We use cookies to enhance your experience on our website. By continuing to use our website, you are agreeing to our use of cookies. You can change your cookie settings at any time.
Find out more
Jump to Content
Jump to Main Navigation
User Account
Personal Profile
See all online law products
More
About
Guided Tour
Subscriber Services
FAQs
Help
Contact Us
Search
Browse all
Content type
Case reports
Arbitral cases
Commentary and analysis
Book content
Journal articles
Yearbook articles
Investment treaty overviews (by jurisdiction)
Treaties
Multilateral treaties
Bilateral investment treaties
Other instruments and materials
Arbitral rules
Author
Arbitrators and Counsel
My Content
(0)
Recently viewed
(0)
Save Entry
My Searches
(0)
Recently viewed
(0)
Save Search
Print
Save
Cite
Email this content
Share Link
Copy this link, or click below to email it to a friend
Email this content
or copy the link directly:
https://oxia.ouplaw.com/abstract/10.1093/law/9780198703976.001.0001/law-9780198703976-miscMatter-11
The link was not copied. Your current browser may not support copying via this button.
Link copied successfully
Copy link
Sign in
You could not be signed in, please check and try again.
Username
Please enter your Username
Password
Please enter your Password
Forgot password?
Don't have an account?
Sign in via your Institution
You could not be signed in, please check and try again.
Sign in with your library card
Please enter your library card number
View translated passages only
Oxford Law Citator
Contents
Expand All
Collapse All
Preliminary Material
Dedication
Preface to the Second Edition
Contents—Summary
Contents
List of Abbreviations
Table of Cases
Table of Conventions, Treaties, and Agreements
Draft Agreements
Main Text
1 A Global Regime for Investment
1.1 Introduction to Investment Treaties
1.2 The Significance of Investment Treaties
1.3 A Regime for International Investment
1.4 The Application of Regime Theory to Investment Treaties
(a) Regime elements
(b) Regime principles
(c) Regime norms
(d) Regime rules
(e) Regime decision-making
1.5 A Different Kind of Regime
(a) Bilateral construction
(b) Privatized and decentralized decision-making
(c) Lack of a multilateral international organization
1.6 Regime Challenges and Prospects
1.7 Conclusion: A Sticky Regime?
1.8 The Aim and Scope of This Book
2 The Nature and Significance of International Investment
2.1 Introduction
2.2 The Meaning of Investment
2.3 Forms of Investment
(a) Property and contractual rights resulting from investments
(b) Control attributes of the investment
(c) Enterprise form
2.4 The Nature of Investors
(a) Private investors
(b) State investors
(c) International organizations
(d) Mixed enterprises
2.5 The Role of Return and Risk
2.6 The Nature of International Investment
2.7 Forms of International Investment
(a) Foreign direct investment
(b) Foreign portfolio investment
(c) International loans
(d) International bonds
(e) Suppliers’ and others’ credits
(f) Other contractual arrangements
2.8 The Nature of International Investors
2.9 State Interests in International Investment
3 The Foundations of International Investment Law
3.1 Background of the Investment Treaty Movement
3.2 State and Investor Interests Shaping International Investment Law
(a) Host country interests
(b) Investor interests
(c) Investor home country interests
(d) Conflicts of interest and their settlement
3.3 The Sources of International Law
(a) In general
(b) International conventions
(c) International custom
(d) General principles of law
(e) Subsidiary sources
3.4 Customary International Law and General Principles of Law Governing International Investment
(a) Introduction
(b) Standards of treatment owed to aliens by host states
(c) The application and enforcement of a minimum standard
3.5 Customary International Law on Expropriation and Breach of State Contracts
(a) In general
(b) Taking under international law
(c) Public purpose
(d) Discrimination
(e) Compensation
(f) Breaches of state contracts
