Análisis

Competencia para Celebrar Nueva Generación de TLCs de la UE: AG Sharpston sobre el Dictamen 2/15

Can the European Union act alone in concluding agreements such as CETA and the EU–Singapore FTA? Or must EU member states also ratify them? ECJ Advocate General Sharpston discusses the allocation of powers in the field of investment under EU law.

¿Pueden las Empresas Estatales Bolivianas someterse a Arbitraje Internacional? Analizando el Complejo Marco Jurídico de Inversión Extranjera en Bolivia

The Bolivian government has enacted three laws—on investment, arbitration and state-owned companies—that reflect the country’s public policy on domestic and foreign investment. Investing in Bolivia requires a careful reading of the three new laws.

La Solución de Controversias relativas a Inversión: Debate sobre Responsabilidad Democrática y el Interés Público

In the context of disputes involving governments, settlement agreements threaten accountability, respect for the rule of law, transparency and respect for citizens’ rights and interests. Any reform agenda must cover settlements and the policy issues they raise.

Sólo una Pequeña Pausa para Respirar: Fallo del Tribunal Constitucional Federal Alemán sobre el AECG

Over 125,000 complainants requested a temporary injunction against Germany’s approval of the Canada–European Union Comprehensive Economic and Trade Agreement (CETA). While rejecting the request, what concerns did the German Federal Constitutional Court raise with respect to CETA?

Declaración Interpretativa Conjunta de India sobre TBIs: Un Intento por Quitar los Fantasmas del Pasado

The Government of India has proposed a Joint Interpretative Statement to its bilateral investment treaty (BIT) partners. The statement clarifies key substantive and procedural provisions, bringing them more in line with India’s new foreign investment policy.

Trato Especial y Diferenciado en los Acuerdos Internacionales de Inversión

Special and Differential Treatment (S&D), originally forged in the trade regime, has evolved in trade negotiations and gained momentum in investment agreements, to provide greater flexibility for developing countries based on their needs and capabilities.

Conferencia sobre los Acuerdos Internacionales de Inversión de la UNCTAD 2016: Llevando la Reforma de AIIs al Próximo Nivel

Como parte del Foro Mundial de Inversiones 2016 (WIF, por sus siglas en inglés)[1], los negociadores de los acuerdos internacionales de inversión (AIIs) y varias partes interesadas se reunieron el 19 de julio de 2016 en la Conferencia de Alto Nivel de AII en Nairobi, Kenia. Aproximadamente 50 delegados de diferentes países, parlamentarios, directivos de […]

El Centro de Solución de Controversias en Materia de Inversiones de UNASUR: Comentarios Sobre el Borrador de Acuerdo Constitutivo

La futura puesta en marcha del Centro puede generar escepticismo, ya que su funcionamiento podría menospreciar estándares internacionales en favor de parámetros regionales y ello, a su vez, provocar una mayor inestabilidad en la región. Desde otra perspectiva, la creación del Centro podría, no obstante, aumentar la legitimidad y la popularidad de los mecanismos de solución de controversias inversionista-Estado en los países miembros de UNASUR, al implementarse las novedades procesales y sustantivas contenidas en el AC. ¿Cuáles son las novedades procesales y sustantivas contenidas en el Proyecto de Acuerdo Constitucional?

¿Los Estados Miembros de la UE Pueden Seguir Negociando TBIs con Terceros Países?

Foreign direct investment became part of the sphere of exclusive competence of the European Union in 2009. Since then, the European Commission has been negotiating investment treaties with a number of countries—as well as authorized several individual EU member states to negotiate BITs.

¿Reestructurando las Reglas y Excepciones? Acerca de la Relación entre la Soberanía Regulatoria y el Derecho Internacional de las Inversiones

States’ regulatory powers are the rule, and investors’ rights under international investment law are the exception. Or is it the other way around? Book review of Public Purpose in International Law.

Mappinginvestmenttreaties.com: Descubriendo los secretos del universo de tratados de inversión

¿Sabían que la red de tratados del Reino Unido es dos veces más consistente que la de Egipto o Pakistán? ¿Han notado que Israel copió los tratados británicos para formular su propio programa de TBI o que el 81 por ciento del contenido del capítulo de inversión de la Asociación Trans-Pacifica (TPP, por sus siglas en inglés) es el mismo que el del tratado de libre comercio (TLC) entre Estados Unidos y Colombia, celebrado diez años antes, en 2006? Estas son solo algunas de las sorpresas que descubrimos en el universo de AII como parte del proyecto mappinginvestmenttreaties.com.

