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2016 | OriginalPaper | Buchkapitel

Investor-State Dispute Settlement: Conflict, Convergence, and Future Directions

verfasst von : Kate Miles

Erschienen in: European Yearbook of International Economic Law 2016

Verlag: Springer International Publishing

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Abstract

This article reflects upon the criticisms directed towards investor-state arbitration over the last decade. It considers the controversies, the responses and the current debates surrounding investor-state arbitration. In particular, it reviews the discourse on the right to regulate and the arguments that investment disputes can impact on matters of public interest and have the potential to encroach into host state regulatory space. It also considers concerns expressed at the structural, institutional, and procedural frameworks for investor-state arbitration. In examining both the procedural and substantive responses to such criticisms, the argument is put forward that, increasingly, there is an acknowledgement of the problematic nature of the ‘older-style’ bilateral investment treaties, that attempts are being made to address this through new emphases in treaty-drafting, and that a more nuanced approach to investment disputes may be emerging. Concerns remain, however, that even despite these developments, public welfare regulation continues to be at risk from investor challenges and that a lack of appreciation of non-investment issues persists in arbitral decision-making. For this reason, the article ultimately adopts an ambivalent view of the future impact of the changes currently occurring within the field.

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Compania del Desarrollo de Santa Elena, S.A., v. The Republic of Costa Rica, (2000) 39 International Legal Materials 1317, 1329.

Methanex Corporation v United States of America (2005) 44 International Legal Materials 1345, 1456.

Tecnicas Medioambientales Tecmed, SA v United Mexican States (2004) 43 International Legal Materials 133.

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See, for example, the creative interpretation of Article 15(1) of the UNCITRAL Rules in Methanex Corporation v United States of America (2005) 44 International Legal Materials 1345 to permit the submission of amicus curiae briefs.

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See, for example, the Lauder Cases: In the Matter of a UNCITRAL Arbitration between Ronald S. Lauder v the Czech Republic, Final Award, 3 September 2001; CME Czech Republic B.V. (the Netherlands) v. Czech Republic (UNCITRAL, Partial Award of 13 September 2001; Final Award of 14 March 2003); see also the discussion in Yannaca-Small (2008), pp. 1009–1010; see also Joubin-Bret (2008).

For views supportive of an appellate facility, see, for example, the discussion in Van Harten (2007), pp. 153–75, 180; see also Brower (2003); Gal-Or (2008); Gantz (2006).

ICSID (2004) Possible Improvements of the Framework for ICSID Arbitration. Discussion Paper https://icsid.worldbank.org/apps/ICSIDWEB/resources/Documents/Possible%20Improvements%20of%20the%20Framework%20of%20ICSID%20Arbitration.pdf (last accessed 7 August 2015).

Tams C (2006) An Appealing Option? The Debate about an ICSID Appellate Structure. 57 Essays in Transnational Economic Law, Institut für Wirtschaftsrecht, http://www.wirtschaftsrecht.uni-halle.de/sites/default/files/altbestand/Heft57.pdf (last accessed 7 August 2015), p. 6; Investment Treaty News, ICSID Member-Governments OK Watered-Down Changes to Arbitration Process, (29 March 2006), www.iisd.org/pdf/2006/itn_mar29_2006.pdf (last accessed 17 May 2015); see the discussion in Walsh (2006), pp. 444–445.

See the discussion in Tams C (2006) An Appealing Option? The Debate about an ICSID Appellate Structure. 57 Essays in Transnational Economic Law, Institut für Wirtschaftsrecht, http://www.wirtschaftsrecht.uni-halle.de/sites/default/files/altbestand/Heft57.pdf (last accessed 7 August 2015), p. 34; see also the discussion on the origins of commercial arbitration as an alternative to litigation in Van Harten (2007), pp. 59–61; see the critiques in Legum (2008); see also Paulsson (2008); see also the discussion in Sammartano (2003), pp. 388–391.

See for example Treaty Between the United States of America and the Oriental Republic of Uruguay Concerning the Encouragement and Reciprocal Protection of Investment (2005) Art. 28.10, http://investmentpolicyhub.unctad.org/Download/TreatyFile/2380 (last accessed 7 August 2015).

