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    73 views174 pages

    Dolzer R., Schreuer C. - Principles of International Investment Law

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    Unknown Unknown

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    Principles of International Investment Law RUDOLF DOLZER AND CHRISTOPH SCHREUER OXFORD OXFORD, onal curonmanstepennscasOR Dednsegnelaeee) ‘hrm a a hi Foreword The cunt st of tration avant i shaped and characte by she ens of inventmen retin by ruling necator buna sa by les genera iteration i: Gln the beak key andar hw ia eae sach rand etal ete mess eqiaen 0 ‘expropriation’ ts natural hare ntespretationandsplicion ofthese, ‘el be cen fr he ndentanding ofthese tuadarde in pti a fr te ‘elt of sheen gee Aste urine on ches clas has oly ‘ole inthe shore period of abou decade within 2 onsen sem, lenentsofketerogecy so deere tention, In this curren seing ofthe a, the suchas have chose, tel wdy ad ssrangoment ofthe ld ceo prove sm actcpin of he subject ‘matralongeheneofs Europeans a or mes open ase sete inthe sy af common aw csebok. The tm of he book aly 0 thud the meaning che ene principles thr oven carne frien set ‘nex lw. These pines om the ergata bos ofthe bok, But thei ‘postion in del entes more onthe ease bese are ofthe cling th prudence anon a ompcheuive systematic ama “The Deger Foundation, Lib, Germany be gener ppt sty a Yale Law School during which Rodel Daler workdonthe manuscript. At Boon Univer, Ande von Wale and Jan Wer provided vale earch. Doi Gas and Tega Dessrdoranized the mamas At Vea Unvesiy, (Clas Renerblped wh he protesting adolf Des Be Cisoph cheer Summary of Contents TibrofCo Tablof Tati, Conention Reson end Rl Lise Abbrcons 1, Nature, Evolution, and Content of neato! avetnet Law Tezeatonl loves Law aa ld of Srady 2 The Basins Neuro orig vesemen Long-Term Risk 3. Hose State Soneeigaty and che Ras of Foseig lvestment 4 Gustoraty Inenatnal Lvs The Eoergence of Minit Sandard 5. Treaty Lave Flt sed Purpose 6. Gurren Trendin Tesy Practice 7, Reon Agiements: Energy Care, NAFTA, 1, laterpretation snd Applicaton oflavestmen Ticats, 1, Toeprtingievestnen Tees 2. Appt of Investment Tees in Tine IL, vento and avetmnts 1 Investors India Companies, National. and ‘Sharchokes| 2. tnvesment 16 Investment Contec 1. Typesofteveemene Contacts 2 Apple aw 5, Sablon Clases 4 Rengoion/Adepation . Admision and Exabishment 1. The Move towards Economic Literal 2. Treaty ModklsofAdmison 3. Perfomance Requlenents 4 Nom Campine by Inesor with Ho Sete Law sandemaional Pali Plcy W v 4 ” 3 3 38 46 ‘6 n n By s n 7 wu Samar of Caner: VI Expropriation 1. The Right to Expopie 2. The hie Branher the Law 5. The Lei ofthe Expropriation 4 Ditetand Inder Expropion 5 xgopiatin of Coneactal Rights VI. Standards of Protection Flrand Equitable Terese Full restos and Ss The UnbelaClase Acceso tic, ar Poca, and Denia of sie Emergency Newsy. Armed Conf, snd Fore Magee Preration of Right [Mbitay or Discriminatory Measures ‘athnal Trermese Most Favoured Nason Trent 10, Tener Funds VIL. Sate Respnstily and Acibrion 1, Organs, Prorinces ad Maniplitie 2. See Encies 5, Die Stat for Conmen: Subdivisions or Agence under she ICSID Convention 1, Poll Risk Isurance X, Setting Investment Disputes 1, Sater State Digpes 2 Inverory State Daptes 1. Comenion onthe Settemen af Invest Disp beeween tater at Nationals of Orr Snes {ACSI Conveoton) (March 1965) 2, Enewgy Charter Treaty (Parts tl V) (December 1994) 3. North American Fre Trade Agee (NAFTA), Cheer XI (Deter 1992) 4, Ageament becwee he People’s Repu of Cine and Government of. Jon the romodon nad Protection oflavests Chinese Model BIT) 2003) ns wt 5 195 98 205 201 21 a 30 332 ny Indes Seman of Caner Acca enrele Gavernemen dela Republi rnc. leGoovernement de. tl Encoargenent ta Proton [Recgeogues der nveniserent (Trench Model BIT) (2006) Treaty brmeen he Fede Republic of Germany ad. CConcting the Ecouragemen and Repo Postod flovrmnes (German Med BIT) 2003) Draft greener ernen the Goverment och Unied Kingdom of Gres Bruin and Nrthern rand andthe Goreme forte Proton {nd Proton oflavesccts (UK Model BIT) 2008) “Trentyberween the Goernear ofthe Und Sats sf America andthe Government af. oncerting ‘he Encouragement and Reciprocal Potton ‘of lnvestmen (US Model BUT) 2004) 360 368 6 35 Contents Tableof Cae Tabla Tat, Conenons Relation nd aes Lvef Abbreation 1. Nature, raation, and Comet of letesnatina Insestment Law 1, eration lvetment Law aa Fie f Sey 2, The Busine Nau of Foreign vermen ALongTerm Re os Sie Soveigny andthe Rue of Forig nvemene ‘4, Cason Inertial Lawes The Emergence ‘faMinimute Sadar Treaty La: Evolution and Purpose Cen Tends ia Treaty Pace Regonal Arena: Energy Chase, NAFTA, 1 Imerprtation and Applicaton of Iavestmen Treaties 1-Inerpecnglsestent Tes (a) etd Tey ere (Thence {© Imerpreave Sateen @) TheAthry of Prec {© Towra Gree Un of nexpeaon 2. Applicaon of vesmeat Tees in Tine (menor pono Tete in General (0) Diet ie Teor Rainn snd Subse (©. TheDae Reape Dwi arieton (8) Relea te SID Conver (© lneosTenporl Relea Othe Tees W Irvexorand lnvestments 1. vez: India, Compan, Nana sn Shareholders (Pre orig enon, (Nasi {0 Nanay of Coportone m7 46 vn, i) Arle 22)9 af he CSID Comenton Agere Tees {ocd Company fac Neon becuse of arg Cnr (0 Nena Maningand Desi Bees (8 Shuchlea oeas 2, lexan (The Conca avermene (0 Det lveiene rin Treat @ Cele Iesment Contacte 1. Typesol ventas Conte 2. Applicable Law 3, Sulason Clases 4, RensgoiationAdapeation Admission and Eble 1. The Move tomar eam Libel 2. Tiety ModelsofAdminion 3 Peformance Requirements 46 Non-Compliance byvetr with Hos Sate ‘nd Isemaconl Pu Pley Expropriation 