Multinational corporations as a new subject of international investment law: Rights conferred to investors under the ISDS provisions of intergovernmental and bilateral treaties and ways to balance this new reality
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Autor/a
Chochorelou, María
Altres autors/es
Espaliú Berdud, Carlos
Universitat Internacional de Catalunya. Departament de Ciències Jurídiques i Polítiques
Data de defensa
2019-01-10T15:21:21Z2019-01-10T15:21:21Z
2018-11-30
Resum
The international investment regime has faced several criticisms already since the
mid-2000s. Scholars and civil society have called both for refinement of the content of
the numerous bilateral investment treaties (BITs) and other international investment
agreements (IIAs), as well as for reconsideration of the purpose of the investment
regime.
Over the past few years, we face a phase of ‘re-orientation’ of international investmen
law. The 1990s rush of conclusion of BITs is slowing down and gives way to the
negotiations at the regional level. This era of transition from investment bilateralism
to regionalism presents us with a paradox, which has revived the question of the legal
status of multinational corporations. On the one hand, the mega-regional Free Trade
Agreements (FTAs) concluded and being negotiated advance the protection of
investors and facilitate their access to Investor-State dispute settlement (ISDS). On the
other hand, States attempt to react to investors’ growing power either by opting out
from ISDS or by reforming investment standards to better reflect their interests.
One of the primary objectives of States during this phase of re-orientation of
international investment law is safeguarding their right to regulate for public
purpose interests. In order to meet this goal, the past few years States slightly shift
towards sustainable development, a concept that has been criticized as threatened
by the old IIA regime. The adoption of a sustainable development-oriented
approach in investment law also depends largely on the tribunals that are tasked
with the interpretation of IIAs. Despite their current reluctance to engage in a
sustainable development discussion, this situation may alter with the conclusion of
the post-2015 FTAs. These treaties make more references to the principle, both in
separate chapters and in their investment chapters. They also place at the
arbitrators’ disposal interpretative tools for the integration of sustainable
development into their argumentation.
This thesis concludes that regionalism has not be suitable to resolve the ‘battle’ of
predominance between investors and States. It argues that other options that may be
more suitable to strike a delicate balance between the protection of foreign
investment and the public interests of States, and reflects on changes that may render
the investment regime more compatible with sustainable development. Special focus
is given to the drafting of a multilateral investment treaty, which, although could serve
as a ‘golden mean’ between States and investors, still raises concerns and seems as as
farfetched idea.
Tipus de document
Tesi
Versió publicada
Llengua
English
Matèries i paraules clau
International Investment Law
Free Trade Agreements
Investment Regime
Sustainable Development
33
341
Pàgines
233 p.
application/pdf
application/pdf
Publicat per
Universitat Internacional de Catalunya
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