to the Third Edition
From: The Law of Investment Treaties (3rd Edition)
Jeswald W. Salacuse
Previous Edition (2 ed.)
Content type: Book content
Product: Oxford Scholarly Authorities on International Law [OSAIL]
Series: Oxford International Law Library
Published in print: 18 February 2021
ISBN: 9780198850953
The nations of the world have made approximately 3,300 investment treaties since the end of World War II. Investment treaty-making continues as new agreements emerge almost monthly from diplomatic negotiations. The rapid growth in investment treaties has led to a burgeoning number of international arbitration decisions that have applied and interpreted treaty provisions in disputes between investors and states concerning their respective rights. One result of this flurry of treaties and arbitral decisions has been the creation of a new branch of international law—the law of investment treaties. This new law has been both a consequence and a cause of the increasing economic globalization and vast growth in capital movements that have characterized the last half of the twentieth century and the beginning of the twenty-first. Investment treaties have become important factors that corporate executives, lawyers, bankers, and government officials must consider in planning, executing, and managing foreign investments. More than just rules on paper, the mass of treaties and arbitrations also constitute an international regime, a concept drawn from international relations theory that refers to a system of governance in a particular area of activity. But unlike other international regimes, for example the one for trade, the international investment treaty regime lacks a multilateral international organization to sustain its activities and is characterized by privatized and decentralized decision-making by ad hoc arbitral tribunals.
The purpose of this book is to examine the law of international investment treaties, particularly with respect to its origins, structure, content, and effects. As a new body of law, it presents many problems that have yet to be resolved and many questions with answers that are at best tentative. It is truly a law in full evolution. At the same time, it also grapples with ancient problems that date from the time that the first investor ventured abroad to undertake activities in the territory of a foreign sovereign.
The first edition of this book was published in 2010. It tracked and analysed the growth in investment treaties and arbitration cases and the nature of the legal principles that they engendered since the movement to negotiate investment treaties emerged in post-World War II era. The second edition, published in 2015, not only examined new treaties and arbitral decisions but also explored the growing controversy that the regime engendered.
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The new treaties concluded during the years 2010–2015, while building on the concepts employed in earlier international agreements, also included new elements shaped by prior experience in actually applying treaty texts to the complex world of international investment. The many arbitral decisions issued in the half decade between the first and second editions (p. viii) refined earlier interpretations of treaty provisions and at the same time demonstrated a tendency to handle larger and larger cases and to grant injured investors increasing amounts of damages, culminating in July 2014 with awards in the Yukos cases under the Energy Charter Treaty for over US$50 billion, a historic record for any arbitration.
The controversy in the field has primarily revolved around the investor–state dispute settlement process, which by 2020 had generated over 1,000 investor–state international arbitration cases involving more than a hundred states as respondents. Governments and sympathetic international organizations have questioned the regime’s high costs, its large awards, the legitimacy and fairness of its procedures, and its alleged curtailment of state sovereignty and governments’ right to regulate. In reaction, many governments, international institutions, and non-governmental organizations have pressed for reform, and a few states had gone so far as to withdraw from investment treaties and from the International Centre for Settlement of Investment Disputes (ICSID), the principal investor–state dispute settlement institution.
The five years since the second edition was published have witnessed considerable activity by states to assert a growing role for themselves in the regime’s decision-making processes, particularly with respect to investor–state arbitration. This reform activity has taken several forms. First, many states modified or replaced existing investment treaties to give governments the regulatory space that they demanded, an action that inevitably resulted in restricting arbitrator’s decisional space. Second, in other cases, states negotiated new treaties that restricted or eliminated entirely the jurisdiction of investor–state tribunals. Thus, for example, the 2019 United States–Mexico–Canada Agreement (USMCA), which replaced NAFTA, denies investor–state arbitration to Canadian investors and investments in Canada by other USMCA investors. Third, yet another approach was to eliminate certain bilateral investment treaties (BITs) entirely and require investors to rely on existing forms of legal protection, which is what the European Union did with a 2020 multilateral agreement among member states that terminated over a hundred intra-EU BITS, leaving intra-EU investors and investments to rely on EU law and legal processes alone for protection, Fourth, still others, like India, terminated BITS that provided for investor–state arbitration, prepared new BIT models that omitted investor–state arbitration as a remedy, and then proceed to negotiate new treaties based on those models, as India did with Brazil in 2020. And finally, a major effort for reform was the proposed creation of the Multilateral Investment Court, strongly promoted by the EU Commission. The contemplated institution would be a permanent court with a cadre of tenured judges appointed by states and would entirely replace investor–state tribunals as the investment treaty regime’s principal institution for the settlement of disputes between foreign investors and host countries. None of these actions is intended to dismantle the investment treaty regime. All are efforts to reform it. In the meanwhile, the (p. ix) vast majority of investment treaties remain in force and investor–state arbitration continues as the regime’s principal enforcement mechanism, as Spain discovered in 2015 when disappointed investors commenced over forty investor–state cases under the Energy Charter Treaty, opposing the Spanish government’s changes to its pricing system for renewable energy. In addition to examining important new arbitral decisions and treaty provisions, the third edition of The Law of Investment Treaties presents expanded material on entry into force and provisional
application of investment treaties, on treaty provisions for investment facilitation, and on monetary transfers.
