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 - Standards of review in international investment law and arbitration
T2 - multilevel governance and the commonweal
AU - Vadi, Valentina
AU - Gruszczynski, Lukasz
PY - 2013/9
Y1 - 2013/9
N2 - Investment treaty tribunals have increasingly touched upon delicate issues, including for example access to water, public health or cultural polices. What standard of review have they adopted vis-à-vis state regulation aimed to protect fundamental interests and values? Can ideas regarding the standards of review be borrowed from other national and international systems; and if so, which one should be selected? Or, rather, due to its hybrid nature investment law scholars should develop specific standards of review only for investment law and arbitration? Far from being merely theoretical, these questions touch upon the legitimacy of international investment law and arbitration as a component of multilevel governance which now characterizes international (economic) relations. Investigating these questions can contribute to the alignment of general international law and investment protection, reinforcing the capacity of international investment law to contribute to the public wealth. The article submits that while a standard of complete deference to national measures would run against the very purpose of international investment law; an overly intrusive standard is neither a feasible option. In this context the authors consider standards developed within the WTO as a possible model for international arbitration tribunals.
AB - Investment treaty tribunals have increasingly touched upon delicate issues, including for example access to water, public health or cultural polices. What standard of review have they adopted vis-à-vis state regulation aimed to protect fundamental interests and values? Can ideas regarding the standards of review be borrowed from other national and international systems; and if so, which one should be selected? Or, rather, due to its hybrid nature investment law scholars should develop specific standards of review only for investment law and arbitration? Far from being merely theoretical, these questions touch upon the legitimacy of international investment law and arbitration as a component of multilevel governance which now characterizes international (economic) relations. Investigating these questions can contribute to the alignment of general international law and investment protection, reinforcing the capacity of international investment law to contribute to the public wealth. The article submits that while a standard of complete deference to national measures would run against the very purpose of international investment law; an overly intrusive standard is neither a feasible option. In this context the authors consider standards developed within the WTO as a possible model for international arbitration tribunals.
U2 - 10.1093/jiel/jgt022
DO - 10.1093/jiel/jgt022
M3 - Journal article
VL - 16
SP - 613
EP - 633
JO - Journal of International Economic Law
JF - Journal of International Economic Law
SN - 1369-3034
IS - 3
ER -