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Yearbook on international investment law policy, 2013 2014



YEARBOOK ON
INTERNATIONAL INVESTMENT
LAW & POLICY
2013–2014


Yearbook on International Investment Law & Policy
andrea k. bjorklund, editor
L. Yves Fortier Chair in International Arbitration and International Commercial Law,
Mcgill University Faculty of Law, Montreal
Senior Fellow, Columbia Center on Sustainable Investment
(CCSI), New York
Daniel Litwin, Managing Editor
Research Fellow, CCSI
Advisory Board
José E. Alvarez
New York University School of Law, New York City

George A. Bermann

Columbia Law School, New York City

Rudolf Dolzer
University of Bonn

Ahmed S. El Kosheri
Kosheri, Rashed and Riad, Cairo

Emmanuel Gaillard
Shearman & Sterling LLP, Paris

Michael Hwang, SC
Barrister & Arbitrator, Singapore

Gabrielle Kaufmann-Kohler
University of Geneva Law School

Carolyn B. Lamm
White & Case LLP, Washington, D.C.

Andreas F. Lowenfeld, d. June 2014
New York University School of Law, New York City

Petros C. Mavroidis
Columbia Law School, New York City

Theodore H. Moran
Georgetown School of Foreign Service, Washington, D.C.

Jan Paulsson
Freshfields Bruckhaus Deringer LLP, Paris

Daniel M. Price
Rock Creek Global Advisors LLC, Washington, D.C.

W. Michael Reisman
Yale Law School, New Haven

Manfred Schekulin
Austrian Federal Ministry of Economy,


Family and Youth, Vienna

Christoph Schreuer
Zeiler Partners, Vienna

Stephen M. Schwebel
Independent Arbitrator and Counsel, Washington, D.C.

Muthucumaraswamy Sornarajah
National University Singapore Law School

Detlev F. Vagts, d. August 2013
Harvard Law School, Cambridge

Francisco Orrego Vicuña
Heidelberg Center, Santiago

Louis T. Wells
Harvard Business School, Boston

Karl P. Sauvant, Founding Editor of the Yearbook
Columbia Center on Sustainable Investment, New York

Editorial Committee
N. Jansen Calamita
Investment Treaty Forum,
British Institute of International and Comparative Law, London
Lise Johnson
CCSI, New York

Peter Muchlinski
School of Oriental and African Studies Law School, London

Ucheora Onwuamaegbu
Arent Fox, LL.P., Washington, DC

Federico Ortino
King’s College London School of Law

Lisa E. Sachs
CCSI, New York

Abby Cohen Smutny
White & Case LLP, Washington, D.C.

columbia law school editorial staff
niccolò pietro castagno, senior editor
v. grace davis, editor
gabriela lopez, editor

eno usoro, senior editor

farrukh malik, editor
claudie tirefort, editor

hiroyuki ota, editor

mcgill university faculty of law editorial staff
╇ sarah kettani, editor
╇ david st-onge, editor

adam plenkiewicz, editor
alexander spraggs, editor

lukas vanhonnaeker, editor


Peer Reviewers
The Editorial Committee of the Investment Yearbook thanks all those who helped in the
preparation of this publication and especially the peer reviewers, who include:
Reuven Avi-Yonah
Lorand Bartels
Bertram Boie
Jonathan Bonnitcha
Anna Joubin-Bret
Lee M. Caplan
Aaron Cosbey
Rudolf Dolzer
Zachary Douglas
Mike Gerrard
Andrew Guzman
Justin Jacinto

Josh Kallmer
Mark Kantor
Meg Kinnear
Céline Lévesque
Roberto Aguirre Luzi
Kate Miles
Timothy Nelson
Luke Nottage
Martins Paparinskis
Joost Pauwelyn
Miguel Perez
Matthew Porterfield

Jeswald Salacuse
Karl Sauvant
Jeremy Sharpe
Muthucumaraswamy
Sornarajah
Margrete Stevens
Leon Trakman
Anne van Aaken
Samuel Wordsworth
Katia Yannaca-Small


COLUMBIA CENTER ON
SUSTAINABLE INVESTMENT

The Columbia Center on Sustainable Investment (CCSI) is a leading applied research center and forum for the study, practice and discussion of sustainable international investment.
The CCSI focuses on analyzing important topical policy-oriented issues and constructing
and implementing an investment framework that promotes sustainable development and the
mutual trust needed for long-term investments that can be practically adopted by �governments,
companies and civil society. The Center undertakes its mission through interdisciplinary
research, advisory projects, multistakeholder dialogue, educational programs, and the development of resources and tools. The Center’s website is found at http://ccsi.columbia.edu/.