In preparing the third edition of this book, I received invaluable assistance from Araya Arayawuth and Deborshi Barat to whom I express profound thanks. I have worked in the field of investment treaty law for over forty years as teacher, scholar, legal consultant, investment company director, and arbitrator. During that time, I have benefited from instructive conversations with countless lawyers, government officials, scholars, arbitrators, and international experts in many disciplines on the complexities of international investment and the law. They are too numerous to name here but I am deeply grateful to all of them for helping me understand this rapidly evolving branch of international law.
Jeswald W. Salacuse
Distinguished Professor and Henry J. Braker Professor of Law
The Fletcher School of Law and Diplomacy
Tufts University
Cambridge, Massachusetts
1 September 2020(p. x)
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Contents—Summary
From: The Law of Investment Treaties (3rd Edition) Jeswald W. Salacuse
Previous Edition (2 ed.)
Content type: Book content
Product: Oxford Scholarly Authorities on International Law [OSAIL]
Series: Oxford International Law Library
Published in print: 18 February 2021
ISBN: 9780198850953
List of Abbreviations xxiii
Table of Cases xxv
Table of Conventions, Treaties, and Agreements xxxv
1. A Global Regime for Investment 1
2. The Nature and Significance of International Investment 30
3. The Foundations of International Investment Law 52
4. A History of International Investment Treaties 96
5. The General Structure of Investment Treaties 168
6. The Interpretation of Investment Treaties 184
7. Scope of Application of Investment Treaties 205
8. Investment Promotion, Facilitation, Admission, and Establishment 252
9. General Treatment Standards 273
10. Monetary Transfers and Treatment 343
11. Treatment of State Obligations (the ‘Umbrella Clause’) 363
12. Protection Against Expropriation, Nationalization, and Dispossession 380
13. Other Treatment Standards 433
14. Treaty Entry into Force, Exceptions, Modifications, and Terminations 454
15. Investment Treaty Dispute Settlement 493
(p. xii)
16. The Consequences of Treaty Violations 545 Index 563
From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.
Subscriber: National Law University Orissa; date: 11 September 2021
Contents
From: The Law of Investment Treaties (3rd Edition) Jeswald W. Salacuse
Previous Edition (2 ed.)
