This book examines the history, principles, and practice of awarding compensation and restitution in investor-State arbitration disputes, which are initiated under investment treaties. The principles discussed may be applied to all international law cases where damage to property is an issue.
The book starts by tracing the roots of the applicable international legal principles to Roman law, and from there follows their evolution through the European law of extra-contractual liability and eventually through the Chorzow Factory case to principles of compensation and restitution in the modern law of international investment.
The greater part of the book is then dedicated to examination of the modern application of these principles, focusing on the jurisprudence of international tribunals under various arbitral rules such as ICSID and UNCITRAL Rules. Monetary compensation as the prevalent form of remedy sought and awarded in investor-State disputes is discussed in more detail, including topics such as the amount of compensation for damage resulting from breach of investment treaties or for lawful expropriation of foreign investor's property, a brief overview of valuation methods, supplementary compensation for moral damages, interest, costs, and currency fluctuations as well as various principles that may limit the amount of recoverable compensation, such as causation. A full chapter is dedicated to the discussion of the theory and practice of awarding restitution in investor-State disputes. The book also covers the general principle of reparation in international law as applied in investor-State arbitrations. The topics discussed cover all the theoretical as well as practical issues which may be raised in awarding compensation and restitution in investment treaty disputes between States and foreign investors.

This book provides a novel in-depth study of the early pandemic response policy at the intersection of political economy and law. It explores: (1) whether the responses to COVID-19 were democratically accountable; (2) the ways in which new surveillance and enforcement techniques were adopted; (3) the new monetary and fiscal policies which were implemented; (4) the ways in which employed and unemployed persons were differently impacted by the new policies; and (5) how companies were economically sustained through the pandemic. A compelling look at what happens to societies when disaster strikes, this book will be of interest to legal scholars, political scientists and economists.

This book contains a selection of essays and articles by John H. Jackson previously published over four decades and collected together into one volume. Each article has been selected for its continued relevance to contemporary issues in international trade. Particular attention has been given to making available articles which have previously been less accessible. For the most part articles are republished in their original form but, where appropriate, the author has clearly marked some omissions and added updating material. In selecting and grouping these writings into six thematic parts, the author has written a short introduction to each part for this book. These range from the origin of the GATT through to the Uruguay round of trade negotiations and the WTO. An important compendium from a globally recognized scholar which must become an indispensable purchase for all concerned with international trade policy issues.

The role of the third party has fast become a pervasive problem in the field of international arbitration, as parties not bound by an arbitration agreement are seen to be excluded from the process, even if they clearly maintain a legal or financial interest in a dispute between other persons who are bound by an arbitration clause. Third Parties in International Commercial Arbitration considers the role of third parties in arbitration agreements and proceedings and in arbitral awards and covers significant theoretical and practical questions. These questions include: which is the proper party in arbitration; whether a tribunal can assume jurisdiction over claims by or against a party that is not designated in the arbitration clause (third-party claims); whether a party can rely on the findings of a previous arbitral award in subsequent proceedings against a third party; and whether a third party to an arbitral award can rely on its findings in proceedings against a party to the award. Adopting a comparative, international approach, third-party claims are discussed in relation to many areas such as assignment and other forms of transfer; agency (actual and apparent) and representation; third-party beneficiary; incorporation by reference; corporations and partnerships; in guarantees and other security agreements; construction contracts and string contracts; arbitral estoppel; group of companies and alter ego; implied consent and consent by conduct; name-borrowing; third parties claiming through or under an arbitration clause or several compatible arbitration clauses. The book also discusses issues about arbitral effect (res judicata and issue estoppel) and third parties. In Third Parties in International Commercial Arbitration Brekoulakis consolidates the discussion on issues where reasonable agreement among scholars and tribunals exists, but at the same time proceeds to identify those areas that require further convergence. He examines and classifies all the existing theories and legal bases on third-party claims in clearly defined groups and puts forward a new systematic approach to the discussion to be used as an alternative to the existing theories.