1. The Right Expeope 2. The hee Branches ofthe Law 3, The Legals of the Expropraon 4 Dimsrand lic Expropeaton (0) Bed Ferme Thr Siberian Eatin (0 Jacl an Arlo Se Hate Ca (9 corinne? (6 Lepine Expection (0 Telnet Cena ari spon? (9 Gener Regatney Meares {g) Duntion fs enue 1h) Coping popinoe 5, Expropriation of Conrail Rights Standards of Proton 1. Fairand Equitable Teamene (0 Hye he Cnet, (0 Hewsogenety ony Langage °0 0 1 his (© Newreant Farin (a) Faand Equal Tenmencand Cason arnional Lam (@ The Boton ofte arand Euibe rmen Sandu (9 Avenpe x Dein FuirandEoueable Temct {@) Meola iuez (8 Spc Appeatin fhe Fl and Eq Teen Sand 1h Caplnce wih Coen Ogio. eral Pps Dae Pcs, ‘Prin rom Corn ed arena @ Conan Full Potion and Secay © Concept (© Prato sie cal Vidence and Harsmet (0 LeplPrancion 4 Rebnaip go Ceo Inemasoa Law The Umbrella Clase Acces Joie, Flr Produ and Denil of Janice Enmergency. Newsy, Armed Cols and Fore Majere (0) Canora lta Lew © Kewl (@ Tell. Arlen Sta Repo 1h owe Maju Presraton of Rishi Arbitrary or Discriminatory Measres (9) The easing of Airy Menus (t RekiombiproFaiand Equa Tenant (Camarines ew (@ TheMeoningof Darina Meats National Tstment (9) Gena Newsing (b Arps Theat Camparton Sk the inonsots Dison lee scion the Dini? (© The Rdeneef WTOC Moss Faneured Nation Teatnent (a Indus (8) Vatoest MEN Cass i) (Ms oreo (avin (0) Gurnee Law 10, Tranter Funds VII, Sete Responsibly aad Atibatin ‘Organs Provinces, and Mulia, () Sac Onan (8) Prva ad Muncie State Ene (9) Thelen (8 Src Fein pd Conta (0 Jacl Pactceon Abate (Sate Repay fr Fre Pott Party Stata Gor Continent Sabon Agee tander the CSID Convention 1X, Poli Rik Insurance X, Seng lnvestment Disputes 1 Sate State Disputes 1) DipoatiePrve 1b) Die pus betcen Ses Investor Site Disputes 0) TheRaleef Domest Cour t= Thine Une of Deen Covet Hh TheRequtemetto Renee Domes Cours te Theft in te Rond AL SSosinf Domenic Cousin Cons (t) Arkon and Calin (Aron one ond Regine Si UNCTTRAT Rule 7 Thee Unie res Cie Tidal * he Romany Cour fron (4) TheScbjrs Maver athe Dap rion Ratio Mari he Dine SK eaga Narof eh Diane = TheDicemnfthe Dupin Relaona the nent I as 24 215 25 2» Ames: Comins lo TBetaneredhe Dagueh AL Thuan af oe Abily (0 Case oben ‘a Coect Diet Agreent SS Comenetroue Ham rae epan .Comenhough ll ene Tees (4. Come hough Muller Tres The Scopeaf Consent (Beagles of MEN Cone Dgte Senemen {8 Pecele (8 Prvionl Mewsues {0 AplealeLaw (Damaged Compenon (0 Gow {n)Chlngeand Reso fDesson: ‘a. Reewin no ICSD Aton 1 Anoln nerte OSID Coeson "Ecce ttiwen i Sei Departre oe Fundam Rae cate ce. Suplnereion nd Resin ter SREICSID Coton aren use te CID Coen te Reon und fe CSD Comers (0) Parente Aves Convention on the Seement flexes Digs ‘between Sater and Nana of Other Ses AICSID Consenso) (Mare 1965) Eeigy Charter Treaty Pare, V) (December 1994) [Nor American Fe Tad Agreement (NAFTA), (Ghaper XI (December 1992) ‘Agrees betwee he Pope’ Republic China rt ‘heGoremmnrof [onthe Promotion a Pron ‘flasesmens (Chinese Model BIT) 2003) 23 ae ey 2 3M 30 a2 Inder Content Acco ent le Gomsernement dels République Fang JeGowerncent de su Encouragement ls roscson Rants des nvesinemene (French Model BIT) (2006) “Teaty basen the Feral Repblc of Germany an. CConcening he Encoaraeren and Reciprocal Pet tlnetnets (German Medel BIT) 2003) Dra Agsoomen bermen the Gavernmene of he Unie Kingdom of Gres Brain and Norhers eld sue Govern of forte Promotion {al Protection of investments (UK Medel BIT) 2005) “ret berwoen he Goverment ofthe United ets sf Ameri andthe Gover.) eancening ‘he Encouragement ond Reciprocal Preston ‘lavesanen(US Mode! B11) 2008) 360 68 26 285 Table of Cases Ant ana Ant 27 190, 41CID Rep, 50 Mam 3 21,5814 0-50.16, ADE Gg UA, 9208, SID Reve) (aos ve SID ep 1.35 1250s ‘tS Caqmenn pti Deon cnn 26 sO ‘hue Aegean Onno oc Paton ee gu Ty Be Den it, 3 ce 205 SSID Reve ao 0 Sio4Sa ah 309.25, 2 st ‘tea fat ae anc, Abt Cin ind Rg 538i - icra 8 “ 4 “GSD Repnas-2518 (880 S33, Amcp Indanes: Reh Cae: Award, Jane 1990.1 oe Tamla ty vi es ui isn gle SE a 8H m fem a ema ict 20 No 8 66. ” wi Table ofan asi in iy ead 21 el 86310 ea 1 Seine OH a a Roe bee. gs asl ae no ois “Shmcy Sn FC eer aap Yann Det ei Sai 8, mn Voc ov 3 See ecto Sin nen ha 8 efi ma ‘Ate De cn sous gee ay 8 iain he 88 ‘sense GW nn oo sams such om igh do Go al igo Spa dg hay 71 opr 3456 98,22 ‘ein xii 6 Nob 205 nto Triy Tams VS AS Pian, Prdal Or sin Mice Ba ian 9 nS _ ‘ncaa Benen Cong Tbnal depen Pa Jarry 8h ‘Sauda res je BoD Ree 2 il aoe De Com: a hs iene en he emt orn ft di son uare Brrsr Gay Tatu Pcl One Na 2,24 May 206 2 Soha Ret ge, WOcer BT, SSA. a8 (len sand Ne Av Jy SID Rowe e canon fl 3 Table of Coxe a ‘Conn Cie Deon oe Pn Nexo Sc, ‘Sis Rens 75 20-4 ‘obra Crm Gann a pin Se NF Sch ae ete ering Cr apy icin nh 63 apr 8 (Clevenger enn FC Kepre . Be (CeeCocnng Ques ep sd pif 7 aa “Comason hs i oon te yen oni oA nny Onan gee ey Spit omc a LSochn anc Cnin eui28 > {Cheng Mev Shy seo Sala 2 ne 3, me ‘tanec tna Sak Rin C308 Sin, ct ‘Samp Tn ge Dien sooo cr 8, iS Ryo eID ee) 295 ah 52,58,20.206. 