Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Cultural heritage and international investment law
T2 - a stormy relationship
AU - Vadi, Valentina
PY - 2008/2
Y1 - 2008/2
N2 - This paper investigates the relationship between international investment law and the protection of cultural heritage. Two questions arise in this connection. First, are investment agreements compatible with states' obligations to protect cultural heritage? Second, if internal measures aimed at protecting cultural heritage can be challenged by foreign investors, is mixed arbitration a suitable forum to protect public interests Indeed, it seems that the regime established according to investment treaties does not strike an appropriate balance between the different interests concerned. After giving a brief look at the legal framework protecting foreign investments, the conflict areas between investment treaty provisions and national cultural policies are explored through an empirical analysis of the recent arbitral jurisprudence concerning cultural heritage. This paper holds that jurisprudential balancing may not provide an adequate protection to cultural heritage; thus, cultural exceptions should be included in investment agreements.
AB - This paper investigates the relationship between international investment law and the protection of cultural heritage. Two questions arise in this connection. First, are investment agreements compatible with states' obligations to protect cultural heritage? Second, if internal measures aimed at protecting cultural heritage can be challenged by foreign investors, is mixed arbitration a suitable forum to protect public interests Indeed, it seems that the regime established according to investment treaties does not strike an appropriate balance between the different interests concerned. After giving a brief look at the legal framework protecting foreign investments, the conflict areas between investment treaty provisions and national cultural policies are explored through an empirical analysis of the recent arbitral jurisprudence concerning cultural heritage. This paper holds that jurisprudential balancing may not provide an adequate protection to cultural heritage; thus, cultural exceptions should be included in investment agreements.
KW - cultural heritage
KW - International investment law
KW - arbitration
U2 - 10.1017/S094073910808003X
DO - 10.1017/S094073910808003X
M3 - Journal article
VL - 15
SP - 1
EP - 24
JO - International Journal of Cultural Property
JF - International Journal of Cultural Property
SN - 0940-7391
IS - 1
ER -