3.6 Challenges to Western Views on International Investment Law
(a) Background
(b) The Soviet challenge
(c) The Latin American challenge
(d) The post-colonial challenge
3.7 Deficiencies of Customary International Law on Investment
4 A History of International Investment Treaties
4.1 Introduction: The Treatification of International Investment Law
4.2 Historical Background of the Treatification Process
(a) The early beginnings
(b) The emergence of a treaty framework for investment protection in the seventeenth and eighteenth centuries
(c) Further developments in the eighteenth, nineteenth, and early twentieth centuries
(d) From World War I until World War II
(e) The immediate aftermath of World War II
(f) The later post-World War II years
(i) Bilateral efforts
(ii) Multilateral efforts
(g) The development of the bilateral investment treaty and the creation of the International Centre for Settlement of Investment Disputes
(h) The gathering momentum of the BIT movement
(i) The development of multilateral regional and sectoral investment agreements
(i) Arab States Investment Agreement
(ii) Islamic States Investment Agreement
(iii) ASEAN Comprehensive Investment Agreement
(iv) Mercosur investment treaties
(v) COMESA Treaty
(vi) North American Free Trade Agreement
(vii) The Energy Charter Treaty
(viii) Dominican Republic–Central America–United States Free Trade Agreement
(j) The evolution of BIT provisions into free trade agreements
(k) Efforts at a global treaty on investment
(l) The trend towards regional and inter-regional trade and investment treaties
(m) Conclusion
4.3 The Objectives of the Movement to Negotiate Investment Treaties
4.4 Primary Objectives of Investment Treaties
(a) Investment protection
(b) Investment promotion
4.5 Secondary Objectives of Investment Treaties
(a) Market liberalization
(b) Relationship building
(c) Domestic investment encouragement
(d) Improved governance and a strengthened rule of law
4.6 Long-Term Goals of Investment Treaties
4.7 The Treaty Negotiation Process
(a) Bilateral negotiation processes
(b) Multilateral negotiation processes
4.8 The Consequences of Investment Treaties
(a) Investment protection
(b) Investment promotion
(c) Economic liberalization
(i) An absolutist evaluation of liberalization
(ii) A relativist evaluation of liberalization
(d) Conclusion
5 The General Structure of Investment Treaties
5.1 A Structural Overview
5.2 Treaty Title and Statement of Purpose
5.3 Scope of Application of Investment Treaties
5.4 Conditions for the Entry of Foreign Investment and Investors
5.5 General Standards of Treatment of Foreign Investments and Investors
(a) Fair and equitable treatment
(b) Full protection and security
(c) Unreasonable or discriminatory measures
(d) International law
(e) State obligations
(f) National and/or most-favoured-nation treatment
5.6 Monetary Transfers
5.7 Expropriation and Dispossession
5.8 Operational and Other Conditions
5.9 Losses from Armed Conflict or Internal Disorder
5.10 Treaty Exceptions, Modifications, and Terminations
5.11 Dispute Settlement
5.12 Conclusion
6 The Interpretation of Investment Treaties
6.1 The Task of Interpretation
6.2 Rules of Interpretation
6.3 The Treaty Text
(a) Sources of investment treaty texts
(i) Government sources
(ii) International organization sources
The United Nations
United Nations Conference on Trade and Development (UNCTAD)
International Centre for Settlement of Investment Disputes (ICSID)
Organization of American States (OAS)
Energy Charter Treaty
(iii) Unofficial and non-governmental sources of investment treaty texts
(b) The language of treaty texts
6.4 ‘Ordinary Meaning’ of Treaty Terms
6.5 ‘Context’ of Treaty Terms and ‘Object and Purpose’ of the Treaty
6.6 ‘Subsequent Agreement’ and ‘Subsequent Practice’
6.7 ‘Relevant Rules of International Law Applicable between the Parties’
6.8 Special Meanings Intended by the Parties
6.9 Supplementary Means of Interpretation
6.10 Arbitration and Judicial Decisions