26 Ce di aah ry 7, G7, ue alba Hg, il 1 Spc) (tis Arena Dc ui, jal, "alo bats 1c Rg 4 9002.16 128.136 15,6 cepa ge sai i Coppi aids vei ‘Mapai ton Novena SH eS Ree es {ati eS Reps as Wor on. 2062738 Compt gS en Vi elm Come feo Shao ihe ESD Rp 7.8 108 om Anant oi A Vind ne ty aa ‘Cong gud As & Vr Unive Cao er ohana 7 Tibleof Co Campi Da Sit he Cain (Cima Cay Camu Aneta, Dect ‘Camm Pod Mes, her Di Mind ad Te 8 yp» Me oe ‘CS0B+ Saks, cedure Ofer, 2.9 Seems 1998, Pedr Over ‘5 sn Pe nr ny se (sy Sra ogo urastan, a 98 THICSD Rev 3 oy 30D Rg 8 (S08 Shor Dason om Fate snd Pil Obi Jion Daan 1S even) 2004 Soy Sai Rd 3 soaks Peshaen s Dein a Na. 8 Cini nn on ae ‘Simms ly, Soe USC : aig ay Pre 875) * Diana iia uh gy os nc i any S| eis, ho Scala Sp 1S ind Sa), 2a 8, ich fan oss, 3-4 tft Coin i a» eee “sil 90 2000. tap hts icin a 8 eb in gino noi Chi? ape ne Apt a 33 0 i ae Pa EigiCap sande Deo ration, ne 998 accra Cen: Mes 198 PS Ne ™ sneer i 7 sila oa ie 2.65.60-9,28 laa Mot, es xis Dm SCS Rg “Si Bo ics Poe yao SID Re Tibleof Cas si Fy tt Nn 4 Pa Git Neyo Ree 987 7 vaso. ie DG... Aen, Dio nan rhe 0s 569-8 5.200282 Te: 4C oF 10 57.1 6 int ra 25 fe 20, 6 CSD Re ee iy obo 395 gach rear is oben vas a ‘Sia a idan» Fag Des on Jaton 17 Ox 208 “4 Halas v Merc, Deon on nico. 12 May 1, 1.48290, 240 Ingen.» Pk Deo i, IAC a in Ci Tin Ros 059973 8 It Sod od 3A 26 Pace ‘npn rT th api egy at ioc) ep 2 tea Borge) ep. 58 3 ie Ids Cl Repeal A aw 99 Sty Wa ae Op HL TE 0 ite Mad Rosa Wh fla a 6 208 med he Und Kgl ain 3 iy, AN 38, ‘tayo aman igh pre 8 ECHR nan se Sa i) So a a ig mdeRad ain jai wl Tables Co sen Tan Ahn eget DSB ABR AOS T70 seated. - smn ga 6 ESD Reif "ao i 7019-69. 28- ee Bae soma Deion on inion a 95, a ea saps so. m5 {ANCO Agen Dadi iin, 98 4187 ‘BS ep sam020 ander Gach hee 3 pe 38, a ies Repose sn stam a eS of Cand Deny Non 5 Ag 38 raise Ui 5) itn ES Caray Age fo 1 ay 303.810 Ree) 00 9.65.66-9.202,204. 26 Lust ATA > Alps cane rico fy 2 oo TERED ye Des ution 2 be [TO te ow 3 Mo 6,3 ee Hsteo tas, Us is Cased Colmbi i, : GA ee Ain io 3 p08 a SID apr 7-6 27,200,238, 07 Uae diel bata my on ce sed Sone, vad Jane 205, 4 1 GO, . toc ed See ui on al ei nn a * Stine 21 Nar 300, 23 Homa Rig a ora . ein Span Peal Os 2 5 cer CSD ec Sr a SCD Reps 98, ro. MLM on 3H Repro 44592013, 204, Tile of Cars ea eve i) ah, SSID Rope 1s 16 2682-6 is ml a ein 8 Sanson : aan mt cn Cocina lS A Nok a Sea RT om, mse ase Ma Meco evn, Supe Ca ah Cl DMG Ea Cam Spiga ng CoA sai ear Rew 2 Ap 200 agra, ICD Rese) nn ck ck i FG ee a na ea MIR ny eb rT cme od 1 eh pt m0 cine cn seb “PAV 861 Raa 8a, 98.4 15,129.12 296 SED x Chae al 25 Ma 206, 12S per 6 ° AMID + Chie Dect CoS can. a ‘Nata Gil PCL Arc Dc on ub, 29 Je 206 4, 188.298, nal Cv ipa un 29 90 56 ) ‘grein Opn 1 ea RA 3 ati te Chin Con wis sania ‘ors tipo’ Chin Naren r UW 1 xa ERA ita sor thc 2.0) 104 6a? ‘None Cine sani agri 4 of ie tes hw aod Fone 9 Dre Re SHC Tableaf Cos uel yn Aa 206, 216819 Cay nen a fg re se pt i es tigate on vn Puy Denon orto agen 8 SID ‘ci ao, cS gore agi Puy el Ja 208 ICID Repro Chon red Kopin Belg 2 Decent 34 ‘Scan No es 999) 4H. eae Avan Aan, Den Finny Oc "piai0s seg una.ama sei i ii OL ih Ey tine Us Chm Pll 10499 ‘Ray lg Deion on erat 8 ebay 20, “Waa P20 eID eve 2 nan ayn, Onde, Senter 205 ts Itt os in nj a" teeta Cana iin Cin oe in" np Ts Cnn Ado gs 3 ay 265, iba tPA ape stay. etn on un 4c 08 TLD Ryn 58 Tae 1 as EGE hc, Dei Jaron, 6 2001 ns Soweto em x seh tei a i 5 pen Bop Seen 3 Mach 30901 387,382 a, TabeofCaus ws sal Jodie wel 3 ay 06 aan SCAND TCR Rep TEM ON) OD 265.68 Ska Cath Rep, ail Anad 17 Mach 2006 «a 3-6 31-2, $65 yh eS fe hn. 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O8 tah op 80 a Ts Ue Det ini 39 Ap "PRED Rak 2505) ICSD Rp 3. 1.465066, 85.16, Tina une Deon food 2 Deer 9X Sieber. 29.42,.0-428251 Tacstonee lj qan ey nn 46 84,15, 96.26 Une Mean Soe Fl Kal Ree, Ont Saget Cet fun 3 cr HS R300 ual een, Oe Sirdar eee rsaae ‘it Ss per io Crain Sing Scar (Seine ee ae BUN. Table ofa si ‘mS lam Din Pron Mees Je 9, en So hn a yD Rep. IAB ena Hol Ep Din isn 29 ne 9, CR ‘Set Hot Eg Avr tnt 30,6 ED ep ntsc 928 Se Ne 8G 288 tun rl Ar set BB, 285. ‘et Solin hers Kon Ar ne Se eee SHES Mga 3 ae oe id iat owl Nags 304 AiO Table of Treaties, Conventions, Resolutions, and Rules naa % a Tee Tai, Consens, Reason, Rus gay Sa ii. i "vino 98 0.08 8 58 seat Be ede Fy Taleo Twi, Comet, elon and aes ses hgh i en Dante Goa Een pit Con de Dk ater edits iw lcs ei” na Mali A oma Doge fone Camas OF Tables Tt, Consent, Beans ad Rar ee aa : are eta ‘leo Treo, Cention, Relations an Rae eee heen oo it aa a in Se fet 5 1b il ula ‘oma ‘s, ae susiv ‘Taleo Tile, Coremon Reston andl ees Aro imac Pocion 06 ‘am IMs tcl emer ev Se oe aes rn ah Ty Cig ie oma en ln PR ir i 8 - Table Treat, Conventions, Reais, an Rae Tey bee Gn Bn ad US 7 on Cefn een 8 adel apheton nd Pron Sing pce Sc of ath Amen een NAFTA ‘o Pee Sadat 40,8 Ara 2 avian, Coser, Ratton nd als ‘OECD Dela uranlon M 20 ‘OECD Dest Negoang Tes fs Mera een ovenen 198 0-H joel prs B78 ee 00) * Patan Koga BIT 0, uty wes Gray ni opin 7 tin ee » eae ” sgt sc i is stati - "Qittmchsaa yn a Tableaf Tai, Conseco, Ratton snd Rls sui Nee ral on ‘cen ai 26 il King Aga "ees w etki i. ‘ssi ond Ns sei iil in Se ode Lites Nats Geel Amy Renan SHS 8 {tt en ty et 8 emi e-GeForce nd Neg P38 7 on ry ao is Tiblef Treat, Comvenion Roan en als a 8 peer) 8 sath “ i Bete i aa ‘Waning Cowen. Caen ome Seeman Bias ‘Seine ™ sw gece in doo cas i sii ible Trt, Connon, Ronin, a Rae sos Legon sg in i tec Ey Tmuscr se 2» USC a4) 6. oe il es ih Ci ie Vcr Reac ‘sma an {SIL Posdings ASEAN f nev 300 sm caFTA caense bor DRCange RR RI ice 9 1G)Rep iQ List of Abbreviations Arenal offal Law Pring of te Ameri Socks olen ‘echt of Sethe Asn Nise Bera vente Tey lo Later Econo Unon ul Ope and Owe ul, Ope and Tr ith Yer Bk nraionl a Cot rein Fe Trade Agent (Chins ction Ecoonicand Tne Arion Genin Dict Cah Fle Denar Rei of he Cong ‘arpean Cool Hamas Rigs Fihip Commerce. advan Piao Equitable Tenet Fei vrs Commision rela Soveein Imus At Free Trade Apeemen General Agreement oa Tien Services General Apecmesto Taifed Trae Huma Rigs Low ot ml Chanbef Commene Inman Coueostie Inman Causa Rep Inman & Campane aw Qurly res CSIP Review FL uM 1 ine Instanes ‘oewscrR) eat, yer BOR Mat Nco onc cA re reayRep Siok xter UNESCO