La Necesidad de un Observatorio sobre Inversiones y Transnacionales para el Sur Global

El Observatorio es una iniciativa intergubernamental para proporcionar información e intercambio de conocimientos y experiencias sobre arbitraje de inversiones. También tiene como objetivo crear condiciones iguales entre los inversores y los estados para promover una inversión sostenible que respete la soberanía estatal.

Entrevista a Lauge Poulsen, autor de Bounded Rationality and Economic Diplomacy

La popularidad de los TBI en grandes partes del mundo en desarrollo es dado a una falta de apreciación de su peligro. ¿Por qué tantos gobiernos suscribieran a algunos de los instrumentos más potentes del derecho económico internacional sin saber qué significan los tratados?

¿La ISDS en los Acuerdos de Comercio de la UE es Legal Bajo el Derecho de la Unión Europea?

La legalidad de la solución de controversias entre inversores y Estados en forma de un sistema de tribunales de inversión es un tema polémico. Esta sección detalla cuatro objeciones jurídicas planteadas por académicos y expertos legales, y analiza la posibilidad de un desafío legal del ISDS según la legislación europea.

Estrategias Estatales para la Defensa de los Intereses Nacionales en el Arbitraje entre Inversionista y Estado

Argentina y Ecuador ahora tienen mucha experiencia en la solución de disputas entre inversionistas y estados y han tenido éxito en la defensa de los intereses nacionales contra las reclamaciones de los inversores. Las lecciones de estas experiencias podrían beneficiar a otros países, particularmente a los países en desarrollo, en el desarrollo de sus estrategias de defensa legal.

ATCI y Cambio Climático: Pocos Beneficios Económicos, Verdaderos Riesgos Climáticos

Las negociaciones sobre el cambio climático de esta semana deberían informar a muchas esferas de la gobernanza global, incluida la política internacional de comercio e inversión. Uno de los acuerdos comerciales y de inversión más importantes es la Asociación Transatlántica de Comercio e Inversión (ATCI), actualmente en negociación entre la Unión Europea y los Estados Unidos, dado el papel que probablemente desempeñará en el establecimiento de reglas para la economía global en el siglo XXI.

¿La Economía Verde Necesita la Solución de Controversias entre Inversionista y Estado?

Aquellos que proponen que el medio ambiente necesita «más protección de la inversión» están recomendando una solución a muy largo plazo (de eficacia cuestionable) a lo que es esencialmente un problema a corto plazo.

Ley de Conciliación y Arbitraje: Tiempos de Cambio en la Protección de las Inversiones en Bolivia

Bolivia promulga la Ley N ° 708, o la Ley de Conciliación y Arbitraje (LCyA). LCyA se promulgó (i) para preservar el interés público y la libertad de las partes, (ii) para proporcionar seguridad jurídica (previsibilidad) tanto al estado como al inversor (iii) en un marco de igualdad y equidad para ambos.

Salvaguardando el Desarrollo Sostenible: Financiación para el Desarrollo y el Régimen de Internacional de Inversiones

(English) Heads of state of the United Nations came together in late September 2015 to formally adopt the 2030 Agenda for Sustainable Development, including a set of 17 Sustainable Development Goals (SDGs). These goals, which comprehensively address the economic, environmental, and social dimensions of sustainable development, set out a new vision for the world. To achieve that vision, international financial systems will have to play their part.

Se da Inicio a Negociaciones de un Tratado Vinculante sobre Empresas y Derechos Humanos

(English) The inaugural session of the Open-ended Intergovernmental Working Group for the Elaboration of an International Legally Binding Instrument on Transnational Corporations and Other Business Enterprises (TNCOBEs) with respect to Human Rights (the Working Group) marks the beginning of a process to negotiate a binding treaty on business and human rights.

El Acuerdo brasilero de Cooperación y de Facilitación de las Inversiones (ACFI): ¿Una nueva fórmula para los acuerdos internacionales de inversión?