6.11 Scholarly Commentary on Investment Treaties
7 Scope of Application of Investment Treaties
7.1 The Significance of a Treaty’s Scope of Application
7.2 ‘Investments’ Covered by Investment Treaties
7.3 Broad Asset-Based Definitions of Investments with an Illustrative List of Investment Forms
7.4 Broad Asset-Based Definitions Specifying Substantive Investment Characteristics as well as Illustrative Forms
7.5 Asset-Based Definitions with an Exhaustive List of Investment Forms
7.6 Limitations on Definitions of ‘Investment’
(a) Legal requirements
(b) Territorial requirements
(c) Temporal requirements
(d) Sector requirements
(e) Approved project requirements
7.7 Arbitral Applications of Investment Definitions in Special Situations
(a) Pre-investment expenditures
(b) Minority shareholdings
(c) Indirect shareholdings
7.8 ‘Investors’ Covered by Investment Treaties
(a) Natural persons as ‘investors’
(b) Companies and other legal entities as ‘investors’
(c) States and state-owned entities as ‘investors’
8 Investment Promotion, Admission, and Establishment
8.1 State Sovereignty and Foreign Investment
8.2 Foreign Investment Promotion
8.3 Admission of Investments
8.4 Admission According to Host Country Law
8.5 Grants of a Relative Right of Establishment
8.6 Grants of an Absolute Right of Establishment
9 General Treatment Standards
9.1 The Nature of Investment and Investor Treatment
9.2 Overview of General Treatment Standards
9.3 Protection and Security
(a) In general
(b) Historical origins of the standard
(c) Full protection and security in the modern era
(d) Conclusion
9.4 Fair and Equitable Treatment
(a) Background
(b) Formulation of the standard
(c) The complexities of interpreting and applying the standard
(d) Differing concepts of the fair and equitable standard
(i) Fair and equitable treatment as the international minimum standard
(ii) Fair and equitable treatment standard as an autonomous standard additional to international law
(e) The content of the standard
(i) Failure to protect the investor’s legitimate expectations
(ii) Failure to act transparently
(iii) Arbitrary and discriminatory actions
(iv) Denial of justice or due process
(v) Good faith
(f) Conclusion
9.5 Other General Standards of Treatment
(a) In general
(b) Treatment in accordance with international law
(c) Avoidance of arbitrary, discriminatory, or unreasonable measures
9.6 National Treatment
(a) Competition and discrimination
(b) National treatment in investment treaties
(c) The application of the national treatment standard
(i) With whom should the claimant be compared?
(ii) What is the nature of the difference in treatment?
(iii) Is the difference in treatment justified?
9.7 Most-Favoured-Nation Treatment
10 Monetary Transfers and Treatment
10.1 The Significance of Monetary Transfers
10.2 The General Scope of the Right to Make Transfers
10.3 Types of Payments Covered by Transfer Provisions
10.4 The Currency of Transfer
10.5 The Applicable Exchange Rate
10.6 The Time for Effecting Transfers
10.7 Exceptions
11 Treatment of State Obligations (the ‘Umbrella Clause’)
11.1 The Problem of the Obsolescing Bargain
11.2 Umbrella Clauses in General
11.3 Historical Background of the Umbrella Clause
11.4 Formulations of the Umbrella Clause
11.5 Application of the Umbrella Clause
11.6 A Framework for Applying Umbrella Clauses
12 Protection Against Expropriation, Nationalization, and Dispossession
12.1 The Risk of Expropriation, Nationalization, and Dispossession
12.2 Investment Treaty Provisions on Expropriation, Nationalization, and Dispossession
12.3 The Scope of Expropriation, Nationalization, and Dispossession Clauses
(a) The nature of the expropriating actor
(b) The nature of the property expropriated
(c) The nature of the expropriating act
12.4 Direct Expropriations, Nationalizations, and Dispossessions
12.5 Indirect Expropriations, Nationalizations, and Dispossessions
12.6 Governmental Actions Equivalent or Tantamount to Expropriation
12.7 Types of Government Measures that May Constitute Indirect Expropriation