YEARBOOK ON
INTERNATIONAL
INVESTMENT
LAW & POLICY
2013–2014
EDITED BY

Andrea K. Bjorklund

1


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TABLE OF CONTENTS

Submission Policyâ•… xxv
Contributorsâ•… xxvii
Foreword by Louis T. Wellsâ•… xxxiii
Preface by the Editorial Committeeâ•… xxxvii

PART ONE
1.Trends in International Investment and the Activities of Multinational
Enterprises: 2013–2014â•… 3
Michael V. Gestrin
2. International Investment Agreements, 2013: A Review of Trends and
New Approachesâ•… 25
Lise Johnson and Lisa Sachs
3.International Investment Law and Arbitration: 2013 in Reviewâ•… 69
Ian A. Laird, Borzu Sabahi, Frédéric G. Sourgens, Nicholas J. Birch,
Kabir Duggal, and Joanna Coyne

PART TWOâ•…
British Institute of International and Comparative Lawâ•…
Introductionâ•… 155
N. Jansen Calamita


viii╅╇Table of Contents

4. The Principle of Proportionality and the Problem of Indeterminacy in
International Investment Treatiesâ•… 157
N. Jansen Calamita
5. Proportionality, Reasonableness, and Standards of Review in Investment
Treaty Arbitrationâ•… 201
Valentina Vadi
6. Role of Investors’ Legitimate Expectations in Defense of Investment
Treaty Claimsâ•… 229
Claudia Annacker

PART THREEâ•…
General Articlesâ•…
7. Balancing Investor Protection and Regulatory Freedom in International
Investment Law: The Necessary, Complex, and Vital Search for
State Purposeâ•… 251
Jürgen Kurtz
8. Jurisprudential Interaction between ICSID Tribunals and the International
Court of Justiceâ•… 305
Jure Zrilič
9. The Migration of Constitutional Ideas: The Strange Case of Proportionality
in International Investment Law and Arbitrationâ•… 337
Valentina Vadi
10. Inconsistency in Investor-State Awards and the Role of State
Interpretations: The Example of the Mexican Sweetener Trio of Cases
under NAFTAâ•… 361
Céline Lévesque
11. States Strike Back—Old and New Ways for Host States to Defend against
Investment Arbitrationsâ•… 401
Lars Markert and Catharine Titi
12. Revisiting the Countermeasures Defense in Investor-State
Disputes: Approach and Analogiesâ•… 437
Preeti Bhagnani
13. The Political Economy of Crises and the International Law of Necessity
after the Great Recessionâ•… 473
Alberto Alvarez-Jimenez


Table of Contents ╅ ╇ ix

14. Minilateral Treaty-Making in International Investment Lawâ•… 507
Maninder Malli
15. Do Investment Promotion Agencies Promote Bilateral
Investment Treaties?â•… 529
Jason Yackee
16. The Trend toward Open Contracting: Applicability and Implications for
International Investment Agreementsâ•… 553
Lindsey Marchessault and Michael Jarvis
17. New Regulations on Foreign Acquisitions of Land in Brazil and
Argentinaâ•… 569
Martin Delaroche

PART FOURâ•…
Special Section: Winning Memorials from the 2013 Foreign Direct Investment
International Moot Competition (FDI Moot)
18. Winning Claimant Memorial: National Law University, Delhiâ•… 621
19. Winning Respondent Memorial: University of Buenos Airesâ•… 655



DETAILED TABLE OF CONTENTS

Submission Policyâ•… xxv
Contributorsâ•… xxvii
Foreword by Louis T. Wellsâ•… xxxiii
Preface by the Editorial Committeeâ•… xxxvii

