Overview
International investment agreements reinforce domestic liberalisation and underpin legal security for investment. Recently, a "new generation" of bilateral and regional investment agreements has emerged, together with a growing body of jurisprudence. Analysis undertaken by the OECD Investment Committee of their core provisions and arbitration procedures contributes to a common understanding of their implications, and ultimately better and more predictable outcomes for governments and investors.The present publication includes four surveys which have been developed to support the work programme of the OECD Investment Committee on legal and policy issues arising from international investment agreements. The first survey deals with the role of transparency and third party participation in investor-state dispute settlement procedures. It examines the current rules and recent steps taken to improve transparency.
The survey on "Fair and Equitable Treatment Standard" reviews the concept and the elements of its content, based on jurisprudence and state practice. The survey on "Indirect Expropriation and the Right to Regulate" touches upon one of the most frequently contested provisions in investor-state arbitration in recent years. It identifies main criteria found in investment agreements and used by tribunals to articulate the difference between the two concepts. The survey on "Most-Favoured Nation Treatment" reviews accepted principles to interpret the application of this long standing provision in investment agreements.
Synopsis
International investment agreements set ground rules for how host governments treat foreign investors. This publication provides an unparalleled source of information on four key issues: the definition of investor and investment; the interpretation of umbrella clauses in investment agreements; coverage of environmental, labour and anti-corruption issues; and the interaction between investment and services chapters in selected regional trade agreements.
The "Definition of investor and investment" reviews the determinants of the scope of application of international investment treaties in light of recent state practice and jurisprudence. The article on the "Interpretation of the umbrella clause in investment agreements" sheds light on a controversial provision whose meaning has been disputed recently before international arbitral tribunals. "International Investment Agreements: A survey on environmental, labour and anti-corruption issues" reviews the treatment of societal issues in 295 investment agreements and in related arbitration decisions. "The interaction between investment and services chapters in selected regional trade agreements" looks at the implications for investment protection and liberalisation of 20 treaties' investment and services chapters.