Global lawmaking by international organizations holds the potential for enormous influence over world trade and national economies. Representatives from states, industries, and professions produce laws for worldwide adoption in an effort to alter state lawmaking and commercial behaviors, whether of giant multi-national corporations or micro, small and medium-sized businesses. Who makes that law and who benefits affects all states and all market players. Global Lawmakers offers the first extensive empirical study of commercial lawmaking within the United Nations. It shows who makes law for the world, how they make it, and who comes out ahead. Using extensive and unique data, the book investigates three episodes of lawmaking between the late 1990s and 2012. Through its original socio-legal orientation, it reveals dynamics of competition, cooperation and competitive cooperation within and between international organizations, including the UN, World Bank, IMF and UNIDROIT, as these IOs craft international laws. Global Lawmakers proposes an original theory of international organizations that seek to construct transnational legal orders within social ecologies of lawmaking. The book concludes with an appraisal of creative global governance by the UN in international commerce over the past fifty years and examines prospective challenges for the twenty-first century.

This is an open access title available under the terms of a CC BY-NC-ND 3.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. The World Trade Organization (WTO) is often accused of, at best, not paying enough attention to human rights or, at worst, facilitating and perpetuating human rights abuses. This book weighs these criticisms and examines their validity, incorporating legal arguments as well as some economic and political science perspectives. After introducing the respective WTO and human rights regimes, and discussing their legal and normative relationship to each other, the book presents a detailed analysis of the main human rights concerns relating to the WTO. These include the alleged democratic deficit within the Organization and the impact of WTO rules on the right to health, labour rights, the right to food, and on questions of poverty and development. Given that some of the most important issues within the WTO concern its impact on poor people within developing States, the book asks whether rich States have an obligation to the people of poorer States to construct a fairer trading system that better facilitates the alleviation of poverty and development. Against this background, the book examines the current Doha round proposals as well as suggestions for reform of the WTO to make it more 'human rights-friendly'.

This book deals with the ongoing reform process for investor-state dispute settlement in UNCITRAL Working Group III, in particular the proposal to create a multilateral investment tribunal (MIC). The book covers key elements of the MIC proposal, such as the institutional framework of the court, the design of an appeals mechanism, the use of class-law settlement procedures, and the establishment of an advisory center for developing countries. In addition, the selection and appointment of judges is discussed. It also explores the following questions: How can the MIC be integrated into the existing ISDS system? How can the implementation of its decisions be ensured? Each chapter highlights the legal issues to be discussed and places them in a larger context to offer an understanding of the core questions and how they are related to each other.

The current global financial system may not withstand the next global financial crisis. In order to promote the resilience and stability of our global financial system against future shocks and crises, a fundamental reconceptualisation of financial regulation is necessary. This reconceptualisation must begin with a deep understanding of how today's financial markets, regulatory initiatives and laws operate and interact at the global level. This book undertakes a comprehensive analysis of such diverse areas as regulation of financial stability, modes of supply of financial services, market infrastructure, fractional reserve banking, modes of production of global regulatory standards and the pressing need to reform financial sector ethics and culture. Based on this analysis, Reconceptualising Global Finance and its Regulation proposes realistic reform initiatives, which will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.

The World Trade Organization (WTO) recently celebrated twenty years of existence. The general wisdom is that its dispute settlement institutions work well and its negotiation machinery goes through a phase of prolonged crises. Assessing the World Trade Organization overcomes this myopic view and takes stock of the WTO's achievements whilst going beyond existing disciplinary narratives. With chapters written by scholars who have closely observed the development of the WTO in recent years, this book presents the state of the art in thinking about WTO performance. It also considers important issues such as the origins of the multilateral system, the accession process and the WTO's interaction with other international organisations. The contributions shed new light on untold stories, critically review and present existing scholarship, and sketch new research avenues for a future generation of trade scholars. This book will appeal to a wide audience that aims to better understand the drivers and obstacles of WTO performance.

Twenty-first-century trade agreements increasingly are a source of international law on investment and competition. With chapters contributed by leading practitioners and academics, this volume draws upon investor-state arbitration and competition/antitrust disputes to focus on the application of economics to international trade law and specifically WTO law. Written in an accessible language suitable for a broad readership while providing concrete insights designed for the specialist, this book will be of use to those active or interested in the related fields of trade disputes, competition law, and investor-state arbitration.