PART ONE
1. Trends in International Investment and the Activities of Multinational
Enterprises: 2013–2014â•… 3
Introductionâ•… 3
A. Trendsâ•… 4
1. Global Overviewâ•… 4
2. Regional Trendsâ•… 7
3. Foreign Direct Divestmentâ•… 9
B. Vectors of Structural Change in the Global Investment Systemâ•… 12
1. The Rise of the MNSOEâ•… 12
2. International Investment and Global Value Chainsâ•… 17
Conclusionsâ•… 20
2. International Investment Agreements, 2013: A Review of Trends and New
Approachesâ•… 25
Introductionâ•… 25
A. Public Debate on Investment Policyâ•… 28
B. The “Other” IIAsâ•… 31
1. Investor Protectionsâ•… 32
a. Substantive Protectionsâ•… 32
b. Procedural Protectionsâ•… 35


xii╅╇Detailed Table of Contents

2. Investment Promotion, Economic Cooperation, and Sustainable
Developmentâ•… 38
a. Effective Enforcement, Non-derogation, and
Non-lowering of Environmental or Labor Standardsâ•… 39
b. New Development: Non-Waiver of the Right to Regulate in
the Public Interestâ•… 41
c. Strengthening of Standards and Their Implementationâ•… 42
d. Economic Developmentâ•… 43
e. Consultations, Compliance, and Enforcementâ•… 45
3. The Larger Pictureâ•… 48
C. Canada in Africa: Heightened BIT Activity That Tracks
Investments in the Extractive Industriesâ•… 52
1. Performance Requirementsâ•… 54
2. Protection against Breach of Investor-State Contractsâ•… 56
3. Incorporating Considerations of Domestic Policy and
Corporate Social Responsibility in Investment Treatiesâ•… 58
D. The UNCITRAL Transparency Rules and Conventionâ•… 59
1. Content of the Transparency Rulesâ•… 61
2. Application of the Transparency Rulesâ•… 61
3. The Transparency Conventionâ•… 62
4. A Model for Broader Reform?â•… 64
Conclusionâ•… 64
3. International Investment Law and Arbitration: 2013 in Reviewâ•… 69
A. Jurisdictionâ•… 69
1. Jurisdiction Ratione Materiaeâ•… 73
a. Abuse of Processâ•… 73
b. Treaty Standardsâ•… 77
i. Allegations of Illegalityâ•… 77
ii. ICSID Conventionâ•… 84
iii. Territorial Linkâ•… 87
iv. Sovereign Bondsâ•… 90
2. Jurisdiction Ratione Voluntatisâ•… 91
a. Subject-Matter Limitation of Investment Treatyâ•… 91
b. Mass Claims/Multi-Party Proceedingsâ•… 92
c. Jurisdiction by Means of Most-Favored Nations
Clausesâ•… 94
B. Meritsâ•… 100
1. Fair and Equitable Treatmentâ•… 102
a. Legitimate Expectationsâ•… 105
b. Proportionalityâ•… 110
c. Denial of Justiceâ•… 111
d. Discriminatory and Arbitrary Treatmentâ•… 112