Content type: Book content
Product: Oxford Scholarly Authorities on International Law [OSAIL]
Series: Oxford International Law Library
Published in print: 18 February 2021
ISBN: 9780198850953
List of Abbreviations xxiii
Table of Cases xxv
Table of Conventions, Treaties, and Agreements xxxv
1. A Global Regime for Investment 1
1.1 Introduction to Investment Treaties 1
1.2 The Significance of Investment Treaties 6
1.3 A Regime for International Investment 8
1.4 The Application of Regime Theory to Investment Treaties 12
(a) Regime elements 12
(b) Regime principles 12
(c) Regime norms 15
(d) Regime rules 16
(e) Regime decision-making 17
1.5 A Different Kind of Regime 19
(a) Bilateral construction 19
(b) Privatized and decentralized decision-making 21
(c) Lack of a multilateral international organization 22
1.6 Regime Challenges and Prospects 22
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1.7 Conclusion: A Sticky Regime? 25
1.8 The Aim and Scope of This Book 28
2. The Nature and Significance of International Investment 30
2.1 Introduction 30
2.2 The Meaning of Investment 30
2.3 Forms of Investment 31
(a) Property and contractual rights resulting from investments 32
(b) Control attributes of the investment 34
(c) Enterprise form 36
2.4 The Nature of Investors 37
(a) Private investors 37
(b) State investors 38
(c) International organizations 40
(d) Mixed enterprises 40
2.5 The Role of Return and Risk 41
2.6 The Nature of International Investment 42
2.7 Forms of International Investment 44
(a) Foreign direct investment 44
(b) Foreign portfolio investment 45
(p. xiv) (c) International loans 46
(d) International bonds 46
(e) Suppliers’ and others’ credits 46
(f) Other contractual arrangements 47
2.8 The Nature of International Investors 47
2.9 State Interests in International Investment 50
3. The Foundations of International Investment Law 52
3.1 Background of the Investment Treaty Movement 52
3.2 State and Investor Interests Shaping International Investment Law 52
(a) Host country interests 53
(b) Investor interests 54
(c) Investor home country interests 55
(d) Conflicts of interest and their settlement 55
3.3 The Sources of International Law 57
(a) In general 57
(b) International conventions 58
(c) International custom 60
(d) General principles of law 61
(e) Subsidiary sources 62
3.4 Customary International Law and General Principles of Law Governing International Investment 63
(a) Introduction 63
(b) Standards of treatment owed to aliens by host states 64
(c) The application and enforcement of a minimum standard 66
3.5 Customary International Law on Expropriation and Breach of State Contracts 71
(a) In general 71
(b) Taking under international law 73
(c) Public purpose 74
(d) Discrimination 75
(e) Compensation 75
(f) Breaches of state contracts 78
3.6 Challenges to Western Views on International Investment Law 80
(a) Background 80
(b) The Soviet challenge 80
(c) The Latin American challenge 82
(d) The post-colonial challenge 85
3.7 Deficiencies of Customary International Law on Investment 93
4. A History of International Investment Treaties 96
4.1 Introduction: The Treatification of International Investment Law 96
4.2 Historical Background of the Treatification Process 97
(a) The early beginnings 98
(b) The emergence of a treaty framework for investment protection in the seventeenth and eighteenth centuries 99
(p. xv) (c) Further developments in the eighteenth, nineteenth, and early twentieth centuries 101
(d) From World War I until World War II 104
(e) The immediate aftermath of World War II 105
(f) The later post-World War II years 106
(i) Bilateral efforts 106
(ii) Multilateral efforts 108
(g) The development of the bilateral investment treaty and the creation of the International Centre for Settlement of Investment Disputes 110
(h) The gathering momentum of the BIT movement 114
(i) The development of multilateral regional and sectoral investment agreements 116
(i) Arab States Investment Agreement 116
(ii) Islamic States Investment Agreement 118
(iii) ASEAN Comprehensive Investment Agreement 119
(iv) MERCOSUR investment treaties 122
(v) COMESA Treaty 123
(vi) North American Free Trade Agreement/United States–Mexico–Canada Agreement 124