Bilateral Investment Treaties: History, Policy, and Interpretation organizes, summarizes and comments upon the arbitral awards interpreting and applying BIT provisions. Policymakers and practitioners will find a thorough introduction to the operation of the BITs, including the principal arguments and case authorities on both sides of the major issues in international investment law. The book is intended to be a single-volume reference covering every important development in the 50 years of BIT programs worldwide, from 1959 until 2009.
Author Kenneth Vandevelde argues that the primary purpose of the BITs is to promote the application of the rule of law to foreign investment, while a secondary purpose is to create a liberal investment regime. He further argues that BITs are based on six core principles: reasonableness, security, nondiscrimination, access, transparency and due process. The book explains each of these principles and analyzes the major BIT provisions based on them. Vandevelde addresses the host of complex questions that BITs engender: Do bilateral investment treaties attract foreign investment or otherwise contribute to economic development? Do BITs limit host state regulatory discretion too much? Why should countries continue to conclude BITs? What is meant by BIT guarantees of "fair and equitable treatment" and "full protection and security"? What is the scope of the BIT provision for most-favored-nation treatment? The book's expert analysis of these questions makes it useful to policy makers in the area of international economic relations, attorneys representing multinational companies, and anyone interested in the process of economic globalization.

The scope of protection offered to foreign investors by EU law has become a matter of intense political debate. Neo-protectionist policies are on the rise within EU Member States, who are struggling to acclimatize to increasing inward direct investment from developing countries. Strict regulations are being implemented to control the flow of this investment, undermining the principle of free movement of capital. Are such policies permitted under EU law? What impact does EU law have on foreign direct investment? This book addresses these questions through a coherent doctrinal reconstruction of the EC Treaty provisions on free movement of capital in a third country context.
Opening with a timely restatement of the central features of the EU law of free movement of capital, the book then asks the central question: What rights does a private market participant, engaged in cross-border direct investment originating from or directed to a non-EU Member State, enjoy by virtue of the EC Treaty? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra Community direct investment. Having established the legal doctrine, the book then examines the limits on restrictions to free movement, including financial regulation and discriminatory tax regimes.

International investment law has become increasingly prominent in the international legal order, spurred on by the explosion of Bilateral Investment Treaties between States and a sharp rise in international investment disputes. This rise to prominence has however not always been matched by academic reflection on the content of procedure of international investment law and its role within general international law. This volume seeks to remedy this situation by providing careful analysis of every area of international investment law and its relationship with other legal fields.
It is written in honor of one of the leading experts in the field of investment arbitration, Christoph Schreuer. The book explores specific and topical problems of international investment law and practice in a focused way. It also provides a forum for broader theoretical reflections on international investment law and its relation to general international law. The book includes chapters on jurisdictional questions, issues of procedure in investment proceedings, the relationship between investment arbitration and other forms of investment protection, problems of substantive investment law, regional aspects, interfaces between investment law and other areas of law as well as the future of the law of investment protection. Featuring contributions by many of the most prominent scholars and practitioners of investment arbitration, this work should become an indispensable tool for practitioners and academics working in the field.

This practical commentary addresses all aspects of the EC Anti-Dumping regulation and makes extensive comparison with WTO Anti-Dumping Law. Anti-Dumping Law is a branch of EC and WTO law which is of considerable practical and economic relevance. This book is the long-awaited new edition of the 1997 book by the same authors and includes all the changes in that period including relevant Court rulings, the extensive practice by the Council and the Commission of the European Union as well as reports by the WTO Dispute Settlement Panels.
This book will be the standard reference book among practitioners and government officials around the world as many important countries using anti-dumping instruments have based their laws and practice on the EC model.

This book offers a systematic analysis of the interaction between international investment law, investment arbitration and human rights, including the role of national and international courts, investor-state arbitral tribunals and alternative jurisdictions, the risks of legal and jurisdictional fragmentation, the human rights dimensions of investment law and arbitration, and the relationships of substantive and procedural principles of justice to international investment law.
Part I summarizes the main conclusions of the 24 book chapters and places them into the broader context of the principles of justice, global administrative law and multilevel constitutionalism that may be relevant for the administration of justice in international economic law and investor-state arbitration. Part II includes contributions clarifying the constitutional dimensions of transnational investment disputes and investor-state arbitration, as reflected in the increasing number of arbitral awards and amicus curiae submissions addressing human rights concerns. Part III addresses the need for principle-oriented ordering and the normative congruence of diverse national, regional and worldwide legal regimes, focusing on the pertinent dispute settlement practices and legal interpretation methods of regional economic courts and human rights courts, which increasingly interpret international economic law with due regard to human rights obligations of the governments concerned.
Part IV includes twelve case studies on the potential human rights dimensions of specific protection standards (e.g. fair and equitable treatment, non-discrimination), applicable law (e.g. national and international human rights law, rules on corporate social accountability), procedural law issues (e.g. amicus curiae submissions) and specific fundamental rights (e.g. the protection of human health, access to water, and protection of the environment). These case studies discuss not only the still limited examples of human rights discourse in investor-state arbitral awards; they also probe the potential legal relevance of investor-state arbitration for the judicial recognition, interpretation and balancing of primary rules, such as of investment law and human rights law, in the light of the principles of justice as defined by national and international law.