Detailed Table of Contents ╅ ╇ xiii

2. Full Protection and Securityâ•… 113
3. Umbrella Clauseâ•… 114
4. Expropriationâ•… 115
C. Compensation and Non-pecuniary Remediesâ•… 117
1. General Principle of Reparationâ•… 118
2. Non-pecuniary Remediesâ•… 119
3. Compensation for Expropriation: Lawful vs. Unlawful
Distinctionâ•… 121
4. Compensation for Violation of Non-expropriation Protections
in Investment Treatiesâ•… 123
5. Valuation of Damagesâ•… 124
a. Valuation Standardsâ•… 124
b. Valuation Methodsâ•… 124
6. Date of Valuationâ•… 128
7. Moral Damagesâ•… 128
8. Punitive Damagesâ•… 131
9. Interestâ•… 132
10. Currency of the Awardâ•… 134
11. Arbitration Costs and Legal Representation Costsâ•… 135
12. Limitations on Compensationâ•… 137
a. Causality and Remoteness of Damagesâ•… 137
b. Discretion and Award for Damagesâ•… 138
D. Procedure, Enforcement, and Annulmentâ•… 139
1. Burden/Standard of Proofâ•… 139
a. General Principleâ•… 139
b. Burden of Proof and Jurisdictional Mattersâ•… 140
c. Burden of Proof and Nationalityâ•… 140
d. Burden of Proof and Document Productionâ•… 140
2. Challenges to Arbitratorsâ•… 141
a. Challenges to Arbitrators and Repeat Appointmentsâ•… 141
b. Challenges to Arbitrators and Issue Conflictsâ•… 142
c. ICSID’s Manifest Lack of Qualitiesâ•… 144
d. Challenges to Arbitrator and Swiss Verein Structures of
Law Firmsâ•… 145
3. Provisional/Interim Measuresâ•… 146
a. Provisional Measures and Statements to Media/Amicable
Settlementâ•… 146
b. Provisional Measures and Security Issuesâ•… 146
c. Provisional Measures and Advance Costsâ•… 147
d. Provisional Measures and the Detention of a
Ship Vesselâ•… 147
4. Third-Party Fundingâ•… 148


xiv╅╇Detailed Table of Contents

5. Precedential Value of Earlier Decisions/Jurisprudence
Constanteâ•… 148
a. General Ruleâ•… 148
b. Prior Cases and the MFN Debateâ•… 149
6. Annulment and Enforcement of Awardsâ•… 150
a. Annulment Proceedingsâ•… 150
b. Enforcement Proceedingsâ•… 151

PART TWO—BRITISH INSTITUTE OF INTERNATIONAL AND
COMPARATIVE LAW
Introductionâ•… 155
4. The Principle of Proportionality and the Problem of Indeterminacy in
International Investment Treatiesâ•… 157
Introductionâ•… 157
A. International Investment Treaties and the Problem of
Indeterminacyâ•… 160
1. Standards and Rules and the Need for Constitutional
Valuesâ•… 160
2. Standards and Rules in Investment Treaties and the
Constitutional Deficitâ•… 163
B. The Problematic Principle of Proportionalityâ•… 167
1. The Normative Content of Proportionalityâ•… 172
2. The Consequentialist Assumption of the Commensurability
of the State’s Interests and the Individual’s Rightsâ•… 173
3. Open Questions about Weight and Decision-making
Competenceâ•… 175
4. Proportionality and Standards of Reviewâ•… 176
C. A Proportionality Case Study: The Constitutional Character of
Proportionality in the European Court of Human Rightsâ•… 178
D. Proportionality and Its Invocation and Use in Investor-State
Arbitrationâ•… 182
1. A Review of the Principal Awardsâ•… 182
a. S.D. Myers and Pope & Talbot v. Canadaâ•… 182
b. Tecmed and Its Progenyâ•… 185
c. Occidental Petroleum v. Ecuadorâ•… 189
2. Summary: The Problems, Limitations, and Hazards
of Transplanting the Principle of Proportionality into
International Investment Lawâ•… 192
E. Closing Considerations about the Persistent Problem of
Indeterminacy and the Developing “New Normal” of Investment
Treaty Arrangementsâ•… 195
Conclusionâ•… 200


Detailed Table of Contents ╅ ╇ xv

5. Proportionality, Reasonableness, and Standards of Review in Investment
Treaty Arbitrationâ•… 201
Introductionâ•… 201
A. Proportionalityâ•… 202
1. The Merits of Proportionalityâ•… 204
2. Against Proportionalityâ•… 205
B. Reasonablenessâ•… 208
1. The Merits of Reasonablenessâ•… 211
2. Against Reasonablenessâ•… 214
3. Reasonableness in Investment Treaty Arbitrationâ•… 216
C. Standards of Reviewâ•… 220
D. Proportionality, Reasonableness, and the Standards
of Reviewâ•… 225
Conclusionsâ•… 227
6. Role of Investors’ Legitimate Expectations in Defense of Investment
Treaty Claimsâ•… 229
A. Sources of Legitimate Expectationsâ•… 231
1. Rights and Corresponding Obligations under
Domestic Lawâ•… 231
2. Representations of the Host Stateâ•… 233
3. Forbearance by the Host Stateâ•… 235
4. Ultra Vires and Contra Legem Acts and Representationsâ•… 236
B. Defenses Based on the Absence of Legitimate Expectationsâ•… 240
1. Jurisdictional Defensesâ•… 240
2. Merits Defensesâ•… 241
a. Expropriation Claimsâ•… 242
b. FET Claimsâ•… 244
c. Umbrella Clause Claimsâ•… 246
3. Defenses Regarding the Amount of Compensationâ•… 246
Conclusionâ•… 247

