International investment law and soft law PDF
Preview International investment law and soft law
International Investment Law and Soft Law International International Investment Law Investment Law and Soft Law and Soft Law Edited by Edited by Andrea K. Bjorklund Andrea K. Bjorklund University of California, Davis, USA University of California, Davis, USA August Reinisch August Reinisch University of Vienna, Austria University of Vienna, Austria Edward Elgar Edward Elgar Cheltenham, UK (cid:79)Northampton, MA, USA Cheltenham, UK (cid:79)Northampton, MA, USA Untitled-1.indd 1 29/05/2012 16:38 #TheEditorsandContributorsSeverally2012 Allrightsreserved.Nopartofthispublicationmaybereproduced, storedinaretrievalsystemortransmittedinanyformorbyanymeans, electronic,mechanicalorphotocopying,recording,orotherwisewithout thepriorpermissionofthepublisher. Publishedby EdwardElgarPublishingLimited TheLypiatts 15LansdownRoad Cheltenham GlosGL502JA UK EdwardElgarPublishing,Inc. WilliamPrattHouse 9DeweyCourt Northampton Massachusetts01060 USA Acataloguerecordforthisbook isavailablefromtheBritishLibrary LibraryofCongressControlNumber:2012935320 ISBN9781781003213 PrintedandboundbyMPGBooksGroup,UK 4 0 Contents Acknowledgements vi List of contributors vii 1 Introduction: the ILA Study Group on the role of soft law instruments in international investment law 1 AndreaK. Bjorklundand AugustReinisch 2 Sourcesof international investment law 9 Moshe Hirsch 3 Soft lawin internationallaw: an overview 39 MelakuGeboye Desta 4 Assessing theeffectivenessof soft law instruments in internationalinvestmentlaw 51 AndreaK. Bjorklund 5 Soft lawinstrumentsin environmental law:models forinternationalinvestment law? 82 Kate Miles 6 Soft lawcodificationsin theareaof commercial law 109 GiudittaCordero-Moss 7 GATT/WTO law and internationalstandards: an example ofsoft law instrumentshardening up? 148 MelakuGeboye Desta 8 The evolution of investment protection based on public internationallaw treaties:lessons tobe learned 192 ChristianTietjeand EmilySipiorski 9 Isthe MFN principle ininternationalinvestment law ripe for multilateralization or codification? 238 AndreasR. Ziegler 10 Isexpropriation ripe forcodification? The example ofthe non-discrimination requirement for lawful expropriations 271 AugustReinisch 11 Soft codificationof internationalinvestmentlaw 305 AugustReinisch andAndrea K. Bjorklund Index 319 v Acknowledgements Wearemostgratefultotheindividualauthorsofthechaptersofthisbook who have made our jobs easy by producing outstanding work and with whomithasbeenapleasuretomeettodiscusstheintersectionofsoftlaw and the law of international investment. Books like this do not come togetherwithoutagreatdealofassistance.JaminHornattheUniversity ofCalifornia,Davis,providedexcellentassistancewithcitations.Florian Dunkel at the University of Vienna was indispensable – he provided outstanding help at all stages of the project and we could not have completed thework without hisdiligence. Asalwaysweacknowledgeourfamiliesfortheirassistanceandtheir forbearance. Andrea K. Bjorklund Davis, California August Reinisch Vienna, Austria vi Contributors Andrea K. Bjorklund is Professor of Law at the University of California, Davis, USA; Visiting Professor (Guest of the L. Yves Fortier Chair in International Arbitration and International Commercial Law) at McGill University Schoolof Law, Montreal, Canada. Giuditta Cordero-Moss is Professor at the Department of Private Law at theUniversityofOslo,Norway;honorarylecturerandprincipalresearch fellow at the Centre for Energy, Petroleum and Mineral Law & Policy, University ofDundee,UK. Melaku Geboye Desta is Reader in International Economic Law at the Centre for Energy, Petroleum and Mineral Law & Policy, University of Dundee,UK. Moshe Hirsch holdsthe Maria von Hofmannsthal Chairin International Law,FacultyofLawandDepartmentofInternationalRelations,Hebrew University ofJerusalem, Israel. KateMilesisSeniorLecturerinInternationalLawattheFacultyofLaw, University ofSydney,Australia. August Reinisch is Professor of International and European Law at the University of Vienna, Austria and Professorial Lecturer at the Bologna Centerof SAIS/Johns Hopkins University in Bologna,Italy. Emily Sipiorski is senior researcher and lecturer at the Institute of Economic Law and the Transnational Economic Law Research