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| Preface | |
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| List of Abbreviations | |
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| Table of Cases | |
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| Table of Statutes, Conventions, Treaties, Agreements Etc | |
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| Introduction | |
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| Evolution of Foreign Investment Law | |
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| Introduction | |
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| The Early Years | |
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| National Treatment versus International Minimum Standard | |
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| The Era of Gunboat Diplomacy | |
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| Diplomatic Protection and the Treatment of Aliens in International Law | |
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| The Calvo Doctrine | |
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| The Hull Formula | |
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| Conclusion | |
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| International Efforts to Regulate Foreign Investment | |
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| Introduction | |
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| The Havana Charter of 1948 | |
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| The UN Declaration on Permanent Sovereignty over Natural Resources | |
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| Attempts to Develop the Law Through the New International Economic Order | |
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| The 1974 Charter of Economic Rights and Duties of States | |
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| The UN Draft Code of Conduct for Transnational Corporations | |
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| An Appraisal of the Efforts Made in the UN | |
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| The Role of the World Bank | |
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| ICSID | |
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| A 'Silent Revolution' in International Law? | |
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| MIGA | |
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| The 1992 Guidelines on the Treatment of Foreign Direct Investment | |
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| The WTO Agreements and Foreign Investment | |
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| The OECD Guidelines and the Multilateral Agreement on Investment | |
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| The International Labour Organization's Guidelines | |
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| Other Voluntary Schemes | |
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| An Inconclusive End to the 20th Century in Foreign Investment Regulation | |
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| The Efforts Made at the Dawn of the 21st Century | |
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| The UN Commission and Council on Human Rights | |
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| Anti-Corruption Conventions | |
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| The Shift in Emphasis on the Need for an International Agreement | |
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| Conclusions | |
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| Protection of Foreign Investment in Customary International Law | |
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| Introduction | |
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| Protection Under International Law and Domestic Law | |
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| The Fundamental Principles of Foreign Investment Protection | |
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| The Objectives of the Principles | |
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| Definition of Investor and Investment | |
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| Fair and Equitable Treatment in Customary International Law | |
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| Full Protection and Security | |
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| Most-Favoured-Nation Treatment | |
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| National Treatment | |
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| Protection Against Expropriation in Customary International Law | |
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| The Standards of Compensation in Customary International Law | |
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| Access to International Arbitration | |
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| Conclusion | |
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| Protection of Foreign Investment through Bilateral Investment Treaties | |
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| Introduction | |
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| The Origins of BITs | |
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| The Content of BITs | |
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| Significance of BITs | |
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| BITs for the Promotion of Foreign Investment | |
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| Greater Standard of Protection Under BITs | |
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| BITs as Insurance Against Political Risks | |
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| BITs as a Tool for Globalisation, Economic Liberalisation and Privatisation | |
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| Mechanism to Expand International Standards and to Codify Lex Specialis | |
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| Effect of BIT Provisions as Obligations Erga Omnes? | |
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| Decentralisation of the Law of Foreign Investment | |
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| Limiting the Freedom of Action of States | |
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| Outlining the Conditions for Expropriation | |
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| Deviations from the Hull Formula | |
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| Exhaustion of Local Remedies | |
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| Investor-State Settlement of Disputes | |
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| Latin American Volte-Face | |
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| Acceptance of a Wider Definition of Investment | |
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| Like Circumstances | |
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| Pre-Establishment Rights | |
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| Definition of the Applicable Law | |
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| Time Limitations of a Claim | |
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| Contractual Character of BITs | |
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| Protection Under Stabilisation Clauses in Investment or State Contracts | |
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| Protection Under the Umbrella Clause | |
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| Protection Under Regional Trade and Investment Treaties | |
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| Protection Under Free Trade Agreements and Model BITs | |
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| The Changing Character of BITs | |
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| Conclusion | |
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| Fleshing Out the Principles through Jurisprudence | |
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| Introduction | |
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| Fleshing out the Principles of Foreign Investment Law | |
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| Standard Claims by Foreign Investors | |
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| Definition of Expropriation | |
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| The Right to Expropriate | |
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| Direct and Indirect Expropriation | |
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| Determination of the Nature and Amount of Compensation | |
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| The Rights of Shareholders | |
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| Exhaustion of Local Remedies | |
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| Extension of the Frontiers of the Law of Foreign Investment | |
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| The Trend in Creative Interpretation of the Law | |
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| Controversy Raised by Inconsistency | |
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| The Trend Towards Extensive Protection | |
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| From International Minimum to Maximum Standard of Treatment | |
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| Modification of Customary International Law | |
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| Extension of BIT Protection to Contractual Undertakings | |
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| Extension of the MFN Clause To Establish Jurisdiction | |
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| Conclusion | |
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| Current Issues in the Law of Foreign Investment | |
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| Introduction | |
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| The Law at a Crossroads | |
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| Absence of Guidelines on the Standard of Compensation | |
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| The Impact of Cross-Fertilisation of Competing Principles | |
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| Problems Posed by the Expansive or Creative Trend in Interpretation | |
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| The Notion of 'Police Powers' of States and Regulatory Expropriation | |
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| Legitimate Expectations of Foreign Investors and the Regulatory Powers of States | |
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| Regulatory Measures to Protect the Environment | |
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| Regulatory Measures to Protect Human Rights | |
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| Regulatory Measures in Pursuance of Social and Economic Objectives | |
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| Regulatory Powers and the Protection Under Investment or State Contracts | |
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| Catch-All Interpretation of the Principle of Fair and Equitable Treatment | |
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| The Extent of Protection Under the MFN Clause | |
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| Public Disputes and Private Tribunals | |
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| Difficulty in Application of Domestic Law by International Tribunals | |
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| Multiplication of Proceedings and Investment Tribunals | |
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| The Trend in Treaty-Shopping, Forum-Shopping and Nationality-Shopping | |
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| Reverse Discrimination Between Domestic and Foreign Investors | |
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| Anti-Corruption Law and Investment Disputes | |
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| The Institution of Exceptions and the Law of Foreign Investment | |
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| States Seeking to Restrain Tribunals Rather than Vice Versa | |
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| The Principle of Tabula Rasa and Investment Contracts | |
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| The Notion of International Public Policy and Investment Protection | |
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| The Doctrine of Necessity in Foreign Investment Law | |
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| The Notion of Force Majeure in Foreign Investment Law | |
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| Resource Nationalism and the Revival of the Calvo Doctrine | |
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| The Attempt to Seek Protection Against Commercial Risks | |
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| Conclusions | |
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| Addressing Current Challenges in Foreign Investment Law | |
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| Introduction | |
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| A Global Comprehensive Treaty on Foreign Investment | |
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| A Global Model Treaty | |
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| A Set of Interpretative Statements or Draft Articles by the ILC | |
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| Balanced FTAs and BITs | |
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| The Role of Investment Tribunals and Courts | |
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| An Appeal Mechanism Against Arbitral Awards | |
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| Creation of an International Investment Court | |
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| Settlement of Investment Disputes by the DSB of the WTO | |
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| Revision of Investment Contracts | |
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| Revision of BITs Through a Protocol | |
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| Revision of ICSID, UNCITRAL and Other Arbitration Rules | |
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| Access for Victims to International Courts and Tribunals | |
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| Defining the Standard or Conditions of Compensation | |
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| Defining the Limits of the Amount of Compensation | |
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| Provision for Remedies Other than Monetary Compensation | |
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| Discouraging 'Cherry-Picking' in the Application of Rules | |
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| National Investment Courts | |
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| Conclusions | |
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| Concluding Observations | |
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| Index | |