PART THREE—GENERAL ARTICLES
7. Balancing Investor Protection and Regulatory Freedom in International
Investment Law: The Necessary, Complex, and Vital Search for State
Purposeâ•… 251
Introductionâ•… 251
A. Likeness, Competition, and Motive Review: The Legal and
Normative Caseâ•… 255
B. Sensitivity and Scope: Distinguishing Regulatory Design vs.
Applicationâ•… 276


xvi╅╇Detailed Table of Contents

C. Operationalizing an Inquiry into State Purposeâ•… 281
1. “Subjective” and “Objective” Evidence of State Purposeâ•… 281
2. Text, Structure, and Effect of Measureâ•… 286
3. Legislative Historyâ•… 288
4. Timing: Ex Post Justification?â•… 290
5. Domestic Court Rulingsâ•… 292
6. External Justificationâ•… 294
7. Multiple Purposesâ•… 300
Conclusionâ•… 302
8. Jurisprudential Interaction between ICSID Tribunals and the International
Court of Justiceâ•… 305
Introductionâ•… 305
A. The Status and the Value of ICSID and ICJ Precedents in
ICSID Arbitrationâ•… 307
1. The Legal Status of a Precedentâ•… 307
2. The Value of a Precedentâ•… 311
a. Relevance of a Precedentâ•… 311
b. The Quality of the Reasoning of a Precedentâ•… 313
c. Reputation of the Adjudicatorâ•… 315
d. Which Weighs More?â•… 317
B. Dynamics of the Jurisprudential Interaction between ICSID
Tribunals and the ICJâ•… 318
1. The Hierarchical Relationshipâ•… 319
2. Degree of Reciprocal Engagementâ•… 321
3. The Functionâ•… 324
a. Fulfilling the Mandate of Resolving a Disputeâ•… 324
b. Enhancing Persuasiveness, Authority, or Legitimacy of
Individual Decisionsâ•… 325
c. Cross-Fertilizationâ•… 325
e. Contributing to the Coherent Development of General
International Lawâ•… 327
C. Grounds for the Jurisprudential Interactionâ•… 328
1. Normative Linkagesâ•… 329
a. Norms Directly Establishing the Relationship between Two
Courts or Tribunalsâ•… 329
b. The Same Applicable Lawâ•… 331
c. Multi-Sourced Equivalent Normsâ•… 332
2. Institutional Linkagesâ•… 334
Conclusionâ•… 335
9. The Migration of Constitutional Ideas: The Strange Case of Proportionality
in International Investment Law and Arbitrationâ•… 337
Introductionâ•… 337


