The UK Post-Brexit Investment Treaties : Where Do They Fit on the Reform Matrix? Analysis of the Investment Chapters of the UK-Australia and the UK-New Zealand FTAs
The unclarity and uncertainty in international customary law, which governed foreign investments during the colonial era and resistance of the developing countries to the vague norms of the customary law, after the colonial era, prompted states to seek more certain and stable legal framework for investment protection. Thus, IIAs including BITs and TIPs came into existence and a vast network of such treaties were concluded, especially during the 1990s. However, since these treaties and their arbitral practice came under heavy criticism due to being ‘flawed-biased’ and overly ‘one-sided’ favouring foreign investors over other stakeholders, the host states regulatory power and other values, it led to reforms in this body of international law.Sates have taken various approaches in reforming their IIAs. To understand and analyse the broad range of approaches, a reform matrix model is proposed by Professor Anthea Roberts. The model classifies the reforms in three categories of incremental, systemic and paradigmatic along the three dimensions of the procedure, substance and form of IIAs. This study discusses the historical and reform context of the IIAs and those of the UK, then, it draws on the model and analyses the UK post-Brexit IIAs, namely the investment chapters of the UK-Australia and the UK-New Zealand FTAs signed in December 2021 and February 2022, respectively.For analysis of the UK agreements procedural reforms, the study focuses on ISDS reforms and evaluates alternatives such as state-to-state arbitration and the proposed multilateral investment court system. For substantial reforms analysis, the study is limited to examination of standard treatments such as NT, MFN, FET, expropriation and environment, labour and other regulatory objectives. The form of the UK investment regime is also discussed.This study finds that investment chapters of the UK post-Brexit FTAs with Australia and New Zealand, have taken paradigmatic approach in their procedural reform, incremental approach in reforms of substantive provisions such as NT, MFN, FET and expropriation, and systemic approach in the reform of environment, labour and other regulatory objectives provisions. The study presents specific recommendations on future approach of the UK investment agreements
Year of publication: |
[2023]
|
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Authors: | Jamal, M Mustafa |
Publisher: |
[S.l.] : SSRN |
Subject: | Freihandelsabkommen | Free trade agreement | Neuseeland | New Zealand | Investition | Investment | Internationales Investitionsrecht | International investment law | Auslandsinvestition | Foreign investment |
Saved in:
freely available
Extent: | 1 Online-Ressource (67 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 1, 2022 erstellt |
Other identifiers: | 10.2139/ssrn.4469524 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014353968
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