(vii) The Energy Charter Treaty 127
(viii) Dominican Republic–Central America–United States Free Trade Agreement 129
(j) The evolution of BIT provisions into free trade agreements 130
(k) Efforts at a global treaty on investment 132
(l) The trend towards regional and interregional trade and investment treaties 136
(i) Comprehensive and Progressive Agreement for TransPacific Partnership 137
(ii) Canada–Europe Comprehensive Economic and Trade Agreement 138
(iii) Other European Union investment treaties 141
(m) Conclusion 141
4.3 The Objectives of the Movement to Negotiate Investment Treaties 142
4.4 Primary Objectives of Investment Treaties 142
(a) Investment protection 143
(b) Investment promotion 144
4.5 Secondary Objectives of Investment Treaties 145
(a) Market liberalization 145
(b) Relationship building 147
(c) Domestic investment encouragement 147
(d) Improved governance and a strengthened rule of law 147
4.6 Long-Term Goals of Investment Treaties 148
4.7 The Treaty Negotiation Process 149
(a) Bilateral negotiation processes 149
(b) Multilateral negotiation processes 151
4.8 The Consequences of Investment Treaties 152 (p. xvi)
(a) Investment protection 152
(b) Investment promotion 154
(c) Economic liberalization 156
(i) An absolutist evaluation of liberalization 156
(ii) A relativist evaluation of liberalization 158
(d) Investment treaties as signals to capital markets 159
(i) Treaty legal effectiveness: entered into force, not just signed 163
(ii) Nature of treaty partners: richer are better than poorer 164
(iii) Number of treaties made: more is better than less 165
(iv) Time period within which treaties are made: shorter is better than longer 165
(v) Summary 167
(e) Conclusion 167
5. The General Structure of Investment Treaties 168
5.1 A Structural Overview 168
5.2 Treaty Title and Statement of Purpose 169
5.3 Scope of Application of Investment Treaties 170
5.4 Conditions for the Entry of Foreign Investment and Investors 173
5.5 General Standards of Treatment of Foreign Investments and Investors 174
(a) Fair and equitable treatment 174
(b) Full protection and security 175
(c) Unreasonable or discriminatory measures 176
(d) International law 176
(e) State obligations 176
(f) National and/or most-favoured-nation treatment 177
5.6 Monetary Transfers 177
5.7 Expropriation and Dispossession 178
5.8 Operational and Other Conditions 179
5.9 Losses from Armed Conflict or Internal Disorder 179
5.10 Treaty Entry into Force, Exceptions, Modifications, and Terminations 180
(a) Entry into force 180
(b) Treaty exceptions 180
(c) Treaty modifications 180
(d) Treaty termination 181
5.11 Dispute Settlement 181
5.12 Conclusion 183
6. The Interpretation of Investment Treaties 184
6.1 The Task of Interpretation 184
6.2 Rules of Interpretation 185
6.3 The Treaty Text 185
(a) Sources of investment treaty texts 185
(i) Government sources 186 (p. xvii)
(ii) International organization sources 187
(iii) Unofficial and non-governmental sources of investment treaty texts 189
(b) The language of treaty texts 189
6.4 ‘Ordinary Meaning’ of Treaty Terms 191
6.5 ‘Context’ of Treaty Terms and ‘Object and Purpose’ of the Treaty 192
6.6 ‘Subsequent Agreement’ and ‘Subsequent Practice’ 194
6.7 ‘Relevant Rules of International Law Applicable between the Parties’ 196
6.8 Special Meanings Intended by the Parties 198
6.9 Supplementary Means of Interpretation 199
6.10 Arbitration and Judicial Decisions 201
6.11 Scholarly Commentary on Investment Treaties 203
7. Scope of Application of Investment Treaties 205
7.1 The Significance of a Treaty’s Scope of Application 205
7.2 ‘Investments’ Covered by Investment Treaties 207
7.3 Broad Asset-Based Definitions of Investments with an Illustrative List of Investment Forms 208
7.4 Broad Asset-Based Definitions Specifying Substantive Investment Characteristics as well as Illustrative Forms 214
7.5 Asset-Based Definitions with an Exhaustive List of Investment Forms 218
7.6 Limitations on Definitions of ‘Investment’ 220
(a) Legal requirements 220
(b) Territorial requirements 224
(c) Temporal requirements 229
(d) Sector requirements 230
(e) Approved project requirements 232