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EU (2015) Investment in TTIP and Beyond—the Path for Reform: Enhancing the Right to Regulate and Moving from Current ad hoc Arbitration towards an Investment Court. Concept Paper, p. 4 http://trade.ec.europa.eu/doclib/docs/2015/may/tradoc_153408.PDF (last accessed 8 June 2015).

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Buergenthal (2006), p. 498; Van Harten (2007), pp. 172–173; Cosbey A et al. (2004) Investment and Sustainable Development: A Guide to the Use and Potential of International Investment Agreements International. IISD, p. 6 http://www.iisd.org/pdf/2004/investment_invest_and_sd.pdf (last accessed 8 May 2015); see also the comments of Philippe Sands in Sulaimain U, London Barrister Opposes Arbitrators Acting as Counsel, Global Arbitration Review, 7 October 2009 http://globalarbitrationreview.com/news/article/18979/london-barrister-opposes-arbitrators-acting-counsel/ (last accessed 8 May 2015).

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See, for example, Schill S (2006) Fair and Equitable Treatment under Investment Treaties as an Embodiment of the Rule of Law. IILJ Working Paper 2006/6 (Global Administrative Law Series) http://iilj.org/publications/documents/2006-6-GAL-Schill-web.pdf (last accessed 25 August 2014); Kingsbury B and Schill S (2009) Investor-State Arbitration as Governance: Fair and Equitable Treatment, Proportionality and the Emerging Global Administrative Law. IILJ Working Paper 2009/6 (Global Administrative Law Series) http://www.iilj.org/publications/documents/2009-6.KingsburySchill.pdf (last accessed 25 August 2014); Kalderimis (2011); Kotuby (2011), p. 164; Postiga (2013).

Sornarajah (2003), p. 17; Dezalay and Garth (1996), pp. 8–9, 70; Puig (2014).

Puig (2014), p. 421.

Miles (2013), p. 342–345.

See, for example, Shalakany (2000).

Puig (2014), pp. 402, 404–405. Puig uses recent data from ICSID appointments showing that 93% of appointments went to men and, of the women appointed, three-quarters of those appointments were held by two women, Professors Brigitte Stern and Gabrielle Kaufman-Kohler, statistically pushing the overall figure to 95 %.

Puig (2014); Miles (2013), pp. 342–345; Dezalay and Garth (1996), pp. 8–9, 16, 29; Borgen, (2007), pp. 724–728.

Van Harten (2007), pp. 111, 125, 172–173; Dezalay and Garth (1996), pp. 8–9, 16, 29; Borgen (2007), pp. 724–728; see also the discussion in Trinh (2014), pp. 25–31.

Miles (2013), pp. 342–345.

Puig (2014), pp. 422.

See, for example, Marvin Roy Feldman Karpa v United Mexican States (2001) 40 International Legal Materials 615; Pope & Talbot Inc v. Canada (Award on Damages) (2002) 41 International Legal Materials 1347; MTD Equity Sdn. Bhd. & MTD Chile S.A. (Decision on Annulment of 2007); Compañía del Desarrollo de Santa Elena S.A. v. The Republic of Costa Rica, (2000) 39 International Legal Materials 1317; CMS Gas Transmission Company (2005) 44 International Legal Materials 1205; LG&E Energy Corp ICSID Case No. ARB/03/26, Award, 25 July 2007; CMS Gas Transmission Company ICSID Case No. ARB/01/8, Decision on Annulment (2007).

See, for example, the treatment of necessity under customary international law in CMS Gas Transmission Co v Argentine Republic (2005) 44 International Legal Materials 1205.

Compania del Desarrollo de Santa Elena S.A. v. The Republic of Costa Rica, (2000) 39 International Legal Materials 1317; S.D. Myers, Inc v Canada, Partial Award (Decision on the Merits), November 2000.

See the discussion in Miles (2013), pp. 307–308, 319–320; Hirsch (2008); see the discussion on a public law approach involving the use of Article 31(3)(c) in Schill (2010), pp. 23–27.

Reinisch (2008), pp. 201–202; McLachlan (2008), p. 376.