Detailed Table of Contents ╅ ╇ xvii

A. The Migration of Constitutional Ideasâ•… 340
B. Proportionality: A Cosmopolitan Destiny?â•… 346
C. Proportionality in International Investment Arbitrationâ•… 349
D. Critical Assessmentâ•… 353
E. Theories and Methods of Comparative Constitutional
Law: Function vs. Culture?â•… 356
Conclusionsâ•… 359
10. Inconsistency in Investor-State Awards and the Role of State
Interpretations: The Example of the Mexican Sweetener Trio of Cases
under NAFTAâ•… 361
Introductionâ•… 361
A. Background on Non-disputing Party Submissions and on the
Sweetener Casesâ•… 366
1. Article 1128 Submissions Processâ•… 366
a. Arguments and Holdings Related to Article 1128â•… 367
b. Issues and Challenges Related to Article 1128
Submissionsâ•… 370
2. Facts and Legal Contextâ•… 372
a. The NAFTA, Sugar, and HFCS in the mid-1990sâ•… 373
b. The Mexican Sugar Crisis, Resulting Protective Measures,
and Challengeâ•… 374
B. Relationship between NAFTA’s Investment and Trade
Obligations: A Question of Jurisdiction or Damages
Evaluation?â•… 376
1. Context and State Parties’ Prior Submissionsâ•… 376
2. Sweetener Tribunals’ Holdingsâ•… 378
a. Inconsistent Holdings: ADM v. Cargillâ•… 379
b. Court Decisions Rejecting Set-Aside of the Cargill
Awardâ•… 382
3. Two Outcomes, Divergent Approaches, and Key
Questionâ•… 384
C. Relationship between IIAs and International Customary Law
on Countermeasures: A Debate on the Nature of Investors’
Rightsâ•… 386
1. Context and State Parties’ Prior Submissionsâ•… 386
2. Sweetener Tribunals Holdingsâ•… 389
a. ADM and the “Intermediate Theory” of Investor
Rightsâ•… 390
b. CPI and the Direct and Substantive Theory of Rightsâ•… 392
c. Cargill—A Variation on the Direct Theory of Rightsâ•… 394
3. One Outcome, Two Models, and Many Disagreementsâ•… 395
Conclusionâ•… 398


xviii╅╇Detailed Table of Contents

11. States Strike Back—Old and New Ways for Host States to Defend against
Investment Arbitrationsâ•… 401
A. Jurisdiction and Admissibilityâ•… 402
1. Definition and Legality of the Investmentâ•… 403
2. Corruptionâ•… 405
3. Hurdles at the Jurisdictional Stageâ•… 406
a. Fork-in-the-Road Clausesâ•… 406
b. Waiver Clausesâ•… 407
c. Local Remedies Clausesâ•… 408
d. Waiting Clausesâ•… 409
e. Procedural Trendsâ•… 410
4. Most-Favored Nation Clauses and Procedural or Jurisdictional
Requirementsâ•… 410
5. Pre-Jurisdictional Phase Summary Dismissal of Casesâ•… 411
6. Conclusion on Jurisdiction and Admissibilityâ•… 412
B. Meritsâ•… 413
1. Right to Regulateâ•… 413
2. Delineating the Scope of Substantive Provisionsâ•… 415
C. Post-Award Phase/Enforcementâ•… 418
1. Fundamental Use of the Annulment Process or Set-Aside
Proceedingsâ•… 418
2. Non-payment of Arbitral Awardsâ•… 420
3. Initiation of State-to-State Dispute Settlementâ•… 421
D. Other Defensesâ•… 422
1. Anti-suit Injunctions and Interference by Host State Courts and
Authoritiesâ•… 423
2. Counterclaimsâ•… 424
3. Delayâ•… 426
4. Political Pressureâ•… 426
E. Influence of States on the System: Changing the Rules of the
Gameâ•… 427
1. Denunciation of ICSID Convention and Termination
of BITsâ•… 427
2. Treaty Renegotiation and Revision of Model Treatiesâ•… 428
3. Discontinuing Investor-State Dispute Settlementâ•… 430
4. Influence on the ICSID Mechanismâ•… 430
5. Adoption of National Legislation Hostile to Investment
Protectionâ•… 432
6. Introducing Investor Obligations, Including CSRâ•… 433
7. Professionalization of Defenses/Financing of Arbitration
Claimsâ•… 434
Conclusionâ•… 435


