Chapter

Improving the International Investment Law and Policy System

Andrea K. Bjorklund

in The Evolving International Investment Regime

Published in print April 2011 | ISBN: 9780199793624
Published online May 2011 | e-ISBN: 9780199895205 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199793624.003.0015
Improving the International Investment Law and Policy System

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This chapter argues that the next stage of investment law will be characterized by the embrace of sustainable development and the redress of imbalances, whether real or perceived, in the existing investor-state regime. Designing these solutions is difficult, as the goals of key stakeholders are sometimes in tension with each other. Attempting to create a more nuanced investment law regime, which takes into account differences in the actors, whether they be host countries or investors, is desirable. Yet this is arguably opposed to the goals of increased harmonization and predictability, and the creation of a single multilateral investment agreement. Proposals and solutions will come from a variety of sources; the hegemony of states with respect to the development of international law is long past. Development of a soft-law instrument is likely to coincide with, or very likely precede, the development of hard-law treaties. Tribunal decisions themselves expand on, and in some cases develop, the content of investment obligations. Multinational enterprises, which will be given more responsibilities under new treaties, must also be involved in the formulation of those objectives to ensure their voluntary cooperation. Yet states remain the key players in international law, so their leadership remains essential in establishing the goals that investment treaties should seek to achieve.

Keywords: international investment law; investment policy; sustainable development; investor-state regime; harmonization; hard-law treaties

Chapter.  14777 words. 

Subjects: Public International Law

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