Lief Abram ncn Cat fr Seeman fee Daa Cameco onthe Selene flv Dies beeen Soran Nua Other Sees sch 98) SID Review Fogler a onal {nena Law Comision nents Leal Meals Inve Law Review “relic Lawyer Tan-US Chie Teneo Journal ofaentina Aeon ural ef Wold nvenen Tne anlon Cerf ncn Aeon Landon onl Of ae MallaclAgementon oem Mera Comin dt Sar Common Math of he Soe Cove Monnet Nuon ule Tnemene Gaara Agency ‘Nowth Amica Fe Trade Ages ‘Noo Goverment} Onaazation ion or Eom Coopraon and Delepmet ‘Ona Pavone Corpertin manent Conca erm Cauca ace Permanent Caution ise Rept Recall de Contd Aad ditional {Cobered Cues ie Hap nen of reas te Reportf aeration sire vad Stet nraionlAitrasion Review “ile Rl venment Mess United Nason ‘Unie Nat Bacon Sei and Cara bNcTAD bs J Ts wo wea Lief Abbey ia Une Nations Comino cannon Te Lm Utd Nan Confrence on Ted tnd Delp Vandel ural Tatil awe Vibe Ade Tn Viens Comenon oe Law Tees Wal Tale Orgiinon ‘eat Cannel ition 1 ‘Nature, Evolution, and Context of International Investment Law 1. International Investment Law asa Field of Stady Gener speaking, th role and gaan orig vent hs grown in tod nen eo major waves In he iter pra Hernen 170 sod DH, 1 new dimension of inenaonal nana moby led to an eon {pom in frig invest? rom seal poi of ews hie change wat ‘complied by way of nana! laws which opened up ecnomi fons in ‘heabene of inenanal ene peal sme at ules gern ts invermnent. Howeve, ew ireratonal als on tection aed ‘anspor fale this fe change of yeas in the wlationip beeen ‘ol economies. Thi fast modsn pred of sm cranial ecnoey frat hake in 1914 by Wend War bythe uieguen oe como a ons the 1920s, and by Wodd Wa ‘ee 1955, the pace of growth fogs invent acl ow ier = petod of construction, bar came wo ie pak inte 190s when ore investneaquadrpled beeen 1990 spd 2000, agin pred by ecologies innovations nd rece eon fr tanepor. Thi new outers of foegn inte ‘ment wau accompanied bys eurb filaerlreae,which grew fom 500 ie 1990 wo abou 2.00 in she year 2000 A special treo hs ptiod ws tha about 80 per cet offer investment dereoping cutee wert ‘nbs done sae ray anand eat inven in Aes wer down In 2005, he welder of foreign drs inverts rosea a ior peskaf916 Ulin USS andthe namberofsgned imeement protection ens 2S IRCTAD. Wulf ect 2 Nene of remain scent Ls ped the 2500 mak The nasi volume offi invested ely gush an invelved in fori ade oeilto the goth of facign inesment, the principle governing fa sign nsec av over detleped eee ovm dint etre wihin he ‘cde on inssonlecanomic law. Thi ere even tah they hare te embeldeIv Both the fabric of general inernational lw ad in pe Sle which ae, fo some extent como ro oh sien of neato onomi aw sachas tae law, Toy errno ana of sine wher ictrappopiae to speak ofthe exience of urate cen opines ferigninvesemen aw ge thio inks tert cari ain fer. The no dob, however that the crn ete of the awe chare "eed by she fc thar he inertial aw of eg invest has bce = speciale sea ofthe legal pasion and tha pei outs ae feed oo ‘henabjecr mater in universe worldwide, Th common we and pane in ‘he terinloy of nernational lw har alway ben single tad wo desi ‘ane din elds sch ate lw of wo the ofthe whenever he by ora in anyone of ich res as conc exten and dear naught jn spec aceon and ey "To decades go te stat ofthe ules of incnatina lw perenne cigninestment anoryet ache sich gop and poeional pct Sno, Uni ee cat 1990s, ou ate scattered yi et rales of enc interacial law and by turber of eral ea, which Ul thon dl notin practic lead toa sigan gleich orm of res fof euse Inthe matter! domain the ICSID Convention, nei mechanism for dipuesecement, had lend ben doped a 196, bak Female dormant unt the ecy 1990s, with only handful of cate decided. Sce 1990, howe, the fll of frig inven law ha expanded dani ical. Thishecomesappuca in the eanoad oF CSID wih wel oer 100 es Pending 2006 and sigaican amber rhe before other ora SIR eet et fe ‘Pincaltrbe balcony petheinirtemens oe Smusteecae Suabngaoy neh Seconarinstaconst alee tm eS irc ceioriaetaeragr ce ld: mabe pedo tb lag he mule we cep a te ecru ile ‘Seiad acpsspidiscacscth ate ec compe Once ehe e ‘myomenof ped washers oer onset [ | | | sin Narrf og semen 3 Foreign investment la const of layers of general international av of ener standard fatal economic ado atic ues pai fo ts domain, The study othe Geld muse take int account and tar all of ‘hes the lel of the law, Meco ih ng bec ved tat heres fon foreign imestent by neces ab incorporteapecerf the ar ote hast face, Depending upon the sting ofan nda head ne he nea berwen feleant domestic role af the hos nate and apical aes of inte ‘aoa law may Become central othe required snap of cae fo insane, thedometc deiniion ofan aster dometc oles aesing the rei tion of imeratol ebro che deniers on natant may dete tine th nature andthe ntcnne of pei ae, Not ony isthe dsineion beween international lav and domestic law becoming blued by the modern rexime of foreign invent ln? the lasal separation beeween pubic an private ln ar emphases ply In Concent European lea ret, alo cannot be secommadatd a nest catgut in ths Be. The Broad queso at whe he ety of in atta economic wi generale Fors wal tino between ve law abd publica silrated pecially by the consideration of forgive ‘eat lst The ues governing contac Derween am investor a tse Ara on both rete and pba I fic, these rls eval ink ewe Aomesticlawand public iteraational law To cen exer the uke dome Uelew are bing confronted snd super by rls of puch aw, din slevan ieratonl case the deionised Updawanding of domestic lm poly sccmpanie by poss of tev Of domesie lew under te iterntonl saad conte ta eats tin ‘enerlirneratonl aw Ara rele of thse pecllaris,contenprsy inte elonal