7.7 Arbitral Applications of Investment Definitions in Special Situations 233
(a) Pre-investment expenditures 234
(b) Minority shareholdings 238
(c) Indirect shareholdings 242
7.8 ‘Investors’ Covered by Investment Treaties 245
(a) Natural persons as ‘investors’ 246
(b) Companies and other legal entities as ‘investors’ 246
(c) States and state-owned entities as ‘investors’ 250
8. Investment Promotion, Facilitation, Admission, and Establishment 252
8.1 State Sovereignty and Foreign Investment 252
8.2 Foreign Investment Promotion 254
8.3 Foreign Investment Facilitation 257
8.4 Admission of Investments 261
8.5 Admission According to Host Country Law 262
8.6 Grants of a Relative Right of Establishment 266
8.7 Grants of an Absolute Right of Establishment 271
(p. xviii) 9. General Treatment Standards 273
9.1 The Nature of Investment and Investor Treatment 273
9.2 Overview of General Treatment Standards 274
9.3 Protection and Security 275
(a) In general 275
(b) Historical origins of the standard 276
(c) Full protection and security in the modern era 278
(d) Conclusion 288
9.4 Fair and Equitable Treatment 289
(a) Background 289
(b) Formulation of the standard 292
(c) The complexities of interpreting and applying the standard 294
(d) Differing concepts of the fair and equitable standard 295
(i) Fair and equitable treatment as the international minimum standard 296
(ii) Fair and equitable treatment standard as an autonomous standard additional to international law 299
(e) The content of the standard 302
(i) Failure to protect the investor’s legitimate expectations 305
(ii) Failure to act transparently 313
(iii) Arbitrary, discriminatory, or unreasonable actions 316
(iv) Denial of justice or due process 320
(v) Good faith 322
(f) Conclusion 323
9.5 Other General Standards of Treatment 325
(a) In general 325
(b) Treatment in accordance with international law 325
(c) Avoidance of arbitrary, discriminatory, or unreasonable measures 328
(d) Requirements of governmental transparency 330
9.6 National Treatment 332
(a) Competition and discrimination 332
(b) National treatment in investment treaties 333
(c) The application of the national treatment standard 335
(i) With whom should the claimant be compared? 336
(ii) What is the nature of the difference in treatment? 338
(iii) Is the difference in treatment justified? 338
9.7 Most-Favoured Nation Treatment 339
10. Monetary Transfers and Treatment 343
10.1 The Significance of Monetary Transfers 343
10.2 The General Scope of the Right to Make Transfers 345
10.3 Types of Payments Covered by Transfer Provisions 349
10.4 The Currency of Transfer 352
(p. xix) 10.5 The Applicable Exchange Rate 353
10.6 The Time for Effecting Transfers 354
10.7 Exceptions 354
10.8 Conclusion: A Transfer Arbitration Case 359
11. Treatment of State Obligations (the ‘Umbrella Clause’) 363
11.1 The Problem of the Obsolescing Bargain 363
11.2 Umbrella Clauses in General 365
11.3 Historical Background of the Umbrella Clause 368
11.4 Formulations of the Umbrella Clause 370
11.5 Application of the Umbrella Clause 371
11.6 A Framework for Applying Umbrella Clauses 378
12. Protection Against Expropriation, Nationalization, and Dispossession 380
12.1 The Risk of Expropriation, Nationalization, and Dispossession 380
12.2 Investment Treaty Provisions on Expropriation, Nationalization, and Dispossession 383
12.3 The Scope of Expropriation, Nationalization, and Dispossession Clauses 385
(a) The nature of the expropriating actor 386
(b) The nature of the property expropriated 387
(c) The nature of the expropriating act 388
12.4 Direct Expropriations, Nationalizations, and Dispossessions 392
12.5 Indirect Expropriations, Nationalizations, and Dispossessions 395
12.6 Governmental Actions Equivalent or Tantamount to Expropriation 398
12.7 Types of Government Measures that May Constitute Indirect Expropriation 399
(a) Disproportionate tax increases 399
(b) Interference with contractual rights 402
(c) Unjustified interference with the management of the investment 404
(d) Revocation or denial of government permits or licences 405
12.8 Criteria for Distinguishing Indirect Expropriation from Legitimate Regulation 407