Center (TELC) at the Law School of Martin-Luther-University Halle Wittenberg, Germany. Christian Tietje is Professor of Public, European and International EconomicLaw,DirectoroftheInstituteofEconomicLawandDirectorof the Transnational Economic Law Research Center (TELC) at the Law Schoolof Martin-Luther-UniversityHalle Wittenberg, Germany. vii vv2viiiiiiiii IIInnnttteeerrrnnnaaatttiiiooonnnIaanatllleiirinnnnvvaveteeisssotttnmmmaleeeinnnntttvelllsaaatwwmweaaannntndddlawsssoooaffftnttdlllaaaswwowft law AAcAonnnudddrrrrseeeeaaassosfRRRt.hZZZaiitieeegCggllloeeerrmriiimsssiPPPttrrreoooefff’eeesssssswsoooorrrrakaannniddtdhDDDaiidirrreeebcccetttoocoorrrmooofeffttethhhveeeidLLLenLLLtMMMthaPPPtrrrooothgggerrraaagmmmrommmweeeiniiinngn IaIInnnrbttteeeirtrrrnnnaaaaltttiiicoooannnsaaeallllaaaawnnndddwaEEEsuuurcrrooooppnpeeteraaainnnbuEEtEiccncooognnntoooommmaiiiccnc iaaannnncdddreaCCCsooionmmmglmmmyeeeerrrlcccaiiiabaallolrLLLataaaewwwboaaadtttyttthhhoeeef UiUUnnntneiiirvvvneeearrrsstsiiiittotyyynooaofflfLLLinaaavuuuessssaaatnmnnnnneeeen,,,tSSSlwwwaiwiitttzzz.eeeTrrrlllhaaaennndddp;;;rCCCopoooonnnnjjjoooeiiinnnnttttsPPPorrrfooofffteeehsssesssoooSrrrtauaattdtttythhheeGeUUUronnnuiiivvpveeerrtrshssiiiutttyyys ocooofffnNNNsieedewwwereSSSdooouuuitttthhhtiWWmWeaaalllyleeessstoiiinnnsuSSSgyyygdddennnseeetyyy,,t,hAAAeuuuessssttttrrraaaabllliiilaaaishaaamnnndddenGGGtuuuoeeefssstttaPPPsrrrtoooufffdeeeyssssssooogrrrroaaautttpttthhhtoeee UiUUnnnvneiiivvvseteeirrrgsssaiiittttyyyeooowfffhSSSetttt...hGGGeraaalltllllheeeennntaaainnmndddettthwhheeeasSSSwwwriiiipsssssesIIIfnnnosssrtttiiiatttuuunttteeeatoootffefmTTTeepecccthhhtnnnoooolllfoooogggryymy,,,uZZZlauuutrrreiiiccchahhn...d summarize the main rules relating to investment law in a ‘codification’- type instrument. Their initial proposal made it very clear that the Study Group’s mandate should not extend to an attempt to partially or exhaustively codify rules of investment law. Rather, the focus of the Group’s work should be on the assessment of the ripeness of such an undertaking. Thus, the Study Group’s mandate concentrates on the elaboration ofa ‘feasibility study’. After the untimely death of Professor Wa¨lde in late summer 2008, Professor Bjorklund agreed to serve as Co-Rapporteur of the Study Group. The Group was formally established in November 2008. It had workingmeetingsinJune2009inVienna,inNovember2009inLondon, in August 2010 inThe Hague and inMarch 2011in Vienna. At these meetings crucial decisions concerning the work and working methodsoftheGroupweretaken.Inadditiontotheperiodicreportsdue forILAConferences, the Group decided that it would work towardsthe publication of a book containing the contributions of the Group’s members.TheGroupfocusedonidentifyingthemainissuessurroundinga potential‘codification’ofinvestmentlawandinvestigatingwhetherandin what form investment law may be ‘codified’. The contributions in this book,whichcontainsthemajoroutputoftheStudyGroup’swork,could lead to a recommendation that the ILA pursue the elaboration of an internationalsoft law instrument on internationalinvestment. The ILA has a long-standing tradition of formulating ‘Rules’, ‘Recommended Practices’, ‘Draft Articles’ and the like in an attempt to contribute to the codification and development of various fields of internationallaw. Inthefieldofinvestmentlaw,suchasoftlawinstrumentcouldprovide a contemporary view of the state of the emerging and in several areas already settled jurisprudence of international investment law. Indeed, a significantcontributionwouldbetoidentifythoseareasinwhichonecan identifyajurisprudenceconstante.Itcouldtherebyservetribunals,parties andcounsel inhelping toidentifythecurrentstateofinvestment arbitral jurisprudence and scholarship (in the sense of Article 38 of the ICJ Statute). By objectively describing the current state of international investment law it could facilitate the identification of customary int ernationallaw.Suchaninstrumentcouldalsoassistgovernmentsinthe negotiation and renegotiation of existing bilateral investment treaties Untitled-1.indd 2 30/05/2012 08:48 1. Introduction: the ILA Study Group on the role of soft law instruments in 1 international investment law Andrea K. Bjorklund and August Reinisch The Study Group was established by the International Law Association (ILA) Executive Council in November 2008 for a