imvertmene law ie acquis characteris the undentanding sfc equiped 2. The Business Nature ofa Foreign Investment: ‘ALong’Term Rise Making orga inseranis dior in os fe engaging a trae eas seton, Wheres wade deal ypc cons in one-ne echang of goods 2d mney, he dein one oe coy iia long ere tionship horween the iver andthe os coun. Ofte, che busines plan ‘he iver en sink subs resutes in the poet tthe ease oe investment, withthe cxpecaion oecop this aun plan scepable te seRSE Ianto nn ed Mae 0A ak 4 Natrona nce Lae of exw duving se subsequent period of ivesmen, sometime unaing up 30 yeas or more "Akey rae ia he design fc arin inveument ia youn adeace ‘het iseat insuh lang er lationship ar rm Busines penne: ‘ivan ror tbe pole of le and then dey Bsns eneepe end {earch suble nc only othe implementation of depos fener bras toriinz hs that yardage period of ines. [ema cae thi an nial or ee ves, athe money sink a the jer 2 the out ply canot be used openly at another lcaon etn the machinery and stalls fee proj ar spel designed did vo putas ofthe poet and it oat, “The dynamite inthe ration betes the st ate and sever ae la dite in acre beled fete lett + made Larger psec: ‘reoppalyocmade under the general lwsoftbeot county instead the owt ‘tne and he egy fave nage dela veer greene, wich may aloadapethepenrleal egimeaf the hase county wo the prospec edsand percents ath es, During these egriins, the vest thy roar the gland err gurantee that are dered esa tn vw of ‘he natureand the drain of the project taking int account itr or mk Taree conelaed bythe bast state whic wil provide garates on the lee of ineratonl aw. Depend n the poet teaver may De a the divers sat uring cere negrcons in cave the hose tate been wo ata he investor The iver wil eormaly bear the commerce itret in poste hangs inthe maser of the proj, for example, ne” competes peg ‘oles, achange to changes afstng che ancl ating In eras ‘einsictons, rovsion willbe made oradapeason or eegoestion nase af ‘hangin the ecoomie nancial content of the poet The ola ike “hk nr in tre interven ofthe howe te athe egal ig of che roc wll ply be adrened uring these ial negoinon unis hee {ke at appoplely added nan apple overtone ety the eso {ay ako oosson on amber of pots such asthe api eo che ‘Garcpne on poisons dclingorth nfo, on day ofthe hs sare {cortin volume ofthe produc especialy in he el of egy production oo the Ture ping of he invest proton casos elon for ster [ns xed for ee poder and, epi on ay agrerment on fare dipate seinen ‘Once ches pions ae canal and the imetor resources ae suk in he poet, the dynamis of influence and power tend sie in vor of theo state Ti esl pla aha ais othe frig nese in {Chango pono the ow government tht mo aker he chee of bur ‘Sa sand bench which the cos have ad dow when hey neo Sia he deal and which formed he Bass of he inva snes pla ad the Busnes Nar ofe org iscement 5 legate expeceaions embodied in hit pla, Such change fpsion on the pat of the hs country becomes more ey wit every subaeguet change of Eovernmetinthe oe ate during the pec five “Tisaareofan inverter mes neil ha the cre, ace and pues ffi ivesement law stands oral dint reader ‘elm of eraional am epi in compatinn o ae ter of eal ‘holy the deen ews the wo i cil fr auton sn asaming ommonaies bere feign inven a and ade iw, Whenever ata Tog popes or asain transfered rr one se othe be mr be tained in detail whether hei dif nates aonb oa sesapion ‘of commonly: Of, conc tha pts bein sommes [ave difereeahade ad hance upon moe dsl snaps king ino count he pci snes nat olin sgn inesmon projecs| “he testy based rules vest abe ued ad epee like al seats, the cme of the general els of inertial This Inches nor only cstomaty ay bu ve general pice flaw within the ‘messing Arle 380 lc the IC} Satta? heater wl ace impr {ncn the comet of invesinent ules der een cameances rpc 8 he cae of lacus inthe tet of testis and ince feerptetaron of nil ‘erm snd phrase “Among the general principles with Broad spe af aplication, the rule mene observe te ul good ih pecly perineal of fg Invetent and investment eburals have ad eure to hip” kn a this ernphas on god Fah relat the Fundamental snc of he oncep forthe undewanding fal eligaons in nrontaol a Me spe Stal hone, the sujet mae ofthe el cl may dice una {pp the pla vew fhe longterm elaonship which the ver Provides most the rauied resures athe ote ofthe post expecting to recevea i eur na abe atop within the gal odo the at fate hereafter, The final lng er ik ofthe invest ds seal earl lary inthe precio of good Fath without which insstmen Rowe weld be ampere me ee sme ee a ade eae mare edn in band aie panache eg een Sinton gach an of Ta Ah Ay ‘heey nt coment andin cg kfc prpne ™ et lh Epo Po 6 Naw of eraina Ivesment Law Mach tobe si fr connecting het objets of invexnea ks icy wih she gels undering the peal of goa ah, ven that test inthe Fare cond of the hs state snd the lver sae heart fee) Investment econo the igo the duration of invent poets andthe rule of eal spd ful mates conceded, ks ovo hat vemen treats and a etment contacts wl not cone all mals and posible turns offrureenen andthe piplof god ith ny be pled to suo thaarenorspeieaiy arene om tele of eae contacts Sofa invesment tucas tae deat on the rnc of god ah in se «sions nang che roel of lence the Inoduton of documents dir ing ongoing peerings" the relance yp informal ommniatons made bps and he ref 0 neato the pao the ost sate Ivemon ets fie rio he euenen and equal reset, tnd the pane of ood fh ie ace n more deal er hat heading Ae cmon ofthe concep f god ft, which has gal Apes re of applic of th conc hich bas cigially ten ecgnined ute he id of ig memes aw concer te eal fcc oiler statements andthe