Detailed Table of Contents ╅ ╇ xix

12. Revisiting the Countermeasures Defense in Investor-State
Disputes: Approach and Analogiesâ•… 437
Introductionâ•… 437
A. Countermeasures and Third Parties under the ILC’s Articles on
State Responsibilityâ•… 440
B. Contemporary Conceptions of Investors’ Rightsâ•… 443
1. Case Lawâ•… 444
2. Implications for Enforcement of International Obligationsâ•… 447
3. Analysis and Alternative Approachâ•… 448
C. Policy Implications of a “Qualified Rights” Approachâ•… 452
1. “Depoliticization” of Investment Disputesâ•… 452
2. Continuing Significance of Investors’ Substantive Rightsâ•… 454
D. Comparative Contract Lawâ•… 455
E. International Human Rights Lawâ•… 460
1. Investors’ Rights and Fundamental Human Rightsâ•… 461
2. Investment Protection Obligations and Human Rights
Obligationâ•… 462
F. Jurisdictional Limits of Investor-State Tribunalsâ•… 465
Conclusionâ•… 471
13. The Political Economy of Crises and the International Law of Necessity
after the Great Recessionâ•… 473
A. Some Aspects of the Political Economy of Economic Crises in the
Aftermath of the Great Recessionâ•… 474
1. Economic Crises and Political Fragmentationâ•… 474
2. The Different Phases in the Unfolding of Economic Crisesâ•… 475
a. Crisis Prevention or Crisis Denialâ•… 476
b. Crisis Containment: “Calamity When It Comes, It Comes in
a Rush” (Philip Roth, The Plot Against America)â•… 476
c. Crisis Management/Resolutionâ•… 478
d. Prevention of the Next Crisisâ•… 481
3. Other Political Dimensions of the Great Recessionâ•… 482
a. Efficiency vs. Transparency in the Resolution of Economic
Crisesâ•… 482
b. Inter-Agency Criticism, Admission of Errors, and Unilateral
Declarations Admitting Contributions to Crisesâ•… 484
B. The Political Economy of Crises and Its Impact on the
Interpretation of BIT Non-precluded Measures Clauses and the
Customary Rule of Necessityâ•… 486
1. The Politics of the Great Recession and Its Impact on the
Requirement of Lack of State Contribution to Crises in BITs and
in Customary International Lawâ•… 488
a. Political Gridlocks and State Contribution after the Great
Recessionâ•… 491


xx╅╇Detailed Table of Contents

b. Regulatory Forbearance and State Contributionâ•… 493
c. Unilateral Declarations, Admissions of Errors, Inter-Agency
Criticisms, and State Contribution to the State of
Necessityâ•… 494
i. Unilateral Declarations Tacitly or Explicitly Admitting
the Contributionâ•… 494
ii. Admission of Errors and State Contributionâ•… 497
iii. Inter-Agency Criticism and State Contributionsâ•… 497
d. Contribution to the State of Necessity in Protracted
Crisesâ•… 498
2. The Political Economy of the Great Recession and the
Requirement of Uniqueness of the Measures under the
Customary Rule of Necessityâ•… 499
a. The Kind of Competent Authority as a Criterion to
Determine the Existence of Alternative Meansâ•… 500
b. Alternative Measures during the Containment Phaseâ•… 502
c. Protracted Crises and the Temporal Dynamic of the
Relevance of the Uniqueness Requirementâ•… 502
3. Prevention of the Next Crisis and Non-precluded Measures
Clauses and the Customary Rule of Necessityâ•… 503
Conclusionsâ•… 503
14. Minilateral Treaty-Making: International Investment Lawâ•… 507
Introductionâ•… 507
A. Assessing Multilateralism in IILâ•… 508
1. The Lack of a Broad Multilateral Frameworkâ•… 508
2. Overview of the Existing IIA Networkâ•… 511
3. Multilateral Dimensions of the Existing Systemâ•… 514
4. The Shifting Global Economic Landscapeâ•… 516
B. Minilateral Approaches to IILâ•… 518
1. Minilateralism in IILâ•… 518
2. Progressive Treaty Provisionsâ•… 521
3. Potential to Reduce Atomizationâ•… 524
Conclusionâ•… 527
15. Do Investment Promotion Agencies Promote Bilateral Investment
Treaties?â•… 529
A. A Brief Introduction to BITsâ•… 530
B. A Brief Introduction to IPAsâ•… 532
C. Research Question and Designâ•… 534
D. Resultsâ•… 536
Concluding Thoughtsâ•… 541