(a) Disproportionate tax increases
(b) Interference with contractual rights
(c) Unjustified interference with the management of the investment
(d) Revocation or denial of government permits or licences
12.8 Criteria for Distinguishing Indirect Expropriation from Legitimate Regulation
(a) Degree of interference with investor property rights
(i) Severity of economic impact and loss of effective control
(ii) Duration of the governmental measure
(b) Frustration of the investor’s legitimate expectations
(c) Lack of proportionality
(d) Non-transparency, arbitrariness, and discrimination
(e) Sole effects versus purpose and context of the measure
12.9 Newer Treaties’ Approach to Distinguishing Legitimate Regulation from Indirect Expropriation
12.10 Conditions for the Legality of Expropriations, Nationalizations, and Dispossessions
(a) Expropriation measure must be for a public purpose
(b) Expropriation must not be discriminatory
(c) Expropriation must take place in accordance with due process of law
(d) Expropriation must be accompanied by compensation
(i) The standard of compensation
(ii) The question of compensation for legal and illegal expropriations
(iii) Valuation methods
13 Other Treatment Standards
13.1 Introduction to Other Treaty Standards
13.2 Treatment with Respect to Performance Requirements
13.3 Entry and Residence of Foreign Nationals and Managerial Personnel
13.4 Compensation for Losses Due to War, Revolution, and Civil Disturbance
13.5 Transparency and Regulatory Due Process
13.6 The Subrogation Obligation
14 Investment Treaty Exceptions, Modifications, and Terminations
14.1 The Tensions of Investment Treaties
14.2 Treaty Exceptions
(a) In general
(b) Exceptions to protect essential security interests and the maintenance of public order
(i) The self-judging nature of the exception clause
(ii) Application of exception clauses to economic crises
(iii) Elements justifying the exception
(c) Exceptions for specified national legislation
14.3 Treaty Modifications
14.4 Treaty Terminations
15 Investment Treaty Dispute Settlement
15.1 The Significance of Investment Treaty Dispute Settlement
15.2 The Nature of Disputes between States and Investors
15.3 Traditional, Non-Treaty Methods of Resolving Investor–State Disputes
(a) Direct negotiations with host governments
(b) Local courts
(c) Diplomatic protection
15.4 Treaty Methods for Resolving Investment Disputes
15.5 Interstate Consultations and Negotiations
15.6 Interstate Arbitration
15.7 Investor–State Consultations and Negotiations
15.8 Investor–State Arbitration
(a) The nature and evolution of international arbitration
(b) The development of investor–state arbitration
(c) The incorporation of investor–state arbitration into treaties
(d) Governing law
(e) The differing natures of investor–state arbitration provisions
(i) The unequivocal nature of the state’s consent to arbitrate
(ii) The scope of consent
(iii) Conditions precedent to invoking investor–state arbitration
(iv) Available dispute resolution forums
(f) The growth and significance of investor–state arbitration
(g) Waiver of investor rights to investor–state arbitration
(h) The Impetus for Reform of Investor–state dispute settlement
16 The Consequences of Treaty Violations
16.1 The Question of Consequences
16.2 The Silence of the Treaty Texts
16.3 Application of Customary International Law on State Responsibility
16.4 Investment Treaty Remedies in General
16.5 Valuation Techniques and Damages
(a) In general
(b) Three basic approaches to valuation
(i) Market or sales comparison approaches
(ii) Income capitalization approaches
(iii) Asset-based or cost approaches
Further Material
Index
Sign up for alerts
Table of Cases
From:
The Law of Investment Treaties (2nd Edition)
Jeswald W. Salacuse
Content type:
Book content
Product:
Investment Claims [IC]
Series:
Oxford International Law Library
Published in print:
01 May 2015
ISBN:
9780198703976
Prev
|
Next
[35.175.107.142]
35.175.107.142