The Brave New (American) World of International Investment Law: Substantive Investment Protection Standards in Mega-Regionals
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| Publication date | 2017 |
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| Book title | Mega-Regional Trade Agreements |
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| Pages (from-to) | 123-154 |
| Publisher | Cham: Springer |
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| Abstract |
Mega-regionals are transforming and shaping the future of international investment law, concerning both the settlement of investment disputes and the substantive disciplines governing investor–state relations. Focusing on the latter, the present chapter shows how mega-regionals depart from the so far dominant European model of investment protection by going beyond crudely worded post-establishment protections for foreign investment. Instead, Mega-regionals pursue the twin policy goals of investment liberalization through greater market access commitments and strengthening state control by ensuring host governments sufficient space to regulate in the public interest. In light of these policy goals, and considering the deeper reasons for structural changes to the investment rules in mega-regionals, the chapter argues that the models and conceptual foundations of mega-regionals build on prototypes first developed in the context of US and NAFTA investment practices. This suggests that the future of international investment law will be shaped to a considerable extent against the background of US experiences, rather than be forged anew by the mechanics of international diplomacy and negotiation.
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| Document type | Chapter |
| Note | The research leading to this chapter has received funding from the European Research Council (ERC) under the ERC Grant Agreement N° 313355, as part of the research project on ‘Transnational Private-Public Arbitration as Global Regulatory Governance: Charting and Codifying the Lex Mercatoria Publica’ (LexMercPub) carried out at the University of Amsterdam. The chapter is a revised and expanded version of a paper presented at the conference “Mega-Regionals and the Future of International Trade and Investment Law”, which was organized on 23 and 24 October 2014 in Dresden, Germany by the Research Centre for International Economic Law at the University of Dresden and the affiliated research project “Global TranSAXion”. The chapter was also published in (2016) British Journal of American Legal Studies 5(2):419–448. It was finalized based on material available as of 30 June 2016. |
| Language | English |
| Related publication | The Brave New (American) World of International in Investment Law: Substantive Investment Protection Standards in Mega-Regionals |
| Published at | https://doi.org/10.1007/978-3-319-56663-4_6 |
| Downloads |
bjals-2016-0015
(Accepted author manuscript)
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