condition unr which ches mayb {kee binding He thepincpe fond ths dont eo he operation tithe prince ofesoppl The Ineratona Curcoferice ands prolcomor ive eognaed tha sch declaration lb ining ne he cheers tnd dhe moding ofthe sumencarsoch tha the areca ec oly nchem,* Te teaon may eso inthe lainshipbrwer theo te {nd he eign met. rl banal eel soon be ais of he rn “ipof pd ath In eer Caper OPIC he ail baal ed ht rn ‘ils plc imeroaonal lev ere'parclry appa where the qui Sas hee wheter ations aken bya gnemment conta cand damaging Aheeconac meres ofa ala confi wth nderakingrand sss {hc in go fh ovch allen ay a ndcerent chee king the nes {cot flee by the acon" nthe cone ofthe ar andl etn Stadtd (FET) he tbunal ib £6 Agen ound chat Ari ad ‘reached ape BIT by not abiding angio nthe gas aoe poration seco: ‘Agena pepe withthe inesent banks an trate cee et ae 2 aber ewan Ee ere edn gt ek vege mae toil et ah A ent Bement Snipa ana How Se Severegty and Fecgn nsement 7 fameworkof nd guint asl he spaicconce offen inves with eet tthe cour as ned rg] Hang cae spec esecaton angen, Arenson astound yobs fa concring the mene frees poses pli hy bessene In Wore ieagmen os chal oud chan plying oe sod el and etal eet, sate eet ack "pcos myth Se whith ne nd ony he Tl fom heaters ht acs bytes saci bad fuhateatvarance with FET. Ba fh acto by she bot eine he ofr preset di bye ea She nds conic ys onan nic cmap pon rode investment. Alhogh action ind ah chy svat a the FET an ar ma fde's acon fr schon. Acton tht ay ie atvarance wth FET even fhe os se mit with ome ely shat intentions wee ai ad th In or words ea no ht ova hen psc acum via ofthe FET sada 3. Host State Sovereignty and the Rules of Foreign Investment Und the of omy netlist o nl og natn rit, nay pra ape cy Wherein a icant ‘nein na songny hepmencnc teasers lat mena ong ese (net anita ogy vats sa benji tu na hen ccm se gor Non wero Ihnen > hb hs aan ape ge ‘osteo tsa foigmenr Whee suhcstouneseatey an pl tn am esac hot ite exh macnn ode apa chal ner scars the power tephra Encl bce oa telpromls tine mesos eenseqenesafbongboce tienda pn tine tea See ce e enteurc open yl gustaey Soe sees 2 Lana 3 Oc 206 8 See ina Met Fin foe 0 An ib, 63 8 cao eh CS en eso fasion, up 08 GOD TASS gt isin is Ren Aa (4A 8 ® Narefaternainal bracers La and ech sat wil xt vecgn peat in determing poe eeland pres when decide whee conde invest cH. “Khu hav aren oe he ole at rig nent ees lyf he romthof reign vestnee an is era isbn, Epica evidence Framing can ince fsa iveanee non sat that would Be cy ‘tlc oe eran ainda cn ‘me sds sggest chs postive fet wil fo fom 3 rey mut be tall, however ha legal sec nowt county fora invest ro Jeri ay one icra wl nSuene am vee deion, and tha the {Eng ameter are determined roxy legal bt by econo cone “ce stngon fe im en wade on insened ow offical On the ote a {onlaon hard to fly acter timeinfoemtian abou economic tel marc around che poe, nd teak of eal aby suroundlng Pcl nvesment na parc coney may reves a postive decan on Ihe pref neon, The perception fs aliens degre of al sabi oe {prope and fr theese climate nase ner wllbeone of eer ‘ota making econ about new reign iene, bar wl oo by ll ‘Srvc asa dace cen fx potent foregn investor ‘Oceana i has ben rg hatin pactice sme went ae nepodated too aay and wichout decile considerations of tir inplicasons.Typial. Spiaespening state hve flied model ay for thr wm arp Saag ee te eae cet rr glee lena areca etre ee er aa (Shaaei lie depiction et i atic Cope See mae See Fines! Ageonrsa oto nd Mtg of rents ide 31980) Seta sel hon nil he Ce Sn od Se tea Refer lf wnt SUSE eer aa SRS Seti iatgtlthncsemy dtc See Severity and Farvign invent ° ds have presets infra doce rte cpabimporing ses athe beginning ofthe egpinons ra br he ssequn gon ‘Gradually, however. derooping sites ave dered conn tres fora ceraincheme of teas, meiner with hi own mod dat Als eas Ivebees noite tetnen dewoping counts “As mor ahd muvee have bcs enced, and athe nernaonl di cussion onthe acre and the det of thee rents bus prose, inca ingthecomourand sabance of nial ss, ay engumen tthe cect tha Bos sts he de fo accep ivesmene big without p Ieowlde of lr ape sd siance wl ave bec es concn At spine sow, vestnn eater ae ody secn av admison cht oer vol ovement mates. Tc itn mpc on the soe a he host saeco se maybe the ndidul cases inthssees ace sarc the objec feng an inves en mse * ‘Caneepily one maya day wheter he operation af be national law offi invent amount» body of inrnatonal uo adm trae iw governing thelist ofthe rn invests andthe be sate Telnet tha the ves on frig Investment ay reich i ite genes of domestic am, ich would rina have bonged tthe “domaine reser ofeach ost country. This cling chance fsure of foci Jnvesent aw ha a eo concerns no ast about the rsraton of avon sovereignty but als abou the democtt imac che proces by which fovig vests aw is develope and apis Ind hee concer have sous been weedy developing counties siento gn eset ‘With equal ore, hit kage hasbeen oscned nd eine by cgments oF chil soc in dcvelped cou anon dhe pli fo.Byte United State af canes ener of NAFTA said espondene ins mumber of NAFTAcuee ‘Awadiional understuning ofthe coest of treaty detache rom cu sent inemational economies ay kbd othe we ht he intron Tule on regnimexment rich ree co the nes of ha contend zepie The rules of cg ovement nach opon domes regulations ‘livencas bout iw the onion be airy. admis pence, enedieaa He stp rie ea 2% Tate "hes of nero Ivesmen Tes an Dane: Admini Lay Gu wel Syrian oe Pe ‘agen ds ea Pes ‘eae a cc the owe a » Nan of vrata Ince Lee avionmeo fiw; het aw and fou, rales governing propery. Again, {his sone jr fcr tat dinguies sus of ivesanen la tom tae law