Desde la firma del primer Acuerdo de Cooperación y Facilitación de Inversiones (ACFI) por parte de Brasil, en marzo de 2015, se han publicado traducciones al inglés del documento y análisis de sus aspectos innovadores. La pregunta es: ¿hasta qué punto las ACFI de Brasil innovan en la regulación de las inversiones extranjeras?

Inversiones en Tierras Cultivables y Derechos al Agua en África: Los Regímenes Jurídicos Convergen sobre la Tierra y el Agua

El acceso al agua es la fuerza impulsora detrás del aumento de la inversión extranjera en tierras agrícolas. Sin embargo, con todo el enfoque en el «acaparamiento de tierras» y la seguridad alimentaria, los problemas del agua han recibido poca atención. Es vital comprender todos los regímenes legales aplicables y los derechos de todas las partes interesadas.

Nuevas Ideas para Empoderar a los Trabajadores de Estados Unidos y Europa en el TTIP

Este documento proporciona una visión general de cómo la Unión Europea y los Estados Unidos promueven los derechos laborales en los acuerdos comerciales y de inversión. Luego advierte que el lenguaje en los capítulos de inversión y coherencia regulatoria puede contradecir el lenguaje en los capítulos de derechos laborales. Finalmente, el documento sugiere formas en que TTIP puede ser rediseñado para beneficiar a los trabajadores y promover el empleo, basado en entrevistas con 23 eminentes académicos, así como ideas originales del autor.

Los Méritos y Limitaciones de las Cláusulas de Excepción en la Práctica Contemporánea de los Tratados de Inversión

El régimen de los acuerdos internacionales de inversión (AIIs) está recibiendo una atención pública sin precedentes. Los principales ejemplos son los debates en torno a la celebración del Acuerdo Económico y Comercial Global entre Canadá y la Unión Europea (CETA, por sus siglas en inglés) y a las actuales negociaciones del Acuerdo de Asociación Transatlántica […]

Rethinking Investment-Related Dispute Settlement

Investor–state dispute settlement (ISDS), a concept much unknown to the broader public and even top policy-makers only a year ago, is making headlines, especially as the European Union and the United States contemplate including the mechanism in the deal they are currently negotiating, the Transatlantic Trade and Investment Partnership (TTIP). Public awareness is growing of […]

Expertos en Reunión de la UNCTAD dan forma a las opciones de reforma de AII

Más de 300 expertos y delegados de Estados miembros, organizaciones internacionales, ONGs, el sector privado y académicos asistieron a la Reunión sobre la Transformación del Régimen de Acuerdos Internacionales de Inversión (AII) de la Conferencia de las Naciones Unidas sobre Comercio y Desarrollo (UNCTAD, por sus siglas en inglés), realizada del 25 al 27 de […]

Derecho de las Inversiones y el 1%: ¿De qué lado estar?

La creciente concentración de la riqueza—a menudo referida como “el tema del 1%”—plantea cuestiones graves. El Foro Económico Mundial, en sus diez principales tendencias de 2015, afirmó que: En el tope de la lista de este año se encuentra el agravamiento de la desigualdad en los ingresos. Mientras que los más ricos del mundo siguen […]

Los Acuerdos de Cooperación y Facilitación de Inversiones (ACFIs) entre Brasil y Mozambique y entre Brasil y Angola: una descripción general

Brasil y Mozambique firmaron el 30 de marzo de 2015 el primer Acuerdo de Cooperación y Facilitación de Inversiones (ACFI) basado en el nuevo modelo de tratado bilateral de inversión (TBI) de Brasil. El segundo se firmó el 1 de abril de 2015 entre Brasil y Angola. A diferencia de los TBI tradicionales, que están orientados a la protección de los inversores, los ACFI se centran principalmente en la cooperación y la facilitación de inversiones. Promueven formas amigables de resolver disputas y proponen la solución de disputas entre estados como respaldo; en particular, no incluyen disposiciones sobre arbitraje inversor-estado.

China’s Antitrust Crackdown Hits Qualcomm with US$975 Million Fine: What Can Other Host States Learn from the Story?