This book offers a systematic analysis of the interaction between international investment law, investment arbitration and human rights, including the role of national and international courts, investor-state arbitral tribunals and alternative jurisdictions, the risks of legal and jurisdictional fragmentation, the human rights dimensions of investment law and arbitration, and the relationships of substantive and procedural principles of justice to international investment law.
Part I summarizes the main conclusions of the 24 book chapters and places them into the broader context of the principles of justice, global administrative law and multilevel constitutionalism that may be relevant for the administration of justice in international economic law and investor-state arbitration. Part II includes contributions clarifying the constitutional dimensions of transnational investment disputes and investor-state arbitration, as reflected in the increasing number of arbitral awards and amicus curiae submissions addressing human rights concerns. Part III addresses the need for principle-oriented ordering and the normative congruence of diverse national, regional and worldwide legal regimes, focusing on the pertinent dispute settlement practices and legal interpretation methods of regional economic courts and human rights courts, which increasingly interpret international economic law with due regard to human rights obligations of the governments concerned.
Part IV includes twelve case studies on the potential human rights dimensions of specific protection standards (e.g. fair and equitable treatment, non-discrimination), applicable law (e.g. national and international human rights law, rules on corporate social accountability), procedural law issues (e.g. amicus curiae submissions) and specific fundamental rights (e.g. the protection of human health, access to water, and protection of the environment). These case studies discuss not only the still limited examples of human rights discourse in investor-state arbitral awards; they also probe the potential legal relevance of investor-state arbitration for the judicial recognition, interpretation and balancing of primary rules, such as of investment law and human rights law, in the light of the principles of justice as defined by national and international law.

The relevance of the WTO legal system for environmental protection is a central topic in general international law, WTO law and international environmental law. The relationship between WTO law and international and domestic efforts to protect the environment has moved to centre stage in WTO and international environmental law. It has also spurred the discussion on fragmentation in international law in recent years.
This book analyzes these issues by examining the 'horizontal' interaction between WTO law and 'other' international law, the 'vertical' relationship between WTO law and domestic law, and the contents and the interrelations between fundamental provisions of WTO law. This study relies on established insights from legal theory in order to achieve greater clarity in legal argumentation. The main results of this analysis are applied to two topical instances of international regime interplay, namely the relevance of WTO law for international and domestic measures protecting the earth's climate and the ozone layer.
A series of controversial topics in WTO and general international law are addressed in this book, including the notion of conflicts of norms, and the resolution of conflicts of norms; the role of international law in WTO proceedings; extraterritorial jurisdiction and unilateral trade measures; proportionality and balancing of interests in international and WTO law; the core disciplines of the GATT and the TBT Agreement; process and production-based measures (PPMs) in WTO law; climate protection, protection of the ozone layer, and WTO disciplines.

China's success in attracting foreign direct investment (FDI) in the last decade is undisputed, and unprecedented. It is currently the second largest FDI recipient in the world, a success partially due to China's efforts to enter into bilateral investment treaties (BITs) and other international investment instruments. The second title to publish in the new Oxford International Arbitration Series is a comprehensive commentary on Chinese BITs.
Chinese investment treaties have typically provided international forums for settling investment disputes such as the International Centre for the Settlement of Investment Disputes (ICSID). Given the continuous growth of FDI in China, the emergence of state-investor disagreements in China and the dramatic rise of investment treaty based arbitrations world wide in recent years, it is anticipated that there will be an increasing number of investment arbitrations involving the central and local governments of China. This book will provide a detailed review and analysis of China's approach to foreign investment. It will consider the current role of investment treaties in China's foreign economic policy, analyze and interpret the key provisions of the BITs, and discuss the future agenda of China's investment program. It will look at how this investment regime interconnects with the domestic system and consider the implications for a foreign investor in China.

The Challenge of Safeguards in the WTO provides a comprehensive overview of the safeguard mechanism in the multilateral trading system. It explains at length its historical and conceptual foundations and elaborates on the various requirements for the imposition of safeguards and the conduct of safeguard investigations. The author draws on his practical experience in order to analyse WTO case law as developed by WTO panels and the Appellate Body and to provide practical suggestions for the resolution of various complex issues which have arisen in practice. He also considers the challenges faced by companies involved in this type of case.