See, for example, In the Matter of a UNCITRAL Arbitration between Ronald S Lauder v the Czech Republic, Final Award, 3 September 2001; Tecnicas Medioambientales Tecmed, SA v United Mexican States (2004) 43 International Legal Materials 133; In the Matter of a NAFTA Arbitration under UNCITRAL Arbitration Rules between International Thunderbird Gaming Corp v. United Mexican States, Award, Separate Opinion, 26 January 2006, http://www.iisd.org/pdf/2006/itn_award.pdf (last accessed 10 August 2015).

100

Miles (2013), p. 330.

101

See Sands and Peel (2012); see also Stephens (2009).

102

Sornarajah (2003), pp. 13–17; Muchlinski (2008), p. 683.

103

Muchlinski (2008), pp. 683–684.

104

United States State Department, Treaty between the Government of the United States of America and the Government of [Country] Concerning the Encouragement and Reciprocal Protection of Investments (2012) www.ustr.gov/sites/default/files/BIT%20text%20for%20ACIEP%20Meeting.pdf (last accessed 29 April 2015); Canada, Model Foreign Investment Protection Agreement (2004) http://www.italaw.com/documents/Canadian2004-FIPA-model-en.pdf (last accessed 10.08.2015); see the discussion in Newcombe (2007), p. 9; Miles (2013), pp. 231–236.

105

See the 2006 reforms of ICSID Arbitration Rules; see also the 2013 UNCITRAL Rules on Transparency.

106

See, for example, European Commission Statement, Improving ISDS to Prevent Abuse - Statement by EU Trade Commissioner Karel De Gucht on the Launch of a Public Consultation on Investment Protection in TTIP, 27 March 2014, http://europa.eu/rapid/press-release_STATEMENT-14-85_en.htm (last accessed 04.04.2015).

107

For example, Bolivia, which gave notification of its withdrawal from ICSID on 2 May 2007.

108

See the discussion in Kurtz and Nottage (2015).

109

See the discussion in Newcombe (2007), p. 399; see also Miles (2013), pp. 231–236; UNCTAD (2015) Recent Trends in IIAs and ISDS. IIA Issues Note, p. 3 http://unctad.org/en/PublicationsLibrary/webdiaepcb2015d1_en.pdf (last accessed 6 June 2015); see, for example, Agreement between Canada and the Federal Republic of Nigeria for the Promotion and Protection of Investments (signed 6 May 2014), available at http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/fipa-apie/nigeria.aspx?lang=eng (last accessed 12 June 2015).

110

See, for example, Agreement between Canada and the Federal Republic of Nigeria for the Promotion and Protection of Investments (signed 6 May 2014) http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/fipa-apie/nigeria.aspx?lang=eng (last accessed 12 June 2015); see also Agreement between Canada and the Republic of Peru for the Promotion and Protection of Investments (signed 14 November 2006, entered into force 20 June 2007) http://www.treaty-accord.gc.ca/text-texte.aspx?id=105078&lang=eng (accessed 12 June 2015).

111

Newcombe (2007), p. 401.

112

Tecnicas Medioambientales Tecmed, SA v United Mexican States (2004) 43 International Legal Materials 133, 173. This approach has been adopted in a number of subsequent awards, such as, MTD Equity Sdn Bhd & anor v Republic of Chile (Award) (2005) 44 International Legal Materials 91, 105–106; CMS Gas Transmission Co v Argentine Republic (2005) 44 International Legal Materials 1205, 1235; Azurix Corp. v Argentine Republic (Award) (2006) ICSID Case No. ARB/01/12, para. 360–361, 372, 392, 408.

113

EU–Canada Comprehensive Economic and Trade Agreement, Consolidated CETA Text, 26 September 2014 http://trade.ec.europa.eu/doclib/docs/2014/September/tradoc_152806.pdf (last accessed 8 June 2015).

114

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115

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Titel: Investor-State Dispute Settlement: Conflict, Convergence, and Future Directions
verfasst von: Kate Miles
Verlag: Springer International Publishing
Buch: European Yearbook of International Economic Law 2016
Print ISBN: 978-3-319-29214-4

Electronic ISBN: 978-3-319-29215-1

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-3-319-29215-1_12