KEY CHARACTERISTICS AND ELEMENTS OF INTERRELATION OF THE MAIN STANDARDS OF ATTITUDE TO FOREIGN INVESTMENTS IN MODERN INTERNATIONAL LAW |
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Author |
Cherepovskyi K. V., PhD student at the Department of International Law, Ukraine, Kyiv |
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In heading |
Law; | ||||
Signed print |
22.12.2023 | Issues number |
2023-№4 (55) | Page |
73-94 |
Type of articles |
Scientific article | Code UDK |
341.1/8;341:63 | ISSN print |
2411-5584 |
Abstract |
Problem setting. Legal regimes governing international investment or, in another words, investment treatments are the international guarantees, which comes out of the obligations of states on the attitude to mutual investments, – form the construct of investment treatments, establishing the basic rules of attitude to investments from abroad within the geographical spaces of states or their jurisdictions. By introducing important exceptions and additions to acts of national law, such international guarantees, from the one hand, equip a foreign investor with fairly powerful international legal toolkit, and, from another, define and consolidate the features of unified interstate investment treatment. Comparison of characteristics and identification of elements of the ratio of standards of attitude to foreign investments, thus, appear to be relevant research directions for the field of international investment law both in the doctrinal context and in the scientific and practical context. Recent research and publication analysis. The problem of price competition is of interest to many domestic and foreign scientists. Among them: R. Dolzer and C. Schreuer; S. W. Schill; R. Kläger; C. Yannaca-Small; R. P. Boychuk; I. Y. Matiushenko; O. V. Pashchenko; V. V. Poiedynok; D. V. Skrynka; V. D. Chernadchuk, V. V. Sukhonos, and T. O. Chernadchuk; S. O. Shemshuchenko, and others. The purpose of the article is to reveal of the intermediate results of the dissertation research on the standards of attitude towards foreign investments from the perspective of their correlation and comparison with the standard of a fair and equal regime. Paper main body. The author analyzes the key elements of modern international investment law system from standpoint of standards of treatment of foreign investments, which are recognized through decisions of authoritative international arbitrations, courts as well as generally. Being within their jurisprudence nature legal regimes of the implementation of international investment activities, these standards of foreign investments treatment play the role of customary criterions for compliance of state’s behavior with its international obligations, which from legal point of view outline the main parameters of attitude to foreign investments in countries, making important additions and (or) exceptions to acts of national law. A description of the key characteristics and properties of the main standards of treatment of foreign investments is provided. Among these international standards analyzed: the national treatment and the most favored nation treatment, the fair and equitable treatment, the standard of full protection and security, the standard of prohibition of illegal expropriation; and the standard of protection against unjustified or discriminatory actions. Attention is also paid to aspects of correlation and combination of the considered international standards of foreign investments treatment; issues of integration of international investment law with international trade law. The contribution of each of the main standards of protection of foreign investments within creation of features of single and largely unified international investment legal regime has been separately considered and analyzed. Quotations from decisions of international investment arbitrations and courts regarding foreign investments are provided as a such, which helps to clarify or accurately convey legal nature of each international standards of investments treatment. Conclusions. As the main conclusion, it is noted that during the investment and business planning of the cross-border development of an enterprise today it is possible not to take into account the factors arising from the processes of establishing and forming global standards of attitude towards foreign investments. Covering issues of property rights, exercise of authority and justice, other important aspects for international investment activities, relevant standards of protection of foreign investments serve as effective means of compensation for losses of foreign investors. Each of these standards of attitude towards foreign investments provide specific advantages, opening wider gates for protecting international investors’ rights and interests based on existing arbitrating practices, national law specific and relating international law norms as well as other standards. Short abstract for an article Abstract. This article analyzes the key elements of structure of modern international investment law from standpoint of standards of treatment of foreign investments, which are recognized through decisions of authoritative international arbitrations, courts as well as generally. Descriptions of the key characteristics and properties of the main standards of treatment of foreign investments is provided. Attention is paid to aspects of correlation and combination of the considered international standards of foreign investments treatment; issues of integration of international investment law with international trade law. The contribution of each of the main standards of protection of foreign investments within creation of features of single and largely unified international investment legal regime has been separately considered and analyzed. |
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Keywords |
investment treatment, fair and equitable treatment, unified international investment treatment, international investment agreements, bilateral investment treaties. | ||||
Reviewer |
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External reviewer |
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Article in PDF |
73-94 | ||||
Bibliography |
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Code DOI |
https://doi.org/10.31359/2411-5584-2023-55-4-73 |
22.12.2023