In February 2015, Qualcomm Inc. (Qualcomm), the world’s leading cellular chip maker, headquartered in California, was ordered by the Chinese anti-monopoly authority to pay a fine of RMB 6.088 billion (approximately US$975 million) for antitrust offenses against Chinese consumers,[1] following a 14-month-long investigation of the company’s anti-competitive practices. Seen by many as one of the […]

Everyone’s Doing It: The Acceptance, Effectiveness and Legality of Performance Requirements

For policymakers charged with investment portfolios, the challenge is not simply about attracting greater flows of foreign direct investment (FDI). At least as important is trying to maximize the domestic economic and social benefits that result from those investments. This can be achieved with tax policies or targeted recruitment of specific investments with promising potential […]

The International Investment Regime at a Crossroad: Should We be Rethinking Foreign Investment Governance?

The international investment regime (IIR) has been in crisis since it attracted the attention of the international community in the early 2000s. This crisis began with awards like Metalclad v. Mexico and TECMED v. Mexico, where tribunals promoted the stability of the legal and business framework while seriously constraining the policy space of host states. […]

State Regulatory Autonomy and Tobacco Control in International Trade and Investment Law

Tobacco companies are frequently turning to international trade and investment agreements as a tool to challenge domestic tobacco control measures. Cases to date include: Indonesia’s successful challenge before the World Trade Organization (WTO) of the U.S. exemption of menthol from its ban on flavoured cigarettes;[1] the pending WTO claims by Cuba, the Dominican Republic, Honduras, Indonesia […]

Political Change vs. Legal Stability: Problems Arising from the Application of Investment Treaties in Transitions from Authoritarian Rule

Investment treaties protect foreign investors from a range of host state conduct that affects their investments. One influential view is that the purpose of these treaties is to provide legal stability for foreign investors. While this view is shared by arbitral tribunals,[1] academic commentators,[2] and lawyers acting for foreign investors,[3] it finds relatively little support […]

China’s New Outward Investment Measures: Going Global in a Sustainable Way?

Until recently, businesses in China seeking to make investments abroad had to go through a rigorous approval process separately conducted by two ministry-level agencies or their provincial counterparts. However, for many Chinese investors, especially those in the private sector, this unpopular approval process is becoming history as China’s outward investment regime has undergone a drastic […]

In Accordance with Which Host State Laws? Restoring the ‘Defence’ of Investor Illegality in Investment Arbitration

Investment treaties are often criticised for being too ‘investor-friendly.’ With this in mind, it becomes important to clarify the mechanisms available to host states to defend against investment treaty claims. One such mechanism is found in the provisions included in many investment treaties, to the effect that investors must comply with host state law in order for their investment to enjoy treaty protection.

Litigating Intellectual Property Rights in Investor-State Arbitration: From Plain Packaging to Patent Revocation

Enforcing intellectual property (IP) rights abroad is a difficult enterprise. International IP treaties have generally not created global, directly enforceable IP rights. Usually, the protection they confer cannot even be directly invoked in front of national courts. Rather, because of the territorial nature of IP protection, right holders must enforce their rights in local courts based on local laws. Litigating one’s IP rights abroad hence faces significant hurdles.

However, international investment law may offer some options to overcome these hurdles.

Who is Afraid of Investor-State Arbitration? Unpacking the Riddle of ‘No Greater Rights’ in the TTIP

The Trans-Atlantic Trade and Investment Partnership (TTIP) has been creating expectations and stirring fears ever since it was announced by EU Commission President José Manuel Barroso and US President Barack Obama in mid-2013.[1] The promise to boost trans-Atlantic economic exchange in the world’s largest free-trade area came along with the aim to “include investment … […]

Risky Business or Risky Politics: What Explains Investor-State Disputes?

While there is a fair amount of scholarly work on the determinants of expropriation, we know less about the political and economic conditions under which the broader category of investor-state disputes take place. This article provides a statistical analysis of political and economic factors that contribute to the likelihood of an investor-state dispute; and a qualitative coding of measures which have resulted in arbitration cases.

Opening the Door to Foreign Investment? An Analysis of Bolivia’s New Investment Promotion Law

On April 4, 2014, Bolivian President Evo Morales promulgated a law establishing the general legal and institutional framework to promote domestic and foreign investment in Bolivia, while contributing to socio-economic development. This note provides an overview and analysis of the main features of Bolivia’s new law, within the context of the country’s investment law and policy, and international trends.

