Negotiating New Generation International Investment Agreements
Negotiating New Generation International Investment Agreements
New Sustainable Development Oriented Initiatives
International Investment Agreements (IIAs) are in need of substantial reconsideration. This position has now entered the mainstream with bodies such as UNCTAD and the Commonwealth Secretariat offering detailed models for the recalibration of IIAs. At the core of this development lies the fear that an unaccountable, privatized, system of Investor–State Dispute Settlement (ISDS), is acquiring too great a role in international life. Against this background both organizations seek to place sustainable development at the heart of the IIA reform project. This chapter looks at the changing investment environment and why this requires change to IIAs based on sustainable development. It then examines how changing circumstances may affect the design and content of new IIAs focusing on resolving controversial interpretations of existing provisions, as well as on the introduction of new provisions that may be required to further sustainable development goals. Finally, proposed reforms of ISDS procedures are briefly reviewed.
Keywords: international investment agreements, sustainable development, foreign investment, international investment law, international commercial arbitration, investor protection, right to regulate
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