(a) Degree of interference with investor property rights 408
(i) Severity of economic impact and loss of effective control 408
(ii) Duration of the governmental measure 411
(b) Frustration of the investor’s legitimate expectations 412
(c) Lack of proportionality 415
(d) Non-transparency, arbitrariness, and discrimination 417
(e) Sole effects versus purpose and context of the measure 418
12.9 Newer Treaties’ Approaches to Distinguishing Legitimate Regulation from Indirect Expropriation 421
(p. xx) 12.10 Conditions for the Legality of Expropriations, Nationalizations, and Dispossessions 423
(a) Expropriation measure must be for a public purpose 424
(b) Expropriation must not be discriminatory 425
(c) Expropriation must take place in accordance with due process of law 426
(d) Expropriation must be accompanied by compensation 427
(i) The standard of compensation 427
(ii) The question of compensation for legal and illegal expropriations 430
(iii) Valuation methods 431
13. Other Treatment Standards 433
13.1 Introduction to Other Treaty Standards 433
13.2 Treatment with Respect to Performance Requirements 433
13.3 Entry and Residence of Foreign Nationals and Managerial Personnel 440
13.4 Compensation for Losses Due to War, Revolution, and Civil Disturbance 444
13.5 Transparency and Regulatory Due Process 447
13.6 The Subrogation Obligation 452
14. Treaty Entry into Force, Exceptions, Modifications, and Terminations 454
14.1 The Tensions of Investment Treaties 454
14.2 Treaty Entry into Force 455
(a) In general 455
(b) The applicable legal principles 455
(c) The practical application of entry into force requirements 457
(d) Provisional application of investment treaties 462
14.3 Treaty Exceptions 469
(a) In general 469
(b) Exceptions to protect essential security interests and the maintenance of public order 472
(i) The self-judging nature of the exception clause 474
(ii) Application of exception clauses to economic crises 475
(iii) Elements justifying the exception 476
(c) Exceptions for specified national legislation 479
(i) Environmental regulation exceptions 480
(ii) Taxation exceptions 481
14.4 Treaty Modifications 485
14.5 Treaty Terminations 487
15. Investment Treaty Dispute Settlement 493
15.1 The Significance of Investment Treaty Dispute Settlement 493
15.2 The Nature of Disputes between States and Investors 494
(p. xxi) 15.3 Traditional, Non-Treaty Methods of Resolving Investor–State Disputes 497
(a) Direct negotiations with host governments 497
(b) Local courts 498
(c) Diplomatic protection 499
15.4 Treaty Methods for Resolving Investment Disputes 500
15.5 Interstate Consultations and Negotiations 501
15.6 Interstate Arbitration 503
15.7 Investor–State Consultations and Negotiations 510
15.8 Investor–State Arbitration 516
(a) The nature and evolution of international arbitration 516
(b) The development of investor–state arbitration 521
(c) The incorporation of investor–state arbitration into treaties 527
(d) Governing law 530
(e) The differing natures of investor–state arbitration provisions 531
(i) The unequivocal nature of the state’s consent to arbitrate 531
(ii) The scope of consent 532
(iii) Conditions precedent to invoking investor–state arbitration 533
(iv) Available dispute resolution forums 534
(f) The growth and significance of investor–state arbitration 535
(g) Waiver of investor rights to investor–state arbitration 538
(h) The impetus for reform of investor–state dispute settlement 540
16. The Consequences of Treaty Violations 545
16.1 The Question of Consequences 545
16.2 The Silence of the Treaty Texts 545
16.3 Application of Customary International Law on State Responsibility 550
16.4 Investment Treaty Remedies in General 552
16.5 Valuation Techniques and Damages 555
(a) In general 555
(b) Three basic approaches to valuation 558
(i) Market or sales comparison approaches 559
(ii) Income capitalization approaches 559
(iii) Asset-based or cost approaches 560
Index 563
(p. xxii)
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Subscriber: National Law University Orissa; date: 11 September 2021
List of Abbreviations
From: The Law of Investment Treaties (3rd Edition) Jeswald W. Salacuse
Previous Edition (2 ed.)