WTO law sets the global minimum standards for trade regulation, while allowing some regulatory flexibility for developing countries. The exact scope of regulatory flexibility is often unclear and, at times, flexibility may be counterproductive to sustainable economic growth in developing countries. Undisputedly, developing countries would have some flexibility with respect to tailoring preferential services trade agreements to their individual economic needs and circumstances, but empirical data from over 280 preferential services trade agreements worldwide shows that this flexibility is rarely used. This volume clarifies the regulatory scope of flexibility for preferential services trade agreements between developing countries by linking the legal interpretation of WTO law with evidence from research in economics and political sciences. The book suggests that the current regulatory framework leaves room for meaningful flexibility for developing countries, and encourages policymakers and scholars to take these flexibilities into consideration in their design and study of trade policies.

A central development in international law is the intensified juridification of international relations by a growing number of international courts. With this in mind, this book discusses how international judicial authority is established and managed in key fields of international economic law: trade law, investor-state arbitration and international commercial arbitration. Adopting a unique legal-centric approach, the analysis explores the interplay between these areas of economic dispute resolution, tracing their parallel developments and identifying the ways they influence each other on processual mechanisms and solutions. Drawing together contributions from many leading scholars across the world, this volume considers issues such as the usage of precedent and the role of legitimacy, suggesting that the consolidation of judicial authority is a universal trend which impacts on state behaviour.

Preferential Services Liberalization offers the first, comprehensive analysis of the conditions that the World Trade Organization sets for preferential trade agreements (PTAs) in the area of services. Johanna Jacobsson provides an in-depth analysis of the relevant GATS rules, puts forward a practical method to analyze services PTAs, and applies the method to services agreements concluded by the EU. The result is a detailed examination of the legal criteria for services PTAs and methods to study them, combined with a better understanding of the level of liberalization reached by the EU and its member states. This book does go beyond the EU in analyzing the implications that multi-level governance has for international services liberalization. It proposes a new approach to study services commitments of any federal state and argues that lower levels of government should receive more attention in international negotiations over services trade.

As conflict and cooperation among states turn to an ever greater extent to economic issues, this fully updated and expanded second edition presents a comprehensive exploration of the legal foundations of the international economy. In it, Professor Andrews Lowenfeld examines the current status of the law, and explores the origins, political tensions and development of outcomes that are often difficult to comprehend.
The book covers all the major elements of economic law in the international arena including the World Trade Organization and its antecedents; dumping, subsidies, and other devices that alter the market; the International Monetary System, including the collapse of the Bretton Woods system; the debt of developing countries; the law of foreign direct investment, including changing perceptions of the rights of host states and multinational enterprises; and economic sanctions. The book also contains chapters on competition law, environmental law, and new chapters on intellectual property and the various forms of arbitration; demonstrating how these subjects fit into the framework of international economic law.
Professor Lowenfeld brings to his task a lifetime of practice and teaching experience to produce a book that will be of use to international lawyers and non-specialists alike.

Framework agreements have arisen in response to the well documented and high costs of public procurement procedures. The agreements have significant potential to improve procedural efficiency in public procurement, but are complex to operate. Inadequate preparation and implementation can also frustrate their potential both to tackle waste, abuse and corruption and to enhance value for money. In this enlightening book, Gian Luigi Albano and Caroline Nicholas look at the key decisions required for designing and using framework agreements, and address both legal and economic issues to give the reader a clear understanding of the planning, variables and flexibility needed for efficient implementation. This book will be of interest to policy makers, lawyers and public procurement practitioners who want to deepen their understanding of the legal and economic issues surrounding framework agreements.

Rules of customary international law provide basic legal protections to foreign investors doing business abroad. These rules remain of fundamental importance today despite the growing number of investment treaties containing substantive investment protection. In this book, Patrick Dumberry provides a comprehensive analysis of the phenomenon of custom in the field of international investment law. He analyses two fundamental questions: how customary rules are created in this field and how they can be identified. The book examines the types of manifestation of state practice which should be considered as relevant evidence for the formation of customary rules, and to what extent they are different from those existing under general international law. The book also analyses the concept of states' opinio juris in investment arbitration. Offering guidance to actors called upon to apply customary rules in concrete cases, this book will be of significant importance to those involved in investment arbitration.