International Investment Law
International investment law and arbitration is one of the fastest-developing areas of international law. It is an area that combines elements of treaty and customary international law, public policy, and private dispute resolution. In the past decade, there has been a dramatic increase in the number of bilateral investment treaties and other agreements with investment-related provisions, followed by a sharp rise in the number of disputes between private investors and sovereign states under those specialized legal regimes. In particular, investment arbitration under the auspices of the World Bank's International Centre for Settlement of Investment Disputes (ICSID) is booming, with some 419 arbitration and conciliation proceedings instituted under the ICSID Convention and Additional Facility Rules as of 31 December 2012. Due to the widespread geographical participation of states and private investors in investment arbitration, involving significant amounts of money in every conceivable investment sector-from oil, gas & mining, construction, transportation to the financial sector-the particularities and dynamics of investment treaty law and arbitration are becoming increasingly important to foreign investors, sovereign states, and the global economy that is increasingly fueled by foreign investment. nnThe rise of international investment law and arbitration has also bred a new and exciting practice area in global law firms, where teams of lawyers act on behalf of investors against sovereign states, or defending sovereign states against investor claims, before international arbitral tribunals. nnThis course will cover four broad areas: (I) the historic, theoretical and policy grounds underpinning international investment law; (II) the substantive obligations and standards governing the investor-state relationship; (III) the growth of investor-state arbitration and its impact on international law; and (IV) the wider issues of fairness and functionality of investment treaty law and investor-state dispute resolution. The course uses materials from international investment treaty texts, case law, and commentaries to enable students to evaluate and apply legal doctrine to future situations. As international investment law and investment arbitration is a dynamic, unsettled, and controversial body of law, this course will highlight different and sometimes conflicting interpretations and decisions in the area, and invite students to analyze, discuss, and form their own views on key issues.nnElements used in grading: Class participation and final paper.