eeu tha ues of moder ade hw ao aft domestic mate, bet the degre of infunce on dane a aad ths of penal comer fen {Bepaleoldomesic ln and of maton! sreriaty, move tere when cae ‘fimcsment wae ppl. Lhe sae ine ecorieerature as emp Shed sha opennes of sn economic te wo eee compertan ramos, the ferme tharconribute to economic grows and to good governance it (oral Than, ietment lon embodies tod repeats he rar ted he ‘ess of economic lization, wih the porn adage of conosco ‘Sey and of higher ling sandard couple wih seduced lea power of the sional auc elt ach aha have pct pon reg “Theconepof god gncnance arin the put decade ncrensingyinfenced the inert ‘spends While eter pero of evelopment rctie ser M5 ha ese Bron the signcane of nid portant Project and denon the rae of macrocoaomic pice, the ne hh "he 199 ang with pra tude, igh he ce hal prot rad pales depend in thir mplemenntion ad inden theirconcetion andor ult ons unctoning tein particular on ncn nsitons Ti cansequece, the cancepe of good onernance has mond othe cette of Ingersoll pve edstion pice. The fins hee formation tthe concee seem be conained ina World Bank eprt writen onthe dev ‘pea challenger for Sab Saharan Af n 1989." No singe deiniton has stioginl ben adopted, br the coe clement have been expres in woke Ing document by the Wd Bank and the Incerainal Moneary Fund Inthe ay berwcen che Euopean Communicy and Afar, Caibeat nd Pec Stead in 200, the so-called Coonou Arent the wording teal tothe cones fa plication ta pls human sigh ‘Sic pins ache vl af wep poncnsne the tpt ‘tou manage hun, an cons ancl eas he frp ofetaean ssi develope Tena ce eon mang re elias lel of pb ator prey and ccm mo he my ofan the mangement dno of rate sd pet big, 1 lola Brest Cn a a Saga a a of a a uae fi For Sate Ge 9) seething, "e SEAM el Gn Gero B97 | | | | | | | | | Caters international kaw u forebrain sng pra peeing a (Other nenstional dcaments and dclsions hae inched sil yesons Consieat withthe weinge of conomnt sach x Noth and Eggers The origin ofthe concep gol goernancs li he ae eo 8 the foemulaion ofthe Washington Consesus™ andthe beginning ofthe mae Investment eae fee 1990 The corse coe ofthe pias coded in Invesient eat nthe Washington Comers ad inthe pine of ood moma lis inthe ecogitin tht nsutional efecrenes the le of aw, idan appropiate dere of stably ad predicably of pol fr the go fmmenal framework for domestic ewnamie groweh and also forthe ili ‘sof eign iver ee the merc markt, Thu investments provide for enenal conta addins tha fst and lace tla Slr wo thw ofthe rip of ood governance with np on domes ‘ietosason and pole. 4, Customary Intemational Laws The Emergence ‘ofa Minimum Standard ‘Asculy2 1796, Jon Adu afr having eine she with Benjamin Franklin and Thamar Jefonon lor he Used Sere the st ‘Tresty on Flip Comms nd Navgton wh nee empha hgh ‘the protection of alien property by the rule af international law: Then rincplef elf ae re im ralhshan sh whichenie ‘he pope feng nthe ris of seer on) ent ‘heifowe the poston ft serg bya rab yw nil she Communist Reason in Rusa 1917 nthe tae practice ot ‘he commentator of laeratonal lw bal onto pay spel seo rules proverig aga invest. ety pct inthe nent cet proacted alle popes noo the bis fn sutonmous saan Dut * ohn pn mind pd tg i eS SS Sareea a seat tas rg la Ut See ean aero ete eet Se pe eee ‘CdinjBMao 4 orf fara 0) 95. 2 [New rterationa Income Law reference w the domestic Lvs of the hoe tat: a steaton is found In ‘ae 2) fhe Tray Beweon Suited nthe Une Stes 1850 Ince. epoton f prpne of ab ui he cies fone fm is igo eased thee sal be paced oma el ot wth ‘Se cht of coun bch icy ede ope nant ge Symmes! The mpi sumprion was thet cack ae wou in atoll protec pe ‘te ropery anther the eteson of the dems scheme of potron would [ei oaufiene pureicsto he ain investor ns faa sy it pubed n 186, the Argentine jr Carlos Cao fo che Sime presented nee pepetve of hs paradigm apd anc het, ‘the incntianl rl boul neler be underood a allowing the se ae twee the protection of ben property whe alo edocing the gates or ‘oper held oy rattonale Calvo view woul! have roam forall he ag evo domes allowing both strong guaranes, ba sho a comple ck of ‘ttn. In aon, che Calvo done ited onthe view tha frees ns ser thc sgh Before domenic eure and tha they hve no igh oF Aplomatc peecson by ther home sae ot acess lnemaional buna ‘Caw hry ms conecied again ee background of gumbo diplomacy by ‘ptabexporting counts and eer practices though which te cones, Impl ir vw of neroatona law’ on fcgn govermen, In 907 che Drage-Pater Conan nas adopted o preven the us offre for che ea lets of de, nd Cab rade sack on the prccion of fin ens sean wo haves appeal or the potion of hat sates “On the irrational level dhe Calvo doctrine realned he margin ofthe inte, and be dominant psa was hata sate was bound by rules ice ‘tonal aw, ears fo atonal lew Eln Roo atl the prevalent poston ino hr sda of ice, erage, erful nd of ch ps ace sce by ll ied cores fr pt of th tena lao the mr Themen apn whi ey coy el mews he sie dem len y the ce wc con iets tes on ad ln all cnr tienen any corey ten fod ‘Stinson dn ocr oth dd legs the pop te coy thy become or camped lender merry ceca Trfumihngstedany mene of encore eens a Sta Be ra Earp ie "Che: "O'ER, Toe Bas af Pron Cen Reng Ao (910) 4A. S07, 328. [ | | Caroma Intrntonl as 3 Nevers th concep rreton pope by Calvo wat be eid va praca! level na dara ion se the Rusantevlaton in 1 {he Sve Union expeotted atonal ener whoa cmpenan and tempted revo temp andre natal eames forthe prnetan Glace af roto, of alien propery The nang dip nr the {en oldie Ariouton 30 wich exe tual eed he Sov, Una ay compton hese dma sel up te ay tn ennchnens Tsuen