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Pursuing and Reimagining the International Rule of Law Through International Investment Law

  • Velimir ŽivkovićEmail author
Article

Abstract

In challenging times for international law, the international rule of law as a connecting thread of the global legal order is a particularly salient topic. By providing a working understanding of the content and contexts of the international rule of law, and by taking the regime of international investment law as a case study, I argue that assessing ‘rise’ or ‘decline’ motions in this sphere warrants a nuanced approach that should recognize parallel positive and negative developments. Whilst prominent procedural and substantive aspects of international investment law strongly align with the international rule of law requirements, numerous challenges threaten the future existence of the regime and the appeal of international rule of law more broadly. At the same time, opportunities exist to adapt the substantive decision-making processes in investor-state disputes so to pursue parallel goals of enhancing the rule of law at both international and national levels. Through recognizing the specificities of interaction between the international and national spheres, arbitrators can reinvigorate the legitimacy of the international rule of law through international investment law—benefitting thus the future of both.

Keywords

International rule of law International investment law Investor-state arbitration Fair and equitable treatment Legitimacy of international law 

Notes

Acknowledgements

I would like to thank all the colleagues at the Berlin/Potsdam Research Group ‘International Rule of Law—Rise or Decline?’ for help and comments during the drafting process, and in particular Pierre d’Argent, Christian Tams, Campbell McLachlan, Alicia Köppen, Julian Kulaga and Julien Berger. I also thank the anonymous reviewers for their helpful comments and suggestions. The views expressed (and any errors) remain, of course, my own.

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Copyright information

© T.M.C. Asser Press 2019

Authors and Affiliations

  1. 1.PhD (LSE), LL.M (Belgrade), MJur (Oxon, Dist.), Research Fellow, KFG ‘International Rule of Law-Rise or Decline?’Humboldt-Universität zu BerlinBerlinGermany

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