Transcript PRC in WTO
International and foreign
Investment Law
Part I
Introduction, history and sources
Azar Aliyev LL.M. (University of Heidelberg)
Overview
I.
II.
What is Investment Law about?
Investment protection and treatment
(material aspects)
III. Investor-State dispute settlement
(procedural aspects)
IV.
V.
History
Legal sources
Materials
Database http://italaw.com/ (free)
Database http://invetsmentclaims.com (available
in Campus)
Website of the ICSID http://icsid.worldbank.org
(free)
Dolzer/Schreuer, Principles of International
Investment Law
Schreuer, The ICSID Commentary
Muchlinski/Ortino/Schreuer, Oxford Handbook of
International Investment Law
Griebel, Internationales Investitionsrecht
I. What is Investment Law
about?
(Foreign) Investment is not always
sufficiently protected against expropriation
or unfair treatment in the host State
Gaps in the legislation
Poor interpretation of the law
Political interests …
State sovereignty impede private persons
to sue the State beyond its‘ borders
I. What is Investment Law
about?
Investment Law providing
Standards of Protection
protection against expropriation
fair and equitable treatment
non-discrimination …
Dispute settlement instruments
competence of international arbitration courts
special enforcement instruments …
Home
International Investment Treaty
State
Host State
legislation
Guarantees
Investor
II.
Investment Protection and
Treatment
Expropriation (taking of property)
Fair and Equitable Treatment
Most favoured Nation
National Treatment
Full Security and Protection
Transfer of Funds
Umbrella Clause
Stabilization Clause
III. Investor-State dispute
settlement
Arbitration as the main dispute settlement tool
Is commercial arbitration a good basis
Public interests and state sovereignty
Costs
Transparency
Awareness of developing countries
Mediation an alternative?
IV. History
BEFORE WORLD WAR II
Main idea – protection of foreign property
rights
Contract origins (concessions in Latin
America and Soviet Union)
Customary international law
(Neer, Factory in Chozrow etc.)
IV. History
AFTER WORLD WAR II
Abs-Shawcross Draft Convention on Investments Abroad
1959
German-Pakistan BIT 1959
ICSID-Convention 1965
Multilatiralization attempts
MAI, EU-Competence after Lisbon Treaty, Asia-Pacific
regional trade and investment agreement
SINCE LATE
90-IES
Explosive raise of cases
Claims against developed countries
V. Sources of Investment Law
Customary international law
Bi- and Multilateral Investment Treaties
more than 6000 (3000) BITs
Several multilateral Treaties (ICSID, NAFTA,
Energy Charta Treaty, EurAsEC etc.)
EU-competence after the Treaty of Lisbon
National legislation
Special legislation in developing and transition
countries
Other legal acts
V. Sources of Investment Law
State Contracts (e.g. Contract of the Century
Azerbaijan)
ICSID Convention 1965
Established a special forum
Simplified recognition and enforcement
Actively used since end 90-ies
Decisions of arbitral tribunals
Non-binding
High controversy
Legal literature
V. Sources of Investment Law
legal nature?
hierarchy?
Clash of the legal cultures
Thank you very much for your
attention!