It is usually assumed that peremptory norms have only a “limiting effect” with respect to the State of Necessity defence (“Necessity”), as characterized by article 25 of the International Law Commission's Articles on State Responsibility (“ILC's Articles”). Indeed, Necessity cannot...

Explores the evolution of the current regime involving foreign direct investment, bilateral investment treaties and investment treaty arbitration, and considers why a harmonised multilateral investment agreement has never been adopted. Reflects on past attempts to harmonise the customary foreign...

After a critical account of the development of international investment arbitration (ITA) and ensuing rules of international investment law (IIL), this article examines the emerging design of IIL as a distinct substantive regime on the international plane. This is followed by an analysis of the...

In 2010, the international community including the United Nations, European Union and United States imposed a series of economic and financial sanctions on the Iranian government for its controversial nuclear programme by restricting investments by multinational companies in the Iranian oil and...

The recent increase in bilateral investment treaties and free trade agreements entered into by Asian states has exposed them to increased commitments to foreign investors and the risk of investor-state arbitration. The rise in such arbitrations elsewhere has led to a considerable body of...

We are witnessing growing calls by States, academics and NGOs for investment arbitral tribunals to recognize that they are engaged in a form of international judicial review and thus should adopt appropriate levels of deference when reviewing the legislative, executive and judicial acts of...

The investor-state arbitration process has been commonly used under bilateral trade and investment agreements since first adopted by the North American Free Trade Agreement (NAFTA) in 1994.This mechanism has well served the investment interests of multinational corporations. In recent times,...

In this paper, the author argues that compulsory licenses might potentially amount to indirect expropriation provided that their effects constitute a severe curtailment of the patent rights. Inasmuch as the expropriation standards in BIAs differ from those articulated under the TRIPS Agreement,...