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- W3125954907 abstract "ABSTRACTInternational investment law has assumed an increasing prominence largely due to the proliferation of investment treaties and the number of arbitral awards made thereunder. Yet, there are many core questions that remain to be authoritatively answered. This Article considers the nature of the divergences in investment treaty jurisprudence and the role that the International Law Commission (ILC) could potentially play in contributing to the coherent development of international investment law. The Article argues that some areas of international investment law are more appropriate for attention by the ILC than others. It draws a distinction between those aspects of international investment that only have a basis in treaty law and those aspects of international investment law that are underpinned by common standards stemming from customary international law or general principles of law.The Article argues that international investment scholars cannot necessarily expect the convergence of jurisprudence in the context of treaty provisions that have been specifically negotiated by the parties, as these provisions must be interpreted on a case-by-case basis. This means that topics like the most-favored-nation (MFN) clause are less suitable for codification, as the meaning of these provisions will often depend on the particular context of the treaty and the precise intentions of the parties. In contrast, there is a stronger case for the codification of international investment law where common standards exist. The Article therefore considers the formation and development of customary international law in relation to investment protection. It argues that while investment treaty tribunals have struggled with the identification of customary international law in this area, the ILC could play a central role in clarifying the state of the relevant rules and principles, in furtherance of its core mandate of promoting the progressive development and codification of international law.I. INTRODUCTIONInternational investment law is a fast-moving and dynamic area of law. The subject has assumed an increasing prominence over the past twenty years, largely due to the proliferation of investment treaties and the number of arbitral awards decided on the basis of these instruments. At the end of 2011, 450 known cases had been brought under bilateral investment treaties or similar agreements.1 At the same time, there are a number of fundamental questions that remain to be answered. Although the majority of investment treaties follow a very similar logic and structure,2 arbitral tribunals have often adopted diverging interpretations of treaty provisions.3 In turn, this has led to doctrinal confusion and questions about the coherence of international investment law.4 Some authors have even talked about a legitimacy crisis in international investment law.5Recently, the International Law Commission (ILC) has joined the debate concerning how to address this challenge.6 The central argument of this Article is that the ILC can make a valuable contribution to the development and consolidation of international investment law. At the same time, it suggests that the ILC should choose its focus of study carefully. It also suggests that the current focus of the ILC on the most-favored-nation (MFN) treatment7 is not likely to lead to satisfactory results as the interpretation of these clauses largely depends upon the particular wording of individual treaties. In such cases, there is little reason to expect a coherent jurisprudence given the autonomous nature of the treaty standards, and therefore these issues should be left to tribunals to develop based upon existing rules of treaty interpretation. Rather, this Article argues that the ILC should concentrate on its core mandate of codifying customary international law.8 The Article argues that customary international law relating to the protection of investors is ripe for codification. …" @default.
- W3125954907 created "2021-02-01" @default.
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- W3125954907 date "2013-07-01" @default.
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- W3125954907 title "The International Law Commission and the Development of International Investment Law" @default.
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