three-year period with theexpressmandate‘tostudythedevelopmentofsoftlawinstrumentsin internationalinvestmentlawandthefeasibilityofa‘‘codification’’ofthe present state ofthis fieldof international economic law’. The Executive Council appointed Sir Franklin Berman (UK ILA Branch) as Chairman, as well as Andrea K Bjorklund (US ILA Branch) and August Reinisch (Austrian ILA Branch) as Co-Rapporteurs of the StudyGroup.AsofSpring2010,furthermembersoftheGroupwereYas Banifatemi (French ILA Branch), Giuditta Cordero-Moss (Norwegian ILA Branch), Melaku Desta (UK ILA Branch), Moshe Hirsch (Israeli ILA Branch), Daniel Magraw (US ILA Branch), Kate Miles (Australian ILA Branch), Audley Sheppard (UK ILA Branch), Christian Tietje (German ILA Branch), Matthew Weiniger (UK ILA Branch), Catherine Yannaca-Small (Greek ILA Branch), Andreas Ziegler (Swiss ILA Branch). The establishment of the Study Group was initiated by a proposal elaborated jointly by Thomas Wa¨lde (deceased, formerly UK ILA Branch) and August Reinisch after the ILA Committee on the InternationalLawonForeignInvestmenthadcometoanendattheRio Conferencein2008.Ithadconcludeditsworkwiththepublicationofthe Oxford Handbook on International Investment Law,2 which addressed major issues of both substantive and procedural investment law. In the 1 ThebulkofthisintroductionwaspresentedastheStudyGroup’sinterim reportattheILABiennialConferenceinTheHaguein2010. 2 P Muchlinski, F Ortino and C Schreuer (eds), Oxford Handbook of Intern ationalInvestmentLaw(OxfordUniversityPress2008). 1 2 International investment law and soft law course ofthatCommittee’swork ithadbecomeevidentthat thegrowing arbitral case law was contributing to an increasingly elaborate body of international investment law. The proponents of the Study Group thus considered it timely to suggest the establishment of a study group to investigate whether the time was ripe for an attempt to formulate and summarize the main rules relating to investment law in a ‘codification’- type instrument. Their initial proposal made it very clear that the Study Group’s mandate should not extend to an attempt to partially or exhaustively codify rules of investment law. Rather, the focus of the Group’s work should be on the assessment of the ripeness of such an undertaking. Thus, the Study Group’s mandate concentrates on the elaboration ofa ‘feasibility study’. After the untimely death of Professor Wa¨lde in late summer 2008, Professor Bjorklund agreed to serve as Co-Rapporteur of the Study Group. The Group was formally established in November 2008. It had workingmeetingsinJune2009inVienna,inNovember2009inLondon, in August 2010 inThe Hague and inMarch 2011in Vienna. At these meetings crucial decisions concerning the work and working methodsoftheGroupweretaken.Inadditiontotheperiodicreportsdue forILAConferences, the Group decided that it would work towardsthe publication of a book containing the contributions of the Group’s members.TheGroupfocusedonidentifyingthemainissuessurroundinga potential‘codification’ofinvestmentlawandinvestigatingwhetherandin what form investment law may be ‘codified’. The contributions in this book,whichcontainsthemajoroutputoftheStudyGroup’swork,could lead to a recommendation that the ILA pursue the elaboration of an internationalsoft law instrument on internationalinvestment. The ILA has a long-standing tradition of formulating ‘Rules’, ‘Recommended Practices’, ‘Draft Articles’ and the like in an attempt to contribute to the codification and development of various fields of internationallaw. Inthefieldofinvestmentlaw,suchasoftlawinstrumentcouldprovide a contemporary view of the state of the emerging and in several areas already settled jurisprudence of international investment law. Indeed, a significantcontributionwouldbetoidentifythoseareasinwhichonecan identifyajurisprudenceconstante.Itcouldtherebyservetribunals,parties andcounsel inhelping toidentifythecurrentstateofinvestment arbitral jurisprudence and scholarship (in the sense of Article 38 of the ICJ Statute). By objectively describing the current state of international investment law it could facilitate the identification of customary int ernationallaw.Suchaninstrumentcouldalsoassistgovernmentsinthe negotiation and renegotiation of existing bilateral investment treaties
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