Content type: Book content
Product: Oxford Scholarly Authorities on International Law [OSAIL]
Series: Oxford International Law Library
Published in print: 18 February 2021
ISBN: 9780198850953
ACIA
ASEAN Comprehensive Investment Agreement
ADR
alternative dispute resolution
ASEAN
Association of Southeast Asian Nations
BIT
bilateral investment treaty
CAFTA-DR
Dominican Republic–Central America–United States Free Trade Agreement
CAVIDI
Commission for the Administration of Currency Exchange
CETA
Canada–EU Comprehensive Economic and Trade Agreement
CFIA
Cooperation and Facilitation Investment Agreement (Brazil)
CISS
Comprehensive Import Supervision Services
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COMESA
Common Market for Eastern and Southern Africa
CPTPP
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
DCF
discounted cash flow
DFI
direct foreign investment
ECJ
European Court of Justice
ECT
Energy Charter Treaty
FCN
friendship, commerce, and navigation (treaty)
FDI
foreign direct investment
FTA
free trade agreement
FTC
Free Trade Commission (NAFTA)
GAOR
General Assembly Official Records (UN)
GATS
General Agreement on Trade in Services (WTO)
GATT
General Agreement on Tariffs and Trade (WTO)
IBRD
International Bank for Reconstruction and Development
ICC
International Chamber of Commerce
ICJ
International Court of Justice
ICSID
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International Centre for Settlement of Investment Disputes
IFC
International Finance Corporation
IIA
international investment agreement
ILC
International Law Commission
IMF
International Monetary Fund
ISDS
Investor–State Dispute Settlement
ITO
International Trade Organization
MAI
Multilateral Agreement on Investment
MERCOSUR
Common Market of the Southern Cone (Argentina, Brazil, Paraguay, Uruguay and Venezuela)
MFN
most-favoured-nation (clause)
MIGA
Multilateral Investment Guarantee Agency
MNC
multinational corporation (p. xxiv)
MNE
multinational enterprise
NAAEC
North American Agreement on Environmental Cooperation
NAFTA
North American Free Trade Agreement
NGO
non-governmental organization
NIEO
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New International Economic Order
OECD
Organization for Economic Cooperation and Development
OIC
Organization of Islamic Cooperation (formerly Organization of the Islamic Conference)
OPIC
Overseas Private Insurance Corporation
PSI
Pre-Shipment Inspection
SLD
Softwood Lumber Division (Canadian government agency)
SWF
sovereign wealth fund
TEU
Treaty on European Union
TFEU
Treaty on the Functioning of the European Union
TNC
transnational corporation
TPP
Trans-Pacific Partnership
TRIM
trade-related investment measure
TRIMs
Agreement on Trade-Related Investment Measures
TTIP
EU–United States Transatlantic Trade and Investment Partnership
UNCITRAL
United Nations Commission on International Trade Law
UNCTAD
United Nations Conference on Trade and Development
UNCTC
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United Nations Centre on Transnational Corporations
UNGA
United Nations General Assembly
UNRIAA
Reports of International Arbitral Awards (UN)
USMCA
United States–Mexico–Canada Agreement 2019
VCLT
Vienna Convention on the Law of Treaties
WTO
World Trade Organization
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Table of Cases
From: The Law of Investment Treaties (3rd Edition)
Jeswald W. Salacuse
Previous Edition (2 ed.)
Content type: Book content
Product: Oxford Scholarly Authorities on International Law [OSAIL]
Series: Oxford International Law Library
Published in print: 18 February 2021
ISBN: 9780198850953
9REN Holding SÀRL v Kingdom of Spain, ICSID Case No ARB/15/15 (Award) (31 May 2019) 376, 377
AAPL v Sri Lanka. See Asian Agricultural Products Ltd (AAPL) v Sri Lanka
Abaclat v Argentine Republic (Case formerly known as Giovanna a Beccara), ICSID Case No ARB/07/5 (Decision on Jurisdiction and Admissibility) (4 Aug 2011) 209–10, 225
ADC Affiliate Ltd and ADC & ADMC Management Ltd v Hungary, ICSID Case No ARB/ 03/16 (Award) (2 Oct 2006) 71–72, 74–75, 424, 425, 426, 430–31, 547–48
ADF Group Inc v USA, ICSID Case No ARB (AF)/00/1 (Award) (9 Jan 2003) 299, 318–19
AES Summit Generation Limited and AES-Tisza Erömü Kft v Republic of Hungary, ICSID Case No ARB/07/22 (Award) (23 September 2010) 319, 320
Aguas del Tunari SA v Republic of Bolivia, ICSID Case No ARB/02/3 (Decision on Respondent’s Objections to Jurisdiction) (21 Oct 2005) 262–63, 265, 540
AIG Capital Partners, Inc and CJSC Tema Real Estate Co v Republic of Kazakhstan, ICSID Case No ARB/01/6 (Award) (7 Oct 2003) 550–51, 554
Alasdair Ross Anderson v Republic of Costa Rica, ICSID Case No ARB(AF)/07/3l (Award) (19 May 2010) 207, 222, 223, 264
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From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.
Subscriber: National Law University Orissa; date: 11 September 2021
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Amoco International Finance Corp v Iran (1987) 15 Iran-USCTR 189 387–88
AMT v Zaire (Award) (21 Feb 1997) (1997) 36 ILM 1531 529–30
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From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.
Subscriber: National Law University Orissa; date: 11 September 2021
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From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.
Subscriber: National Law University Orissa; date: 11 September 2021