Aron Broches and the Withdrawal of Unilateral Offers of Consent to Investor-State Arbitration

Several States have terminated bilateral investment treaties as they came up for renewal. The effectiveness of BIT termination, however, is limited by the “survival clauses” that are frequently included in IIAs. These provisions state that even after the treaty is terminated it will continue to apply to investments that were made while the treaty was in force for an additional 10 or 15 years.

Importing Consent to ICSID Arbitration? A Critical Appraisal of Garanti Koza v. Turkmenistan

This brief article provides a critical examination of the tribunal’s decision in Garanti Koza LLP v. Turkmenistan, where the majority took a particularly expansive reading of the MFN clause in the United Kingdom-Turkmenistan BIT.

ICSID’s Annulment Decision in Impregilo v. Argentina: Finality of Awards v. Legal Correctness

On January 24, 2014, an ICSID ad-hoc annulment committee dismissed a request by the Argentine Republic to annul a June 2011 arbitral award for harm suffered to an investment in a Buenos Aires water services concession. While this was one of the smaller awards rendered against Argentina, it is nonetheless of utmost significance for Argentina and all countries facing claims under investment treaties.

Improving Investment Treaties through General Exceptions Provisions: The Australian Example

The recent Australian elections were decided mostly by domestic policy issues, but their outcome had an impact beyond the border as the new government decided to rethink Australia’s somewhat unique view on the international investment regime. In changing course, has the Australian government simply joined the rest of the world?

Foreign Investment in Farmland and Water: 10 Steps for Better Contracts

The International Institute for Sustainable Development studied seventy contracts between states and foreign investors involving long-term leases of farmland. We have come up with our own model contract that we believe answers many of these concerns.

The Practice of Responsible Investment Principles in Larger-Scale Agricultural Investments

The recent and ongoing trend towards corporate, especially foreign, investment in developing countries’ agricultural sectors has evoked sharply contrasting attitudes. For some, this “rediscovery” of agriculture as a focus of investment provides opportunities to again promote the sector within the larger agenda of economic development. For others, it has raised serious concerns about whether such investments, especially those involving large scale land acquisitions, are conducted in a manner which respects people’s rights, livelihoods and resources.

The Boom in Parallel Claims in Investment Treaty Arbitration

Investment treaty arbitrators have adopted a de facto policy of favouring parallel claims by declining to yield to contractually-agreed dispute settlement provisions. The policy is widespread among tribunals but appears out of step with judicial restraint based on principles of party autonomy, sanctity of contract, or the avoidance of parallel proceedings.

Proposed Changes to the Investment Dispute-Resolution System: A South American Perspective

The system of international investment arbitration suffers from serious flaws. In South America, more than other regions, these failings are apparent from direct experience. Perhaps because so many countries in the region have faced multiple international investment arbitrations based on multi-million dollar claims for compensations, a number of alternatives to the current system of investment dispute resolution have been proposed by governments, multilateral institutions and academics.

State Liability for Regulatory Change: How International Investment Rules are Overriding Domestic Law

With governments around the world pushing efforts to negotiate and approve mega-investment treaties, it is important to be clear on just what these investment treaties do and do not mean. This article compares U.S. domestic law and international treaty rules on state liability for regulatory changes. It shows that arbitral tribunals have interpreted investment treaty rules in a manner far more favorable to the interests of investors than the approaches adopted in U.S. courts.

Online Statements by National Investment Boards or Agencies and Their Potential Legal Effects

National investment boards or agencies operate in several countries with a view to attract foreign investment. Towards this objective, they often maintain websites highlighting the advantages of investing in their country. This article surveys some common categories of representations and promises made on the websites of national investment boards and discusses their potential legal implications.

Conoco-Phillips and Exxon-Mobil v. Venezuela: Using Investment Arbitration to Rewrite a Contract

Arbitrations by ConocoPhillips and ExxonMobil against Venezuela feature some of the largest claims ever to have been brought against a state by international investors. However, a careful reading of dispute’s factual background suggests that these claims bear little connection with the deals that these oil firms actually agreed to in Venezuela.