decides fucer tack yon the radon tandandof ine atonal lows mounted in 1938 by Metco after the nanan of US Imre inthe Mexican sgaran ail snes This npn led a an Aiphmatcexchange in whic US Secretary of Sate Contl alae eos ice Mean our pling a ha half meal oe lowed exproptatan of fan propery, bu required pomp adequ and ftccve compensation” The Mexican poston eed the ee ofthe Calo ‘hoctne and also forded anh claps beswern ndtv ond dee, ong ous ae deadesof pore decenznon, he Calo doce the Rian reaton, andthe Mexican potion not withstanding, what had emerged om th ato iuratonl deat about the sas ofthe alc in general ox jst i ead o Frege the niece and eretth ery Wat 3 widespread sense tha he len pote ftom unscerpble menue the hat te by res feral In thatareindpendet ofthe of the hse. Te af he ulema ally became know he inertia imu standard The fundamen ‘son tht pompeed he eli sd eogation of thes rs are reed ingrcral tess byte Enopeaa Cou of Hamas Rights ina lately ender dion: pec nes king of opery tcc in th come sca een te inl bd pic don ee stale al iratcongentan rence Tig ith sna eee Septic eigen ean Shine opp ma sy be ced he oe len cle sos myo 0 ued lao ie may bia at Tereuring tures es ani ccs eat? clatter ae ek ee Siti erentereang aces Nae ee acca NE Snes "a enn ene asian een aero 4 Near of remain inscoent aw “he minima sandanl a emerged iol concemed the sas of the alien in gener applying to sch dene art toca ig nial law ight efor rina in genera righ In tatoo ch am adi in ad eo pra prpery belly she forcigne, Acids an easly ln ing cae on te subir mater, deed in 1996, was concerned wit he dy ofthe bor sate Mexico eo investigate appropri the cumstances ofthe Saccouneddeth af US atonal. When the ln ofthe widow of he US ‘anal fr compensation Fr lr to dos ws og before Mined Chis Commision the Flowing eatemene was ne by the Comenision in 1926 nega the cemstances under which ot ae would be ble ct tienen ofthe ain ada [Tike seo of an alin one conse an natn einguene sal oan at tg; to bal ish, wlfl np of dy oo cy oF [pretimenal ston 0s fl nando eye od parila wold say cogs oticiecy™ “his saement ofthe andar did ese speical o maces open ofthese ad ware when mat fig invest a elie sues uch as economic growth development, good gonemanc, ad sive Fen mane were not yt high on the inermatanal agenda. The vlan ofthe modern undestanding ofthe minimum andar applied to aig {nvetment ie dicted boa “The prod bermeea 1945 and 190 sw jor cononaons bernen the owing suber of newly independent deroping conc, on these bad {nda exporting sates, on the other, abou tesa customs aw go fring frig neste. These were often romped by Helo poston, Iypan insistence on tet naions of avereigty (Pervert Sovengany ort "Naural Resorts) and by ce ell fr economic dosonzaton supported ban economie dct alg oe independence fom ents of clean, ‘The ew batiegound chosen by developing ates ws sw the United Nations Genel Assen, whet they soon Bld and til ld the ajity of es. To 1962 an ety conomation ended wth compeonie and GA Reation 103 saat Inthe cv of expopiion,appopt competion bal 0 be Pi hus neh exliclyconSeming the Hl ue orth Calo doctine 1986) Hama fig Joe SER Gs oman Sey ot Nol ee ‘egret Rathi Nt Bani a en SA Reson (68) 49 nei ay Anton oral S68 € Bruce sc | Toe, ae hate Eee Rehabs Ahearn 098) Cosma erations La s Rematabhy a conenss eed then th Fig ivestnent agreements con ‘ad bya government msc observe io god ath" “The desopng sates decided ok the be frber and brought ta calintionn 1974, again nthe United Nations General sembly. Encourage pth sce of he producing coun in baying Westen se ed hyp ol price increas well 5 by the then paling spi economic Sedepeniene ip Lain Aner, see esolaans were paved that led For 1°New oteratonal Economie Onde One of ts ctnesones was the appa abolition of rls ofieroatinal la governing the expopstion of hen pe and thee by dome als ened by nana ich Sone ay the ei.) To anal, epi o amr omen of fcg propery n which cue apoptosome ol by te se ‘epingsch ness thing sot not eed eps Siemans that de Se comers print nay ee whe he goin essing te a oer eal be see dar he dames of he ‘Stn Se ad iy uta wales ey ad mara ae ya ‘Sermon th he peal metab apt on cba terelne iyofSeerand insect thepencc a ce cee ‘OF coun, thi period of confonaon leo iss about the customary ineraconal rakes governing frig nvesten™ Tas pe sed eer unl sound 1990, Ar that ne, became cle that the Social view of pop ‘ty had alps other wth the end the Sve Union and ha ee cll, far economic independence had brought major financial i rater than moe welfare for te peopl a Lata Anserica. Fm now Latin American Saes stared @ codde lateral iesemene wets whos opi wa ped tothe Cao deci, nd thea eal for Permanent Svesgny tn the UUN Genel Assembly cmeen amend “Ache samen trata Sanctions ered hi poston on ‘he ol of pte lvestnen and she salle Washington Consens wth kk tew emphasis onthe pvt etx i the proce of developmen, summa sed the foundation forthe ow dominate pond to devlpeent andi omitant pose view of pte orsign inseriment In 1992, the pow apeich ‘ysl lathe Pesmble f dhe Word Bank's Geline on the Treen =p ee a rn Mer EE aa canrtoetngeroey siete ates entities {G Htc G Lad Rom, t Secorpehmann, and K Zeman ay Lar dara Seek ide om ra Nanree Iteratonl ene Law of Frcig Dit Invenio fig ince invximes ring susan o bear ont weld ose oe sso of droping coun pray nr of tpn kn, ‘em etsy of hb countyshragh yee cmpenon sana ea echaogy and manager sland enhancers oma ero ‘emo che expansion of meroatonl ade >™ ‘Win his ew diate eral onomerdaions se ight ope deus gait cna tle pratng ign venereal become aachnisicand oh Tec eed and te heey

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