialized or developing countries – rank political risk as one of the most significant constraints to foreign investment in developing countries over the medium term. More than a quarter of global corporate investors interviewed in that survey said that in the past year political risk constraints had caused their companies to withdraw existing investments or cancel planned ones.

  20. 20.

    World Bank Group (2020) Global investment competitiveness report 2019/2020: rebuilding investor confidence in time of uncertainty. World Bank Group, Washington, DC. https://doi.org/10.1596/978-1-4648-1536-2.

  21. 21.

    See, for example, Marc Bungenberg and August Reinisch, chapter “From Arbitral Tribunals to a Multilateral Investment Court: The European Union Approach” and Vanina Sucharitkul, chapter “From Arbitration to the Investment Court System (ICS): Comparing CETA, EVIPA, and TTIP”.

  22. 22.

    UNCTAD IIA tracking – Https://Cf.Iisd.Net/Itn/2018/10/17/Reforming-Investment-Treaties-Does-Treaty-Design-Matter-Tarald-Laudal-Berge-Wolfgang-Alschner/

  23. 23.

    2015 EU Draft Two-Tier System.

  24. 24.

    See the Indian BITs at: https://investmentpolicy.unctad.org/international-investment-agreements/countries/96/india

  25. 25.

    Http://Arbitrationblog.Kluwerarbitration.Com/2019/02/21/Investment-Arbitration-A-Case-For-Incremental-Iterative-Progressive-And-Prioritized-Isds-Reform/?Doing_Wp_Cron=1597877960.1260380744934082031250

  26. 26.

    See Sebastian Espinosa, chapter “The Evolution of Foreign Investment Protection in Ecuador”.

Author information

Authors and Affiliations

  1. School of Law, City University of Hong Kong, Kowloon, Hong Kong SAR

    Julien Chaisse

  2. Hong Kong Commercial and Maritime Law Centre, Kowloon, Hong Kong SAR

    Julien Chaisse

  3. School of Business and Law, University of Portsmouth, Portsmouth, UK

    Leïla Choukroune

  4. National University of Malaysia, Bangi, Malaysia

    Sufian Jusoh

Authors
  1. Julien Chaisse
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  2. Leïla Choukroune
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  3. Sufian Jusoh
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Correspondence to Julien Chaisse .

Editor information

Editors and Affiliations

  1. School of Law, City University of Hong Kong, Kowloon, Hong Kong

    Julien Chaisse

  2. School of Business and Law, University of Portsmouth, Portsmouth, UK

    Leïla Choukroune

  3. Institute of Malaysia and International Studies, National University of Malaysia, Bangi, Selangor, Malaysia

    Sufian Jusoh

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Chaisse, J., Choukroune, L., Jusoh, S. (2021). Contemporary Developments and New Trends in International Investment Rulemaking and Investor-State Dispute Settlement: An Introduction. In: Chaisse, J., Choukroune, L., Jusoh, S. (eds) Handbook of International Investment Law and Policy. Springer, Singapore. https://doi.org/10.1007/978-981-13-5744-2_43-2

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  • DOI: https://doi.org/10.1007/978-981-13-5744-2_43-2

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Chapter history

  1. Latest

    Contemporary Developments and New Trends in International Investment Rulemaking and Investor-State Dispute Settlement: An Introduction
    Published:
    13 February 2021

    DOI: https://doi.org/10.1007/978-981-13-5744-2_43-2

  2. Original

    Trends in International Investment Rulemaking and Investor-State Dispute Settlement: An Introduction
    Published:
    07 January 2021

    DOI: https://doi.org/10.1007/978-981-13-5744-2_43-1

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