Detailed Table of Contents ╅ ╇ xxi

16. The Trend toward Open Contracting: Applicability and Implications for
International Investment Agreementsâ•… 553
Introductionâ•… 553
A. What Is Open Contracting?â•… 554
B. Emerging Practices of Open Contracting at Different Stages of the
Contracting Cycleâ•… 555
C. Government Motivations for Open Contracting in Investment
Contractsâ•… 560
D. What Has Been the Private Sector Response?â•… 562
E. Challenges to Effectivenessâ•… 564
F. How Might Open Contracting Practices Affect Future
Investments?â•… 567
17. New Regulations on Foreign Acquisitions of Land in Brazil
and Argentinaâ•… 569
Introductionâ•… 569
A. Limiting Foreign Large-Scale Acquisitions of Land in Argentina
and Brazil: Addressing Growing International Concernsâ•… 572
1. The Place of Latin America in the Global Land Rushâ•… 572
a. Foreign Investors’ Interest in Latin America’s Landâ•… 572
b. The Presence of Foreign and Local Investors: A Diversity of
Profilesâ•… 574
c. Is There “Land Grabbing” in Latin America?â•… 576
2. International Policy Framework to Guide Foreign Land
Investmentsâ•… 577
a. The Policy Context for Land Investments: National Policies
for Foreign Access to Landâ•… 577
b. International Policy and Legal Elements on Landâ•… 578
c. Policy Responses to the Global Land Rush: The Guidelines on
Large-Scale Investments in Farmlandâ•… 579
B. Identified Reasons for Regulating Foreign Acquisitions of Land in
Brazil and Argentinaâ•… 581
1. The Growing Concern over Foreign Ownership of Land in
Eastern Latin Americaâ•… 581
a. Concentration of Land Ownership and Agricultural Value
Chainsâ•… 581
b. Increasing Foreign Ownership of Land or Increasing
Presence of Foreigners: Two Distinct Questionsâ•… 583
2. Additional Reasons Motivating the Limitations of Foreign
Ownership of Landâ•… 586
a. The Official Rationale Underlying the Regulation of Foreign
Acquisition of Land in Brazil and Argentinaâ•… 586


xxii╅╇Detailed Table of Contents

b. The Sovereignty over Natural Resources and Food Security as
a Backdrop for the Regulationsâ•… 588
i. Sovereignty over Land and Waterâ•… 588
ii. The Food Security Issueâ•… 592
C. New Regulations on Foreign Acquisition of Land in Brazil and
Argentinaâ•… 593
1. Evolution of the Regulatory Framework for Foreign Acquisition
of Land in Brazilâ•… 593
a. 1964–1995: Stringent Limits on Foreign Acquisition of
Landâ•… 594
b. 1995–2010: Liberalization of Foreign Acquisition of
Landsâ•… 596
c. The 2010 New Legal Opinion and Its Impact on Foreign
Acquisition of Landâ•… 598
2. Argentina’s Law to Limit Foreign Acquisition of Landâ•… 600
a. Structure and Character of the Lawâ•… 600
b. The Four-Stage Limitation on Foreign Ownership of
Landâ•… 600
c. Territorial Scope of Applicationâ•… 602
d. Qualifications to be a Foreignerâ•… 603
e. Creation of the National Register on Rural Lands and of the
Inter-Ministerial Council on Rural Landsâ•… 605
f. Effect of the Lawâ•… 606
D. Assessing the Impact of the New Regulatory Framework on
Foreign Purchases of Landâ•… 606
1. Impact of the New Regulatory Framework on Foreign Purchases
of Rural Landâ•… 607
2. Effectiveness of the New Regulations for Solving
Foreigner-Related Problemsâ•… 608
3. Possibilities for Investors to Circumvent the Limitationsâ•… 611
a. The Multiple Flaws of the Brazilian Regulationâ•… 611
i. Corporate Structures Contemplated by the Current
Regulatory Framework in Brazilâ•… 611
ii. Examples of Circumventing Schemes in Brazilâ•… 612
b. Possibilities to Circumvent the Law in Argentinaâ•… 613
4. Likelihood of a New Law or Decree in Brazilâ•… 616
Conclusionâ•… 617


Detailed Table of Contents ╅ ╇ xxiii

PART FOUR—SPECIAL SECTION: WINNING MEMORIALS
FROM THE 2013 FOREIGN DIRECT INVESTMENT
INTERNATIONAL MOOT COMPETITION (FDI MOOT)
18. Winning Claimant Memorial: National Law University, Delhiâ•… 621
19. Winning Respondent Memorial: University of Buenos Airesâ•… 655


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