International Investment Law
Volledige vakbeschrijving
This course addresses what has become one of the most controversial fields of international law, the law of foreign investment, also referred to as international investment law. With some 3.000 bilateral, regional and plurilateral international agreements containing provisions on the protection of foreign investments, but no multilateral agreement, the international investment regime has reached an unprecedented level of fragmentation and complexity. In addition, a profound shift from a pro-investor oriented conventional approach to foreign investment protection has taken place, both in traditionally capital-importing as well as capital-exporting countries. A more balanced approach towards the protection of foreign investments is sought, paying regard to the state’s right to regulate in the pursuance of important public policy objectives, such as the protection of the environment, public health or state security, without a fear of massive legal claims being brought against it by foreign investors in front of an international arbitration tribunal, itself a target of popular criticism for a perceived lack of legitimacy. As a result, international investment law and arbitration has been undergoing a profound reform, both substantially and procedurally, making this field of contemporary international law a truly fascinating subject-matter for any student interested in international (economic) law and policy.
The course addresses all main issues covered by international investment law:
• origins and nature (on the development of international investment law against the relevant political and economic background, and on its relationship with public international law);
• sources (focusing on international investment agreements);
• scope (focusing on the concept of ‘investment’ and ‘investor’);
• settlement of investment disputes (on the state-to-state dispute resolution and on the extremely controversial investor-state dispute settlement system),
• main standards of investment protection (on expropriation, fair and equitable treatment, full protection and security, non-discrimination and some other common substantive standards of protection of foreign investments).
The course builds upon the general Public International Law course, focusing specifically on inter-state relations concerning protection of foreign investments while referring to Public International Law for issues not specifically addressed in this specific field. The course omits issues broadly related to foreign investment protection but extensively covered in other courses (e.g. corporate social responsibility). For students of international economic law, the present course complements International Trade Law courses which focus on multilateral rules relating to inter-state relations concerning cross-border trade.
Teaching methods:
online knowledge clips, onsite lectures and tutorial meetings, case study papers, possibly guest lectures
Assessment methods:
written examination (with a possibility of an oral resit examination in case of a low enrollment for the resit) and a selected case study paper submitted during the course
Keywords:
international investment law; international law of foreign investment; foreign investment protection; investor-state dispute settlement; investment arbitration
Start date course: 03/02/25
End date course: 28/03/25
Doelstellingen van dit vak
- The student acquires up-to-date knowledge of the substantive and procedural law of foreign investment protection contained in international investment agreements, as interpreted and applied in relevant jurisprudence;
- The student understands and is able to engage in debate on legal issues relating to international investment law and can assess the relationship between rules contained in international investment treaties and the right of state to pursue other societal interests;
- The student can identify international investment law issues arising from fictional case studies;
- The student is able to form a reasoned legal opinion with regard to true-to-life international investment law problems;
- The student is able to write well-motivated legal opinions on international investment problems and to present these orally.
Voorwaarden
Prerequisites:
None
Recommended prior knowledge:
Public international law
Aanbevolen literatuur
- The main textbooks used in this course is Krista Nadakavukaren Schefer, International Investment Law, Text, Cases and Materials, 3rd edition (Edward Elgar Publishing, 2020) and/or Rudolf Dolzer, Ursula Kriebaum & Christoph Schreuer, Principles of International Investment Law, 3rd edition (Oxford University Press, 2022). Students may decide individually which textbook they wish to use. Both books are available for consultation in the University Library.
- Additional mandatory or recommended reading materials may be provided for specific lectures and tutorials on Canvas.
- Students are also advised to consult leading journals in the field, incl. Journal of World Investment and Trade; ICSID Review; Journal of International Economic Law; Journal of World Trade; Journal of International Dispute Settlement; The Law and Practice of International Courts and Tribunals; and Transnational Dispute Management.
- Various online resources provide constitute additional valuable sources of information and research tools, incl. UNCTAD’s Investment Policy Hub; Investment Treaty Arbitration; Investment Arbitration Reporter; and Investor-State Law Guide.